News - FTX lied to banks for years

By Mike Hesp

FTX lied to banks for years

FTX

Sam Bankman-Fried's house of cards collapsed in November 2022. Since then, FTX's new CEO has exposed numerous abuses.

As FTX CEO John Ray III explains in an court file, FTX lied to banks as early as 2020 about the suspicious movement of customer funds.

According to the indictment, the crypto company intentionally commingled client and corporate funds to secure luxury real estate and engage in speculative transactions.

When banks pressured FTX management about the money movements, "FTX lied," Ray said. The exchange's management, led by founder Sam Bankman-Fried (SBF), misappropriated US$8.7 billion in customer funds, they say.

De charges against Bankman-Fried include several charges, most related to fraud and money laundering. In addition, SBF allegedly used stolen money to finance the Democrats' election campaign. This made him the second largest donor.

If convicted by the court, Bankman-Fried faces more than 100 years in prison. He is currently under house arrest and under strict supervision.

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