The revelations are linked on FTX, while the platform collapsed in the space of a few days before the eyes of users. Today, we learn that Alameda Research, FTX’s investment company, should have already been saved during the Three Arrows Capital / Voyager Digital affair. Information that Sam Bankman-Fried apparently refrained from communicating.
Alameda Research quietly rescued by FTX as Voyager Digital crashes
DIRECT: Real-time monitoring of the FTX case.
Remember: while the ramifications of the Terra (LUNA) case were in full swing, FTX had positioned itself as a savior, all crowned with its recent successes. The golden boy of cryptos Sam Bankman-Fried claimed until last September to have considerable funds to buy companies. $1 billion would thus have been reserved for these acquisitions.
The acquisition of the assets of Voyager Digital, for example, made headlines. FTX.US, the American branch of the platform, had paid 1.4 billion dollars for this purpose. But what we have just learned, is that this takeover was particularly interested : Alameda Research would indeed have suffered heavy losses on a loan agreement of 500 million dollars, made with Voyager Digital.
According to information from our colleagues at Reuters, who interviewed sources close to the case, Voyager Digital declared bankruptcy the following month, leaving Alameda Research in the lurch. To support the company, Sam Bankman-Fried would then have transferred “at least $4 billion» funds held by FTXwhich included FTTs, among other things, as well as Robinhood shares.
And the reason for the discretion of these transfers is that SBF allegedly used user funds to support Alameda Research:
“A portion of these funds came from customer deposits. »
👉 To go further – Who is Sam Bankman-Fried (SBF), the founder of FTX and Alameda Research?
The French unicorn of crypto wallets 🔒
A complete crypto experience, from buying to securing
” I messed up “
The CEO of FTX allegedly hid these transfers from other FTX executives, because they would have feared that the information would leak. We therefore understand why, according to sources, he would have explained to his employees on Tuesday:
“I am sorry. I messed up.»
The revelation could in any case permanently shake up confidence in centralized trading platforms. All of them are currently stepping up to explain to their customers that they do not have a liquidity problem. But we understand the ambient mistrust: only three days ago, Sam Bankman-Fried also denied the rumors of FTX’s insolvency.
SBF has since deleted its tweets, and FTX has collapsed. It is likely that new revelations will emerge about the company’s processes in the days to come. One thing is certain: the bad weather in the cryptocurrency markets does not seem ready to stop.
👉 Also read – Bitcoin (BTC) at $13,000? JPMorgan predicts further fall on FTX background
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Published by Editions Larousse
Source: Reuters
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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