The U.S. is building its case against FTX founder Sam Bankman-Fried

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From his mansion in the Bahamas, FTX founder Sam Bankman-Fried talked pretty to anyone who would give him a platform to explain why his crypto empire failed.

US federal prosecutors also want to know what happened, and that’s why they’re here now Many investigations FTX and its founder on charges of fraud, manipulation and more.

According to Bloomberg, the US Department of Justice is currently investigating millions of dollars allegedly transferred to FTX and the Bahamas, where Bankman-Fried resides. The money appears to have moved on when FTX stopped making refunds to its own customers.

In addition to this latest investigation, Step The New York TimesUS prosecutors are looking for Bankman-Fried (who also goes by the SPF). handled Helped play a role in the market and stablecoin collapse earlier this year Terra and her sister Luna. The collapse of those two cryptocurrencies sent the entire crypto market into a tailspin last summer. Do Kwon, the founder of Terra and Luna, is currently in Lam, hiding from an international. Arrest warrant From South Korean officials.

These two newly publicized investigations are in addition to previously known investigations into whether SBF acted improperly when it sent FTX client funds to Alameda Research to make risky investments.

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

Millions of customer money was lost and billions more went unaccounted for. so, People want he asked, Sam Bankman-Fried, Why is the FTX founder — and, until the collapse, CEO — still a free man? How employees of SBF and FTX conducted business will complicate investigations.

“I have never seen in my life such a complete failure of corporate controls and lack of reliable financial information.” said FTX’s new CEO, John Ray III, was appointed following the bankruptcy. It should be noted that Ray is the same individual who was brought in after the collapse of Enron in 2001.

SBF has been very public with his version of what happened, sitting down for several interviews with random crypto advocates in mainstream media and Twitter spaces. SPF Claims He did nothing improper and the collapse of his crypto empire was due to his and his company’s poor business decisions.

Although critics have poked holes in SBF’s claims, we will soon know officially about the criminal activities in which SBF is believed to have participated.


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