FTX-affiliated hedge fund recovers $7B in assets under new management.
Certain banks working with Alameda Research, the trading firm affiliated with FTX founder Sam Bankman-Fried, raised questions about the firm's wire activity as early as 2020, according to a report released by FTX. Some banks began rejecting wires to or from Alameda the same year that the cryptocurrency exchange scrambled to access the U.S. banking system. Bankman-Fried has pleaded not guilty to 13 counts of fraud and conspiracy, and FTX estimated that approximately $8.7 billion in customer assets were misappropriated from the exchange.