Rumours began circulating starting on the week of 1st November that the balance sheet of Alameda Research, a quantitative trading firm, and a sister company of FTX, a Bahamas-based offshore crypto exchange, might be in trouble. They both have the same owner, a 30-year-old crypto’s “golden boy”, Sam-Bankman Fried. It now appears FTX might have lent out customer funds and assets (no proof of this, though) to Alameda Research which made risky bets with those assets. This is strictly prohibited in traditional finance.
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