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0.29%FTX Used Customer Funds Among Other Assets to Prop Up Alameda Research in May: Report
FTX founder Sam Bankman-Fried transferred at least $4 billion in funds, according to a report.
Updated May 9, 2023, 4:02 a.m. Published Nov 10, 2022, 8:30 a.m.
Sam Bankman-Fried transferred at least $4 billion in FTX funds secured by assets including the crypto exchange's FTT token and shares in the trading platform Robinhood Markets (HOOD) to support Alameda Research after the trading firm suffered a series of losses from deals, according to three people familiar with its operations, Reuters reported Thursday.
A portion of the funds were customer deposits, two of the people said. The exact value of these assets could not be determined.
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One of the losses Alameda faced involved a $500 million loan agreement with crypto lender Voyager Digital, the report said. Voyager filed for bankruptcy protection one month later.
FTX halted all non-fiat customer withdrawals on Tuesday after receiving $6 billion in withdrawal requests over 72 hours earlier this week. Binance CEO Changpeng "CZ" Zhao signed a non-binding letter of intent to acquire FTX to ease liquidity pressure, but he now appears to have scrapped any potential deal.
UPDATE (Nov. 10; 8:57 UTC): Switches photo from generic banner.
UPDATE (Nov. 10; 10:02 UTC): Adds details of Voyager loss. Adds context in final paragraph.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
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