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FTX: How Sam Bankman-Fried built a house of cards
Bankman-Fried used FTX funds as his own ‘personal piggy bank’: Belfort
“The Wolf of Wall Street” Jordan Belfort joined “Maria Bartiromo’s Wall Street” to discuss the fallout from the collapse of FTX and scrutiny facing A-list celebrities and the SEC chair.
Attorneys for fallen crypto exchange FTX argued at the firm's bankruptcy hearing Tuesday that the company served as founder Sam Bankman-Fried's personal "fiefdom," reaching $40 billion in market cap as of January before crashing in recent weeks to its current valuation of around $422 million.
Those who have looked under the hood in the wake of the crash, including new FTX CEO John J. Ray III, have expressed dismay at the company's lack of basic bookkeeping and compliance protocols, sparking questions over how Bankman-Fried was able to build such an enormous, unchecked operation that bought him incredible influence and political power.