FTX Owes Customers Billions: Investigative Reports and Internal Audit Unveil the Truth.
TL;DR Summary
FTX.com owed its customers $8.7 billion due to commingling and misusing their deposits, according to a report filed by the FTX team. The company has recovered $7 billion in liquid assets so far, and additional recoveries are anticipated. The report accuses senior executives of hiding the trouble as early as August 2022 and misusing customer money. FTX is currently in bankruptcy proceedings in Delaware, and its founder and former CEO Sam Bankman-Fried is facing criminal charges.
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