FTX Allegedly Misused Billions in Customer Funds for Unapproved Purchases

FTX used customer funds to buy back Binance's stake in FTX, worth over $2 billion.

The funds used included BUSD stablecoins and FTT tokens.

A DOJ-hired accounting professor traced billions of dollars moved between FTX and Alameda.

The professor testified FTX spent user deposits on businesses, real estate, political contributions, and charity.

Over $1 billion of customer funds from FTX exchange were used to buy back Binance's shares.