The founder of the cryptocurrency exchange FTX has been arrested in the Bahamas, and federal prosecutors in have filed charges in New York.
The founder of the failed cryptocurrency exchange FTX has been arrested in the Bahamas, and federal prosecutors in the United States have filed charges in New York.
Bahamian Prime Minister Philip Davis said the two countries"have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law." Bankman-Fried resigned as CEO of FTX in early November, and the company filed for bankruptcy when it was unable to pay all of the customers on the exchange who wanted their money back. The company said in bankruptcy filings there could be more than 1 million people affected.
“The reason it was so well regarded was because it promised safety,” Yadav said. “It promised consumer protection it promised cutting-edge products without some of the kind of riskier aspects of crypto attaching to it.” He added:"But never in my career have I seen such an utter failure of corporate controls at every level of an organization, from the lack of financial statements to a complete failure of any internal controls or governance whatsoever."
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