Crypto collapse: FTX’s fall is one piece of a long, cold, contagious crypto winter

Ryan Salame sang like a canary.

Salameh, a former co-CEO of FTX, warned Bahamian regulators on Nov. 9 that FTX had transferred funds to Alameda Research to “cover financial losses,” according to court documents.

The regulators write in the declaration:

The Commission understood Mr. Salame as advising that the transfer of assets to clients in this manner was contrary to the normal corporate governance and operations of FTX Digital. Simply put, such transfers were not authorized and therefore may constitute misappropriation, theft, fraud or another crime.

Salame also named names: only Sam Bankman-Fried, Nishad Singh and Gary Wang could do so. FTX filed for bankruptcy on November 11 in the US.

Yesterday, Bankman-Fried was charged with money laundering, wire fraud, securities fraud, commodities fraud and some miscellaneous conspiracy charges.