At least $1 billion in funds vanish from the crypto exchange, report says

At least $1 billion in customer funds have disappeared from crypto exchange FTX, according to a report from Reuters. The incident marks another black mark on the collapsed exchange, which filed for bankruptcy on Friday after one of the most high-profile crypto disintegrations ever. Two people familiar with the matter told Reuters that FTX's founder, Sam Bankman-Fried, had secretly transferred $10 billion from FTX to his privately held trading company. While the details remain unclear, it is known that a significant portion of those funds have now disappeared, with sources saying anywhere from $1 to $2 billion had vanished.