The SEC has now charged Sam Bankman-Fried, founder of the collapsed crypto exchange FTX, with fraud.
To the surprise of absolutely no one, Sam Bankman-Fried, founder of the collapsed crypto-catastrophe FTX, has been arrested in the Bahamas over"financial offenses" allegedly committed in the Bahamas and the US. that Bankman-Fried is being held in custody"pursuant to our nation's Extradition Act," and that the Bahamas will act"promptly" once a formal request for his extradition to the US is made.
But it's become clear more recently that, at the very least, there was a tremendous lack of oversight at the company: Records and money are both missing, and Ray, the man in charge of FTX's bankruptcy, said Bankman-Fried"often communicated by using applications that were set to auto-delete after a short period of time, and encouraged employees to do the same." In the world of corporate governance, that is a very, very bad sign.
SEC chair Gary Gensler said Bankman-Fried"built a house of cards on a foundation of deception," and said FTX's collapse is"a clarion call to crypto platforms that they need to come into compliance with our laws."
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SEC charges Sam Bankman-Fried with defrauding investors\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
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