FTX’s Sam Bankman-Fried Tried To Take Back Control Of The Failed Crypto Exchange

  • Cryptocurrency exchange under siege FTX Founder Sam Bankman-Fried tried to stave off bankruptcy proceedings in the US in November in order to transfer assets from his crypto exchange to foreign regulators.

  • According to federal prosecutors, Bankman-Fried expects lenient treatment from foreign regulators, eventually allowing him to regain control of FTX.

  • Last month, the Manhattan US attorney’s office charged Mr. Bankman-Fried with stealing billions of dollars from FTX customers and defrauding investors.

  • Earlier this month, FTX recovered more than $5 billion in cash and other liquid assets. However, the amount of customer damages is yet to be ascertained, an attorney for FTX told a US bankruptcy court.

  • Last week, Mr. Bankman-Fried’s attorneys asked the judge to remove bail conditions that barred him from accessing assets held by FTX and his Alameda investment firm, the Wall Street Journal. write.

  • “We are extremely grateful for what the Bahamas has done for us and are deeply committed to it,” prosecutors Bankman-Fried wrote in the letter. “We are also deeply sorry for this mess.”

  • Most recently, FTX and its associated debtors asked the United States Bankruptcy Court in the District of Delaware to exclude two of its Turkish subsidiaries, FTX Turkey and SNG Investments, from the list. bankruptcy case in progress.

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