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Did Alameda owe FTX billions?

During his testimony, Singh revealed that Alameda owed FTX customers billions of dollars according to a proposal called “We came, We saw, We Researched” that was circulated by Bankman-Fried regarding his potential plans to shutter Alameda and improve FTX’s image.

What happened to FTX in 2023?

In February 2023, Singh pleaded guilty to six criminal charges including fraud and conspiracy. During Bankman-Fried's October 2023 trial, he said he discovered that there was an $8 billion hole in FTX's finances around September 2022, but still signed off on transactions involving money that'd been taken from customers.

Why did FTX initially use Alameda bank accounts?

FTX, from its inception, used Alameda bank accounts to store customer funds. Nishad Singh, who previously worked at Alameda, testified to this knowledge in the SBF trial.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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