There is a piece of shocking news coming out related to Sam Bankman-Fried, who is a founder of the crypto exchange, the founder of FTX, establish the firm, along with Alameda research, its sister hedge fund, in bankruptcy proceedings, and also involved in many more it will be spending a long period of time in jail if he’s caught on all eight charges imposed by the US Department of Justice. There are too many questions are arrives on social media and on the internet related to him by the user of social media and people So, let discuss him and what he has done briefly in this article.
According to the US prosecutor’s spokesperson Nicholes Biase, the highest potential prison exposure for him from all the charges assumes the form of to be 115 years from the list of his criminal charges. The Federal Bureau of Investigation, the Securities Exchange Commission, and the Commodity Futures Trading Commission have been working and investigating to reveal the truth of one of the financial frauds in the history of America all this was said by the Manhattan US Attorney Damian Williams During a press conference. The SEC and CFTC also claim another sued him on Tuesday for his giving way to FTX.
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Who Is Sam Bankman-Fried?
The main problem which states that the exchange was at a loss to fulfill the withdrawal requests of customers and it confirmed that around a total of $8bn of the customer’s assets had finished and were lost in the custody of Alameda. He has given countless interviews in which he has apologized and shown distracted by the resolve of his empire in 32 days of intervening. He also tried to shift the blame and plead ignorance but nothing can be said before justice. He told to Good Morning America that he didn’t do a complete oversight and also give a statement in an interview with New York magazine.
He was arrested on Monday of this week at the request of the US government, which charged a total of 8 charges relating to money laundering to commit fraud and arrested in the Bahamas. His lawyer, Mark S. Cohen said that he is working on this case with his team and understanding all the legal options. There is too much news spread about what happens if all criminal charges will confirm him and how he spends 115 years in prison but nothing can be said before the Justice of the court.
