According to Reuters, the former co-founder of FTX, Sam Bankman Fried said on Saturday that he was in the Bahamas. The FTX company has been recently bankrupt with no solid clue.
His crypto exchanges FTX, FTX US, and trading firm Alameda filed for insolvency on Friday. Since then, FTX was hit by a mysterious outpour of at least $662 million in tokens. The general attorney of its US arm, Ryne Miller, explained it as “unauthorized transactions” on Twitter and said FTX had started rolling digital acquisitions into cold storage, that is, wallets that are unconnected to the internet to alleviate the damage.
Early Saturday, FlightRadar24 tweeted that a one-time crypto billionaire was flying from Nassau to Argentina. After that Reuters asked Bankman-Fried whether he had flown to Argentina and he replied, “Nope” by text. He mentioned that he had remained in the Bahamas in his full-time residence, which last year became his permanent residence.
Reuters, citing anonymous sources, reported that $10 billion of customers’ funds was transferred from FTX to a trading company Alameda Research. According to a source, the missing amount was about $1.7 billion, while another calculated amount was between $1 billion and $2 billion.
Yesterday FTX filed for bankruptcy and earlier this week customer withdrawals were terminated. Also, Bankman-Fried stepped down as CEO. The Wall Street Journal and Coindesk reported that the customer funds were transferred from FTX to Alameda.
FTX exchange is a leading centralized cryptocurrency exchange that has a specialty in derivatives and leveraged products which has a broad range of products and also desktop and mobile applications. It can be used for trading and investing at every level from newbies to pros. It has a variety of order types from basic markets to more complex trailing stop orders.
It has over 300 cryptocurrency trading pairs like BTC/USDT, ETH/USDT, etc. FTX and FTX US affiliates are based in the Bahamas which have overlapping management teams but separate capital structures and US-based people can only trade through FTX US.
About Samuel Bankman Fried
Samuel Bankman-Fried is an American Entrepreneur who is also known by his initials SBF. He is the founder and former CEO of FTX US which is a US affiliate and Alameda research which is a cryptocurrency exchange and trading firm.
He studied at MIT, Cambridge. His all-time net worth was $26 billion. In October, his estimated net cost was $10.5 billion but because of the current circumstances of FTX, his net worth fell 94% to $991.5 million in a day which Bloomberg billionaires Index declared is the largest one-day drop in the index