FTX Alleges Alameda CEO Used Insider Trading Funds for $2.5M Yacht Purchase!
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FTX Alleges Alameda CEO Used Insider Trading Funds for $2.5M Yacht Purchase!

Crypto Live News

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

A court filing by FTX, a well-known cryptocurrency exchange, has revealed that Sam Bankman-Fried, the CEO of rival firm Alameda, allegedly used funds gained through insider trading to purchase a $2.5 million yacht. The filing also suggests that Alameda was aware of Bankman-Fried’s misconduct and turned a blind eye. Alameda went on to collapse in 2020, leading to significant losses for investors. The revelations have cast a negative light on the cryptocurrency industry, which has long struggled to shake off its association with financial misconduct.

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