While it is known that FTX moved customer funds to Sam Bankman-Fried's Alameda trading desk, the missing funds are reported here for the first time. The financial hole was revealed in records that 'SBF' shared with other senior executives a week ago.
Representations of cryptocurrencies are seen in front of displayed FTX logo and decreasing stock graph in this illustration taken November 10, 2022.
A large portion of that total has since disappeared, they said. One source put the missing amount at about $1.7 billion. The other said the gap was between $1 billion and $2 billion. In text messages to Reuters, Bankman-Fried said he "disagreed with the characterization" of the $10 billion transfer. That Sunday, Bankman-Fried held a meeting with several executives in the Bahamas capital Nassau to calculate how much outside funding he needed to cover FTX's shortfall, the two people with knowledge of FTX's finances said.Bankman-Fried showed several spreadsheets to the heads of the company's regulatory and legal teams that revealed FTX had moved around $10 billion in client funds from FTX to Alameda, the two people said.
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