According to the Securities and Exchange Commission (SEC), several billions of dollars of users’ and investors’ funds disappeared from FTX. Approximately $200 million were used to fund two companies for which founder of FTX Sam Bankman-Fried is charged with “orchestrating a scheme to defraud equity investors.”
FTX had invested $100 million in Dave (earlier known as Dave.com) a computerized financial assistance tool. The help is actually an alternate way to deal with overdraft expenses, permitting clients to pay $1 per month for $100 in overdraft charge security.
The agency also revealed another FTX investment of about $100 million for Mysten Labs primarily focused on blockchain framework to enable decentralized applications involving crypto gaming.
Although FTX has invested in over dozens of companies, Dave and Mysten labs were the only two investments amounting $100 million each were revealed by Financial Times.
Jason Wilk, Chief Executive Officer of Dave noted in
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