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Bankman-Fried’s FTX Was a Wild West And a Personal Bank

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The Street

By Luc Olinga Sam Bankman-Fried’s crypto empire was a kleptocurrency exchange, where management and employees were allowed almost everything. It was the Wild West. A place where everything was acceptable. Everything was allowed and there was no control to call to order those who went too far. There was no red line. The CEO considered the funds of one of his companies to be his personal bank. Employees dipped into company money to buy homes in the Bahamas and none of these transactions were recorded anywhere. There may even have been fictitious employees. The board of directors, which is suppos…

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