From Breakingviews - Breakingviews: FTX sins don’t absolve its big-money enablers
Bankman-Fried of eight criminal violations, ranging from wire fraud to conspiracy to commit money laundering.
Bankman-Fried clearly has a tough road ahead. The lawsuits were swift and aggressive, perhaps enabled by what new FTX Chief Executive John J. Ray III called a “paperless bankruptcy” in a Congressional hearing on Tuesday. Based on filings, Bankman-Fried’s record-keeping seems to have been close to non-existent. The SEC is even using Bankman-Fried’s recent tweets against him. Given all the evidence marshaled in the various complaints, and the lack of aBut Ray’s testimony implicates investors, too.
On Tuesday, Republican Congressman Patrick McHenry said that he looked forward to hearing from Gensler early and often next year. He wants to know how Gensler is going to apply securities law on trading platforms, which Gensler has, according to McHenry, failed to do. That is fair enough.
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Breakingviews - Breakingviews: Sam Bankman-Fried lacks cover of systemic riskSam Bankman-Fried couldn’t be blamed for mulling over past financial scandals with a degree of envy. The former boss of bankrupt crypto exchange-cum-hedge-fund FTX was arrested on Monday in the Bahamas at the request of U.S. prosecutors. That hasn’t happened to many mainstream financial hall-of-shame executives in recent years. Questions of guilt aside, the decentralised nature of the product SBF was promoting may have played a role.
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Sam Bankman-Fried Wants to Start New Business to Repay FTX Users — 'I'm Going to Try if I Can' – Featured Bitcoin NewsFormer FTX CEO Sam Bankman-Fried (SBF) has revealed that he wants to start another business in the hope of earning money to repay FTX customers. crypto cryptocurrency
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Live updates: FTX founder Sam Bankman-Fried charged with fraud, money laundering'This is really old-fashioned embezzlement,' new FTX CEO John J. Ray says in a House hearing on the collapse of the crypto firm. 'This is just taking money from customers and using it for your own purpose. Not sophisticated at all.'
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