Here’s everything the CFTC found wrong with FTX.
Turns out reading the terms of service wouldn’t have saved FTX customers.today by the Commodity Futures Trading Commission has some hair-raising details — and if it’s right, Sam Bankman-Fried hasn’t been telling the truth for quite some time. According to the complaint, Bankman-Fried operated Alameda Research and FTX as a common enterprise, for instance. This complaint is civil.
” at Alameda Research and that he “wasn’t running Alameda.” According to the CFTC complaint, that’s not even a little true. It says that Bankman-Fried was a signatory on Alameda’s bank accounts, and was an “authorized trader for Alameda’s accounts with CFTC futures commissions merchants.” He also had direct authority “over all of Alameda’s major trading, investment, and financial decisions.” He made calls in person and over “mobile chat communications” with senior Alameda personnel.
Still, Bankman-Fried wanted the world to think there was a strong separation between the two entities, the complaint says. That was a major motivator for his resignation as the CEO of Alameda. When FTX executives found a shortfall in FTX US, according to the complaint, Bankman-Fried said he would fill the hole using Alameda Research’s assets, and on November 8th, “Bankman-Fried directed Alameda traders to prioritize meeting FTX US capital requirements and to send excess capital to FTX US.” Alameda sent more than $185 million to cover the shortfall, the complaint says.
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