As Bahamas-based crypto exchange FTX collapsed and its founder, Sam Bankman-Fried, was arrested, Reuters delivered a string of exclusives and agenda-setting, in-depth stories.
The startup had enjoyed a meteoric rise since its founding in 2019 before going bankrupt in a matter of days in early November. Bankman-Fried was arrested last week in the Bahamas.
As FTX began to fall in November, Reuters exclusively revealed how takeover talks with crypto exchange giant Binance stalled and eventually floundered. Reuters then revealed that Bankman-Fried was seeking to put together a rescue package of up to $9.4 billion.
As those attempts to raise money failed, a Reuters exclusive reported that at least $1 billion of client funds was missing at FTX, and that Bankman-Fried had secretly transferred $10 billion of customer funds from FTX to his trading company, Alameda Research.
Reuters was ahead with scoop after scoop as the collapse continued, revealing how FTX bought its way to becoming the ‘most regulated’ crypto exchange and how it had bought luxury apartments in the Bahamas worth at least $120 million, including for Bankman-Fried’s parents.
Last week, Reuters was first to report that Bankman-Fried had been arrested in the Bahamas. And by getting the Bahamas attorney general’s statement before the competition, Reuters was ahead in reporting that U.S. authorities had charged Bankman-Fried with financial crimes. This weekend, Reuters exclusively reported that Bankman-Fried was expected to reverse his decision to fight extradition to the United States.
The news has shocked the crypto world and fueled calls for stricter regulation of the digital assets industry.
For more on where Reuters has been fast and first with market-moving scoops, exclusive interviews, investigative reports and insightful commentary, visit Reuters Best.
heather.carpenter @ tr.com