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The FTX collapse, which devastated the cryptocurrency markets last year, was the result of numerous negligence and malicious intent. SBF, who had close relationships with US regulators and politicians, always felt the support of their powerful parents. However, there is no one to save him in the courtroom anymore. SBF has reached the end of the road.
Current Status of the FTX Case
SBF’s end is now in sight. The last person to quote this song, sung by the famous Turkish folk singer Musa Eroğlu, was Thodex founder Fatih Faruk Özer. The situation is not much different for Sam Bankman Fried either. Fatih Özer received thousands of years of imprisonment, and the three named American version is also getting closer to definite imprisonment as the days go by.
SBF was defined as the golden child of crypto before it was revealed that he defrauded his investors. They were spending millions on lobbying activities and telling the efforts they made to grow as a regulated exchange. They even expressed their opinions directly in the House of Representatives on every issue, including the DeFi regulation.
Now the trials have begun, and the accomplices are telling one by one what they did and SBF’s role in them.
Confessions in the FTX Case
Gary Wang, co-founder and former chief technology officer of FTX, appeared before the judge to explain the connections between the crypto exchange and Alameda Research. He was on stage on the fourth day of SBF’s criminal case.
According to Inner City Press, Wang confirmed that Alameda had unlimited authority over FTX’s account. It was reported that the former CTO claimed that Bankman-Fried instructed Wang and former FTX engineering director Nishad Singh to implement this feature in 2019.
According to Wang, the “allow negative” feature added to FTX’s code allowed Alameda to obtain more negative balance than the revenue owned by FTX in 2020.
Wang said the following;
“We said we wouldn’t use the funds this way. After saying that Alameda’s balances were billions of dollars short, SBF wanted to meet at the Bahamas office. He asked me about the mistake and then told Caroline that Alameda could continue and repay the debts.”
Bankman-Fried’s criminal case is expected to continue until November, as Ellison and Singh will also testify against the former CEO. After Judge Lewis Kaplan revoked his bail in August, SBF will remain in prison.
Aside from all these confessions, SBF had already confessed to many of his crimes in interviews and Spaces sessions he gave last year. The sentence he will receive at the end of this trial and the regulatory obligations that US regulators will impose on cryptocurrency exchanges are eagerly awaited.
