Some FTX customers were told to send wire transfers through Alameda - report [Seeking Alpha]
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Source: Seeking Alpha
Some FTX customers were told to send wire transfers through Alameda - reportNov. 28, 2022 5:45 PM ETSIBy:Max GottlichSA News Editor1 CommentMichael M. SantiagoSam Bankman-Fried's crypto exchange FTX reportedlyfoundGenerally, lenders were unwilling to engage with crypto firms including FTXgiven their high risk profiles. In an effort to circumvent that issue, FTX and Alameda shared a tangled relationship, in which some FTX customers were told to send wire transfers through Alameda, which was allowed to have accounts at digital asset-focused bank Silvergate Capital (), Bloomberg reported, citing people with knowledge on the matter.Silvergate (8.8%its exposure to FTXThe people added that some FTX customers kept sending wire transfers as recently as 2022. FTX, which filed for Chapter 11 bankruptcy protection earlier in November, did not immediately respond to Seeking Alpha's request for comment. TheFTX-Alameda relationshipâ??Itâ??s very bad practice and risk management in any book to mingl
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