Former crypto wunderkind reveals details on the final days of the exchange and the relationship between FTX and Alameda Research.
Sam Bankman-Fried admitted investor crypto positions that should have been segregated were caught up in FTX margin and futures businesses in the days before the company filed for bankruptcy protection.
When asked why customers could not retrieve their holdings as a crisis in digital assets blossomed, despite terms of service that stated the investments were not allowed to be used by FTX, the former CEO said that the exchange would have been able to make those investors whole if it could have settled its other positions. But that raised the question of why the funds were tied up with margin and futures positions in other kinds of accounts.
exclaimed “He’s saying that the whole exchange operated on a net account equity model and anybody could borrow anything from client funds or from nowhere. That's not how it should work.”
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