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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 48
Cxense type: NA
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Business News

Bullish outlook on Sunway REIT continues in 2023
Ringgit slips ahead of US interest rate decision
Construction firm Vestland makes firm debut on ACE Market
Bursa tumbles on US market decline as Fed decision looms
Trading ideas: YTL Power, PGF capital, Ajiya, Sunway REIT, Chin Teck Plantations, Uzma and TRC Synergy
PetGas’ RP2 regulated capex exceeds RM2bil
UK optimism at six-month high despite recession risk
Adani short seller has opened a Pandora’s Box
China tourism market a step closer to robust recovery
Ringgit to continue upward momentum

Others Also Read