FTX is where gambling and Wall Street collided


Lingering issue: The logo of cryptocurrency FTX, reflected in an image of Bankman-Fried. FTX’s biggest issue appears to have been misappropriated customer funds, although that has not yet been proven nor officially alleged. — AFP

ONE of the sidelights to the sudden collapse of Sam Bankman-Fried’s US$32bil (RM143bil) crypto empire is the gambling-related tweets by Sam Trabucco, the former co-head of Alameda Research, the trading arm of FTX.

Trabucco claimed to have learned his craft trading cryptocurrencies at the blackjack and poker tables. This revelation has been treated as a novelty, alongside reports that FTX’s company psychologist thought the 20 and 30-something employees were undersexed nerds and complaints that locals were priced out of Bahamian real estate when FTX was riding high.

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