'Old-fashioned embezzlement': FTX CEO testifies to Congress; founder Sam Bankman-Fried arrested
He raised more than $1.8 billion from investors who believed his FTX Trading Ltd. platform had appropriate controls and risk management measures, the SEC said.
"We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto," SEC Chair Gary Gensler said in a statement issued with The plunge prompted lenders to Bankman-Fried's privately-held crypto hedge fund, Alameda Research LLC, sought repayment on billions of dollars of loans. Alameda had already received billions of dollars in FTX investor assets by that point, but nonetheless was unable to meet the repayment demands, the court complaint said.
The web had Bankman-Fried at its top, and Alameda Research, his cryptocurrency hedge fund, at its center. In multiple public statements, he branded himself and his companies as"honest stewards of crypto," the court complaint said. But the reality was different.
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