The market responded negatively to this statement. Following other statements, James Bullard suggested that the Fed may need to raise interest rates until the Federal Funds Rate (FFR) is in the range of 5-7 percent to reduce inflation. Apart from the issue of stagnant inflation, the crypto market last week after passing the case from the FTX platform, there were other follow-up cases. “Coming from Genesis Global Trading, or better known as Genesis Global Capital, which has temporarily suspended its withdrawals and loans. This was previously revealed by Genesis, their derivative unit had around US$175 million in FTX,” he explained, quoted Thursday (24/11/2022).
He also describes the network of entities FTX as an international organization operating effectively as Sam Bankman-Fried’s personal fiefdom.
While it is known that FTX and its employees bought real estate in the Bahamas, where it set up its headquarters in September last year, property records seen by Reuters show for the first time the scale of their purchase and the intended use of some of the real estate.
FTX, which filed for bankruptcy earlier this month after a hasty customer recall, did not respond to a request for comment. Bankman-Fried did not respond to requests for comment.
Bankman-Fried told Reuters he was living in a house with nine other colleagues. For employees, FTX provides free meals and “in-house Uber-like” services around the island.
The collapse of FTX, one of the world’s largest cryptocurrency exchanges, has left about 1 million creditors facing losses totaling billions of dollars.
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