FTX Allegedly Misused Billions in Customer Funds for Unapproved Purchases
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FTX used customer funds to buy back Binance's stake in FTX, worth over $2 billion.
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The funds used included BUSD stablecoins and FTT tokens.
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A DOJ-hired accounting professor traced billions of dollars moved between FTX and Alameda.
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The professor testified FTX spent user deposits on businesses, real estate, political contributions, and charity.
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Over $1 billion of customer funds from FTX exchange were used to buy back Binance's shares.
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