Crypto collapse: FTX’s fall is one piece of a long, cold, contagious crypto winter
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I loved this chewy piece by Zeke Faux at Bloomberg about Sam Bankman-Fried, crime, and media manipulation. Faux goes into detail about what he missed, what he noticed, and what he thinks happened at FTX. Here’s a taste:
Two people with knowledge of the matter told me that Ellison, by then the sole head of Alameda, had told her side of the story to her staff amid the crisis. Ellison said that she, Bankman-Fried and his two top lieutenants—Gary Wang and Nishad Singh—had discussed the shortfall. Instead of admitting Alameda’s failure, they decided to use FTX customer funds to cover it, according to the people. If that’s true, all four executives would’ve knowingly committed fraud.
