FTX’s Investment Branch Used $200M of Client Funds for Own Investments
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The venture arm of crypto exchange FTX used $200 million of client funds to take part in funding rounds for two projects, Mysten Labs and Dave, according to documents filed with the US Securities and Exchange Commission.
According to them, FTX Ventures invested $100 million in Dave Digital Bank in March last year. In September, the company led the Series B investment round of startup Mysten Labs with an investment of $100M.
The Financial Times had previously disclosed portfolio investments of the venture arm of the exchange. According to the CNBC, the SEC has so far been able to find evidence of the use of client funds in only the two above transactions.
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