$ 300 million embezzled - Sam Bankman-Fried released by his lawyer - SIMPLYSHAN.COM

$ 300 million embezzled – Sam Bankman-Fried released by his lawyer

New revelations about Sam Bankman-Fried – For nearly two weeks now, theFTX case never stops spilling ink. Bankruptcy, embezzlement of client funds, toxic behavior on social networks, Sam Bankman-Fried, aka SBF, went from hero to zero in a matter of days. The new revelations this weekend are yet another unfortunate example.

SBF the king of the Ponzi: millions of dollars embezzled

Our colleagues from the Wall Street Journal (WSJ), told us this at the end of last week. SBF would have cashed $300 million on his behalf on a fundraiser of $420 million carried out by FTX in October 2021 with around sixty investors.

Whereas John Ray’s first balance sheetsnew CEO of FTX, reveal serious failings in the management of client funds and the troubled relationship between Alameda and FTX, this news continues to plague Sam Bankman-Fried.

Indeed, Bankman-Fried had at that time stated that it was a refund of the money he had spent on the redemption of FTX shares from Binance. However, it would seem, on reading the new documents revealed by the WSJ, that this is not the case.

In this nauseating atmosphere, tinged with embezzlement and embezzlement, the lawyers of Sam Bankman-Fried have decided to stop their collaboration.

Sam Bankman-Fried
Sam Bankman-Fried, former CEO of FTX

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Sam Bankman Fried Overripe Is Dumped By His Lawyers

As overwhelming evidence mounts, the behavior of Sam Bankman-Fried on Twitter creates, according to SBF lawyers, a conflict of interest preventing them from defending their client.

Indeed, messages, “ incessant and disruptive tweets on Twitter, interviews in which SBF makes provocative remarks are so many bad points that add to the long list of SBF faults. Also, the office Paul Weissdirected by Martin Flumenbaum expresses in these words the end of its collaboration with SBF:

“We informed Mr. Bankman-Fried several days ago after FTX filed for bankruptcy that conflicts arose which prevented us from representing it. »

Source: Bloomberg Law

Moreover, the lawyers deplore, like John Ray, no accountingand therefore opaque which would complicate their work.

Until a while ago, Sam Bankman-Fried seemed like the man who didn’t fear the crypto winter. The latest revelations that emerged this weekend continue to prove otherwise. The coming week still awaits announcements, in particular from the bahamian regulators and Americans.

The events of the past week and the bankruptcy of FTX are there to remind us that we must remain cautious in this still very young ecosystem. Get into the habit of healthy distrust. To buy your cryptocurrencies, sign up now on Bitget and start getting acquainted with the exciting world of blockchain technology (commercial link).

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