FTX Executives Misused $8 Billion in Customer Funds, Per Investigations

FTX executives spent $8B of customer funds on real estate, investments, donations, deals and a sports stadium.

The massive hole in Alameda's books was due to a coding error that prevented proper accounting of user deposits.

Bankman-Fried was the main decision maker on investments and spending. Hundreds of millions went to a VC firm for connections.

Over $1B was spent on endorsements and naming rights deals with celebrities, athletes and companies.

The $8B hole partly came from a software bug and a feature allowing Alameda to borrow without collateral.