Nearly a year after the collapse of the cryptocurrency exchange, the drama surrounding FTX and its founder, Sam Bankman-Fried (SBF), is still playing out. Prosecutors are pursuing the former CEO this time for allegedly exploiting customer money to bribe politicians.
Nearly a year after the collapse of Terra, volume on Korean exchanges has recovered from a two-year low hit in early Jan 2023. pic.twitter.com/lLrdAaNDhD
— Dessislava Ianeva (@DessislavaIane2) May 4, 2023
SBF Used Customer Funds For Campaign contributions.
According to the most recent charge brought by the US Department of Justice (DOJ), Bankman-Fried misappropriated client deposits and utilized the money for a variety of purposes, including supporting the political campaigns of multiple politicians affiliated with both the Democratic and Republican parties.
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SBF allegedly did this to advocate for crypto rules that would be advantageous to him and his business. His strategy was to persuade Congress and authorities to pass laws and rules that would make it simpler for FTX to receive customer deposits, enabling him to continue embezzling money without being discovered.
Sam Bankman-Fried Faces Seven Counts Of fraud.
Despite this most recent information, prosecutors will no longer accuse SBF of breaking the laws governing campaign money. This choice was made in order to preserve the terms of the US government’s extradition agreement with the Bahamas, which “did not intend to extradite the defendant on the campaign contributions count.”
Bankman-Fried used $100 million customer funds for political contributions says the Prosecutors.
Former FTX CEO Sam Bankman-Fried faces seven counts of conspiracy and fraud in the latest indictment against him brought by U.S. prosecutors.#Lavia #FTX #crypto #Pakistan #USA pic.twitter.com/WEDqvl15x1
— Crypto-cibus. ✍️ (@crypto_cibus) August 14, 2023
The most recent indictment states that SBF is now charged with seven counts of financial fraud. These accusations cover both his theft of money from FTX customers and Alameda Research Creditors. Additionally, he is accused of money laundering.
The notorious Brooklyn Metropolitan Detention Center (MDC), renowned for its poor living conditions, is where SBF will be kept on remand, according to a US Judge’s decision last week. SBF was determined to have interfered with the evidence, and as a result of this decision, he will likely remain in detention until his October 2nd trial.