FTX founder Sam Bankman-Fried diverted customer funds “from the start” of his cryptocurrency exchange to support his hedge fund, the SEC alleged in a lawsuit
Sam Bankman-Fried was arrested in the Bahamas on Monday, a day before he was expected to testify on the sudden collapse of FTX before the House Committee on Financial Services. WSJ’s Alexander Saeedy explains what to expect during the hearing. Illustration: Jacob ReynoldsFTX founder Sam Bankman-Fried diverted customer funds from the start of his cryptocurrency exchange
, Alameda Research, and to make venture investments, real-estate purchases and political donations, the Securities and Exchange Commission alleged in a lawsuit filed Tuesday.into FTX. U.S. investors contributed $1.1 billion of that total. Mr. Bankman-Fried also failed to disclose special treatment that FTX gave to Alameda on its platform, and financial risks posed by the relationship between the exchange and the hedge fund, the SEC alleged.
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