- About $2 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.
- Founder and CEO Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to the trading company Alameda Research, which is run by his girlfriend Caroline Ellison, Reuters reports.
- A large portion of that total has since disappeared, they said. One source put the missing amount at about $1.7 billion. The other said the gap was between $1 billion and $2 billion.
- Bahamas-based FTX filed for bankruptcy on Friday after a rush of customer withdrawals earlier this week. A rescue deal with rival exchange Binance fell through, precipitating crypto’s highest-profile collapse in recent years.
- Bankman-Fried’s fall from grace also served as a surprising blow to Democrats as it was revealed that he pumped nearly $40 million into political campaigns this year, most of which went to the liberal party.
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