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US SEC charges ex-FTX boss Sam Bankman-Fried with defrauding investors

Following FTX’s fall from grace, the enormous crypto trade firm and its ex-CEO Sam Bankman-Fried has been charged by the US Securities and Change Fee with defrauding prospects of $1.8 billion, a day after the crypto tycoon was arrested within the Bahamas on the request of the USA on Tuesday, per a report by CNN.

Bankman-Fried had “constructed a home of playing cards on a basis of deception” in his dealings with traders in his FTX crypto agency, the SEC mentioned.

“At the moment we’re holding Mr Bankman-Fried answerable for fraudulently elevating billions of {dollars} from traders in FTX and misusing funds belonging to FTX’s buying and selling prospects.”

The U.S. Legal professional’s Workplace for the Southern District of New York and the Commodity Futures Buying and selling Fee (CFTC) additionally introduced fees towards Mr Bankman-Fried in parallel actions.

After reaching a valuation of $32 billion, FTX’s stock fell swiftly following a November 2 report on ties between FTX and Alameda, a buying and selling firm additionally managed by Bankman-Fried. The report uncovered that Alameda’s steadiness sheet was closely constructed on the FTT forex – a token created by FTX with no impartial worth.

The corporate thereafter filed for bankruptcy with hundreds of thousands of belongings of traders and a number of other firms globally, together with a dozen African firms, misplaced within the fallout.

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