Doubts about SBF_FTX's alleged fraudulent activities have intensified with the second FTX_Offical asset recovery report. davidzmorris delves into the scandalous revelations of the newest report:
The second report of John J. Ray III and his FTX restructuring team was released on Monday, June 26, and it’s a doozy. The report firms up our sense of specific financial flows, including the use of customer funds for political donations and venture capital investments at defunct crypto exchange FTX and related hedge fund Alameda Research.
More explosively, the report claims that FTX executives were aware as early as August 2022 that the exchange was missing more than $8 billion in customer funds. This recasts many statements made by executives like Caroline Ellison, and especially by FTX CEO and co-founder Sam Bankman-Fried himself, in the following weeks and months.
This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the fullEven more damning, the report describes Bankman-Fried getting very hands-on in furtherance of the overall fraud. Two notes before diving in: First, all of the following are allegations made by the FTX liquidators. The claims may or may not surface or be confirmed in the separate criminal trial against Sam Bankman-Fried, currently scheduled to begin in October. And second, for clarity, I’ll be referring throughout to “customer funds” interchangeably with “commingled funds,” because by their nature, the vast majority of commingled funds would likely have been customer funds.
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