Two associates of Sam Bankman-Fried have pleaded guilty to charges linked to the collapse of crypto exchange FTX, a prosecutor says. The pleas were revealed as Bankman-Fried was being flown to the U.S. from the Bahamas to face charges in FTX’s implosion.
and hid its problems from the public and investors. The Securities and Exchange Commission said Bankman-Fried illegally used investors’ money to buy real estate on behalf of himself and his family.Bankman-Fried was denied bail Friday after a Bahamian judge ruled that he posed a flight risk.
Once he’s back in the U.S., Bankman-Fried’s attorney will be able to request that he be released on bail.Bankman-Fried was one of the world’s wealthiest people on paper, with an estimated net worth of $32 billion. He was a prominent personality in Washington, donating millions of dollars toward mostly left-leaning political causes and Democratic political campaigns. FTX grew to become the second-largest cryptocurrency exchange in the world.
He has said that he did not “knowingly” misuse customers’ funds, and said he believes his millions of angry customers will eventually be made whole. At a congressional hearing last week, the new FTX CEO John Ray III, who is tasked with taking the company through bankruptcy, bluntly disputed those assertions: “We will never get all these assets back,” Ray said.
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