The collapse of FTX has been so dramatic that Hollywood is already trying to turn it into the next Inventing Anna. After establishing itself as a Web3 pioneer, the crypto exchange fell to pieces when a look at its books revealed a large gap between its assets and its debts. Now, Sam Bankman-Fried‘s company owes investors more than $3 billion.
Throughout this whole mess, Bankman-Fried has acted as if he didn’t see the collapse coming. “A few weeks ago, FTX was handling ~$10b/day of volume and billions of transfers,” the 30-year-old founder tweeted. “But there was too much leverage–more than I realized. A run on the bank and market crash exhausted liquidity.”
Some of that allegedly-unforseen leverage came from Alameda Research, a firm that was also…
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