- FTX co-founder Gary Wang has launched a legal filing which claimed founder Sam Bankham-Friend used ‘unauthorized access’ to move digital assets
- The documents state that he was directed to access the systems by Bahamian regulators
- SEC chair Gary Gensler is under scrutiny over his failure to prevent the implosion of FTX
- New CEO John J. Ray III, a veteran lawyer who’s guiding the company through its bankruptcy, said the situation at FTX was ‘unprecedented’
- The motion states that Bankham-Freid’s conduct puts the Bahamian regulator’s request for recognition as liquidators in the bankruptcy in ‘serious question’
FTX lodged the motion in the US Bankruptcy Court in Delaware, saying Bankham-Freid’s alleged conduct puts the Bahamian regulator’s request for recognition as liquidators in the bankruptcy in ‘serious question.’
The founder of the failed crypto platform, whose collapse has cost consumers billions of dollars, admitted his efforts to appear moral during the company’s heyday were a ‘dumb game we woke Westerners play’.
“For the love of money is a root of all kinds of evil, for which some have strayed from the faith in their greediness, and pierced themselves through with many sorrows.” 1 Timothy 6:10
He sensationally said blame for the disaster at FTX lay with Alameda Research, the trading firm that he founded in 2017 and was run by his on-off lover, Harry Potter enthusiast Caroline Ellison.
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