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Media reports alleged that the founder of cryptocurrency exchange FTX, Sam Bankman-Fried had used funds from FTX customers inappropriately to make risky investments in Alameda Research, a hedge fund he also ran.
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The speculated commingling between the executives of both companies triggered customers of FTX to rush in withdrawing their deposits, which also led to the overnight collapse of the firm.
FTX being referred to with terms
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