Right here’s the factor: It appears inconceivable that FTX might have afforded these investments, together with its different huge expenditures, merely from three years of trade income and its personal enterprise capital inflows of $1.8 billion. Perhaps a number of the FTX Ventures stakes used faux FTX cash like FTT, so there’s extra work to be carried out. However quite simple arithmetic strongly suggests not solely that FTX was dipping into buyer funds, however that the individuals operating FTX couldn’t probably have been blind to that reality.
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