FTX is in agony. Losing tens of billions of dollars belonging to customers and creditors is not honorable. To change the situation, the new management of this American cryptocurrency exchange is moving heaven and earth. If it does not ask American politicians to reimburse the aid allocated during the campaigns, it draws funds from the old investments of SBF.
Request for the return of $400 million from Modulo Capital
Sam Bankman-Fried, at the time of his reign, had never hesitated to make budget cuts at FTX at will. We are not unaware that he was personally fond of the Democrats, to the point of allocating to them the money necessary to succeed in their campaign.
Now that FTX is in the red, John Ray III does not hesitate to summon politician friends to return this money. The debt of creditors and investors being very colossal.
In an article published on February 15, the New York Times clarified that FTX would be negotiating the return of $400 million that SBF would have invested in Modulo Capital. The latter is none other than a trading company that would have collaborated with SBF. And he reportedly deposited the money in an interest-bearing account at JPMorgan.
This information came from four people whom Sam Bankman-Fried trusted when he was CEO of FTX.
The founders of Modulo, who would surely not think that their friend SBF would be arrested later, did not hesitate to challenge JP Morgan. The reason is that they want to be cleared, in the eyes of the law, in the event of restitution of the sum.
FTX, the road is still long
The press reported that SBF would have invested in more than 300 companies at the time of his reign. They also say that the collaboration with Modulo cost him more money than that established with the other companies.
However, the DoJ is said to have seized nearly $460 million from Emergent Fidelity. The latter is none other than the holding company of Sam Bankman-Fied with which he held stakes in Robinhood.
It is also said that FTX asked to return the $446 million allocated to Voyager recently. However, the new management of the company is summoned to fill a financial gap estimated at 8 billion dollars. Enough to request the presence of a genie of the lamp to be able to quickly get out of such a situation. Except that we are not living a fiction.
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