Sam Bankman-Fried Under Investigation For Alleged Market Manipulation, More Trouble For The Ex-Billionaire
Sequel to the fall of the FTX, the founder and former chief executive officer of the exchange, Sam Bankman-Fried, is currently the subject of an investigation by US federal prosecutors.
According to them, they suspect that he exploited the market for the native coins of Terra, Luna, and the TerraUSD stablecoin in order for his crypto exchange and his trading firm, Alameda Research, to benefit from it.
Bankman-Fried Might Have Diverted “Things” In His Favour.
Especially since the collapse of his crypto exchange company, Sam Bankman-Fried has been the subject of several speculations and a number of investigations. Top on this list will have to be the US House Financial Services Committee and the Senate Banking Committee inviting him to their hearings to testify.
However, aside from that, the ex-CEO is still a subject of scrutiny by US federal prosecutors over allegedly exploiting the price of TerraUSD and Luna to his and his companies’ favour.
Both TerraUSD and Luna went under the water in May earlier this year, a deplorable occurrence that necessitated about over a hundred affiliated firms filing for bankruptcy under the chapter 11 provision, including Sam Bankman-Fried’s firm, Alameda Research.
The investigation, however, is not based on concrete evidence, as the prosecutors are still merely acting on what you could call “a strong suspicion” of the founder. As it is now, federal investigators have started a careful scrutiny of his trade charts, looking to find something out of order that would validate their suspicion.
It appears that the ex-CEO and the affairs of his companies will continue to be the subjects of investigations and probes for quite a really long time to come.
As it is now, some community members are already agitated that the founder has not been arrested for his “crimes” yet. If anything, that would serve as some sort of check to both the investigators and the investigated.
I am innocent—Sam Bankman-Fried
The former CEO of the fallen crypto exchange FTX, Sam Bankman-Fried, continues to earnestly plead his innocence.
Trying to exonerate himself, he has on several occasions mentioned it during interviews and via social media that, at no point in time, he acted with malicious intent.
It is quite ironic that he has expressed his desire to testify at the US Congress hearing only when he deems it right.
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