Security and risk checks were “poor” at the company, but the implosion of the trading firm came as a surprise to insiders.
The tides finally changed after Gary Wang and Nishad Singh (both FTX directors who have since pled guilty to fraud in the ongoing trial) joined the firm.
O’Leary, an entrepreneur and television personality, was paid $15 million by FTX for “20 service hours, 20 social posts, one virtual lunch and 50 autographs,” according to Michael Lewis’ new book “Going Infinite.”
This makes the trading giant one of FTX’s top creditors, Lewis wrote, citing documents from the crypto exchange’s former chief operating officer, Constance Wang.
Michael Lewis’ “Going Infinite” outlines how the FTX CEO was worried his employees had gotten too rich because SRM’s price had gone up so much. So, he made it impossible for them to sell for longer.
FTX was hacked in November 2022, hours after the global crypto empire declared bankruptcy and its founder Sam Bankman-Fried stepped down from running the company.
FTX, an industry titan, ended up in bankruptcy court nine days after a November 2022 scoop from CoinDesk’s Ian Allison.
Coinbase Has Recently Held Talks to Buy FTX Europe: Fortune
Federal prosecutors are criticizing void dire questions proposed by Sam Bankman-Fried’s defense team.
Crypto exchange FTX can sell and invest its crypto holdings to pay back creditors, a judge in the U.S. Bankruptcy Court for the District of Delaware ruled Wednesday.