FTX execs hid $8 billion in liabilities in a customer account that Bankman-Fried referred to as 'our Korean friend's account,' CFTC prosecutors allege

Dec 25 2022 by Business Insider

 
Sam Bankman-Fried was arrested in the Bahamas.

Mario Duncanson/Getty Images

Alameda Research borrowed billions of dollars of customer funds from FTX exchange.  The firm's liabilities were then masked under a pseudonym account on FTX. Caroline Ellison and Gary Wang have pleaded guilty to numerous counts of fraud. 

The case of "where did the money go" is beginning to unravel for crypto exchange FTX.

On November 11, the exchange's founder, Sam Bankman-Fried filed for Chapter 11 bankruptcy...

Continue Reading FTX execs hid $8 billion in liabilities in a customer account that Bankman-Fried referred to as 'our Korean friend's account,' CFTC prosecutors allege