FTX Used Customer Funds Among Other Assets to Prop up Alameda Research in May: Reuters
Sam Bankman-Fried’s trading firm, Alameda Research, suffered a series of losses from deals, according to three people familiar with its operations, Reuters reported this morning.
- Bankman-Fried used transferred at least $4 billion in FTX funds secured by assets including FTT and shares in the trading platform Robinhood Markets Inc (HOOD).
- A portion of these FTX funds were customer deposits, two of the people said. The exact value of these assets could not be determined.
This is a developing story and will be updated.