Crypto mogul Sam Bankman-Fried lied about fraud, prosecutors say

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Crypto mogul Sam Bankman-Fried lied about fraud, prosecutors say

Fallen crypto mogul Sam Bankman-Fried stole billions of dollars in cash and crypto from thousands of people and lied constantly to do so, prosecutors said.

Bankman-Fried alleged that Bankman-Fried's business was built on lies and that his close business partners knew what he was up to. Rehn said the government was working with the government to make it easier to make informed decisions.

FTX, once the most recognized crypto brand, quickly went bankrupt in November last year.

Bankman-Fried cameled customer funds into Alameda Research to make risky bets on Alameda Research and plundered the company.

Cohen said, Bankman-Fried was a'math nerd' who did not steal but rather 'loaned' FTX cash to Alameda, the crypto exchange's sister trading firm.

Binance, the world's biggest crypto exchange, and its CEO, Changpeng 'CZ' Zhao, posted an attack on Alameda Research via a tweet. CZ said he was going to sell Binance's holdings of the exchange token, FTT, before FTX filed for bankruptcy last year. A liquidity crisis followed, and FTX then filed for bankruptcy.

The two then clashed on Twitter about past business deals.

Bankman-Fried, who served cocktails and wined and dined politicians and celebrities, was arrested a month after the company filed for bankruptcy.

Mr. Bush faces seven charges and his trial is expected to last six weeks.