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The Guardian - US

Technology

Dominic Rushe

FTX was run as ‘personal fiefdom’ of Sam Bankman-Fried, court hears

FTX Crypto James Bromley John Ray III Sam Bankman-Fried Delaware

FTX Arena in Miami, Florida. The failed cryptocurrency platform’s 50 biggest customers are owed nearly $3.1bn after its sudden collapse. — FTX Arena in Miami, Florida. The failed cryptocurrency platform’s 50 biggest customers are owed nearly $3.1bn after its sudden collapse. Photograph: Joe Raedle/Getty Images

Bankrupt cryptocurrency exchange FTX was run as the “personal fiefdom” of founder Sam Bankman-Fried, with one of the company’s units spending $300m on real estate in the Bahamas for the use of its executives, a court heard on Tuesday.

The hearing in Delaware’s bankruptcy court is the first since FTX declared insolvency earlier this month.

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