Bankman-Fried's swift fall from hero to villain of the crypto sector exposed a years-long fraud that traced back to FTX's launch in 2019, according to authorities.
Bankman-Fried stepped down from his leadership position at Alameda Research in Oct. 2021
By the middle of 2022, Alameda owed FTX's unwitting customers approximately $8 billion. Bankman-Fried had testified before the House that FTX boasted world-class risk management and compliance systems, but in reality, according to the firm's own bankruptcy filings, it possessed almost nothing in the way of record-keeping.on Alameda's balance sheet which showed $14.6 billion in assets.
In a now-deleted tweet, Bankman-Fried continued to claim FTX was fully funded and that customer assets were safeBut on Nov. 6, four days after the CoinDesk article, the crack widened into a chasm, thanks to an old investor-turned-rival, Changpeng "CZ" Zhao. on Nov. 7 that has since been deleted. Bankman-Fried asserted that FTX did not invest client assets and that all redemptions would be processed.
By Nov. 8, the shortfall had grown from $1 billion to $8 billion. Bankman-Fried had been courting outside investors for a rescue package. "Numerous parties declined [...] regardless of the favorable terms being offered," the CFTC filing alleges.
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