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FTX hides $8 billion loss in secret account

Sam Bankman-Fried was extradited from the Bahamas to the United States. After posting a million dollar bail, he moved in with his parents. | Fountain: AFP | Photographer: Ed Jones

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Sam Bankman-Fried (SBF) is no longer considered the genius of the world cryptocurrencies person caught wire fraud, money laundering and more after a fall FTXwhich means a loss of billions of dollars.

As part of the investigation FTXit becomes known how Bankman-Fried and his closest associates hid the losses of the company.

FTX: How did you hide the $8 billion loss?

Initially, FTX borrowed billions of dollars from his clients’ accounts Alameda Researchinvestment company SBF.

Alameda Research he eventually lost money after failed trades.

SBF has been on the cover of Fortune and Forbes.
SBF has been on the cover of Fortune and Forbes. | Fountain: Fortune/Forbes

Sam Bankman-Fried decided to hide the losses by instructing FTX executives to transfer the lost $8 billion to an account in FTXexplains the Commodity Futures Trading Commission (CFTC).

SBF he even gave it a nickname: “our Korean friend’s account” or “weird Korean account”. Although it was a corporate account, it was not created using corporate email and could not be deleted. All to hide FTX’s losses.

The Future of Sam Bankman-Fried

SBF on Thursday, he was released on bail after paying $250 million.

He faces eight charges, including conspiracy and violation of the election finance law.

A 30-year-old businessman could face up to 115 years in prison.

Source: RPP

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