SEC is studying the activities of the head of FTX in detail

SEC is studying the activities of the head of FTX in detail

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by dapp_writer005

4 years ago

The SEC is investigating billionaire Sam Bankman-Fried for possible financial irregularities. It is worth noting that the FTX and Alameda Research exchanges have long been under the supervision of the Securities Commission. Also, other executive authorities are also studying the situation around the cryptocurrency platform.

Experts are paying particular attention to the identity of Bankman-Fried to see if he is directly related to what happened with FTX.

To somehow shed light on this case, Sam Bankman-Fried expressed his opinion in a series of tweets. He noted that during negotiations with Binance he could not disclose all details and does not refuse responsibility now.

Former employees of the company, on condition of anonymity, said that FTX had no oversight and everyone did what was beneficial to him. Also, until recently, employees were not aware of the flaring conflict around FTX and Alameda. Therefore, only Bankman-Fried and his entourage could know about pumping out clients' funds.

While the investigation is ongoing, it is difficult to say whether Bankman-Fried will be punished. If the guilt of the head of the corporation is proven, he will be issued multimillion-dollar fines, and possibly a prison term.

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