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FTX’s failure has defined a long, contagious crypto winter

Investor-hub by Investor-hub
December 26, 2022
in Fintech
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FTX’s failure has defined a long, contagious crypto winter
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Ryan Salame sang like a canary.

Salame, FTX’s former co-CEO, warned Bahamian regulators on Nov. 9 that FTX transferred funds to Alameda Analysis to “cowl monetary losses,” in keeping with courtroom filings.

The regulators wrote within the submitting:

The Fee understood Mr. Salame as advising that the switch of purchasers’ property on this method was opposite to the conventional company governance and operations of FTX Digital. Put merely, that such transfers weren’t allowed and due to this fact could represent misappropriation, theft, fraud or another crime. 

Salame named names, too: solely Sam Bankman-Fried, Nishad Singh, and Gary Wang might have completed it. FTX filed for bankruptcy on Nov. 11 within the US.

Yesterday, Bankman-Fried was charged with cash laundering, wire fraud, securities fraud, commodities fraud, and a few assorted conspiracy costs.



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