Unveiling the secret of FTX: Will Sam “curly” reveal all of them today?

The New York Times has confirmed that former FTX CEO Sam Bankman-Fried will speak at the DealBook Webinar on Wednesday. The global public is waiting for Sam to give a central answer. about this “unbelievable” collapse.

FTX’s shocking crash is one of the crypto industry’s most stunning failures. Sam Bankman-Fried from a billionaire “genius”, “bright star” of the digital currency village became a criminal overnight.

Day by day, information about FTX is “leaked” bit by bit but not enough to solve the whole mystery behind. Although some members of the crypto community feel very disgruntled that Sam is still free instead of being detained after a series of losses that this billionaire caused. But many people still hope he can appear at the conference to give answers to all.

Here are the mysteries of FTX’s Pandora box.

How did FTX “evaporate” up to 8 billion USD?

When the “hole” of 8 billion USD (more than 197 trillion VND) was discovered, Bankman-Fried offered many complicated explanations for what happened. In the end, he blamed it all on the inside information that was leaked.

Had he come in for a face-to-face interview at the DealBook talk, perhaps Sam would have had to provide more clarity on what really happened.

According to court documents provided, FTX is a “troublesome” company. The management of this company is full of mistakes, there is a situation of personal gain and there is no transparent monitoring system for the money of customers. There is data showing that the board of directors of FTX are all close acquaintances of Sam. So what role did the scale of this unprofessional “family” play in losing $8 billion?

According to Mr. John J.Ray – the new CEO of the FTX exchange, the management and control of the company’s situation under Sam was indeed a complete failure.

With his “cheating” achievements, it is unlikely that Sam will really give satisfactory answers at a conversation with The New York Times.

Did FTX and Alameda Research really abuse customer funds? Due to one person, both or is there someone else hidden?

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have been investigating whether FTX may have illegally used client funds. It was reported that the exchange lent money to Alameda Research, a company co-founded by Bankman-Fried.

The two companies have a close relationship. FTX also receives some customer deposits through Alameda corporate account.

So if the embezzlement is real, what is the money used for? Many answers have been given. It is suspected that the money was used to pay off Alameda’s debts or to invest in venture capital. It is also possible that Sam “turned” the embezzled money into a relief fund that he used to save the cryptocurrency market recently. Or even used to buy back 7.6% of Robinhood stock.

According to the filing, Alameda owes $4.1 billion to various parties and $1 billion to Sam. So is it because Sam lent Alameda a huge amount of money, so there was a hole in the hole that caused the collapse? Is it all because of Alameda or are there many twists and turns behind?

FTX’s biggest creditor?

Currently, FTX has about 50 unsecured (anonymous) creditors with an amount of up to 3.1 billion USD (more than 76 trillion VND). Not disclosing the identities of these lenders helps limit the impact on the cryptocurrency industry in general as well as other businesses in particular. Because after the collapse of FTX, many investors have gradually lost confidence in the industry and fear that the remaining companies may be “staggered” or even bankrupt.

One example is BlockFi – one of the largest cryptocurrency lending companies in the world. The company declared bankruptcy on the 28th of this month due to the influence of FTX.

The largest amount that FTX owes unsecured creditors is up to 226 million USD (more than 5 trillion VND). 10 of the “biggest” FTX lenders demanded $100 million (VND 2.4 trillion) in compensation each.

Finding FTX’s top creditor could solve two “big mysteries”. First, where is the “massive” investment name being caught up in this collapse. Second, what field does that investor do. Will the bankruptcy of FTX lead to a “collapse” chain effect for other sectors?

Who has quietly “stealed” 662 million USD of cryptocurrency in FTX’s account?

Shortly after FTX filed for bankruptcy on November 11, a series of mysterious withdrawals wiped out the crypto exchange’s massive $662 million.

Although the identity of the account involved in the attack has been identified, it is still not known how this “hijack” may have occurred. Is it possible that FTX’s security policy has deteriorated to the point where it is possible to steal more than 16 trillion dong like that. Many speculations indicate that due to internal leaks, current or former employees are both suspected.

Therefore, through the conference, everyone hoped that Bankman-Fried could provide and answer more closely about this ultimate mystery.

So what future for Bankman-Fried?

Sam has become a criminal. The interrogation between him and the investigative agencies, or even basic information such as whereabouts and mental state, made the public curious. They hope that through every small detail, FTX’s Pandora box will gradually be revealed.

Reference: Bloomberg