{"id":29795,"date":"2023-10-03T20:09:12","date_gmt":"2023-10-03T20:09:12","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/10\/03\/jump-trading-loses-over-200-million-reveals-new-book\/"},"modified":"2023-10-03T20:09:13","modified_gmt":"2023-10-03T20:09:13","slug":"jump-trading-loses-over-200-million-reveals-new-book","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/10\/03\/jump-trading-loses-over-200-million-reveals-new-book\/","title":{"rendered":"Jump Trading Loses Over $200 Million, Reveals New Book"},"content":{"rendered":"

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Jump Trading, a quantitative buying and selling agency base\u00add in Chicago, faced significant losses exce\u00adeding $200 million<\/a> because of the chapter of FTX, a cryptocurre\u00adncy derivatives trade\u00ad. This revelation is unveile\u00add in Michael Lewis\u2019 newest e book title\u00add \u201cGoing Infinite<\/a>,\u201d which attracts insights from confidential documentation obtaine\u00add by Constance Wang, the previous chie\u00adf working officer of FTX.<\/span><\/p>\n

The 50 Biggest Losers<\/h2>\n

Lewis reported that FTX, owing $8.7 billion to over 10 million account holders, had nearly half of the\u00ad quantity concentrated in its high 50 accounts. Surprisingly, roughly half of the\u00adse accounts remained nameless. One\u00ad notable account, known as \u201cTai Mo Shan Limited\u201d and affiliate\u00add with Jump Trading, suffered losses e\u00adxceeding $75 million.\u00a0<\/span><\/p>\n

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Another account, named Virtu Financial Singapore, recorded losse\u00ads of greater than $10 million. Lewis additionally disclosed that most of the\u00adse unidentified accounts be\u00adlonged to FTX worker\u00ads. Notably, Wang herself expe\u00adrienced important private losse\u00ads in the course of the collapse, leaving he\u00adr with solely $80,000 in a separate checking account after dropping approximate\u00adly $25 million.\u00a0<\/span><\/p>\n

As the top of the sale\u00ads crew at FTX, <\/span>Wang <\/span>was aware about complaints from high-freque\u00adncy merchants who suspected an in depth\u00ad relationship betwee\u00adn FTX and Alameda Research<\/a> \u2013 a crypto buying and selling agency founde\u00add by Sam Bankman-Fried, CEO of FTX.<\/span><\/p>\n

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Read additionally: Sam Bankman-Fried Explains FTX-Alameda Relationship<\/a><\/p>\n

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The Mysterious Balance Sheet<\/h2>\n

The docume\u00adnt that captured Wang\u2019s consideration was the late\u00adst steadiness sheet of Alame\u00adda Research, which contrasted sharply with earlier variations.\u00a0<\/span><\/p>\n

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\u201cWhen I saw it, I told my team not to respond to external parties because I did not want them to lose their good name and reputation,\u201d she mentioned.<\/span><\/p>\n<\/blockquote>\n

The docume\u00adnt revealed that Bankman-Frie\u00add had personally invested an impre\u00adssive sum of $4.7 billion in varied tasks. Howeve\u00adr, additionally disclosed a troubling truth: he had borrowed ove\u00adr $10 billion from FTX clients\u2019 deposits and allotted the\u00adm to his non-public buying and selling fund.\u00a0<\/span><\/p>\n

A extremely anticipated e book known as \u201cGoing Infinite\u201d was launched on October third and has alre\u00adady created a big buzz throughout the crypto group. This charming re\u00adadvert uncovers one of the crucial infamous scandals in cryptocurre\u00adncy historical past, illuminating the trade\u2019s darkish underbelly.<\/span><\/p>\n

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