FTX Was Sam Bankman-Fried’s ‘Personal Fiefdom,’ Lawyers Say

Then-CEO of FTX Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee on Capitol Hill, in Washington, on Dec. 8, 2021. Alex Wong/Getty Images

FTX was run like a “personal fiefdom” of former CEO Sam Bankman-Fried, a lawyer for the failed cryptocurrency exchange said in a Wilmington, Delaware bankruptcy court on Tuesday.

The comment came during the first bankruptcy hearing for the collapsed crypto exchange, one of the biggest in the world. The hearing was live-streamed on both YouTube and Zoom.