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FTX CEO Sam Bankman-Fried Sentenced To 25 Years

One thing that's being conveniently overlooked in the news is that this all happened because the Binance CEO started selling his FTX tokens.


Not tokens that he had on FTX, but actual FTX tokens.


Granted, it was reported early on..........but it's not being talked about now.


Dude had to have known what would happen once he started selling those tokens.


It basically caused a chain reaction that caused the company to collapse.


That's why I say this whole thing is orchestrated.


Simply because there's no other logical reason for him to do something like that.


Well, I guess you could say he eliminated some competition by getting a major competitor out of the way..........but it doesn't make sense to cripple the whole industry in the process because that could hurt Binance too in the long run.
 
The current govt in power in the bahamas claims FTX did not donate any money to their campaign...

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Good podcast on the FTX scandal. They touch on some of the politicians that were bought, and how some were also involved with the financal collapse. Also show how they pick and choose the scammers they go after.

 



The Justice Department has seized more than $170 million in cash from multiple accounts associated with disgraced FTX co-founder Sam Bankman-Fried, according to court documents filed Friday. This is in addition to an estimated $526 million in stock which was also seized by the federal government.

According to the federal court documents obtained by CBS News, the seizures occurred on Jan. 4.

They included $94.5 million in an account in Silvergate Bank, a California based bank specializing in cryptocurrencies, along with nearly $50 million held at Farmington State Bank, which is based in Washington state, and $20.7 million in currency in accounts in ED&F Man Capital Markets.

Prosecutors also seized 55.27 million shares of Robinhood stock from an ED&F Man Capital Markets account, according to the court filing. The stock for Robinhood, an online trading platform, closed at $9.52 a share Friday, putting the value of that seizure at more than $526 million.
 
DETAILS HERE https://jahsupreme.com/disgraced-ftx-founder-sam-bankman-frieds-250-million-bail-backers-revealed/

Sam Bankman-Fried, the billionaire CEO of the FTX cryptocurrency exchange, has found himself in legal trouble following his recent arrest for driving under the influence. However, he has received support from unexpected sources in his quest for bail.

Larry Kramer and Andreas Paepcke, two well-known figures in the tech world, have reportedly offered to back Bankman-Fried’s bail, according to sources close to the matter. This move has caused quite a stir, as the two men are not typically associated with the crypto industry.
 
gizmodo.com

SBF Made $9 Billion Disappear. This Forensic Accountant Found It

This guy is so good, FTX should’ve hired him years ago.
gizmodo.com gizmodo.com

SBF Made $9 Billion Disappear. This Forensic Accountant Found It​


A forensic accountant at Sam Bankman-Fried’s trial tried piecing together where $9 billion of missing FTX customer funds went on Wednesday. “Oh, yes,” said the accountant when asked if FTX ever misused customer funds.

Peter Easton, an accounting professor at the University of Notre Dame brought in by the prosecution, says user deposits were reinvested into businesses and real estate, used to make political contributions, and donated to charity, reports CoinDesk Thursday.

Importantly, Easton points to certain transactions that SBF was involved in that would have required customer funds to complete. In a key interview with ABC’s George Stephanopoulos back in November 2022, the FTX founder denied that he knew “that there was any improper use of customer funds.”

Customer funds peaked at FTX in June of 2022 when $11.3 billion was supposed to be held at Alameda Research, but its bank accounts only held $2.3 billion. Easton found customer funds lost their backing as early as March 2021.

Easton says customer funds were invested in Anthony Scaramucci’s SkyBridge Capital and Lily Zhang’s Modulo Capital. Modulo Capital returned $404 million to FTX in March of 2023 saying the funds had been wrongly transferred. FTX customers also unknowingly funded a $550 million investment into Genesis Digital Assets, a crypto mining firm, not to be confused with the other Genesis making crypto news the same day.
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Former Alameda Research employee Aditya Baradwaj published a full list of SBF’s political donations that surfaced in the trial, which totaled $133 million. The list includes a $10 million gift to SBF’s father, Joseph Bankman, tens of millions of dollars to Republican and Democratic super PACs, and donations to various charities.
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FTX’s Head of Engineering Nishad Singh told the court earlier in the week he felt “betrayed” by SBF. Singh says he deserves blame for much of the wrongdoing, but his testimony solidified the prosecution’s assertion that SBF was the true coordinator of FTX’s fraud. Singh only found out about the fraud two months before the world did, but he stayed on to try and save the sinking ship.

“How could I live with myself if my departure precipitated a fall that could’ve been avoidable?” Singh said in court.

The Head of Engineering had questions about FTX’s finances during his final months at the company. When Singh asked how much the company was short, SBF said this was the “wrong question,” and the better question to ask was “how can we deliver?”
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