US develops case against FTX founder Sam Bankman-Fried

FTX founder Sam Bankman-Fried has spoken to pretty much everyone from his Bahamas mansion who would give him a platform to explain why his crypto empire has failed.

US federal prosecutors also want to know what happened, so now multiple investigations to FTX and its founder for allegations of fraud, manipulation and more.

According to Bloomberg, the US Department of Justice is currently investigating millions of dollars allegedly transferred from FTX to the Bahamas, where Bankman-Fried resides. Money appears to have moved as FTX has frozen withdrawals for its own customers.

In addition to this latest investigation, New York TimesUS prosecutors are also investigating whether Bankman-Fried (who himself, according to the SBF) is present. manipulated It entered the market earlier this year, helping to play a role in the collapse of stable currency Terra and sister token Luna. The collapse of these two cryptocurrencies plunged the entire crypto market into a downward spiral last summer. Terra and Luna founder Do Kwon is currently on the run and hiding from an international person. arrest warrant from South Korean officials.

These two newly announced investigations will add to previously known investigations into whether SBF acted improperly when sending FTX client funds to Alameda Research to make risky investments.


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It’s been a month since FTX filed for bankruptcy. What was once one of the world’s largest crypto exchanges collapsed within days after reports that affiliated hedge fund Alameda Research was using FTX client funds to trade and actually went bankrupt.

Billions of customers’ money was lost and billions were left without account. Well, people Have she askedWhy is Sam Bankman-Fried, the founder of FTX – and CEO until his collapse – still a free man? Complicating investigations is how SBF and FTX employees run the business.

“Never in my career have I seen such a complete failure of corporate controls and such a complete destruction of reliable financial information as here.” aforementioned John Ray III, the new CEO of FTX appointed after the bankruptcy. It should be noted that Ray is the same person who was brought in after Enron’s collapse in 2001.

SBF has also made it pretty public with its own version of what happened, sitting down in mainstream media and even Twitter Spaces for numerous interviews with random crypto advocates. SBF claims He didn’t do anything inappropriate, and the collapse of his crypto empire was caused by his and his company’s bad business decisions.

While critics are finding loopholes in SBF’s allegations, it looks like we’ll soon officially learn more about the alleged criminal activity that SBF is believed to be involved in.

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