Sam Bankman\u002DFried, the ex\u002DCEO of crypto platform FTX, spent millions on vacation homes, a lawyer working on the bankruptcy said. Read on.
“We have witnessed one of the most abrupt and difficult collapses in the history of corporate America,” James Bromley of Sullivan & Cromwell told a U.S. court on Tuesday. He added that bankruptcy proceedings had “allowed everyone for the first time to see under the covers and recognize the emperor had no clothes.”Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.
According to the company, FTX’s overall valuation peaked at US$40 billion — US$32 billion for its international business and US$8 billion for its U.S. operations based on funds raised from venture capital investors. This included about US$300 million of real estate in the Bahamas that were “homes and vacation properties used by the senior executives” of FTX, he said.
FTX filed for bankruptcy protection following an “effective run on the bank”, Bromley said, after rival crypto exchange Binance moved to liquidate its FTT tokens, the cryptocurrency issued by FTX. The token lost 80 per cent of its value in two days, while also tumbling from a peak of US$9.6 billion in total market value to just US$422 million.
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Sam Bankman-Fried ran crypto exchange FTX as 'personal fiefdom,' court hearsSam Bankman\u002DFried, the ex\u002DCEO of crypto platform FTX, spent millions on vacation homes, a lawyer working on the bankruptcy said. Read on.
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