fbpx
  • About Us
  • Contact
  • Sponsored Content
  • Price Tracker
  • Write for Us
  • Terms and Conditions
Coin Culture
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • ICO guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
    • Dogecoin guide
  • Hot topics
    • NFT
    • Metaverse
    • Games
    • Forecast
  • Exchanges
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Crypto.com Review
      • Crypto.com Review
      • Swyftx Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx
      • CoinSpot vs Digital Surge
      • CoinSpot vs Coinbase
      • Coinspot vs Binance
      • CoinSpot vs Kraken
      • CoinSpot vs Independent Reserve
      • CoinSpot vs Bitfinex
      • Coinspot vs Plus500
      • CoinSpot vs Bittrex
      • CoinSpot vs BTC Markets
      • CoinSpot Vs Etoro
      • CoinSpot vs Cointree
      • CoinSpot vs KuCoin
      • Crypto.com Vs Coinbase
      • Crypto.com vs Binance
      • Swyftx vs. Independent Reserve
      • Swyftx vs. CoinJar
      • KuCoin vs. Coinbase
No Result
View All Result
SUBSCRIBE
Coin Culture
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • ICO guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
    • Dogecoin guide
  • Hot topics
    • NFT
    • Metaverse
    • Games
    • Forecast
  • Exchanges
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Crypto.com Review
      • Crypto.com Review
      • Swyftx Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx
      • CoinSpot vs Digital Surge
      • CoinSpot vs Coinbase
      • Coinspot vs Binance
      • CoinSpot vs Kraken
      • CoinSpot vs Independent Reserve
      • CoinSpot vs Bitfinex
      • Coinspot vs Plus500
      • CoinSpot vs Bittrex
      • CoinSpot vs BTC Markets
      • CoinSpot Vs Etoro
      • CoinSpot vs Cointree
      • CoinSpot vs KuCoin
      • Crypto.com Vs Coinbase
      • Crypto.com vs Binance
      • Swyftx vs. Independent Reserve
      • Swyftx vs. CoinJar
      • KuCoin vs. Coinbase
No Result
View All Result
Coin Culture Logo
No Result
View All Result

Home » Bankman-Fried’s Crypto Empire Run By His Roommates in the Bahamas

Bankman-Fried’s Crypto Empire Run By His Roommates in the Bahamas

Lucas N by Lucas N
November 21, 2022
in People
Bankman-Fried’s Crypto Empire Run By His Roommates in the Bahamas
Share on FacebookShare on Twitter

The collapse of Sam Bankman-Fried’s crypto enterprise is sudden and shocking, a sentiment prevalent among his former employees.

You might also like

Do Kwon Charged With Criminal Fraud By U.S. Prosecutors

Ethereum Co-founder Says ETH Won’t Be Categorised As Security

Best Crypto Youtube Channels For Crypto Enthusiasts 2023

It might be related to a luxurious penthouse in the Bahamas where Bankman-Fried roommates with the inner circle that managed his crypto exchange FTX and the trading powerhouse Alameda Research.

Many are former colleagues at the trading business Jane Street, while others he met at his alma mater, the Massachusetts Institute of Technology. All ten individuals are or were in romantic relationships with one another. This includes Alameda CEO Caroline Ellison, whose business played a significant part in the company’s downfall – and who had dated Bankman-Fried at times.

Sam Bankman-Fried, the head of FTX. Image: Lam Yik Fei for The New York Times

Several current and former employees of FTX and Alameda spoke on the condition of anonymity, alleging ongoing harassment and death threats due to the exchange’s financial issues. They stated that the organisation is riddled with conflicts of interest, nepotism, and a lack of accountability.

Under the condition of anonymity, a person who knew the situation said, “The whole operation was run by a gang of kids in the Bahamas.”

FTX and Alameda’s workers allege they have been kept in the dark about recent events and that only CEO Bankman-inner Fried’s circle may have known that the exchange transferred client funds into Alameda, as reported by the Wall Street Journal.

On Wednesday, a second Bankman-Fried employee said, “It’s been radio silence from Sam.” “When we saw the CZ [CEO Changpeng Zhao] tweet saying Binance was going to buy FTX, we thought it was fake. But then Sam’s tweet just confirmed it.”

Bankman-Fried addressed staff later on Wednesday, a week after a CoinDesk story sparked the situation, per an internal communication to employees who CoinDesk received. He said, “I completely understand if you want to step away.” 

