Poging GOUD - Vrij
'Old-fashioned embezzlement' Where did all FTX's money go under Bankman-Fried?
The Guardian
|March 28, 2024
Sam Bankman-Fried, the former CEO of the bankrupt cryptocurrency FTX, presided exchange over a spectacular collapse that cost his customers billions of dollars.
He argues in court filings that anyone owed money by FTX "will eventually be paid in full". The US government says he's living in a fantasy land.
Last week, FTX's caretaker John Ray III, appointed to oversee the company's bankruptcy proceedings, reminded the court that his predecessor had masterminded a "colossal fraud”, lived a "life of delusion", and called Bankman-Fried's lawyers' claim that no one had been harmed "categorically, callously and demonstrably false".
Bankman-Fried faces sentencing today after being convicted of fraud and conspiracy to launder money in the multibillion-dollar collapse of his cryptocurrency exchange.
If given the maximum penalty, he would face 100 years in prison. His lawyers have asked for a six-year sentence. The US government wants to see the 32-year-old ex-CEO, who defrauded his own customers out of $8bn (£6.3bn), sentenced to 40 to 50 years.
As he awaits sentencing, key questions still remain: what happened to all the money from a business that was valued at its peak at $32bn and what, if anything, can creditors expect to get back?
FTX: new technology, oldfashioned embezzlement
The crypto entrepreneur laid a smokescreen, spending millions of customer funds on his lifestyle, drawing in politicians and celebrities with donations and endorsement deals, and fronting a pseudo-philosophy of "effective altruism" that boiled down to the greater the profits, the greater the good.
Dit verhaal komt uit de March 28, 2024-editie van The Guardian.
Abonneer u op Magzter GOLD voor toegang tot duizenden zorgvuldig samengestelde premiumverhalen en meer dan 9000 tijdschriften en kranten.
Bent u al abonnee? Aanmelden
MEER VERHALEN VAN The Guardian
The Guardian
Gillian Ayres The radical female artist who feasted on colour
She spoke about indulging in colour, feasting on beauty, feeling a little giddy when drinking in glorious hues and textures - and not searching too deeply for meaning.
2 mins
July 03, 2026
The Guardian
Pubs open till 5am for England's next match
Pubs will be able to stay open until 5am on Monday for England’s World Cup match against Mexico after an intervention by Keir Starmer - although the prime minister has insisted parents should make sure their children are up and ready for school in the morning.
2 mins
July 03, 2026
The Guardian
Tour de France braced to cancel stages in heatwave
The 2026 Tour de France, which starts in Barcelona tomorrow, is steeling itself for climate change disruption with another extreme heatwave predicted to return to Europe in the coming days which could lead to stages being cancelled.
2 mins
July 03, 2026
The Guardian
Dettori suffers broken ribs in car accident
Frankie Dettori sustained several broken ribs and a broken thumb after being involved in a car accident in Newmarket.
1 min
July 03, 2026
The Guardian
Spending cuts to fund defence plans ‘will cost 10,000 UK jobs’
Keir Starmer’s decision to cut billions of pounds of infrastructure spending to pay for more defence equipment will end up costing the UK 10,000 jobs, according to an analysis of the government’s own figures.
4 mins
July 03, 2026
The Guardian
‘Vanishingly rare’ Historic US document found among Kew archives
For Michael Scurr, a volunteer at the National Archives in Kew, west London, it was “just a boring old Thursday morning” when he sat down in late May to catalogue a collection of documents from the British national collection that had never previously been recorded in detail.
1 mins
July 03, 2026
The Guardian
Data shows racial divide in pain relief during birth
Women from black and Asian backgrounds are less likely than their white counterparts to receive an epidural while giving birth, research has revealed.
3 mins
July 03, 2026
The Guardian
'Huge' disadvantage Tuchel unhappy as Fifa rule spoils England's altitude plan
Thomas Tuchel says England will be at a “huge” disadvantage in the high altitude of Mexico City on Sunday when they face Mexico in the last 16 of the World Cup as he lamented a Fifa rule that has shut down one possible acclimatisation plan.
2 mins
July 03, 2026
The Guardian
Teenage boys detained for rape as ‘lenient’ sentences overruled
Two 15-year-old boys who were spared custody for raping two girls have been sentenced to four years’ detention after the court of appeal ruled their sentences were “unduly lenient”.
2 mins
July 03, 2026
The Guardian
‘Stolen’ artwork handed back by man who had found it on Spanish street
The mystery of a small and very valuable picture by the Spanish artist Joaquín Sorolla that vanished over the weekend has been solved after a man told police he had mistaken the painting for junk when he found it on a Seville street and had rescued it.
2 mins
July 03, 2026
Listen
Translate
Change font size