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What happened at FTX | Learn English phrasal verb 'pay up'
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FTX and Alameda Research
FTX promised to keep track of the bets, take from the losers and give to the winners just like other exchanges do. One customer was exempt from this system: Alameda Research which is 90% owned by Sam Bankman-Fried. Instead of being shut down, they kept making bets without having to post more valuable collateral and they kept losing. Now for them, it was like going to a casino and getting free chips.
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