Former FTX CEO Accused of Misusing $100 Million

Former FTX CEO Accused of Misusing $100 Million



Sam Bankman-Fried, also known as "SBF," is accused of misusing over $100 million from FTX users for political donations to both major US parties, aiming to sway cryptocurrency regulations. A fresh indictment by the U.S. Attorney’s Office states that the former FTX CEO made these donations to gain leverage and lobby for legislative changes favoring FTX's growth. This would then allegedly enable the ongoing misappropriation of funds.



The recent filing revealed that SBF has been charged with counts similar to what he initially faced after his return from the Bahamas in 2022. During a legal tussle, his defense claimed that he shouldn't be charged for breaking campaign finance laws since it wasn't part of his extradition agreement. However, prosecutors intend to use this alleged violation as evidence of wire fraud.



The indictment also


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#Adoption, #Altcoin, #Blockchain, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #FTX, #FTXCEO, #News, #SamBankmanFried, #SBF

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