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The Guardian - UK

Technology

Alex Hern UK technology editor

Polyamory, penthouses and plenty of loans: inside the crazy world of FTX

Sam Bankman-Fried FTX John Ray III United States Caroline Ellison Gary Wang Enron Alameda Kelsey Piper Bahamas

Composite image of Sam Bankman-Fried in front of the stunning rooftop terrace of a large penthouse with an elaborate multi-level swimming pool surrounded by loungers — Sam Bankman-Fried and FTX’s Bahamas penthouse. He received a $1bn personal loan from the group’s hedge fund, Alameda, a court bankruptcy filing states. Photograph: Twitter/FTX/Reuters

Casual observers could be forgiven for thinking the collapse of the cryptocurrency exchange FTX is another typical tale of financial mismanagement. That’s how its founder, Sam Bankman-Fried, terms it: a liquidity crisis that tipped over into a solvency one.

FTX had deposits and loans and when depositors tried to get their money back, FTX didn’t have it to hand. Sure, the loans were in fancy digital money, rather than stale dollars, but at first glance, it appears like just another big company failure.

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