The FTX saga continues as the former CEO faces 8 criminal counts and a potential 115 years in prison. Will justice be served for defrauded investors?
Doug Brooks, senior adviser at XinFin, told Cointelegraph that Ellison has already provided evidence to prosecutors, apparently indicating she will be a powerful witness in the case against Bankman-Fried. Brooks added:
“It is a common strategy for U.S. prosecutors in high-profile cases to build the case from the bottom up. This includes netting smaller fish and offering deals where they must, to make the strongest possible case against the primary target.
With the involvement of U.S. authorities and the arrest of Bankman-Fried, many FTX users and investors were hopeful there would be concrete actions and a plan to get some of their funds back. However, the turn of events involving Bankman-Fried’s bail, his not-guilty plea and the plea deal for Ellison has cast doubt in the minds of many.
“The amount of bail he had to post — a staggering $250 million — alone would indicate the degree of seriousness that prosecutors are taking in this case. Moreover, regulators are not shielding Sam from potential consequences. Despite SBF getting cozy with regulators prior to his fall from grace, both the CFTC and SEC have since filed civil complaints against him.”
Mico noted that there is a mountain of evidence that SBF mismanaged customer funds, and while “it’s disheartening to see SBF out on bail now, I firmly believe that the crypto community will ultimately see justice.”Investors’ uncertainty grew greater when Alameda-linked
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