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FTX goes bankrupt: Investors who put US$2 billion into crypto exchange face scrutiny too

November 12th, 2022
Categories: News

Link: https://www.straitstimes.com/business/investors-who-put-us2-billion-into-ftx-face-scrutiny-too

On Friday, FTX, facing a cash shortfall of US$8 billion and scrambling to drum up money, filed for bankruptcy. | Mr Bankman-Fried resigned as chief executive. The Justice Department and the Securities and Exchange Commission are examining whether FTX improperly used customer funds to prop up a separate trading firm, Alameda Research, which Mr Bankman-Fried also founded.  FTX’s list of investors spans powerful and well-known investment firms: NEA, IVP, Iconiq Capital, Third Point Ventures, Tiger Global, Altimeter Capital Management, Lux Capital, Mayfield, Insight Partners, Sequoia Capital, SoftBank, Lightspeed Venture Partners, Ribbit Capital, Temasek, BlackRock and Thoma Bravo.  Four FTX investors, who declined to be identified, said they were shocked by the company’s sudden collapse. They said they properly researched the company’s financials, which showed a healthy, growing business that provided an easy-to-use platform for people to buy, sell and store crypto. And they were completely in the dark about FTX’s possible self-dealing with Alameda.

UKRAINE "MILITARY AID" FROM USA --- WAS INVESTED IN CRYPTO "FTX" BY UKRAINE!

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