Former CEO of now bankrupt FTX cryptocurrency exchange faces more than 100 years in prison if given maximum penalty
Sam Bankman-Fried’s parents are in the courtroom to witness their son’s sentencing. Joseph Bankman and Barbara Fried are both law professors at Stanford University, the former of tax law and the latter of legal ethics. Bankman-Fried said they were not involved in “any of the relevant parts” of FTX’s operation. A lawsuit filed by the company itself last year alleges, however, that the pair helped themselves to millions of dollars for their own “pet causes” and personal enrichment. The company says it aims to recover the money that the two professors received from the company. Discussions between Bankman, Fried and their son included emails in which the father whined to his son for a higher salary, per the suit. Bankman and Fried have called the lawsuit’s allegations “completely false”.
A rival cryptocurrency exchange has taken aim at the now-bankrupt FTX and its disgraced former CEO Sam Bankman-Fried. Kraken, which allows trades of multiple kinds of cryptocurrency and is valued at nearly $11bn, said in a statement Thursday: “Sam Bankman-Fried founded his empire on false promises and stolen client funds. SBF now faces consequences, but this does not undo the immense harm he has caused to millions of people and the crypto industry. Good crypto actors must set the tone by improving education, calling out bad actors, and adhering to crypto’s founding principles of personal ownership and public verifiability.”
Continue reading...
0 Comments