PORTRAIT – Close to Sam Bankman-Fried, the trader was, at 28, at the head of one of the companies affiliated with FTX, named Alameda Research.
The fall of FTX continues to reveal its share of secrets. This cryptocurrency platform, once one of the most influential in the world, was placed on November 11 under the protection of Chapter XI of the American bankruptcy law. In question ? Mismanagement of its assets associated with a token, FTT, which lost much of its value as well as a multi-million dollar hack. For some specialists, FTX even represents the “Lehman Brothersof cryptocurrencies, in reference to the bank that went bankrupt during the 2008 crisis.
In its wake, FTX trains 130 affiliated companies, including the investment fund specializing in cryptocurrencies Alameda Research. About $10 billion was transferred from FTX client accounts to Alameda Research, to fund risky trades and investments. If its creator, Sam Bankman-Fried, is at the source of the setbacks, new revelations also underline the role of Caroline Ellison, one of the other faces of this scandal. On November 9, in a video meeting, she confirmed to her employees the transfer of the funds and apologized for disappointing her staff.
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