So why haven't any charges been leveled? Sam Bankman-Fried ran FTX like 'personal fiefdom' as firm spent $300M on luxury real estate
FTX’s bankruptcy team detailed the wild spending under 30-year-old Bankman-Fried in a closely watched court hearing on Tuesday — revealing rampant mismanagement by top executives until the platform collapsed with more than $1 billion in client funds missing.
Attorneys said the $300 million spent on real estate was mostly used to buy mansions and beachfront vacation properties for Bankman-Fried and other senior FTX executives.
There is more, and you should read the whole thing, including a snarky remark by an attorney about the Emperor having no clothes.
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