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News

Part Of The $4 Billion SBF Supporting Alameda Research Is Customer Money (Reuters)

November 10, 2022 - Around 2 mins mins to read
According to Reuters, SBF has transferred at least $4 billion to Alameda Research, and a full portion of that is in customer money.
SBF

On November 10, according to the latest report by Reuters – Alameda Research, the trading firm of FTX founder Sam Bankman-Fried (SBF), was affected by a deal in May and June of this year, three people familiar with FTX’s operations told Reuters they had suffered massive losses.

To support Alameda, SBF moved at least $4 billion in FTX funds backed by assets like FTT and Robinhood shares. Part of these FTX funds are customer deposits, but their value cannot be determined. The SBF did not tell other FTX executives about the move in favor of Alameda.

SBF

As mentioned in an earlier Coincu News article, Lucas Nuzzi, the head of research at CoinMetrics, analyzed on Twitter that Alameda was on the verge of collapse in the second quarter, when a large amount of FTT is used as collateral to get money from FTX.

SBF now said in a letter to employees that FTX will attempt to raise a funding round next week, and has spoken with Justin Sun about this to find a solution.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

CoinCu News

News

Part Of The $4 Billion SBF Supporting Alameda Research Is Customer Money (Reuters)

According to Reuters, SBF has transferred at least $4 billion to Alameda Research, and a full portion of that is in customer money.
SBF

On November 10, according to the latest report by Reuters – Alameda Research, the trading firm of FTX founder Sam Bankman-Fried (SBF), was affected by a deal in May and June of this year, three people familiar with FTX’s operations told Reuters they had suffered massive losses.

To support Alameda, SBF moved at least $4 billion in FTX funds backed by assets like FTT and Robinhood shares. Part of these FTX funds are customer deposits, but their value cannot be determined. The SBF did not tell other FTX executives about the move in favor of Alameda.

SBF

As mentioned in an earlier Coincu News article, Lucas Nuzzi, the head of research at CoinMetrics, analyzed on Twitter that Alameda was on the verge of collapse in the second quarter, when a large amount of FTT is used as collateral to get money from FTX.

SBF now said in a letter to employees that FTX will attempt to raise a funding round next week, and has spoken with Justin Sun about this to find a solution.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

CoinCu News