Tuesday 13 December 2022

Sam Bankman-Fried: from the Frying pan into the Fire

The fall of the FTX ‘King of Crypto’ Sam Bankman-Fried

At 18:00 local time (23:00 GMT) on Monday, 12 December, officers of the Bahamas Financial Crimes Investigation Unit arrested Sam Bankman-Fried at his apartment complex, in Nassau, at the request of the US government, based on a sealed indictment filed by the Southern District of New York (SDNY).

The man formerly nicknamed the "King Of Crypto" has seen his company collapse, stepped down as chief executive and now faces criminal investigation.

Aaahh... Capitalism!

(Source: Auntie Beeb)

6 comments:

  1. Couldn't have happened to a nicer guy... but I wonder why his whole family wasn't arrested.

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    1. Why, his family is in on it too?

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    2. On Joseph, Sam's father... Bankman was a paid part-time employee of FTX prior to its bankruptcy.[27] He also raised funds for the firm before its bankruptcy. Via a connection to his former Stanford Law School student Orlando Bravo, Bankman made an introduction which led to a $125 million investment in FTX from private equity firm Thoma Bravo in June 2021.[28][29] Bankman arrived in the Bahamas as FTX entered bankruptcy, and has not returned to the United States. After his son's indictment, Joseph Bankman has come under scrutiny for his part in the business. He has engaged a lawyer and will not be teaching at Stanford this winter

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