Published 12 November 2022 at 11.22
Economics. At least one billion dollars has disappeared from the bankrupt crypto exchange FTX, Jewish Insider reports. According to Reuters, it is a gigantic scam by founder and owner Sam Bankman-Fried.
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The crypto case
- Crypto giant opens with fiasco on the stock exchange
- Schibsted invests in cryptocurrency platform
< p>The crash is the largest ever for a trading platform in the crypto world. It is bigger than the 2014 crash of the bitcoin exchange MtGox, where around two billion kroner in bitcoin was stolen by the French-Israeli owner and founder Mark Karpeles.
According to Reuters, FTX has collapsed since Sam Bankman-Fried secretly transferred over ten billion dollars of customer assets from FTX to himself.
Jewish Insider writes in a longer personal portrait by Sam Bankman-Fried that FTX's demise was a fact when the Chinese competitor Binance withdrew from an agreement to buy up and thus save FTX.
The cancellation of the agreement took place with reference to the fact that Sam Bankman-Fried “mismanaged client assets and appears to be under investigation by US authorities”.
FTX is the subject of investigations by the US Securities and Exchange Commission and the Department of Justice, according to Jewish Insider.
p>A large part of the client funds that Bankman-Fried transferred to himself has, according to Reuters, “disappeared”.
Sam Bankman-Fried tells the news agency that he happened to transfer the assets by mistake.
“We had confusing internal labeling and read it wrong,” he writes in an SMS.
When Reuters then asks where the money went, he replies:
“??? “.
Online, many people are now asking why Bankman-Fried is still at large, even though he is apparently r in the United States. When Mark Karpelès was finally brought to trial for his billion-dollar fraud in MtGox, the sentence stayed at a suspended sentence.