Since his bankruptcy filing, the crypto empire Sam Bankman-Fried presided over has been subject to embarrassing and damning revelations, and he is the target of multiple investigations. Here’s what we’ve learned about him
have already circled around these stuck depositors, offering to buy the rights to their money for pennies on the dollar, in the hope that they’ll be able to one day recoup the crypto for much more. The whole process is going to be complicated and likely painful, and even the people who were able to pull their money off the exchange may have some of their fundsFTX software had a very illegal-sounding back door for moving huge sums of money.
So why the secret back door? Bankman-Fried has so far explained that a mistake in internal labeling had led to customer deposits being used to fund his hedge fund. This is important when you’re trying to come up with a legal theory that lets you off the hook:. If a back door built into the company’s code is only known to or accessible by the top executive , it starts to get at something prosecutors really salivate over: intent.
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