FTX collapse: SBF charged with fraud

One-time billionaire, Sam Bankman-Fried, is well… fried. Even after getting arrested in the Bahamas, the FTX collapse hearing by the House Financial Services Committee went ahead as scheduled.

The former crypto darling was charged with eight criminal counts, including securities fraud and wire fraud, and conspiracy. And then there’s the criminal indictment for allegedly using FTX customers’ money for Alameda Research and buying political favors, among other things.

According to some experts, SBF faces more than 100 years behind bars.

John Ray’s findings
John Ray III, the current CEO of FTX, revealed gross mismanagement and an amateurish way of bookkeeping to handle the finances of a $32 billion company.

He revealed the company used QuickBooks, a software generally used by small to medium-sized organizations.

‘Biggest financial fraud’
According to US Attorney Damian Williams, it is “one of the biggest financial frauds in American history.”