Mask off: Truth behind FTX Billions

FTX co-founder Mr. Bankman Fried, through a tweet today, denied all allegations of moving funds from Alameda Research, claiming that he had no involvement in moving funds from these research wallets.

Further, he stated that he had no affiliations or access to these accounts in the first place and was willing to advise regulators on the same in addition to testifying on the 13th of January this year.

However, according to documents submitted by the courts, investors from an anonymous source cited outside the United States are demanding clarity on the matter and requesting that the identities of the creditors involved to published publicly.

A total of more than fifteen creditors, whose identities remain unknown, still wish that they remain anonymous due to the increased theft and risks affiliated with the crypto environment, in addition to the wild nature of the cryptocurrencies and their uncertainty soon.

Furthermore, the lawsuit stated that traditional financial transactions were more secure than crypto transactions. However, the courts ordered that the identities remain concealed during the proceedings.

The creditors feared that the public might steal their data and personal information. Suppose this matter was made public. It is estimated that the top A-list creditors owed a cumulative total of about 3.1 billion dollars in monetary value.

The New York Times and other major prominent financial news outlets filed a petition in which they were demanding that the information of the individuals responsible and involved in the breach be brought out to the public.

This petition was postponed to a later date to give room for hearing the arguments from all parties involved. The judges in the case blame the management condemning it for being poor and the mishandling of funds by the officials.

FTX Uncovered

A cryptocurrency expert and the present chief executive officer of FTX, Mr. John Ray, states that the company’s poor management runs deep. He realized that its staff used user-friendly programs such as QuickBooks and Slack to manage the multi-billion-dollar business even though the company had succumbed to bankruptcy.

According to the CEO Mr. John Ray, a bankruptcy lawyer, the company collapsed due to many under-skilled and unprofessional individuals. On further scrutinization, it was found that the previous FTX Co-Founder Mr. Sam Bankman fried, collectively combined investment from FTX with that of Alameda Research with the consent of FTX investors.

As a result, the former Co-founder, Mr. Sam Bankman, is faced with charges including money laundering and online fraud. He is presently under arrest at his parent’s house in California after paying bail of 250 million dollars. The disgraced founder is under the pressure of conviction, awaiting his hearing later this month. However, he promised to be helpful during the hearing and shed light on what he could.