Bloomberg Tax
Nov. 10, 2022, 3:47 PM

FTX Tapped Into Customer Accounts to Fund Risky Bets: DJ (1)

Ryan Hesketh
Bloomberg Editorial

(Adds FTX declining to comment to DJ, more details.)

FTX tapped into customer account to fund risky bets, Dow Jones reports citing a person familiar with the matter.

  • FTX Chief Executive Sam Bankman-Fried told an investor this week that Alameda owes FTX about $10 billion, DJ cites the person as saying
    • FTX extended loans to Alameda using money that customers had deposited on the exchange for trading purposes, the person told DJ
  • An FTX spokesman declined to comment to Dow Jones
  • NOTE: As FTX Hangs in Balance, Bankman-Fried Shuts Down Trading Firm

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