Between $1 billion and $2 billion of FTX customer funds have disappeared

Credit; Google

[{"selector":"#anim-ad03de97-890e-4961-99f3-d9b948e028e0","keyframes":{"transform":["translate3d(-117.26385%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-61932953-814a-4682-9546-6a7fc2bb016a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5d485201-e01b-46cd-abdf-de4acfcce51e","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-39311286-230e-4e32-a3cb-a719c5ee8b1d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(14.404296779002959%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Acc. to Reuters, between $1 & $2 billion of customer funds have disappeared from the insolvent cryptocurrency exchange as Sam Bankman-FTX Fried's seeks bankruptcy protection. Learn more

Acc. to Reuters and The Wall Street Journal, Bankman-Fried, who is currently the ex-CEO of FTX, transferred $10 billion in customer funds

[{"selector":"#anim-abf5bf1a-d651-4766-a6e1-144d0b5a4f7e","keyframes":{"transform":["translate3d(-121.79931%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bf229d32-1356-4781-8c35-87b363cbeaca","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1522dc58-7e9a-446f-8486-e62ad9225d90","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-3b59122e-c922-4cac-9913-5de6525d4b9d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(39.23692029166931%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Alameda, which was also started by Bankman-Fried, was viewed as a sister business to FTX

[{"selector":"#anim-7d74ba8d-7ebe-4c7c-ba58-39268677c9c7","keyframes":{"transform":["translate3d(-134.28571%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-90844a10-0bd9-4894-89eb-83e994a2c155","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ae8f15a0-5c33-4226-b47d-627e5ad7593d","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-0baac74e-a8dc-4f69-94e7-c740e5128f8a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(39.51763175352073%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

the Securities and Exchange Commission and the Department of Justice are both currently looking into those cozy relationships and how FTX handled consumer monies.

[{"selector":"#anim-4cc8d73d-69fc-40a4-bede-556012d60631","keyframes":{"transform":["translate3d(-126.96629%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-68b72436-2352-4829-8d13-3b41691ca659","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f190c9cd-eb80-4cef-a0fa-812b95fc7d92","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-c938d9cf-36fb-44c4-a733-8796c2b64501 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

The discrepancy, according to one source, is worth $1.7 billion. The other estimated it to be between $1 billion and $2 billion

[{"selector":"#anim-effc2fb6-ee7b-4ccf-8624-e91014d4b638","keyframes":{"transform":["translate3d(-127.34083%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a653e38d-d071-48fc-8865-5c17c8f4c66a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6900b840-aba4-468e-829f-5f925b3487e9","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-b133c623-ad14-40b4-9db1-4e29dc054f3c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(46.48116428747693%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Credit; Google

[{"selector":"#anim-4b6b5270-8bb4-4633-b1cc-e684b7d065fe","keyframes":{"transform":["translate3d(-120.89042%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-52500721-20f8-42ab-a4cd-558855b1b071","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ebbaa46d-f02c-4557-9eac-7e93e1b7484e","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-dcfa228f-117f-4579-a315-5a6b810e7274 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.25730509927914%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The former FTX CEO stated in a letter that he "disagreed with the characterization" of the $10 billion transfer and added, "We didn't transfer in secret."

In order to examine FTX's financial records and determine the precise amount of cash the company required to close the hole in its balance sheet

[{"selector":"#anim-922e9340-dae9-45f2-88eb-465618975240","keyframes":{"transform":["translate3d(-121.45328%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6d401324-1d1f-4a09-aecf-d0d89a9f1c18","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-38dc8509-7f27-4526-b0b4-991ab48dd879","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-89bec280-ffbb-4415-8427-751fbd543c36 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(28.90624987200394%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

After Binance CEO Changpeng Zhao stated that his business was selling the remainder of its FTT tokens, the original currency of FTX

[{"selector":"#anim-c8941cd5-5f57-41aa-84c4-2d5e9e6a3eac","keyframes":{"transform":["translate3d(-127.34083%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5e3cb00b-b1fc-4264-bf70-756f5b108561","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e57f499f-62b7-4004-b657-082c5e26bcba","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-1d95ea2d-c2fd-45a4-ab55-a4f59f84b8d4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.15624990386074%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Zhao's public statement not only resulted in a drop in the price of FTT, but it also caused FTX customers to leave the company

[{"selector":"#anim-d2181a7c-d671-4c40-ba9e-03441016ea22","keyframes":{"transform":["translate3d(-134.28571%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a2535e56-6d61-4b6d-84fb-145cebe1c716","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-54890197-25d0-4c5d-a4a7-5969750b1e29","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-159ce439-e654-412c-83bb-9fc27c2e1f08 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(15.722656154002957%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

they disclosed that some of these money, estimated to be worth between $1 and $2 billion, could not be located among Alameda's holdings.

[{"selector":"#anim-76009bf3-872b-4ccc-8909-74bd0bfb47d9","keyframes":{"transform":["translate3d(-118.0602%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8760c2b5-e5d0-4f65-9d6c-98054d3895f3","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f216a628-3c31-48e9-949e-1381c8e260fd","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-bf73c481-a01f-45fc-9b56-79712529d60c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(42.13822378333724%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]