Among his nine housemates are FTX co-founder Gary Wang, FTX Director of Engineering Nishad Singh, and Ellison of Alameda, Bankman-Fried’s trading business reportedly receiving $10 billion of FTX customer funds. The remaining six are employees of FTX.

Gary, Nishad, and Sam manage the exchange’s code, matching engine, and finances, according to a source with knowledge of the situation. Who would notice if they switched them around or entered their own numbers?

A third individual acquainted with the company’s operations stated, “They’ll do anything for each other.”

Both Bankman-Fried and Ellison did not reply to a direct request for comment. Wang and Singh were unavailable for comment. A representative of FTX was also requested to relay CoinDesk’s request for comment from Bankman-Fried, Ellison, Wang, and Singh.

Joseph Bankman, a professor of law at Stanford, is also involved with the firm. In an August episode of the FTX Podcast, he discussed his involvement in charity and regulation-related projects.

Wang, Singh, and Ellison are all board members of Bankman-FTX Fried’s Foundation, the company’s charitable arm. Several roommates, notably Bankman-Fried and Ellison, are active members of effective altruism, a movement that seeks to discover the most effective methods to benefit others, presumably through philanthropy.

FTX and Alameda’s offices in the Bahamas are adjacent to a coworking complex that houses Solana developers and other cryptocurrency incubators.

“All of the stakeholders would have a hard look at FTX governance.” tweeted Bankman-Fried on Thursday. “I will not be around if I’m not wanted.”

17) All of the stakeholders would have a hard look at FTX governance. I will not be around if I’m not wanted.

All of the stakeholders–investors, regulators, users–would have a large part to play in how it would be run.

Solely trust.

— SBF (@SBF_FTX) November 10, 2022

While some FTX employees have expressed satisfaction with Bankman-Fried’s increased frequency of communication as of late, others are not as pleased. The second anonymous employee told CoinDesk, “Some employees kept their life savings on FTX. We trusted that everything was fine”

 

 

Tags: FTXSAM
Lucas N

Lucas N

Lucas N is Coin Culture's managing editor for people and market, covering opinon, interview and market analysis. He owns Near, Aurora and Chainlink

Recommended For You

Do Kwon Charged With Criminal Fraud By U.S. Prosecutors

by Lucas N
March 25, 2023
0
Do Kwon Charged With Criminal Fraud By U.S. Prosecutors

Do Kwon, the founder of Terraform Labs, was charged with fraud by federal prosecutors in New York after his detention by police in Montenegro. Kwon, whose location was...

Read more

Ethereum Co-founder Says ETH Won’t Be Categorised As Security

by Lucas N
February 12, 2023
0
Ethereum Co-founder Says ETH Won’t Be Categorised As Security

Joseph Lubin, the co-founder of Ethereum and cryptocurrency entrepreneur, believes that Ether will not be classed as a security in the United States.  Upon being asked if ETH...

Read more

Best Crypto Youtube Channels For Crypto Enthusiasts 2023

by Pat Daniel
January 20, 2023
0
Best Crypto Youtube Channels For Crypto Enthusiasts 2023

Are you looking to get started on cryptocurrencies but not sure how to go about it? Youtube is the best place to start your research. Having the right...

Read more

Sam Bankman-Fried Pleads Not Guilty in FTX Fraud Case

by Lucas N
January 4, 2023
0
Sam Bankman-Fried Pleads Not Guilty in FTX Fraud Case

During the arraignment of Sam Bankman-Fried in Manhattan, U.S. District Judge Lewis Kaplan of the Southern District of New York set a preliminary date for the trial that...

Read more

Jack Dorsey Funds Social Network Nostr 14 BTC

by Lucas N
December 19, 2022
0
Jack Dorsey Funds Social Network Nostr 14 BTC

After recently releasing his ideas on a native internet protocol for social media, the former CEO of Twitter has given around 14 BTC worth $245,000 to facilitate the...

Read more
Next Post
Chainlink Labs Provides Proof of Reserve To Solve Exchange Trust Issues

Chainlink Labs Provides Proof of Reserve To Solve Exchange Trust Issues

Most popular

  • https://docs.google.com/document/d/e/2PACX-1vTDl1TWGJDQ2rMKdHV70IvGNe9hf_nL-qsLIaemdyX2-myqXRTBsKaAPxag5bXUwPzoKLuYBi_vCyf3/pub

    Bored Ape Solana Club Vs. Bored Ape Yacht Club: Why Is BASC A Historical NFT Project?

