FTX founder Sam Bankman\u002DFried stands accused of perpetrating one of the largest financial frauds in U.S. history. Find out more.
A series of overlapping events unfolding in the Bahamas, Washington and Manhattan left 30-year-old Bankman-Fried in police custody, while offering fresh insights into how one of the digital token market’s dominant trading platforms suddenly collapsed into bankruptcy a month ago with US$8 billion in customer funds missing.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Williams was flanked by counterparts from the FBI, the Securities and Exchange Commission and the Commodity Futures Trading Commission. Behind them were shelves of legal tomes that reeked of the adult world, and adult consequences, and served as a marked contrast to the insouciance of Bankman-Fried and his posse.
Meanwhile in Washington, John Ray, FTX’s new court-appointed chief executive, was describing for gobsmacked members of the House of Representatives’ financial services committee the depths of mismanagement and negligence that preceded the company’s collapse. “This isn’t sophisticated whatsoever,” Ray concluded of the alleged fraud. “This is just plain old embezzlement. Old school.”Committee members took turns raging against Bankman-Fried, with California Democrat Brad Sherman calling him “a big snake in a crypto garden of Eden.”
Bankman-Fried is led away handcuffed by officers of the Royal Bahamas Police Force in Nassau, Bahamas.“I bit off more than I could chew, and ended up failing to focus on risk management,” his statement read. Bankman-Fried also blamed a busy schedule this year that meant he was “less grounded in operational details than I had been before”.
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