Bankman-Fried co-founded FTX, one of the biggest cryptocurrency exchanges in the world, and it failed this month.
On Nov. 11, the same day FTX filed for Chapter 11 bankruptcy protection, Bankman-Fried announced his resignation from the company. Additionally, the 30-year-old is under investigation in the U.S. and internationally for alleged securities breaches.
“I unknowingly comingled [customer] funds, and [Alameda Research] funds,” Bankman-Fried said while explaining that he didn’t know that Alameda was borrowing FTX customer funds.
Bankman-Fried said that the comingling of funds began as early as July 2022, roughly the same time that Three Arrows Capital collapsed, which infected the crypto industry.
This story is developing. Please check back in for updates.
Photo: FTX YouTube screenshot