Did Bankman-fried hack FTX?

Meanwhile, FTX’s bankruptcy is chaotic. Police in the Bahamas questioned Bankman-Fried over the firm’s collapse, amid a criminal investigation. And a mysterious potential hack siphoned $515 million from FTX and risked triggering widespread data leak.

Why did FTX go bankrupt?

Though FTX was plagued by many issues, the death knell was a liquidity crisis, which forced the company to file for bankruptcy. During the crisis, allegations of fraud on the part of FTX surfaced, which eventually led to the arrest of almost its entire leadership, including the CEO and founder, Sam Bankman-Fried.

Did Bankman-fried 'direct me to commit these crimes'?

Ellison, who pleaded guilty to similar charges in December 2022, told the court that Bankman-Fried ‘directed me to commit these crimes.’ Ellison was the former CEO of Alameda Research, a trading firm founded by Bankman-Fried that served as a liquidity provider for FTX.

What happened at FTX and Alameda Bankman-fried?

FTX counted major stakeholders in their clientele, and these institutions suddenly could no longer access their funds. Even as Bankman-Fried filed for bankruptcy, investigators were hard at work. It didn’t take long for the full breadth of the goings-on at FTX and Alameda to be revealed.