FTX FRAUD, Manipulation and Theft. How Sam Bankman-Fried STOLE BILLIONS and TRIED GETTING AWAY!

Sam Bankman-Fried former head at FTX and Alameda Trading, stole billions of investor funds. The scheme consisted of convincing people utilize the FTX platform. Once customers transferred their funds to FTX, Sam illegally transferred these funds to his Alameda trading company, which he treated as his own personal trading account.

He used billions of investor dollars to place numerous bad bets, turning both FTX and Alameda into a cash burn. Both companies were hemorrhaging money. When an Alameda associate (Caroline Ellison) disclosed that 10 BILLION DOLLAR worth of assets were tied to the FTT coin, customers began withdrawing funds at an unprecedented rate. However, since their funds were no longer on the FTX platform, they were unable to gain access. Those who were able to, effected FTT coin value, sending it crashing down.

This is a brief overview of FTX and its demise. Sam Bankman-Fried was convicted on 7 counts of Fraud in 2023 he is set to face sentencing in March of 2024. #ftx #crypto #truecrime #trending