The FTX app and its terms of service promised customers that their money was being kept safe, as if it were in their own possession. However, according to Rehn, the money was actually diverted to a smaller, secretive company called Alameda Research, and was used to purchase luxuries for Bankman-Fried, his friends, and family members. In addition, Bankman-Fried used the money to make political donations in order to gain favor with powerful people in Capitol Hill.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	negative
Relevance Score	8
People	Sam Bankman-Fried, Rehn
Companies	FTX, Capitol Hill, Alameda Research
Currencies	None
Securities	None