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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