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    <p>Sam Bankman-Fried’s globe-spanning empire of rapidly moving money and crypto has been under the microscope of prosecutors, and among the evidence considered was the testimony of former Alameda Research ‘chief executive officer’ Caroline Ellison.</p>
    <p>During her testimony, Ellison detailed an attempt to un-freeze funds at Huobi (now HTX) and OKEx (now OKX) via accounts opened using identity documents from “Thai <a rel="noopener noreferrer nofollow" title="prostitutes" href="https://thebittimes.com/tag/prostitutes.html">prostitutes</a>.” This scheme was ultimately unsuccessful.</p>
    <p>However, Bankman-Fried’s financial empire had other links to Thailand, through the Hong Kong-headquartered over-the-counter (OTC) trading desk Genesis Block.</p>
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       HiveEx, Genesis Block, and SBF’s trading desk network
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    <p><a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> Block is principally remembered in the Bankman-Fried empire as <strong>the <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> shop where purchasers queued around the street with bags full of cash they wanted to convert to <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a></strong>.&nbsp;The desk has been described as being “integrated” into <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> or Alameda Research, with <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> Block’s website acknowledging that “Alameda Research will also provide the technology that acts as the backbone for <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> Block’s new OTC portal.”</p>
    <p>One of the founders of this desk, Clement Ip, was a director of FTX’s Hong Kong entity.&nbsp;</p>
    <p>The FTX bankruptcy has also revealed a ‘Digital Assets Accounts Control Agreement Dated 11/3/2020’ and a ‘Loan Agreement Dated 12/10/2021’ between Genesis Block Limited and an FTX Group company.&nbsp;</p>
    <p>One of the lesser discussed details about Genesis Block is the existence of its activities in Thailand, but it was in no way a secret and was mentioned explicitly on the company’s website.&nbsp;</p>
    <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh4.googleusercontent.com/EzCMuImvHT2ai1QmlSa2u7kNGKkLYNBEMavMopPfHV6IpGk6CBQ693di95ovwZ6f_xQwDrOxEjVdOOkAcm_kwr0RmtNrheciQDbEoTmZI6zahx7r_55uEiB5HZOFlkkURQ4fTO8-gPOtGZ5l-E2wG9g" alt>
     <figcaption class="wp-element-caption"><em>Image from LinkedIn user who identifies himself as Genesis Block Thailand’s former investment analyst and business development executive.</em>
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    <p><em>Read more: Sam Bankman-Fried’s defense team failed to crack Caroline Ellison</em></p>
    <p>Attendees at the Block Mountain conference in Thailand may even have been clued into the relationship if they visited the Thank You Party hosted by Genesis Block Thailand and FTX.&nbsp;</p>
    <p>It’s a little difficult to determine the full activities beyond sponsoring events in Thailand, as the website for this office appears to have just been a <strong>poorly implemented copy of the main Hong Kong website</strong>, though LinkedIn pages suggest the focus was more explicitly on “educational talks and meetups” than the main Hong Kong-based office.&nbsp;</p>
    <p>One clue might exist in details shared by a Genesis Block partner who once described how Genesis Block maintained a network of dozens of ‘satellite’ bank accounts that it used to help it move funds. Even Genesis Block partner and head trader Charles Yang admitted that this is “a very grey area.”</p>
    <p>Yang’s connections to other industries have always been valuable for Genesis Block, with his bio on the firm’s website describing him as “<strong>a Hong Kong-bred Korean</strong>,” and saying “Charles leveraged his multicultural background as he built his network with Korean corporations and institutions.”&nbsp;</p>
    <p>Coincidentally, FTX allegedly relied on an account associated with a ‘Charles’ for its crimes, with the [email&nbsp;protected] account being described in the testimony as the infamous ‘Korean friend’ account. Contributing to the fascinating relationship here is the fact that Yang was described at various events as an Alameda Research ‘principal.’</p>
    <p>It’s not clear to what extent <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> and Alameda Research relied on the network of bank accounts that their Korean friend was describing, <strong>or to what extent <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> Block Thailand was used to maintain that network of accounts</strong>.</p>
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       Was FTX funded by Chinese capital flight?
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Was FTX funded by Chinese capital flight?” — Protos" src="https://protos.com/was-ftx-funded-by-chinese-capital-flight/embed/#?secret=bprzmDcm6G#?secret=ZrZhP0ldII" data-secret="ZrZhP0ldII" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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    <p>Perhaps <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> Block Founder Wincent Hung, the director of various entities including China <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> Block Limited, <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> Block Limited, and <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> Block OTC Limited provides a clue to the nature of the relationship.&nbsp;His bio advertises his “strong relationships with Chinese OTC traders.”</p>
    <p><em>Got a tip?</em> Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/genesis-block-ftx-had-more-than-prostitutes-in-thailand-tbt67170.html">https://thebittimes.com/genesis-block-ftx-had-more-than-prostitutes-in-thailand-tbt67170.html</a></p>

Genesis Block: FTX had more than prostitutes in Thailand

TheBitTimes

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