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Strassel Allysia Finley More Editorials Commentary Future View Houses of Worship Cross Country Letters to the Editor The Weekend Interview Potomac Watch Podcast Foreign Edition Podcast Free Expression Podcast Opinion Video Notable & Quotable * Books & Arts Reviews Film Television Theater Masterpiece Series Music Dance Opera Exhibition Cultural Commentary Art Sections Arts Books More WSJ Puzzles Life Video Arts Video What To Watch * Real Estate Sections Commercial Real Estate More Real Estate Video * Life & Work Sections Cars Careers Food & Drink Home & Design Ideas Personal Finance Recipes Travel Wellness Columns Your Health Work & Life Carry On Bonds Turning Points On Wine On The Clock More WSJ Puzzles Space & Science * Style Sections Lifestyle Fashion Film Television Music Art & Auctions Columns My Monday Morning Off Brand On Trend * Sports Sections Beijing 2022 Olympics MLB NBA NFL Golf Tennis Soccer Columns Jason Gay Search This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ ftx-tapped-into-customer-accounts-to-fund-risky-bets-setting-up-its-downfall-11668093732 * Markets * Currencies * Cryptocurrency FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall FTX's chief executive told investors this week that an affiliated trading firm owes the crypto exchange about $10 billion Sam Bankman-Fried of FTX spoke at WSJ Tech Live in October, one of his last public appearances before FTX's implosion. He spoke alongside Ravi Mhatre of Lightspeed Venture Partners. By Vicky Ge Huang , Alexander Osipovich and Patricia Kowsmann Updated Nov. 10, 2022 4:52 pm ET print Crypto exchange FTX lent billions of dollars worth of customer assets to fund risky bets by its affiliated trading firm, Alameda Research, setting the stage for the exchange's implosion, a person familiar with the matter said. FTX Chief Executive Sam Bankman-Fried said in investor meetings this week that Alameda owes FTX about $10 billion, people familiar with the matter said. FTX extended loans to Alameda using money that customers had deposited on the exchange for trading purposes, a decision that Mr. Bankman-Fried described as a poor judgment call, one of the people said. [wsj-logo-b] Continue reading your article with a WSJ membership View Membership Options Already a member? 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All Rights Reserved. Copyright (c)2022 Dow Jones & Company, Inc. All Rights Reserved This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.