Apollo Balked at FTX Rescue After Questioning Missing Funds (1)

Apollo Global Management balked at a last-minute rescue of FTX after learning billions of dollars in customer funds were unaccounted for and the exchange wasn’t able to provide legal justifications for the shortfall, a former top lawyer at Sam Bankman-Fried’s crypto empire testified.

Can Sun told federal court in New York that despite entreaties from Bankman-Fried, he couldn’t find anything that would explain why the missing customer money had been channeled to Alameda Research, an affiliated hedge fund. He’d been asked to come up with a possible justification after a call with Apollo occurring just days before both FTX ...