Might One more Overthrow at any point Be on the Way For FTX?


In another case for FTX founder Sam Bankman-Fried, the authorities in the US are likely to choose the legal path. The Manhattan US attorney’s office is preparing to file criminal charges against Sam Bankman-Fried and the crypto exchange FTX. The charges will likely be related to defrauding customers. Earlier, the exchange’s new CEO, John Ray, criticized SBF’s management style in a court filing.

Criminal Charges Against Sam Bankman-Fried

Authorities in Manhattan are Decisively investigating allegations of fund transfers between FTX and Alameda Research. Fox News Correspondent Charles Gasparino shared the information he received from sources close to the Manhattan U.S. attorney’s office. Apparently, the prosecutor’s office plans to prepare charges by the end of 2022. The case charges will probably be related to the misuse of client funds.

Sources close to the Manhattan US Attorney’s Office say that after further revelations of allegations that Sam Bankman-Fried misused client funds, and as authorities in the Bahamas are trying to lead the case, the office wants to prepare charges related to the FTX scandal by the end of the year.

This happened beyond the SEC investigation into the possible misuse of FTX US funds. In addition, White House officials recently said that they are closely studying the FTX situation.

A White House press secretary has said that cryptocurrencies are harming the lives of average Americans. He added that the White House considers crypto surveillance an important issue. The secretary added that recent events in crypto have highlighted the need for crypto regulation.

While all this is happening, FTX officials are aware of US law 11. Pointing to his chapter, he submitted a series of petitions to the Bankruptcy Court of Dalawere District. These petitions covered a lot of approvals that the company wanted to receive. These approvals consist of a series of approvals, including transfers, withdrawals and all similar company vehicles. A website where the petitions presented can be accessed was also shared on the Twitter account.

Bankruptcy Proceedings

As part of the Chapter 11 bankruptcy proceedings, the company’s new FTX CEO John Ray expressed his stance on the company’s situation. Ray said the situation was unprecedented and something he had never seen in any corporate failure in his long career.

Ray described the situation in a court filing as a complete failure of institutional controls. He added that reliable financial information was completely absent.

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