    96 shares
    Share 38 Tweet 24
  • Top Crypto Twitter Influencers in 2023

    918 shares
    Share 367 Tweet 229
  • 20 Best Crypto Copy Trading Platforms: A Curated List 2023

    88 shares
    Share 35 Tweet 22
  • 11 Best Crypto Debit Cards In Australia: A Curated List 2023

    157 shares
    Share 63 Tweet 39
  • Best Crypto Youtube Channels For Crypto Enthusiasts 2023

    666 shares
    Share 266 Tweet 167

Recommended

Money Market Funds Swell By Over $286bn Amid Banking Crisis

Money Market Funds Swell By Over $286bn Amid Banking Crisis

March 28, 2023
G7 Countries To Push For Tighter Global Crypto Regulations

G7 Countries To Push For Tighter Global Crypto Regulations

March 28, 2023
zkSync Era Launches With Uniswap And Sushi: A Game Changer?

zkSync Era Launches With Uniswap And Sushi: A Game Changer?

March 27, 2023
Nasdaq Aims to Introduce Crypto Custody Service By Late Q2

Nasdaq Aims to Introduce Crypto Custody Service By Late Q2

March 27, 2023
Facebook Twitter Instagram
coin culture logo

Your Australian news source for all things cryptocurrency. Coin Culture is an independent media outlet that aims to provide an Aussie take on crypto, digital assets, and investing.

Hot Topics

  • DeFi
  • NFT
  • Gaming

Top articles

CoinSpot Review
Swyftx Review
Best Crypto Exchanges Australia
CoinSpot vs Swyftx

BROWSE BY TAG

Adoption Altcoin News Banks Bitcoin Bitcoin News btc Business Cardano Cardano News CBDC China CoinSpot Crypto Cryptocurrencies Crypto Exchange DeFi Dogecoin News El Salvador ETF Ethereum News Exchanges Feature FTX Games hacks Markets Metaverse Mining NFT NFT Game Opinion People Policy and Regulation SAM SEC Security Solana Stablecoins Tech Terra Top Crypto News Australia | CoinCulture Trading U.S. US web3

© 2022 CoinCulture. All rights reserved.

No Result
View All Result
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • ICO guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
    • Dogecoin guide
  • Hot topics
    • NFT
    • Metaverse
    • Games
    • Forecast
  • Exchanges
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Crypto.com Review
      • Crypto.com Review
      • Swyftx Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx
      • CoinSpot vs Digital Surge
      • CoinSpot vs Coinbase
      • Coinspot vs Binance
      • CoinSpot vs Kraken
      • CoinSpot vs Independent Reserve
      • CoinSpot vs Bitfinex
      • Coinspot vs Plus500
      • CoinSpot vs Bittrex
      • CoinSpot vs BTC Markets
      • CoinSpot Vs Etoro
      • CoinSpot vs Cointree
      • CoinSpot vs KuCoin
      • Crypto.com Vs Coinbase
      • Crypto.com vs Binance
      • Swyftx vs. Independent Reserve
      • Swyftx vs. CoinJar
      • KuCoin vs. Coinbase

© 2022 CoinCulture. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.
  • bitcoinBitcoin(BTC)$27,209.00-2.39%
    BITCOIN
    24H : -2.39%
    Volume : $18,753,141,697.00
    Marketcap : $525,250,832,292.00
  • ethereumEthereum(ETH)$1,714.77-2.91%
    ETHEREUM
    24H : -2.91%
    Volume : $9,754,382,720.00
    Marketcap : $206,243,125,271.00
  • tetherTether(USDT)$1.00-0.16%
    TETHER
    24H : -0.16%
    Volume : $29,530,531,478.00
    Marketcap : $79,306,267,103.00
  • binancecoinBNB(BNB)$308.54-5.99%
    BNB
    24H : -5.99%
    Volume : $1,031,404,867.00
    Marketcap : $48,608,807,277.00
  • usd-coinUSD Coin(USDC)$1.000.050%
    USD COIN
    24H : 0.050%
    Volume : $4,551,884,924.00
    Marketcap : $33,493,449,537.00

Add New Playlist