His fame is related to two great creations. The first is the trading firm Alameda Research, which basically provides liquidity in the cryptocurrency and digital asset markets. The second, FTX, less known than Binance, but which has managed to become the third most important crypto trading market in the world if we stick to volume.
FTX achieved milestones: reached a million-dollar deal to name the stadium where the NBA’s Miami Heat play, aired an ad during the Super Bowl, and stood out as a donor to the Democrats in the 2022 election, with nearly 40 million fans. dollars according to Forbes.
The bankruptcy of FTX: the investigation
Several days ago CoinDesk revealed that Alameda’s portfolio was largely supported by FTT, the FTX token. The practice showed a suspicious dependence that generated suspicion in the crypto industry and among the investors themselves. The consequence was a withdrawal from positions in FTX and a sharp crash of its token. If at the beginning of the month it traded at 25.77 dollars, a few days later, after the disaster and with the stability of the business in solfa, it no longer reached 3. Another of the giants in the sector, Changpeng Zhao, from Binance, suggested that the FTX’s situation was unstable.
The platform faces serious liquidity problems, a deep hole and is the subject of investigations, reports The New York Times, by the Securities and Exchange Commission and federal prosecutors in New York. The magnifying glass is on the relationship between FTX and its sister firm, Alameda Research, to determine whether FTX misused funds entrusted by its clients to prop it up. The businessman’s fortune suffered a severe blow: from more than 20 million it fell to less than 1000.
Did you travel to Argentina?
Despite the fact that there were rumors that the businessman passed through Argentina, he himself was in charge of denying it through Reuters and clarified that he is in The Bahamas together with other executives and they are meeting “under supervision” of local authorities.
According to Cointelegraph, the three former FTX executives, as well as Alameda Research CEO Caroline Ellison, are looking for a way to flee to Dubai, which “does not have any extradition treaty” (probably referring to the United States). .
Source: Ambito
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