FTX was run as ‘personal fiefdom’ of Sam Bankman-Fried, court hears

Hearing in Delaware bankruptcy court is the first since the cryptocurrency exchange declared bankruptcy earlier this month

Bankrupt cryptocurrency exchange FTX was run as the “personal fiefdom” of founder Sam Bankman-Fried, with one of the company’s units spending $300m on real estate in the Bahamas for the use of its executives, a court heard on Tuesday.

The hearing in Delaware’s bankruptcy court is the first since FTX declared insolvency earlier this month.

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