The rapid fall of Sam Bankman-Fried'scryptocurrencies empire is described as "Shocking" It is a sentiment that pours out from people who worked for him.
What can that be? It's possible that it's related to a luxury apartment in the Bahamas. Bankman-Fried is living with a group of people who ran his exchange FTX and trading company Alameda Research.
He met many of his co-workers from Jane Street at the Massachusetts Institute of Technology. The 10 are in romantic relationships with each other. According to people familiar with the matter, who at times has dated Bankman-Fried, is the CEO of Alameda.
Several current and former FTX and Alameda employees who agreed to speak on the condition of anonymity said that they had received death threats due to the exchange's solvency issues. They said it was a place full of conflicts of interest and lack of oversight.
A person familiar with the matter said that the operation was run by a group of children in the Bahamas.
The Wall Street Journal reported that CEO Bankman-Fried may have known about the exchange swindling customer funds into corporate.
A second Bankman- Fried employee said that Sam had been quiet. We thought it was a hoax when we saw the CEO's statement. Sam just confirmed it on his account.
According to an internal message to employees, Bankman-Fried wrote, "I completely understand if you want to step away."
FTX co-founder and Chief Technology Officer Gary Wang, FTX Director of Engineering Nishad Singh and Ellison of Alameda, Bankman-Fried's trading business that's at the center of the current chaos, are among his nine housemates. FTX employees are also included in this group.
The exchange's matching engine and funds are controlled by Gary, Nishad and Sam, according to a person familiar with the matter. I don't think anyone would notice if they moved them or input their own numbers.
A third person said that they would do anything for each other.
Bankman- Fried and Ellison didn't reply to the request for comment. The two men could not be reached for comment. A spokesman for FTX was asked to give feedback to Bankman- Fried, Ellison, Wang and Singh.
Bankman-Fried's father is a law professor at the school. He talked about charity and regulation-related projects on an episode of the FTXPodcast.
The FTX Foundation is a philanthropic arm of the company. Several housemates, including Bankman- Fried and Ellison, are active participants in a movement that aims to find the best ways to help others.
The offices of FTX and Alameda are located in the same compound as Solana developers and other projects.
Bankman- Fried said that all of the stakeholders would have a hard look at FTX governance. If I'm not wanted, I won't be here.
Some FTX employees have approved of Bankman-Fried's more frequent communication, but others are not.
The second anonymous employee said that some employees kept their savings on FTX. We were confident that everything was okay.
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