SBF Begged Investors for $7 Billion FTX Rescue Package In Final Days

FTX founder Sam Bankman-Fried is ready to save his crypto exchange from catastrophe by begging global investment big guns including Sequoia Capital for $7 billion, having splurged $10 billion in customer funds to prop up his trading firm Alameda.

Although Bankman-Fried insisted FTX and Alameda were separate entities, investor presentations showed the same assets appearing on both simultaneously - enabled by an aide tweaking FTX accounting software to hide transfers of funds between them.

Financial records also showed over $400 million in “software royalty” payments made by FTX to Alameda that were used to buy up the platform’s FTT digital coin to reduce supply and bolster its value.