FTX transferred $2.2 bln to Bankman-Fried via related entities - unveiling more evidences against Bankman-Fried

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Former FTX Chief Executive Sam Bankman-FriedSource

Today's news is about FTX exchange company that collapsed in November last year and it'll contribute to the series of evidences that has sprang up against it's founder who is facing trial for his fraudulent activities with the crypto exchange companies.

Bankrupt cryptocurrency exchange FTX made transfers of about $2.2 billion to company founder Sam Bankman-Fried through related entities, the company's new management said.

Overall more than $3.2 billion was transferred through payments and loans to company founders and key employees, FTX said in a statement on Wednesday.

These transactions have been linked to Alameda Research hedge fund and it's disclosures was retrieved from the filing schedules and statements of financial affairs with the bankruptcy court.

FTX exchange which is finding it difficult to pay customer's money, making such a huge transfers to it's founder's account is completely illegal and fraudulent. This to me, places Sam Bankman-Fried as guilty as charged by the prosecutors.

The crypto exchange said the transfers did not include over $240 million spent to purchase luxury property in the Bahamas, political and charitable donations made directly by the FTX debtors, and substantial transfers to non-debtor units in the Bahamas and other jurisdictions.

FTX filed for bankruptcy protection in November, saying it was unable to completely repay customers who had deposited funds on its exchange. FTX's new CEO, John Ray, has said his top priority was recovering assets to repay FTX customers.

It was disclosed that most these funds were used to acquire luxury homes in the Bahamas and also used to fund his political ambitions and popularity in Washington DC.

Even with the evidences presented against Sam Bankman-Fried, he still denied any wrongdoing to the court. This is very miss-leading and might increase his jail term if the decisions goes against him.

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