The moving parts were that they created a bunch of separate companies and transferred FTX assets into these companies and then "lost" all the money they borrowed with currency that did not belong to them.
The moving parts were that they created a bunch of separate companies and transferred FTX assets into these companies and then "lost" all the money they borrowed with currency that did not belong to them.
There certainly was a process, and to facilitate transfers a lot of people had to involved including legal. I don't think it's correct to characterize the money as "lost", though some positions became undercollateralized and that's something we continue to look at.
There certainly was a process, and to facilitate transfers a lot of people had to involved including legal. I don't think it's correct to characterize the money as "lost", though some positions became undercollateralized and that's something we continue to look at.
(post is archived)