Here’s the thing: It seems impossible that FTX could have afforded those investments, along with its other vast expenditures, simply from three years of exchange revenue and its own venture capital inflows of $1.8 billion. Maybe some of the FTX Ventures stakes used fake FTX money like FTT, so there’s more work to be done. But very simple arithmetic strongly suggests not only that FTX was dipping into customer funds, but that the people running FTX could not possibly have been ignorant of that fact.

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