FTX's Digital Wallets Held Only $5 Billion in Crypto, Far Less Than the $20 Billion Its Customer Account Balances Showed
According to expert witness Peter Easton in Sam Bankman-Fried's trial, FTX's digital wallets contained only around $5 billion in crypto during the industry boom in November 2021, significantly less than the $20 billion claimed by customers. Easton's analysis, based on bank statements, FTX's database, lender documents, and blockchain data, revealed that FTX's digital wallets consistently trailed behind customer account balances by billions of dollars. The trial revolves around allegations that Bankman-Fried misappropriated funds from FTX through Alameda Research
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FTX's Digital Wallets Held Only $5 Billion in Crypto, Far Less Than the $20 Billion Its Customer Account Balances Showed
According to expert witness Peter Easton in Sam Bankman-Fried's trial, FTX's digital wallets contained only around $5 billion in crypto during the industry boom in November 2021, significantly less than the $20 billion claimed by customers. Easton's analysis, based on bank statements, FTX's database, lender documents, and blockchain data, revealed that FTX's digital wallets consistently trailed behind customer account balances by billions of dollars. The trial revolves around allegations that Bankman-Fried misappropriated funds from FTX through Alameda Research