FTX’s bankruptcy attorney raises serious allegations.
(Photo: Bloomberg)
Denver Black day for Sam Bankman-Fried: The founder of the now insolvent crypto exchange FTX was sued by US authorities on Tuesday. Prosecutors filed a criminal complaint against the 30-year-old and had him arrested in his adopted home of the Bahamas. An extradition to the USA is to follow. If he is convicted, legal experts say he faces dozens of years in prison.
The US Securities and Exchange Commission (SEC) and the derivatives regulator CFTC have both filed civil lawsuits. In all cases, it is essentially about money laundering, securities and transfer fraud. The SEC is focused on misleading the 90 or so investors who had put a total of $1.8 billion into FTX.
Bankman-Fried spent the night in jail at a police station in Nassau, the capital of the Bahamas. He was brought before a judge on Monday. He is said to have exchanged shorts and T-shirts, his trademark, for a suit and shirt, according to US media reports.
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