Sam Bankman-Fried: FTX founder convicted of defrauding cryptocurrency customers

Recently the Sam Bankman-Fried name has come on the internet and it has been trending on many social media platforms because of fraud. Sam Bankman-Fried is a former CEO of FTX. Reportedly, He has been discovered guilty on all seven counts connected to fraud and money laundering. Since the news went out on the internet it circulated on social media platforms and uncounted reactions started hitting the headlines as many people were shocked. This news has also left many questions in people’s minds. Here we have more information about the news and we will try to give complete information about the news.

Sam Bankman-Fried

Sam Bankman-Fried is the co-founder and ex-CEO of the crypto exchange FTX, once the world’s second-most comprehensive crypto exchange, and trading company Alameda Research. A New York jury sentenced him of fraud in a scheme that cheated consumers and investors of at least $ 10 billion. Jurors declined Bankman Fried’s claims that he had never committed fraud or meant to cheat clients before FTX tumbled into bankruptcy. Currently, this news has been making headlines on the internet as they are super curious to know about the whole information about the news.

All you need to know about Sam Bankman-Fried

1) Sam Bankman Fried expanded worried he had been not taking sufficient risks after graduation. Therefore, the son of two Stanford Law School lecturers resigned from his Well Street position and launched a cryptocurrency hedge fund in 2017, which flashed a series of events that guided to his criminal conviction on Thursday for participating in what federal prosecutors have anointed one of the most extensive financial frauds in US history.

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2)Following two years of launching a hedge fund, Alameda Research, Bankman Fried founded FTX, an exchange that lets users buy and sell digital support such as Bitcoin.

3) The next two years witnessed a sharp expansion in the value of cryptocurrencies, which assisted Bankman-Fried in reaching a net worth of $26 billion before turning 30.

4) Before the US midterm elections in 2022, he turned his wealth into political power and became one of the biggest contributors to Democratic prospects and caused.

5) Initially from the Bahamas, Bankman-Fried gained fame and renown for his disheveled, curly hair and his rumpled shorts, which we modeled even when hosting celebrities such as Bill Clinton. Here we have more information about the news if we get any information then we will update you soon. Stay tuned to us for more updates.

Gurleen Kaur

I'm a science graduate from the Ahmadu Bello University, Nigeria. My passion for writing has brought me to into the field of content.