SBF

SBF, or Sam Bankman-Fried, was recently investigated for possibly breaking the law and disappointing his investors and customers at the bankrupt FTX. Federal prosecutors in Manhattan, according to sources, are preparing criminal charges.

Furthermore, US officials have contacted their counterparts in the Bahamas, where SBF is still hiding, to bring him to the US for questioning.

The Collapse of FTX and SBF

Sam Bankman-Fried, the founder and former CEO of the cryptocurrency exchange FTX, went from being one of the top 50 wealthiest Americans and a celebrity to being the face of the cryptocurrency crash. The decline of FTX was precipitated by a questionable report on the books of FTX’s sister company, Alameda Research.

Investors immediately withdrew their funds from FTX after discovering that at least $5.8 billion of Alameda’s assets were the exchange’s native token, FTT.

According to additional Wall Street Journal reports, Alameda Research executed bets with up to $10 billion in FTX client cash, which is unethical. SBF later admitted to trading with FTX client assets. As a result, the estimated net worth fell from $17 billion to less than $1 billion in a few days.

Furthermore, Bankman-Fried resigned as CEO on November 11, and Alameda Research, FTX, and FTX US declared bankruptcy. According to sources, SBF may have hidden some money from Alameda Research loans worth $2.7 billion or a stake he allegedly sold to investors.

SBF: FTX is Under Investigation

The SEC has already opened an investigation into FTX, FTX US, and Alameda Research, a company owned by Bankman-trading Fried. The Justice Department is also looking into the situation. Additionally, the Commodity Futures Trading Commission (CFTC) is investigating FTX.

On November 17, Senators Elizabeth Warren (D-MA) and Dick Durbin (D-IL) sent a letter to the newly appointed FTX CEO John Jay Ray III and the previous FTX CEO Sam Bankman-Fried, asking for information on the identified misappropriation of billions of dollars in client cash as well as other recent claims of unethical business practices.

On November 21, the US Senate Agriculture Committee stated that they will conduct a hearing on December 1 to investigate the unexpected collapse of FTX, one of the world’s largest cryptocurrency exchanges.

The last chapter of SBF’s increasingly weird drama has yet to be revealed. It means the continuing investigations in various jurisdictions will decide Sam Bankman-Fried’s possibility of receiving a prison sentence.

If SBF Goes to Prison Then Expect This Crypto to Be One of the Beneficiaries

The FTX crash was a complete disaster for the cryptocurrency markets, with billions of dollars’ worth of value draining overnight due to SBF’s irrational gambling at FTX. However, a community of investors believes they have discovered a solution to the volatility in the shape of a new cryptocurrency platform called Dash 2 Trade (D2T). New tokens like D2T have strong fundamentals ahead of their upcoming exchange launch.

The tax-free D2T token, launched as an ERC-20 token on the proof-of-stake (PoS) Ethereum network, powers the unique cryptocurrency ecosystem known as Dash 2 Trade. Regardless of the user’s level of market experience, it offers trading signals.

Additionally, the platform uses technical indicators like moving averages, bands, and volume indicators to support traders in their decision-making and enhance their risk management capabilities.

D2T is now in the third round of the presale, and 1 D2T is valued at $0.0513. Additionally, the cost will rise at each tier, reaching $0.0662 in the ninth and final stages. This token’s presale has collected more than $6.7 million. The project has also assured that it will list on the BitMart and LBank exchanges after the presale.

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