4

FTX Founder Sam Bankman-Fried Is Said To Face Market Manipulation Inquiry - Slas...

 1 year ago
source link: https://news.slashdot.org/story/22/12/08/1456228/ftx-founder-sam-bankman-fried-is-said-to-face-market-manipulation-inquiry
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.

FTX Founder Sam Bankman-Fried Is Said To Face Market Manipulation Inquiry

Want to read Slashdot from your mobile device? Point it at m.slashdot.org and keep reading!

binspamdupenotthebestofftopicslownewsdaystalestupid freshfunnyinsightfulinterestingmaybe offtopicflamebaittrollredundantoverrated insightfulinterestinginformativefunnyunderrated descriptive typodupeerror

Do you develop on GitHub? You can keep using GitHub but automatically sync your GitHub releases to SourceForge quickly and easily with this tool so your projects have a backup location, and get your project in front of SourceForge's nearly 30 million monthly users. It takes less than a minute. Get new users downloading your project releases today!

Sign up for the Slashdot newsletter! or check out the new Slashdot job board to browse remote jobs or jobs in your area.
×

FTX Founder Sam Bankman-Fried Is Said To Face Market Manipulation Inquiry (nytimes.com) 16

Posted by msmash

on Thursday December 08, 2022 @11:41AM from the time-to-face-the-music dept.
Federal prosecutors are investigating whether FTX's founder, Sam Bankman-Fried, manipulated the market for two cryptocurrencies this past spring, leading to their collapse and creating a domino effect that eventually caused the implosion of his own cryptocurrency exchange last month, The New York Times reports, citing people with knowledge of the matter. From the report: U.S. prosecutors in Manhattan are examining the possibility that Mr. Bankman-Fried steered the prices of two interlinked currencies, TerraUSD and Luna, to benefit the entities he controlled, including FTX and Alameda Research, a hedge fund he co-founded and owned, the people said. The investigation is in its early stages, and it is not clear whether prosecutors have determined any wrongdoing by Mr. Bankman-Fried, or when they began looking at the TerraUSD and Luna trades. The matter is part of a broadening inquiry into the collapse of Mr. Bankman-Fried's Bahamas-based cryptocurrency empire, and the potential misappropriation of billions of dollars in customer funds.

Federal prosecutors and the Securities and Exchange Commission have been examining whether FTX broke the law by transferring its customer funds to Alameda. Last month, a run on deposits exposed an $8 billion hole in the exchange's accounts, causing the company to collapse. Mr. Bankman-Fried stepped down as FTX's chief executive when the company filed for bankruptcy on Nov. 11. FTX is also under investigation for violating U.S. money-laundering laws that require money transfer businesses to know who their customers are and flag any potentially illegal activity to law enforcement authorities, three people familiar with the investigation said. That investigation, first reported by Bloomberg News, began several months before the bankruptcy of FTX. Investigators are also looking into the activities of other offshore cryptocurrency trading platforms.

Do you have a GitHub project? Now you can sync your releases automatically with SourceForge and take advantage of both platforms.
Do you have a GitHub project? Now you can automatically sync your releases to SourceForge & take advantage of both platforms. The GitHub Import Tool allows you to quickly & easily import your GitHub project repos, releases, issues, & wiki to SourceForge with a few clicks. Then your future releases will be synced to SourceForge automatically. Your project will reach over 35 million more people per month and you’ll get detailed download statistics.
Sync Now


report

Recommend

About Joyk


Aggregate valuable and interesting links.
Joyk means Joy of geeK