SEC chairman Gary Gensler accused former FTX CEO Sam Bankman Fried of fraud.
Garry Gensler said Sam Bankman-Fried "built a house of cards on a foundation of lies while assuring investors that it was one of the safest structures in crypto."
Accused Sam Bankman Fried, the former CEO of FTX, of engaging in fraudulent behaviour.
SBF is criticised by Garry Gensler for scamming clients and claims that Sam Bankman-Fried "constructed a house of cards on a foundation of lies while convincing investors that it was one of the safest buildings in crypto."
The former founder of FTX, SBF, is accused of hiding information regarding the company's money-mixing procedures with Alameda Research, the "special treatment" given to Alameda, and the use of client funds for business endeavours, political contributions, and "lavish real estate purchases."
The SEC Chairman considers SBF's scam a wake-up call and also targets other cryptocurrency exchanges. Additionally, he exhorts other cryptocurrency businesses to adhere to the law. He also emphasised the significance of compliance by pointing out that it will safeguard both investors on and investors in cryptocurrency platforms.
Notably, Sen. Ryan Pinder KC, the attorney general of the Bahamas, said that the US government is "certain" to request Sam Bankman's extradition following the arrest of the senator who co-founded FTX.
Notably, the US and the Bahamas have an extradition agreement under which people who are accused of crimes that carry sentences of more than a year in prison in either country may be returned to the US.
