Sam Bankman-Fried allegedly directed FTX employees to manipulate the price of the crypto token associated with his exchange, FTT, according to the U.S. Securities and Exchange Commission.
of dollars from FTX in early November, which precipitated the company's collapse and exposure of alleged fraud by Bankman-Fried and others.FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison, contains a section titled: "Alameda Manipulated the Market Price of FTT and, as a Result, Further Inflated the Value of Its Collateral."
The SEC argues this is under its purview as a security regulator by explaining how FTT was sold as an investment contract, detailing how early buyers were convinced to expect FTT to rise in value because of the work FTX would do. FTT was sold for between $0.10 and $0.80 around the time of its July 2019 launch. It sold for around $23 beforeIt alleges instances in 2019 and 2021 when Bankman-Fried directed Ellison to make purchases of FTT in order to support the token's price.After the CoinDesk story, Binance CEO Changpeng Zhao indicated that he would start selling FTT his company had received in order to buy back Binance's equity stake in FTX.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTX co-founder Gary Wang, ex-Alameda CEO Caroline Ellison plead guilty to federal chargesOn the same day that that the Bahamas extradited FTX co-founder and former CEO Sam Bankman-Fried to the U.S. to face criminal charges, two former executives at FTX and Alameda Research pleaded guilty Wednesday to federal fraud charges.
Read more »
FTX co-founder and former CEO at Alameda Research plead guilty to fraudThe charges and guilty pleas of Caroline Ellison and Gary Wang were announced as a U.S. attorney said Samuel Bankman-Fried was in FBI custody en route to the U.S.
Read more »
FTX Co-Founder, Former Alameda Research CEO Both Plead Guilty to Federal ChargesBREAKING Federal charges have been filed against Caroline Ellison, the former CEO of Alameda Research, and Gary Wang, the co-founder of FTX, for their roles that contributed to the crypto currency exchange’s collapse, prosecutors announced
Read more »
FTX co-founder and Alameda Research CEO plead guilty to federal chargesTwo prominent executives embroiled in the FTX scandal pleaded guilty to federal charges, the top prosecutor for the Southern District of New York announced Wednesday.
Read more »
A FTX co-founder and the former CEO at Alameda Research plead guilty to fraudFTX co-founder Gary Wang and former Alameda Research co-CEO Caroline Ellison both plead guilty to federal charges and are cooperating with prosecutors.
Read more »
FTX, Alameda execs plead guilty to fraud charges: Community respondsInternet detective Coffeezilla said that even though they are apart, Bankman-Fried's partners found a way to 'screw him one last time.'
Read more »