The FTX contagion saga sees new revelations around its misconduct every other day, and the latest one solidifies the collusion between the failed crypto exchange and its sister company Alameda Research from the very beginning.
FTX, like many other crypto exchanges, found it difficult to get a banking partner to process fiat transactions- as banks have been hesitant to tie up with crypto exchanges due to a lack of regulatory oversight. FTX overcame this problem by using its sister company’s banking accounts to process transactions for the crypto exchange.