More than $10 billion that was meant to be custodied by FTX somehow had ended up inside Sam’s private trading fund. The document listed only $3 billion in liquid assets—that is, US dollars or crypto that could be sold immediately for dollars. “I was like, Holy shit,” she said. “The question is: Why?” It was the same question Zane had asked. “We had so profitable a business,” said Constance. “Our profit margin was forty to fifty percent. We made four hundred million dollars last year.”
