Dream Wired
No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
No Result
View All Result
Dream Wired
No Result
View All Result
Home DramaAlert

FTX Founder Sam Bankman-Fried Found Guilty Of Defrauding Customers • Hollywood Unlocked

rmtsa by rmtsa
November 3, 2023
in DramaAlert
0
FTX Founder Sam Bankman-Fried Found Guilty Of Defrauding Customers • Hollywood Unlocked
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Did A$AP Rocky Just Reveal The Gender Of His Baby With Rihanna?

Two Firefighters Killed in Coeur d’Alene Ambush • Hollywood Unlocked

Ed Orgeron Ditches Shirt During Wild Wedding Celebration

Former billionaire Sam Bankman-Fried was found guilty on Thursday of defrauding customers of his now-bankrupt cryptocurrency exchange.

RELATED STORIES: UPDATE: Basketball Wives Star Brittish Williams Sentenced To 4 Years In Prison For Fraud

In Manhattan federal court, a 12-member jury found Bankman-Fried guilty on all seven counts, according to Reuters. Bankman-Fried was accused of stealing $8 billion from FTX’s consumers to become wealthy, leading to headlines during the month-long trial. The verdict was handed down a year after FTX declared bankruptcy, wiping out the 31-year-old’s $26 billion wealth, according to the publication.

The plan was regarded as one of the largest financial scams in recorded history. The prosecution contended that Bankman-Fried transferred cash from FTX to his hedge fund with a cryptocurrency focus, Almeda Research, and attempted to reassure users through marketing that the exchange placed a high priority on the security of their money.

RELATED STORIES: DJ Envy’s Business Partner Cesar Pina Breaks Silence After Arrest Over Real Estate Fraud Scheme — Says Radio Host Has “Nothing To Do With Any Of These 20 Lawsuits”

During the trial, he testified in his defense after three members of his close circle testified against him and avoided direct questions from prosecutors. Bankman-Fried admitted to making mistakes while running FTX, like not operating a risk management team, but didn’t steal from customers. He thought he was allowed to borrow from FTX to fund Almeda but didn’t realize how significant its debt was until both companies collapsed.

Alameda Research was a quantitative cryptocurrency trading firm co-founded in September 2017 by Sam Bankman-Fried and Tara Mac Aulay. The firm was based in Hong Kong and traded thousands of digital asset products, including all significant coins and altcoins, as well as their derivatives. Alameda Research used internally developed technology and a team of experienced traders to make markets and execute trades on exchanges worldwide. Alameda Research was one of the largest and most successful cryptocurrency trading firms in the world. It was known for its innovative trading strategies and ability to generate profits in a volatile market. The firm also played a significant role in the growth of the cryptocurrency industry by providing liquidity and market depth.

In November 2022, Alameda Research filed for Chapter 11 bankruptcy with its sister company, FTX, a cryptocurrency exchange. The default resulted from a liquidity crisis at FTX, which a combination of factors, including a decline in the cryptocurrency market and risky bets by Alameda Research, caused.



Source link

Tags: BankmanFriedCustomersDefraudingFounderFTXGuiltyHollywoodSamUnlocked
Share30Tweet19
rmtsa

rmtsa

Recommended For You

Did A$AP Rocky Just Reveal The Gender Of His Baby With Rihanna?

by rmtsa
June 30, 2025
0
Did A$AP Rocky Just Reveal The Gender Of His Baby With Rihanna?

A$AP Rocky may have just confirmed that he and Rihanna are finally getting their baby girl. Source: Photonews / Getty The rapper attended the Smurfs world premiere in...

Read more

Two Firefighters Killed in Coeur d’Alene Ambush • Hollywood Unlocked

by rmtsa
June 30, 2025
0
Two Firefighters Killed in Coeur d’Alene Ambush • Hollywood Unlocked

**Two Firefighters Killed in Coeur d’Alene Ambush As Shooter Remains Active** #Socialites, we gotta talk about something tragic and straight-up disturbing out in Idaho. Two people — believed...

Read more

Ed Orgeron Ditches Shirt During Wild Wedding Celebration

by rmtsa
June 30, 2025
0
Ed Orgeron Ditches Shirt During Wild Wedding Celebration

Coach Ed Orgeron Geauxs Shirtless Wild Wedding Celebration!!! Published June 30, 2025 7:16 AM PDT Play video content Tiktok/@benjamincondon Ed Orgeron left little to the imagination at a...

Read more

Louisiana Descendants Foundation And Jesuits Talk Reparations

by rmtsa
June 30, 2025
0
Louisiana Descendants Foundation And Jesuits Talk Reparations

by Daniel Johnson June 30, 2025 The Jesuits’ ties to chattel slavery in the U.S. and beyond have gained more attention recently. In Baton Rouge, Louisiana, The Descendants...

Read more

Family’s ‘Shock and Horror’ After Son’s Body at Funeral Infested with ‘Moving and Visible Maggots’: Suit

by rmtsa
June 30, 2025
0
Family’s ‘Shock and Horror’ After Son’s Body at Funeral Infested with ‘Moving and Visible Maggots’: Suit

The son's mother, who lost him to a car accident, claims she was told after seeing his condition by employees of the funeral home, "Don't you make a...

Read more
Next Post
Family Drama Continues On ‘Keke Wyatt’s World’

Family Drama Continues On 'Keke Wyatt's World'

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized

CATEGORIES

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized
No Result
View All Result

Recent News

  • My Oxford Year: Cast, Trailer and More on Sofia Carson’s Netflix Film
  • Shelly-Ann Fraser-Pryce Announces Retirement
  • Did A$AP Rocky Just Reveal The Gender Of His Baby With Rihanna?

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In