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Sam Bankman-Fried’s trading shop was given special treatment on FTX for years

Financial Times LogoFinancial Times1 mo ago

Sam Bankman-Fried’s trading shop was given special treatment on FTX for years - Financial Times

Quick Summary:

FTX and Alameda portrayed themselves publicly as distinct entities to avoid the perception of conflicts of interest between the exchange, which processed billions of dollars’ worth of client deals a month before its collapse, and Bankman-Fried’s proprietary trading firm.

FTX’s large exposure to Alameda was a key reason that weakness in the trading firm’s balance sheet caused a financial crisis that engulfed both companies.

Bankman-Fried has estimated Alameda’s liabilities to FTX at roughly $10bn by the time both companies filed for bankruptcy in November.“From a volume, from a revenue, from a liquidity point of view, the exchange was effectively independent from Alameda.


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Article Details

Author / Journalist: Joshua Oliver

Category: MarketsFinanceInvesting

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-12-03 @ 11:58:21 (1 months ago)

News Timezone: GMT -5:00

Ranking: #41 (out of 5526 stories this day)

News Source URL: ft.com

Language: English

Article Length: 852 words

Reading Time: 5 minutes read

Sentences: 28 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 2118354

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About Financial Times

Financial Times Logo

Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 7 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 9 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #3

Publisher Details

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