SBF Family Involvement In The $100M FTX Scandal Uncovered

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Sam “SBF” Bankman-Fried, the founder of the bankrupt crypto exchange FTX has once again been caught up in a $100 million financial scandal related to the misappropriation of company assets for political contributions. 

This news was revealed in a recent email discovered by the Wall Street Journal (WSJ). In the email, it was evident that SBF’s family was deeply involved in managing the looted funds.

The outcome of this situation could potentially lead to legal repercussions and further scrutiny on the handling of company assets. Meanwhile, it was reported earlier this year that the firm’s estate was planning to liquidate a substantial portfolio of properties.

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Sam Bankman-Fried Family Role in the Funds Scandal

In the email dug out by WSJ, SBF’s family role was extensively documented. Joe Bankman, SBF’s father, was caught advising on financial moves related to political donations. 

The emails hinted that Joe Bankman must be directly linked to some shady funding activities. Also, SBF’s mom, Barbara Fried, and his brother, Gabriel Bankman-Fried, were in charge of distributing funds to different political causes. Barbara, who helped start the super PAC Mind the Gap, directed money to progressive groups, while Gabriel sent donations to pandemic prevention efforts. 

However, Joe Bankman’s legal representative has claimed innocence on his behalf and revealed that he does not know of these illicit activities even though the email provided compelling proof against him. David Mason, former head of the Federal Election Commission, warned that Joe Bankman’s involvement might land him in legal trouble under campaign finance laws. 

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FTX Tumultuous Saga

Ever since the once prominent crypto exchange FTX filed for bankruptcy in 2021, and its CEO has made prison cell his new home, it has been facing one challenge or another. The regulatory agencies and watchdogs have been digging out more dirt on the exchange.  

Recently, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against a crypto-friendly bank Silvergate Capital Corporation for aiding fraud at the defunct exchange. This was shortly after the firm’s Digital Markets co-founder, Ryan Salame bagged 7.5 years imprisonment after admitting to felony charges in May.

Furthermore, it was reported in June that the victims of the bankruptcy filed an application in court against the exchange. The victims pleaded to the court to give back the $8 billion in forfeited assets to its customers instead of the intended bankruptcy estate.

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