The currently leading theory seems to be that FTX gave (loaned without appropriate collateral) a ton of the money to Alameda (which lost a lot with risky investments, possibly before FTX gave them money), but I have no idea how much money went to what other ventures.
“Ms. Ellison explained what had caused the collapse, according to a person familiar with the matter. Her voice shaking, she apologized, saying she had let the group down. Over recent months, she said, Alameda had taken out loans and used the money to make venture capital investments, among other expenditures. Around the time the crypto market crashed this spring, Ms. Ellison explained, lenders moved to recall those loans, the person familiar with the meeting said. But the funds that Alameda had spent were no longer easily available, so the company used FTX customer funds to make the payments.”
The currently leading theory seems to be that FTX gave (loaned without appropriate collateral) a ton of the money to Alameda (which lost a lot with risky investments, possibly before FTX gave them money), but I have no idea how much money went to what other ventures.
“Ms. Ellison explained what had caused the collapse, according to a person familiar with the matter. Her voice shaking, she apologized, saying she had let the group down. Over recent months, she said, Alameda had taken out loans and used the money to make venture capital investments, among other expenditures. Around the time the crypto market crashed this spring, Ms. Ellison explained, lenders moved to recall those loans, the person familiar with the meeting said. But the funds that Alameda had spent were no longer easily available, so the company used FTX customer funds to make the payments.”
https://forum.effectivealtruism.org/posts/ZnhLAzQxSi9svpkLQ/the-ny-times-interviewed-sbf-on-sunday