cryptonews: what to expect today as Sam Bankman-Fried is appearing in Court 👀
If you're expecting fireworks and exciting new developments when disgraced FTX founder Sam Bankman-Fried appears in court today, you'll be disappointed. But it's still a momentous event.
By illegally and secretly transferring billions of dollars in crypto owned by some one million FTX exchange customers to his private trading firm Alameda Research, the"Bankman-Fried, along with others, engaged in a scheme to defraud customers of FTX.com by misappropriating those customers' deposits, and using those deposits to pay expenses and debts of Alameda Research, Bankman-Fried's proprietary crypto hedge fund, and to make investments.
Alameda Research CEO Caroline Ellison, reportedly Bankman-Fried's on-again-off-again girlfriend, and Gary Wang, the co-founder and CTO of the FTX exchange,Both lived with Bankman-Fried in the luxury penthouse in The Bahamas in which the two firms, as well as FTX US and a web of more than 100 other companies and investment vehicles, were run.
The answer is likely to be very little. Aside from the active support of at least two of his top lieutenants, the Department of Justice likely intends to set a precedent in an industry that they and other federal regulators believe plays fast and loose with the law.
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