On Tuesday morning, the SEC unsealed a civil complaint against Sam Bankman-Fried, accusing him of misleading investors by hiding the fact that his hedge fund, Alameda Research, had billions in loans from FTX that were funded by customer deposits
, has been arrested and charged with what authorities describe as “orchestrating a massive, years-long fraud” leading to the implosion of his crypto empire.where he operated FTX, and the U.S. is likely to request his extradition to face criminal charges alleging a variety of fraud. It’s not yet clear if any other executives in his orbit will face charges.
At the heart of the SEC complaint were accusations that Bankman-Fried was well aware of Alameda’s relationship with FTX, directing the loans to be made, which runs counter to his recent spate of public appearances where he claimed the $8 billion in depositor funds getting loaned out was the result of an accounting error.
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