Crypto Crisis: At Least $1 Billion of FTX Customers’ Money Vanishes

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The Street

By Luc Olinga Sam Bankman-Fried, FTX CEO and founder, also had a secret “back door” to transfer billions, Reuters reports. The secrets of cryptocurrency exchange FTX, which filed for Chapter 11 bankruptcy on November 11, continue to be exposed. The firm, which was valued at $32 billion in February, caused an earthquake in the crypto industry by confirming that it was running out of cash as its founder Sam Bankman-Fried emerged as the savior of the sector during the liquidity crisis of last summer. US regulators have opened investigations into FTX’s setbacks. In the Bahamas, where Bankman-Fried…

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