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FTX Founder Faces Charges of Unlawful Campaign Financing

Published:

There is a new turn in the legal case of the former FTX founder, Sam Bankman-Fried.

As of yesterday, the case prosecutors intend to file a substitute indictment for the week of August 14.

The reason for the superseding indictment is to add Bankman-Fried’s supposed illegal campaign scheme to the other seven existing charges.

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Fast Facts

  • Sam Bankman-Fried was accused of planning a multi-billion-dollar fraud while in charge of the FTX crypto exchange.
  • Previously, last month, the authorities were forced to drop charges against the cryptocurrency billionaire due to an earlier procedural failure.
  • According to the prosecutors, Bankman-Fried allegedly used stolen customer funds to finance an illegal “political influence campaign.” Moreover, he tried to hide this money in the guise of political straw donations.
  • The prosecutor’s statements show that the proof of Bankman-Fried’s campaign financing is admissible during the trial as the direct evidence of the Trial Charges.
  • The defendant pleaded not guilty to all charges, including scamming the lenders and customers of FTX, a supposed scheme to scam investors, which resulted in the fast collapse of FTX as well as the declaration of bankruptcy that followed.
  • Bankman-Fried has been slapped with many charges that can land him in jail for a long time. The prosecutors alleged that Bankman-Fried used the funds he stole to cover his losses at Alameda Research, his hedge fund, to purchase exorbitant real estate and finance unlawful political donations.
  • Many speculations arose that the charges of illegal campaign financing may be dropped. The new twist confirmed that the prosecutors will proceed with the charges.

What’s Happening In Crypto Today?

As of this writing, Bitcoin is trading at $29,882.10, with an increase in market cap by 1.39% and an increase in trading volume by 34.39%.

On the side of Ethereum, it is presently trading at $1,862.66, with an increase in market cap by 1.18% and an increase in trading volume by 15.05%.

  • Meanwhile, Tether is, at present, trading at $0.9994, with a drop in market cap by 0.04% and an increase in trading volume by 6.51%
  • On the side of BNB, its current price is at $244.61, with an increase in market cap by 0.52% and an increase in trading volume by 16.73%.
  • XRP right now is trading at $0.6588, with an increase in market cap by 4.97% and an increase in trading volume by 14.35%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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