• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Tuesday, May 20, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto Blockchain

FTX used customer funds to purchase employee homes

by Indrajeet Giram
November 19, 2022
in Blockchain, Crypto, Markets, News, Story, World
Reading Time: 2 mins read
0
FTX used customer funds to purchase employee homes

FTX used customer funds to purchase employee homes

TwitterWhatsappLinkedin

As per recent reports, the cryptocurrency exchange company FTX has filed bankruptcy and undergoing legal proceedings in US. in the recent company investigations it’s revealed that FTX company was diverting funds of retailer investors into Personal benefits of company employees. It is revealed that FTX company was using these funds for purchasing houses in the US. 

You might also like

Nike Lays Off Employees from Technology Division as Part of CEO Elliott Hill’s Turnaround Plan

Government to Raise Rs 1,000 Crore by Selling BSNL and MTNL Land Assets

Centre Defends BCAS Decision to Revoke Celebi’s Security Clearance in Delhi High Court

Bahamas penthouse where FTX based worth $40m, listing reveals
source : dailymail.uk

The reports about these investigations were shared by the new CEO of the FTX platform John Ray III. A further mentioned that the company was using these funds under the note of certain real estate investments as a part of the company’s record sheet. These investments were directly owned by some people who were employees within the company.

Who is the new CEO of FTX?

John Ray III will work for the bankrupt company FTX. Ray III Was one of the key resource officers in the company Enron when the company was lowest rock bottom stage. Ray is working in the FTX platform as a restructuring officer and the new CEO of FTX and lead in the process of restructuring the company. FTX has filed the bankruptcy last week on Friday and the former CEO of FTX Sam Bankman Fried has already resigned from the company.

Ray further mentioned that there was a lack of financial controls in the FTX company and the company was lacking corporate control along with the absence of trustworthy financial information about the monetary footprints of the company to the general public. FTX company used corporate Funds into the company for purchasing homes in the Bahamas under the label of personal items of the employees and their Advisors of the FTX platform

FTX company used the corporate funds invested into the FTX platform for purchasing the properties like homes in the Bahamas. the declaration about these investments of purchase of FTX platform into the public domain after the company has to go through a legal investigation in the US.

Recent declarations also revealed that the former CEO of FTX Sam Bankman-Fried had purchased a penthouse with $40 million in the Bahamas. The investment source for purchasing all these properties by the FTX platform through the corporate funds is not been Clearly discovered in the legal investigation yet and the lack of disbursement controls along with the loopholed accounting and spending practices were carried out into the FTX as a complete scandaled business enterprise

The new CEO of FTX, Ray also pointed out the issues like a complete lack of financial controls in the working team of FTX and said that you the former team was not having any confidence in the balance sheet of the FTX platform.Thie years of auditing of the FTX platform was by Prager metis, which is felt as silos and an unfair form by the new CEO of FTX.

Tags: androidBusinesscryptocurrencyElon MuskInstagramInvestmentTesla
Tweet54SendShare15
Previous Post

According to FBI, China may spy on Americans, even government employees, via TikTok

Next Post

Elizabeth Holmes to face sentences for her crime

Indrajeet Giram

📚 Avid reader 🔋constant learner curious analyzer @ everything 📝Business & Economic Journalist ✍️

Recommended For You

Nike Lays Off Employees from Technology Division as Part of CEO Elliott Hill’s Turnaround Plan

by Rounak Majumdar
May 20, 2025
0
Nike Lays Off Employees from Technology Division as Part of CEO Elliott Hill’s Turnaround Plan

Nike, the US-based global sportswear leader, has initiated a new round of layoffs targeting its technology division as part of a broader turnaround effort led by CEO Elliott...

Read more

Government to Raise Rs 1,000 Crore by Selling BSNL and MTNL Land Assets

by Rounak Majumdar
May 20, 2025
0
Government to Raise Rs 1,000 Crore by Selling BSNL and MTNL Land Assets

The Indian government has started an important endeavor to sell off land assets owned by state-run telecom companies Mahanagar Telephone Nigam Limited (MTNL) and Bharat Sanchar Nigam Limited...

Read more

Centre Defends BCAS Decision to Revoke Celebi’s Security Clearance in Delhi High Court

by Rounak Majumdar
May 20, 2025
0
Centre Defends BCAS Decision to Revoke Celebi’s Security Clearance in Delhi High Court

The Government of India has strongly defended its decision to revoke the security clearance of Turkish aviation firm Celebi Airport Services India Pvt Ltd, stating it would have...

Read more
Next Post
Elizabeth Holmes to face sentences for her crime

Elizabeth Holmes to face sentences for her crime

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?