this post was submitted on 19 Oct 2023
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174
FTX execs blew through $8B — testimony reveals how (techcrunch.com)
submitted 11 months ago by L4s@lemmy.world to c/technology@lemmy.world
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FTX execs blew through $8B — testimony reveals how::Sam Bankman-Fried and other FTX executives spent $8 billion worth of customer funds on real estate, venture capital investments, campaign donations,

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[–] cyd@lemmy.world 4 points 11 months ago (1 children)

It's still a bit hazy how Alameda lost so much money. Normally when hedge funds blow up, there are some identifiable bad trades that take down the rest of the fund. We still haven't been told that story in the Alameda/FTX case.

[–] cricket97@lemmy.world 2 points 11 months ago

They offered financial products like perps that can get particularly rekt as a facilitator. pretty sure they lost billions on bad risk parameters. it was well known that you could make money on ftx unlike any other exchange. some people thought it was because thats where the activity was but it's come to light that its much ddeper than that.