FTX CEO and founder Sam Bankman-Fried resigned this week from the company he created.
After a buy-in from Binance was canceled (because Binance bothered to look at FTX’s books), FTX was forced to file for chapter 11 bankruptcy, and Bankman-Fried resigned.
Now, he’s under the microscope because he secretly transferred FTX customer funds to Alameda Research after FTX suffered losses this spring.
The money he moved adds up to around $4 billion and includes customer funds, funds backed by FTX’s native token FTT, and shares in Robinhood.
Bankman-Fried didn’t tell anyone else at FTX about the fund transfer because he was afraid the news would leak.
In addition, FTX lent more than half of its $16B in customer funds to Alameda, which means that Alameda owes FTX about $10B, which would sure be nice right about now.