The arrest was made at the request of the U.S. government, based on a sealed criminal indictment. The Securities and Exchange Commission says Bankman-Fried improperly diverted billions of dollars.
Sam Bankman-Fried attends via video call during the 2022 Forbes Iconoclast Summit at New York Historical Society on November 03, 2022. One week and one day later, his FTX empire had filed for bankruptcySam Bankman-Fried, the notorious former CEO of crypto exchange FTX, is facing a raft of federal fraud charges, accused of misleading investors and using billions of dollars from his customers for his own ends.
When"Bankman-Fried's house of cards began to crumble" in May of 2022, the complaint states, he"directed FTX to divert billions more in customer assets to Alameda to ensure that Alameda maintained its lending relationships, and that money could continue to flow in from lenders and other investors." Bankman-Fried"held himself out as a visionary leader in the crypto industry, and touted his efforts to create a regulated and thriving crypto asset market," burnishing an image built on responsibility and trust, the SEC says.
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