Latest FTX Developments: Here Are 8 Amazing New Details

 Latest FTX Developments: Here Are 8 Amazing New Details

The FTX platform disaster caused a major shock to the cryptocurrency community, after it announced its bankruptcy, which was disappointing, and in the latest developments of the story, we will mention to you in the following lines the last 8 new details about it.

1. FTX President Sam Bankman Fried (SBF) personally cashed out $300 million while raising $420.69 million from 69 investors

2- In another update, in February 2022, the Chairman of the Federal Reserve, Jerome Powell, met with the SBF in an hour-long meeting, is it plausible that they discussed interest rates and the economy?

3. FTX managers donated $70 million to U.S. politicians in the midterm elections, within just weeks before filing for bankruptcy

4. The global distribution of FTX clients shows that only 2% of them were from the United States, and surprisingly, the majority, about 22%, were from the Cayman Islands.

5- Golden State Warriors is facing a class action lawsuit from customers outside the US for promoting FTX, in which an FTX customer who claimed to have lost $750,000 after the platform went bankrupt filed a lawsuit against NBA affiliate's GSW based on the team promoting the alleged fraudulent exchange

6- Alameda Research withdrew more than $1.5 billion from FTX from October 20 to November 2, moreover, the company withdrew $204 million before filing for bankruptcy. It seems like they know what is to come.

7. 8 members of Congress tried to stop the SEC investigation into FTX again in March. 5 out of 8 received donations from SBF and FTX from $2,900 to $11,600. Donations sound better than bribes, don't they

8- FTX finally acquired an $11.5 million stake in a small bank in Washington state with only 3 employees.

Farmington State Bank in Washington State (Farmington is a town of just 146 people), now renamed Moonstone, the twenty-sixth smallest bank in the United States, has one branch and 3 employees.

FTX invested in the bank through its now-bankrupt sister company, Alameda, with an investment of $11.5 million (versus 10% of the bank) in its parent company FBH in March 2022, and Alameda's investment was more than double the bank's value at $5.7 million.

FTX's investments valued the bank at $115 million, however, it only had $10 million in customer deposits

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