Sam Bankman-Fried Latest News: After the collapse of cryptocurrency exchange FTX, Sam Bankman-Fried continues to receive criticism over his style of functioning. The FTX founder went silent after he was replaced as the CEO of the company. SBF stepped down from the role as the company initiated chapter 11 bankruptcy proceedings. The FTX Group, which includes the exchange and Alameda Research, faced substantial liquidity crunch.
‘Sam Bankman-Fried Worked His Way Through Charm’
In the wake of a shock collapse of FTX and the bloodbath with cryptocurrency collapse, several industry specialists are criticizing SBF. In the meantime, Bill George, former CEO of Medtronic, stated Sam Bankman-Fried was overhyped due to his charm. Speaking at a Yahoo event, he stated SBF got “caught up with how great he was.” He added that the 30-year-old FTX CEO who really has not really created anything. George likewise warned retail cryptocurrency investors against blindly believing in upcoming market leaders.
“SBF got caught up with how great he was. And I don’t think he was ever there. I’ve not seen the performance at all. This is a young guy who really hasn’t created anything — and he charmed several people.”
SBF Criminal Charges
Earlier, legal authorities in New York initiated action against SBF over charges of defrauding customers. The office of Manhattan United States attorney is preparing criminal charges against SBF and his cryptocurrency exchange. The office is likely probing the alleged diversion of funds in the middle of FTX and Alameda Research. This is in addition to the ongoing probe by the United States Securities and Exchange Commission on FTX US’ handling of user funds. In the meantime, the chapter 11 bankruptcy proceedings for FTX are underway.
In the meantime, the Bahamas authorities are set to collect reimbursements for expenses it incurred due to the regulatory work it did on FTX operation. In a latest development, the Securities Commission of The Bahamas stated it secured an order from the Supreme Court to receive the reimbursements from FTX.
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