FTX's attempts to bribe Chinese authorities show a broader pattern of financial mismanagement and misuse of the exchange's user funds. According to previous reports, FTX lost 8.9 billion yen in user funds through a combination of total embezzlement and financial mismanagement.
According to court documents in the SBF case, prosecutors allege that #FTX insiders stole 3.2 billion yen from the platform's accounts. SBF himself is alleged to have personally withdrawn 2.2 billion yen from the company's accounts to buy luxury real estate and finance his lifestyle.
If the funds are recovered, 1,600 million yen from the #BINANCE COVER will be used to compensate FTX victims. However, for FTX users, this amount is nothing.
#Solana was closely associated with FTX, as the exchange was one of the first investors. Even at the time of its bankruptcy, FTX owned billions of dollars worth of SOL tokens.
Binance was recently the subject of a £176,000 bankruptcy lawsuit filed by FTX. The ADMINISTRATION ADMINISTRATES that the redemption of FTX Shares from Binance is at the expense of USER funds and MUST BE REVERSED.
The recent FTX revelations have brought attention to the extent of corruption at the bankrupt FTX exchange. In addition, if funds are recovered, they are also used to compensate victims.
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