FTX Was Supposed to Have $20 Billion in Customer Crypto—It Only Held $5 Billion - Decrypt
decrypt.co
FTX Was Supposed to Have $20 Billion in Customer Crypto—It Only Held $5 Billion
An expert witness called in Sam Bankman-Fried's trial said between January 2021 and October 2022 FTX never had all its customer's crypto funds. When crypto peaked in November of 2021, FTX’s customers thought they owned a
1 Users
0 Comments
2 Highlights
0 Notes
Summary
During Sam Bankman-Fried's trial, an expert witness revealed that FTX, the cryptocurrency exchange, only held around $5 billion in customer crypto funds, despite customers believing they owned around $20 billion. The witness, Professor Peter Easton, analyzed FTX's financial statements and found that the exchange's digital wallets contained significantly less than what customers thought. This discrepancy occurred during the peak of the crypto market in November 2021 when Bitcoin's price reached $69,000.
Top Highlights
- FTX Was Supposed to Have $20 Billion in Customer Crypto—It Only Held $5 Billion An expert witness called in Sam Bankman-Fried's trial said between January 2021 and October 2022 FTX never had all its customer's crypto funds.
- When crypto peaked in November of 2021, FTX’s customers thought they owned around $20 billion in digital assets. But according to an expert witness in Sam Bankman-Fried’s criminal trial on Wednesday, the exchange’s digital wallets had closer to a quarter of that. Notre Dame Alumni Professor of Accountancy Peter Easton, who specializes in financial...
Domain
Ready to highlight and find good content?
Glasp is a social web highlighter that people can highlight and organize quotes and thoughts from the web, and access other like-minded people’s learning.