Sign Up on MEXC
Peter Easton, a forensic accountant professor from University of Notre Dame, has made a shocking revelation about the missing FTX customers’ $9 billion and Alameda Research’s connection to it.
The Easton Revelation
Following an in-depth study into Alameda Research’s bank statements, wire transfers as well as other documents, the forensic accountant offered an explanation into some discrepancies. Easton highlighted that a total of $11.3 billion in FTX customer funds were meant to be held at FTX sister trading firm Alameda Research, but only $2.3 billion was deposited in the bank accounts.
It turned out that the funds were plunged into other investments vehicles including Anthony Scaramucci’s SkyBridge Capital and Lily Zhang’s Modulo Capital. Notably, the relationship between Modulo Capital, FTX and Alameda Research had recently come up in SBF’s criminal trial during Caroline Ellison’s testimony. Another undocumented investment achieved with FTX customers’ deposits was the part repayment of a loan that Alameda received from Genesis Capital.
Some other projects which FTX took on while leveraging on customers deposits are donations to political parties and their candidates, charity organizations, real estate purchases and even payment to celebrities. Taking the witness stand on Monday, ex-FTX engineering director Nishad Singh revealed that FTX, under the leadership of Bankman-Fried, spent about $1.3 billion on celebrity promotions.
Court May Prove SBF is Guilty After Trial
Unlike Ellison, his ex-girlfriend and Gary Wang who pleaded guilty to the charges levied against them, Bankman-Fried has maintained that he is not guilty. Unfortunately, Easton’s bombshell discovery gives credence to prosecutors claims that the former Chief Executive Officer of the defunct cryptocurrency exchange redirected customers funds to Alameda for investment in personal gratification before FTX and its associates imploded in 2022.
Considering all the testimonies against SBF since his criminal trial began, things are currently not looking good for the 31-year-old entrepreneur. Bankman-Fried is likely to spend decades in jail if eventually proven guilty on a variety of fraud and conspiracy charges. Prosecutors are in the middle of wrapping up their case as the third week of the trial draws to a close.
- Breaking: Tether To Launch US-Based Stablecoin USAT With Bo Hines As CEO
- Breaking: Polymarket Partners With Chainlink To Boost Market Resolution Process
- Pi Network Upgrades Blockchain Protocol To Version 20 On Testnet As Pi Coin Price Jumps 3%
- Galaxy Digital Boosts Solana Holdings as FTX Estate Unstakes $45M SOL
- XRP Whales Dump 40M Coins Despite ETF Anticipation, Here’s Why
- Ethereum Price Eyes a 40% Surge as Morgan Stanley Shifts Fed Cuts Forecast
- Solana Price Forecast: Ford’s $1.65B Treasury Bet Sets Sights on $320
- Dogecoin Price Prediction as CleanCore Pushes Toward 1B DOGE Target- Is 92% Rally Ahead?
- SHIB Price Forecast as LEASH V2 Rollout Expands Cross-Chain — Is a 200% Rally Ahead?
- BNB Price Forecast as Binance–Franklin Templeton Deal Strengthens Path to $1,500
