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FTX profited from Sam Bankman-Fried’s inflated coins: Report

Published 01/18/2023, 04:50 PM
Updated 01/18/2023, 06:20 PM

Sam Bankman-Fried, the former CEO of the FTX crypto exchange, used his influence in the crypto industry to inflate some coins prices through a coordinated strategy with FTX’s sister company, Alameda Research, a New York Times report claimed on Jan. 18.

As a way to keep FTX and the companies under its umbrella profitable, Bankman-Fried allegedly approached developers behind projects, insisting that they make their trading debuts on the exchange’s platform. Following that, the report claimed, Alameda Research would buy some of these freshly listed coins to raise their value.

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