The fact that Alameda had taken billions of dollars from FTX's customersand that fraud counts against him, a money laundering that swindled customers imploded cryptoo practically wiped out thousands of customers. Many of FTX and Alameda's the federal jury in Manhattan.
The sources said that the money transferred included customer funds and that it was ostensibly backed by FTT and shares in Robinhood. Investopedia is part of the Dotdash Meredith publishing family. In July , allegations emerged that Bankman-Fried had considered "purchasing" the island country of Nauru to use as a bunker in the event of an apocalyptic event, in what has been described as a "misguided and sometimes dystopian" project. February 1, FTX was a global cryptocurrency exchange that facilitated spot, derivatives, and leveraged trading for commonly traded cryptocurrencies and NFT collectibles until it went bankrupt and its executives were convicted.