FTX Goes to Zero w/ Molly White
Tech Won't Save Us
00:00
What Have We Learned About FTX?
A lot of customer funds that were deposited into FTX were being transferred to Alameda for them to be using in their trading activities. That is like the cardinal sin of an exchange, especially if your customers are just holding balances on the exchange and they're not involved in those sort of risky bets. And there was this basically unlimited line of credit open to Alameda and there were billions of dollars being sent over to Alameda for them to use in their hedge fund. They lost a lot of money on those trades.
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Transcript
