Seeing his net worth plummet from $16 billion to $0 in a matter of days appears to be the least of Sam Bankman-Fried's problems.
last week, revelations about the use of customer funds not only shocked Bankman-Fried’s “admirers” and employees, they “tore a hole in FTX’s finances” and “set the stage for the exchange’s swift implosion.”under investigation at the Securities and Exchange Commission and the Commodity Futures Trading Commission.
According to prosecutors, using customer money for a purpose that was not clearly communicated can be the basis for fraud or embezzlement charges.
that FTX was “fine” and so were its assets, particularly in light of the fact that he later deleted such claims.notes, “Authorities would need to show Mr. Bankman-Fried intended to mislead customers when he wrote those tweets,” and while it can be difficult to prove intent, prosecutors could point to the allegedly secret
SBF undertook to prop up Alameda. “That is all potentially powerful circumstantial evidence of intent,”that of the roughly $10 billion in customer funds SBF moved from FTX to Alameda, at least $1 billion, and potentially up to $2 billion, had “vanished.” The outlet also wrote that Bankman-Fried has “secretly transferred” the money; in response, he texted Reuters to say he “disagreed with the characterization” of the transfer, writing, “We didn’t secretly transfer.
They said the “backdoor” allowed Bankman-Fried to execute commands that could alter the company’s financial records without alerting other people, including external auditors. This set-up meant that the movement of the $10 billion in funds to Alameda did not trigger internal compliance or accounting red flags at FTX, they said.that he was “piecing together” what had happened at FTX, adding: “I was shocked to see things unravel the way they did earlier this week.
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