Fun

SBF family linked to $100M FTX scandal, legal trouble looms

News Feed - 2024-07-05 08:07:59

Josh O"Sullivan12 hours agoSBF family linked to $100M FTX scandal, legal trouble loomsAccording to emails seen by the WSJ, Sam Bankman-Fried’s family allegedly funneled millions from FTX to political causes, raising significant legal questions.6127 Total views10 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksSam “SBF” Bankman-Fried, the founder of the collapsed crypto exchange FTX, is at the center of a $100 million financial scandal marked by the misuse of company assets to fund political donations.


Emails recently brought to light by The Wall Street Journal (WSJ) disclosed that SBF’s family significantly managed over $100 million in political contributions.


The funds, allegedly illicitly derived from FTX customer funds and aimed to influence the 2022 election, have led to several legal proceedings.


Related:Bitcoin or bust: Companies add BTC to treasury for long-term potentialFamily involvement 


The involvement of SBF’s family was thoroughly documented through emails detailing SBF’s father, Joe Bankman’s involvement in advising financial strategies related to political donations. 


According to the WSJ, the emails indicated that Joe Bankman was directly involved in the illicit funding operations.


SBF’s mother, Barbara Fried, and his brother, Gabriel Bankman-Fried, allegedly directed funds’ flow to various political entities and causes.


Barbara, a co-founder of the super PAC Mind the Gap, allegedly directed funds to progressive groups and initiatives, while Gabriel funneled donations to pandemic prevention efforts.


Related:SEC files lawsuit against FTX-linked bank, alleging fraudLegal implications


David Mason, former chairman of the Federal Election Commission, noted that Joe Bankman’s involvement could result in direct legal liabilities under campaign finance laws.


Mason remarked that among the content in the emails, there was “strong evidence” that Joe Bankman knew about “the illegal straw-donor scheme.”


Despite the evidence, a spokesperson for Joe Bankman explained that he had “no knowledge of any alleged campaign finance violations.” 


Related:Crypto platform Yield App shuts down citing FTX lossesFormer FTX executive jailed


On May 28, the former FTX Digital Markets co-CEO Ryan Salame was sentenced to 7.5 years in prison after pleading guilty to felony charges.


United States District Court Judge Lewis Kaplan issued the sentence after Salame pleaded guilty to conspiracy to operate an unlicensed money transmitting business and engaging in campaign finance fraud. 


Salame’s sentencing marked another chapter in the FTX saga, following former executives Caroline Ellison and Nishad Singh, who pleaded guilty and await sentencing.


Magazine:‘Raider’ investors are looting DAOs — Nouns and Aragon share lessons learned# Cryptocurrencies# Fraud# United States# Crimes# Tokens# Sam Bankman-Fried# FTX# RegulationAdd reaction

News Feed

St. Louis Fed President Says Central Bank’s ‘Credibility Is On the Line’ as US Inflation Surges
St. Louis Fed President Says Central Bank"s "Credibility Is On the Line" as US Inflation Surges Inflation continues to grip American wallets, according to a recent economic analysi
Bank of Spain Criticizes El Salvador’s Foray Into Bitcoin
Bank of Spain Criticizes El Salvador"s Foray Into Bitcoin The Bank of Spain, the central bank of the country, criticized the adoption process El Salvador chose when declaring Bitco
Gareth Jenkinson11 hours agoCoinEx to resume service with new wallet system following $70M hackCoinEx has rebuilt its wallet system following a $70 million hack and is set to resume deposits and withdrawals for select cr
President Biden Insists US Recession Is Not Inevitable — Treasury Secretary Yellen Concurs
President Biden Insists US Recession Is Not Inevitable — Treasury Secretary Yellen Concurs President Joe Biden and Treasury Secretary Janet Yellen say that a U.S. recession is no
Popular Bitcoin ATM Operator: Bitcoin of America Working With WGN Radio to Promote Cryptocurrency Education
Popular Bitcoin ATM Operator: Bitcoin of America Working With WGN Radio to Promote Cryptocurrency Education press release PRESS RELEASE. Bitcoin of America (BOA) is a popular virtua
Crypto miners face energy refusal, restriction in Canadian provinces
Derek Andersen2 hours agoCrypto miners face energy refusal, restriction in Canadian provincesManitoba is extending a moratorium on new power connections, and British Columbia is introducing legislation that could prohibi
South African Firms Ordered to Cease Crypto Debit Card Scheme in 2 US States
South African Firms Ordered to Cease Crypto Debit Card Scheme in 2 US StatesTwo U.S. states have issued emergency cease and desist orders to South African firms and a South African
Bitcoin halving sees Bitfarms’ BTC mining earnings plummet
Arijit Sarkar38 minutes agoBitcoin halving sees Bitfarms’ BTC mining earnings plummetBitfarms is actively working to triple its current hash rate capacity to 21 exahashes per second with a $240 million investment.416 T
Report: Bitcoin Untied from the Economic Cycle, ‘Largely Uncorrelated to Other Asset Classes’
Report: Bitcoin Untied from the Economic Cycle, "Largely Uncorrelated to Other Asset Classes"On Tuesday, Coinshares Investment strategist James Butterfill published a report which s
Crypto.com gets green light to trade in Dubai
Savannah Fortis13 hours agoCrypto.com gets green light to trade in DubaiCrypto.com’s Dubai-based entity received full operational approval from Dubai’s virtual asset regulator, becoming the first exchange in the UAE
Elliptic Identifies ‘Several Hundred Thousand Crypto Addresses’ Tied to Russia-Based Sanctioned Actors
Elliptic Identifies "Several Hundred Thousand Crypto Addresses" Tied to Russia-Based Sanctioned Actors As the Russia-Ukraine conflict continues, blockchain surveillance companies h
Bitcoin lacks support above $60K, chart shows as BTC price halts gains
William Suberg8 hours agoBitcoin lacks support above $60K, chart shows as BTC price halts gainsBTC price analysis warns that "downside is the path of least resistance" despite Bitcoin rebounding from its latest