Sam Bankman-Fried and an FTX attorney created a false document to explain close relations with Alameda, its CEO said.
The false agreement was then shown to investors as part of FTX's $400 million Series C fundraising, the CEO said.
FTX managed to raise $400 million in funding while showing false documents to investors, according to the crypto exchange's new CEO.
This is a particularly interesting detail because the crypto exchange's implosion last November was provoked by the apparent commingling of funds between FTX and Alameda.
for the benefit of the FTX customers,'" the document says.
Persons:
Sam Bankman, FTX, John J Ray III, Fried, Ray
Organizations:
Morning, Alameda
Locations:
Alameda, FTX's, Delaware, FTX