FTX is suing its CEO Sam, who was responsible for the exchange's downfall!!!!!!!!!
Friday
Date: 21 July 2023
Hello friends how are you all. Alhamdulillah I am fine with everyone's prayers. Hope you all are well.
Introduction – FTX has filed a lawsuit against the former CEO, Sam and several people who were with him for the downfall of cryptocurrency exchange. The exchange attempted to get back over $1 billion in unlawfully misused money. This news is great in my opinion. No fraudsters should go unpunished.
About the news - FTX received recognition for its attempts to gather money back. However, the new complaint indicates a change in strategy. It is now focusing on holding previous executives accountable for allegedly taking part in unlawful activities.
The file complaint on July 20, is accused at many people those who were involved directly or indirectly. Which include CEO Sam, co-founder Gary Wang, former director of technology Nishad and Caroline, co-chief executive of Alameda Research.source
What is in the complain - The exchange has filed a complaint misuse of people money. According to the complaint those money was spent for personal purposes. This involves purchasing luxury apartments, making political and aid contributions, making gambles as well as working on personal projects. None of these played a role in the company's development or success.
According to the complaint SBF and Wang traded $546 million in May 2022. The sale was performed from Alameda in order buy stocks in Robinhood. According to the complain They made false loans to Alameda. This was due to the fact that they did not require any kind of guarantee and offered rates of interest lower than typical business rates.
According to the complaint, Ellison was the sole individual who gave Alameda approval to extend these loans. Ellison has been accused of giving self $28.8 million in bonuses. She placed $10 million of the cash in an artificial intelligence business.
Conclusion – The FTX crush was the largest fraud activity in cryptocurrency history. Many people have been disinterested in cryptocurrency exchanges as a result of the occurrence. So fair justice must be maintained in order to reestablish people's trust.
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https://twitter.com/mdshamim1252/status/1682296503149420544?t=rfOsT0CqrUBDOK9-ZkvUEA&s=19
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