It started with Mt. Gox in 2010 when Bitcoin was trading at $0.09. By late 2013 MtG was handling over 70 percent of all BTC transactions worldwide and the price was $1,000. Know more:
The company said it had lost almost 750,000 of its customers’ Bitcoins and around 100,000 of its own, totaling around 7 percent of all BTCs. Although 200,000 Mt. Gox BTCs have since been “found,” it turned out most or all of the missing cryptos were stolen straight out of the Mt. Gox cryptocurrency wallet beginning in late 2011.
SBF also co-founded in 2017 Alameda Research, a quantitative trading firm for trading cryptos, its strategy being profiting from “arbitrage, market making, yield farming, and trading volatility.” Alameda’s CEO was Caroline Ellison, a 20-something 2016 Stanford University graduate —and on/off SBF girlfriend—with a degree in mathematics and two years stock trading experience.
FTX made its fortune through high-net worth and high-publicity investors who were also endorsers. These included NFL superstar Tom Brady who invested and now has lost over $400 million. Also on FTX bullet train with the statement that “If there is ever a place I can be and I am not going to get in trouble, it is going to be at FTX” was Kevin O’Leary aka Shark Tank’s Mr. Wonderful.
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