Sam Bankman-Fried received widespread praise as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX. Now FTX is under federal investigation and has filed for bankruptcy protection, and the comments aren't so kind.
Bankman-Fried and his company are under investigation by the Department of Justice and the Securities and Exchange Commission. The investigations likely center on the possibility that the firm may have used customers’ deposits to fund bets at Bankman-Fried’s hedge fund, Alameda Research, a violation of U.S. securities law.
Bankman-Fried founded FTX in 2019, and it grew rapidly — it was recently valued at $32 billion. The son of Stanford University professors, who was known to play the video game “League of Legends” during meetings, Bankman-Fried attracted investments from the highest echelons of Silicon Valley.Sequoia Capital, which invested in Apple, Cisco, Google, Airbnb and YouTube, described their meeting with Bankman-Fried as likely “talking to the world’s first trillionaire.
In a terse statement, the Ontario Teachers’ Pension Fund said, “Naturally, not all of the investments in this early-stage asset class perform to expectations.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bahamian police interviewed FTX founder Sam Bankman-FriedFTX founder Sam Bankman-Fried was reportedly interviewed by police in the Bahamas this weekend as investigations into the company's downfall intensify
Read more »
FTX founder Sam Bankman-Fried in the Bahamas as customers’ billions go missing in company collapseFTX underwent a $16 billion implosion amid reports that co-founder Sam Bankman-Fried had been funneling money to a sister trading company.
Read more »
San Francisco-based Solana feeling effects after FTX's collapseThe cryptocurrency touted by FTX founder Sam Bankman-Fried has suffered alongside him.
Read more »
FTX founder Bankman-Fried denies fleeing to South America amid crypto collapseFTX founder Sam Bankman-Fried reportedly denied speculative reports that he had flown to South America after the cryptocurrency exchange filed for bankruptcy.
Read more »
Crypto billionaire Bankman-Fried resigns from FTX, puts empire into bankruptcyThe crypto wunderkind's $16-billion fortune has vanished along with his reputation as an industry savior and ambassador to Washington.
Read more »
Sam Bankman-Fried’s Alameda quietly used FTX customer funds without raising alarm bells, say sourcesSam Bankman-Fried's trading firm was able to quietly use customer funds from his exchange FTX without sounding alarm bells, sources say.
Read more »