Bounce Trading Lost $206 Million in FTX Collapse: Michael Lewis
Bounce Trading, one of the most biggest market makers in the crypto condo, reportedly misplaced $206 million when FTX collapsed.
Per data in Michael Lewis’s new book ‘Going Infinite,’ the agency was near the tip of FTX’s checklist of collectors, who are collectively owed $8.7 billion.
The book refers to private paperwork in the possession of pale FTX COO Constance Wang as the source of the working out, who herself misplaced $25 million when things went south for the alternate.
Other than the funds stuck on the alternate from Bounce’s most important myth, an affiliate entity “Tai Mo Shan Restricted” also misplaced $75 million when the alternate halted withdrawals. Up to now, no one from Bounce Trading has save out any public statements denying or confirming the book’s claims.
Among the paperwork that Wang chanced on had been inner spreadsheets documenting FTX’s costs and sponsorship agreements, which included a $162.5 million contend with Well-known League Baseball, a $105 million contend with Rebellion Video games and a $25 million contend with the Coachella song pageant.
The financial extinguish estate handling FTX said that they’ve recovered $7 billion charge of resources owed to customers, most of that are liquid. Frail FTX CEO Sam Bankman-Fried has denied the costs against him alleging his role in the misappropriation of client funds.
However, Bankman-Fried’s felony trial, which commenced on Tuesday, will see FTX customers, pale staff and his closest website online visitors testify against him.
Source credit : unchainedcrypto.com