finance2 years ago
FTX's Collapse Blamed on Hubris, Incompetence, and Jokes About Misplaced Millions
Alameda, the trading firm behind the cryptocurrency exchange FTX, reportedly lost track of $50 million in funds due to poor management. The CEO of FTX, Sam Bankman-Fried, acknowledged the loss, stating "such is life" and that the company is taking steps to prevent similar incidents in the future. The incident highlights the risks and challenges of managing large sums of money in the cryptocurrency industry.