I would add that FTX was basically set up as a scheme.
The way it was self dealing was meant to make it's coin inflate in value by trading it back and forth between FTX and the hedge fund to whatever value they wanted it to be at.
Fried spoke at length and with great eloquence to congress about the ills of the financial crisis, but now it sounds like he was someone who felt like they could have set up a much bigger sham.
That this wasn't set up entirely on purpose is hard to believe. I think they just didn't think they would get caught.
The way it was self dealing was meant to make it's coin inflate in value by trading it back and forth between FTX and the hedge fund to whatever value they wanted it to be at.
Fried spoke at length and with great eloquence to congress about the ills of the financial crisis, but now it sounds like he was someone who felt like they could have set up a much bigger sham.
That this wasn't set up entirely on purpose is hard to believe. I think they just didn't think they would get caught.
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