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Sam Bankman-Fried Latest News: Following the collapse of crypto exchange FTX, Sam Bankman-Fried continues to receive criticism over his style of functioning. The FTX founder went silent after he was replaced as the CEO of the company. SBF stepped down from the role as the company initiated chapter 11 bankruptcy proceedings. The FTX Group, which includes the exchange and Alameda Research, faced massive liquidity crunch.
‘Sam Bankman-Fried Worked His Way Through Charm’
In the wake of a shock collapse of FTX and the bloodbath with crypto crash, many industry experts are criticizing SBF. Meanwhile, Bill George, former CEO of Medtronic, said Sam Bankman-Fried was overhyped due to his charm. Speaking at a Yahoo event, he said SBF got “caught up with how great he was.” He added that the 30-year-old FTX CEO who really has not really created anything. George also warned retail crypto investors against blindly believing in upcoming market leaders.
“SBF got caught up with how great he was. And I don’t think he was ever there. I’ve not seen the performance at all. This is a young guy who really hasn’t created anything — and he charmed a lot of people.”
SBF Criminal Charges
Earlier, legal authorities in New York initiated action against SBF over charges of defrauding customers. The office of Manhattan US attorney is preparing criminal charges against SBF and his crypto exchange. The office is likely probing the alleged diversion of funds between FTX and Alameda Research. This is in addition to the ongoing probe by the U.S. Securities and Exchange Commission on FTX US’ handling of user funds. Meanwhile, the chapter 11 bankruptcy proceedings for FTX are underway.
Meanwhile, the Bahamas authorities are set to collect reimbursements for expenses it incurred due to the regulatory work it did on FTX operation. In a latest development, the Securities Commission of The Bahamas said it secured an order from the Supreme Court to receive the reimbursements from FTX.
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