Did the Good Boy of crypto break bad?
Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, is on trial for eight counts of wire fraud and conspiracy to commit wire fraud.. He represented himself as the Good Boy of Crypto, “spending millions of dollars to promote FTX and its sister company FTX.US as safe places to invest in cryptocurrency,” the indictment says. Meanwhile, “FTX’s finances contained a multi-billion-dollar deficiency caused by his own misappropriation of customer funds from the exchange.
The customer money was used by Bankman-Fried to, variously, make billions of dollars of investments, buy $200 million of real estate, and repay Alameda’s lenders, according to the indictment.. It showed that FTX and Alameda were very closely linked and that a lot of the balance sheet consisted of the FTT token, which was issued by FTX.
“How much damage can this trial do to the already beaten-down reputation of the industry at this point?” asks Yesha Yadav, a law professor at Vanderbilt University. “This trial is going to be an excruciating moment for the industry because no one knows what kind of evidence might come out.
Before last week, Bankman-Fried ran FTX, crypto’s third-largest exchange by volume. The No. 1 largest exchange was Binance, run by. In recent months, Binance has lived with a cloud over its head — it’s being investigated by multiple federal agencies over
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