The Post Millennial
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Sam Bankman-Fried, the disgraced former CEO of the collapsing cryptocurrency company FTX, is being investigated by the Justice Department for potentially manipulating the market in a way that led two interrelated cryptocurrency companies to collapse in a chain that eventually led to his own company’s downfall.
The New York Times reports that Bankman-Fried manipulated the currencies of two crypto companies, TerraUSD and Luna, in order to benefit FTX and Alameda Research, which was run by Caroline Ellison, who was in an on-again, off-again relationship with Bankman-Fried.
The investigation into the two companies is part of a deeper look into how $8 billion of FTX customer funds inexplicably vanished in November. At the same time, Bankman-Fried had a personal net worth of around $16 billion but that reportedly has diminished by 94 percent and he resigned from his position on November 11.
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