this post was submitted on 19 Oct 2023
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FTX execs blew through $8B — testimony reveals how (techcrunch.com)
submitted 1 year ago by L4s to c/technology
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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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[–] cricket97 2 points 1 year 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.