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The downfall of FTX’s Sam Bankman-Fried is a big deal.
Cryptocurrency exchange FTX’s Founder Sam Bankman-Fried was arrested in the Bahamas for allegedly embezzling over $5 million from the firm. Bankman-Fried is accused of stealing an FTX Asset in the first two years of its existence in the US. FTX, which was founded in 2012, collapsed in November 2019 following a dispute with some of…
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The IRS took another Silk Road Hacker’s $3.36 billion currency haul.
FTX Co-founder Sam Bankman-Fried and his hedge fund Alameda Research sent over $185 million to cover a shortfall in FTX US, the US government has alleged. Bankman-Fried directed Alameda traders to prioritise meeting FTX US capital requirements and send excess capital to FTX US, it added. Alameda also diverted FTX’s customers’ funds to its funds,…
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Money was drained from the exchange by unauthorized transactions.
Sam Bankman-Fried, the CEO of the FTX Foundation and Future Fund, was arrested on Monday in the US for allegedly misappropriating funds of the cryptocurrency exchange. According to a complaint, Bankman-Fried operated Alameda Research and FTX as a common enterprise. The FTX Foundation filed for bankruptcy last month, leaving at least a million depositors unable…