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Bankman-Fried founded FTX because he was frustrated with other exchanges used by his crypto trading firm Alameda Research, according to a profile from FTX investors Sequoia Capital. But FTX was a fraud “from the start,” the Securities and Exchange Commission wrote, as Bankman-Fried and other executives misused customer funds to make billions of dollars of investments, buy $200 million of real estate, and repay Alameda’s lenders while representing the business as a safe place to invest.