Crypto trading firm FTX was Sam Bankman-Fried's personal 'fiefdom,' attorneys argued at its first bankruptcy hearing Tuesday. Experts weigh in on how.
"The Wolf of Wall Street" Jordan Belfort joined"Maria Bartiromo's Wall Street" to discuss the fallout from the collapse of FTX and scrutiny facing A-list celebrities and the SEC chair.Tuesday that the company served as founder Sam Bankman-Fried's personal "fiefdom," reaching $40 billion in market cap as of January before crashing in recent weeks to its current valuation of around $422 million.
Sam Bankman-Fried, founder and chief executive officer of FTX, speaks during an interview on"Bloomberg Wealth with David Rubenstein" in New York on Aug 17, 2022. In a hypothetical scenario, imagine someone owns every house in a 100-home neighborhood and forces the sale of one home for $1 million, then uses that sale to show they have $100 million in "equity." But then, the owner is forced to sell all the remaining 99 homes, and the houses only sell for $100,000 each – meaning $90 million of their so-called equity disappears.that is exactly what Bankman-Fried did with his FTT tokens, since he controlled the float.
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