According to two people familiar with the situation who told Reuters, at least $1 billion in customer funds have vanished from the defunct cryptocurrency exchange FTX. According to Reuters, the exchange’s founder, Sam Bankman-Fried, secretly transferred $10 billion in customer funds from FTX to Bankman-trading Fried’s company, Alameda Research. As per the sources, a large portion of that total has since vanished. According to one source, the missing amount is around $1.7 billion. The other stated that the difference was between $1 billion and $2 billion. After a rush of customer withdrawals earlier this week, Bahamas-based FTX declared bankruptcy on Friday.
