Sam Bankman-Fried: Charged With Fraud By SEC

“The [SEC] today charged Bankman-Fried with orchestrating a scheme to defraud equity investors in [FTX], the crypto trading platform of which he was the CEO and co-founder,” the agency said in a statement.

“Investigations as to other securities law violations and into other entities and persons relating to the alleged misconduct are ongoing.”

According to a court filing, FTX owed its 50 largest creditors almost $3.1bn (£2.5bn).

Among the most serious allegations against Mr Bankman-Fried is that he used billions of dollars of customer funds to prop up his investment trading company, Alameda.

“I didn’t knowingly commit fraud, I don’t think I committed fraud, I didn’t want any of this to happen. I was certainly not nearly as competent as I thought I was,” he told the BBC.

The researchers added a techie dimension by conducting electroencephalographic (EEG)recordings of the sleeping participants brains to track neural electrical activity during the learning period.


Nadia Toughrani

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Nadia knows the ins and outs of Web3 and are here to help you successfully navigate the world of cryptocurrency, NFTs, DeFi, the Metaverse as well as other emerging trends as they arise.

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