$1 Billion of FTX Clients’ Money Has Reportedly Disappeared
At least one billion dollars of customer funds are missing from failed crypto exchange FTX, according to reporting by Reuters. Sam Bankman-Fried—the founder and CEO of FTX—covertly transferred $10 billion of customer funds from FTX to his own trading company Alameda Research, the outlet reported.
Sources high-up in FTX told Reuters that a large portion of the funds have disappeared, estimating that between one and two billion dollars are missing.
On Saturday morning, disgraced cryptocurrency poster boy Bankman-Fried said he is in the Bahamas, where FTX is based, according to Reuters. He denied rumors on Twitter that he had flown to South America following the spectacular collapse of his crypto exchange FTX.