Expert Figures Out Where The Missing $9 Billion Went
The post Expert Figures Out Where The Missing $9 Billion Went appeared on BitcoinEthereumNews.com. The trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), continued on October 18 with the direct examination of the prosecution’s expert witness, Peter Easton, an Accounting Professor who works at the University of Notre Dame. Expert Testimony Shows Customers’ Funds Were Stolen According to a report by Bloomberg, Easton explained that $9 billion in customers’ funds had already gone missing since June 2022, five months before FTX filed for bankruptcy. He specifically alluded to the customers’ deposits, which were made into Alameda Research’s bank accounts. Having laid a foundation that Bankman-Fried stole FTX’s customers’ funds through Alameda, the next step in the prosecution’s case was to show that these funds were indeed stolen, and that was the role of Easton, who has an expertise in “penetrating the details of financial statements.” He stated that based on deposits made by customers, Alameda was meant to have held $11.3 billion in FTX customers’ funds, but only $2.3 billion was actually in the trading firm’s bank accounts. According to him, these funds were ultimately used for several purposes. FTT Token bulls struggle to hold $1 | Source: FTTUSDT on Tradingview.com What The Stolen FTX Funds Were Used For Easton further provided details as to where some of these funds went. He alleged that some of these funds were used to invest in companies like Anthony Scaramucci’s SkyBridge Capital, Lily Zhang’s Modulo Capital, Robinhood, Dave and Anthropic. Specifically, he stated that the investment in Modulo was 100% from customers’ funds, with him being able to trace the transaction from FTX’s database. While giving her testimony, Alameda’s ex-CEO, Caroline Ellison, also revealed that Alameda, with SBF’s permission, used FTX’s customers’ funds to repay its lenders. Easton corroborated this statement as he mentioned that some of the missing funds were…
The post Expert Figures Out Where The Missing $9 Billion Went appeared on BitcoinEthereumNews.com.
The trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), continued on October 18 with the direct examination of the prosecution’s expert witness, Peter Easton, an Accounting Professor who works at the University of Notre Dame. Expert Testimony Shows Customers’ Funds Were Stolen According to a report by Bloomberg, Easton explained that $9 billion in customers’ funds had already gone missing since June 2022, five months before FTX filed for bankruptcy. He specifically alluded to the customers’ deposits, which were made into Alameda Research’s bank accounts. Having laid a foundation that Bankman-Fried stole FTX’s customers’ funds through Alameda, the next step in the prosecution’s case was to show that these funds were indeed stolen, and that was the role of Easton, who has an expertise in “penetrating the details of financial statements.” He stated that based on deposits made by customers, Alameda was meant to have held $11.3 billion in FTX customers’ funds, but only $2.3 billion was actually in the trading firm’s bank accounts. According to him, these funds were ultimately used for several purposes. FTT Token bulls struggle to hold $1 | Source: FTTUSDT on Tradingview.com What The Stolen FTX Funds Were Used For Easton further provided details as to where some of these funds went. He alleged that some of these funds were used to invest in companies like Anthony Scaramucci’s SkyBridge Capital, Lily Zhang’s Modulo Capital, Robinhood, Dave and Anthropic. Specifically, he stated that the investment in Modulo was 100% from customers’ funds, with him being able to trace the transaction from FTX’s database. While giving her testimony, Alameda’s ex-CEO, Caroline Ellison, also revealed that Alameda, with SBF’s permission, used FTX’s customers’ funds to repay its lenders. Easton corroborated this statement as he mentioned that some of the missing funds were…
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