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Hi there,
It looks like Sam Bankman-Fried’s media tour of lies is finally over.
The disgraced founder of the collapsed cryptocurrency exchange FTX, who’s nicknamed SBF, has finally been arrested in the Bahamas.
The federal agencies are coming down hard on him. The SEC, CFTC, DOJ, and the rest of the “alphabet soup” of authorities have filed some seriously long complaints against him.
According to the SEC’s complaint, FTX defrauded investors of US$1.8 billion, US$1.1 billion of which belonged to people from the US. The complaint also focuses on the relationship between FTX and crypto trading company Alameda Research.
FTX was apparently Alameda’s unlimited piggy bank, with a balance made up of FTX customer funds.
FTX’s new CEO, John Ray, the Winston Wolf of bankruptcies, said he is going to be closely reviewing every single FTX transaction to see if SBF let Bahamians take out their holdings so that he could maintain control of the company.
He also made it clear that the firm’s top priority is to recover as many assets for customers as possible. This includes the US$100 million in Bahamian withdrawals and the US$5.4 billion in Alameda venture investments.
And of course, SBF’s lawyers said he’s not testifying in front of Congress.
Amid all the chaos in the crypto world, Coins.ph CEO Wei Zhou, the former CFO of Binance, has taken up the herculean task of convincing people that his crypto exchange is unlike all the other platforms. He’s set to relaunch Coins Pro this month with a whole new strategy.
Hopefully, our big story of the week serves as the light at the end of your crypto tunnel! Also, Token Issue is taking a break on December 23 and December 30.
Wishing everybody a merry Christmas and a happy new year!
– Deepti
THE BIG STORY
Coins.ph CEO relaunches Philippine crypto exchange, unveils DeFi wallet ambitions
⭐ TO THE STARS
🌙 TO THE MOON
🌏 BACK TO EARTH
STILL A PONZI SCHEME
MORE TO CHEW ON
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