Information Leaked: Scandalous FTX Related Events Revealed!

As Sam Bankman-Fried falls further into the cryptocurrency pit, some anonymous words and documents accelerate his decline. Here are the allegations against FTX and the individuals behind it, which announced its bankruptcy the other day…

What had happened? As we reported earlier this month, a balance sheet of Bankman-Fried’s two ventures – crypto exchange FTX and trading firm Alameda Research – was leaked showing that their assets are largely in FTT, FTX’s in-house crypto token. With the crypto market already shaky, the reports sparked a panic amid traders. The price of FTT fell, as did Bankman-Fried’s fortune.

CoinDesk on Thursday revealed more secrets about the functioning of Bankman-Fried’s crypto empire, including the unconventional nature of his close circle. “The whole operation was led by a gang of children in the Bahamas,” the reports said, citing a source familiar with the bet. The publication said several current and former employees of FTX and Alameda Research have agreed to talk about their experiences on condition of anonymity.

FTX is full of “conflicts of interest”

These sources said both operations were conducted by Bankman-Fried’s close circle of 10 roommates. Reportedly, they were romantically linked to each other at one point. The consensus amid all sources was that FTX was “a place full of conflicts of interest, nepotism, and lack of oversight.”

Among the named members of Bankman-Fried’s inner circle was the current CEO of Alameda, Caroline Ellison. Ellison was the only employee reported to have been romantically involved with Bankman-Fried at one point. Among the others were Gary Wang, FTX’s co-founder and chief technology officer, and Nishad Singh, FTX’s head of engineering. Regarding Bankman-Fried, Wang and Singh, a source said, “They would do anything for each other.”

The publication also noted that many of the 10 roommates were either Bankman-Fried’s college friends at the Massachusetts Institute of Technology or former colleagues from Jane Street. A number of employees outside Bankman-Fried’s inner circle said last week’s events were shocking to everyone. An anonymous source said, “Some employees kept their savings in FTX. We believed everything was okay,” he said.

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