Buy PresaleFTX Task Force Formed To Speed Up Recovery of Customer Funds
On Tuesday, January 3, the Manhattan U.S. Attorney’s Office announced forming of an FTX Task Force which will dedicatedly focus on all investigations and charges faced by the company. The goal of the special task force formation is to locate and recover the assets of victims from the exchange’s collapse.
This development came as the disgraced FTX founder appeared in the Manhattan District Court for pleading not guilty in his criminal case. Sam Bankmna-Fried’s trial has been set up for trial later this year on October 2, 2023. SBF has been accused of financial fraud and conducting multiple financial offenses and could face 115 years of prison.
SBF is currently on a $250 million bail bond but under house arrest at his parent’s home. Along with SBF, FTX co-founder Gary Wang and Caroline Ellison, the former CEO of Alameda, are also facing multiple charges. In a statement on Tuesday, Manhattan U.S. Attorney Damian Williams said:
“The Southern District of New York is working around the clock to respond to the implosion of FTX. We are launching the SDNY FTX Task Force to ensure that this urgent work continues, powered by all of SDNY’s resources and expertise, until justice is done”.
The FTX Task Force
The task force formed by the Manhattan District Court will involve attorneys from Money Laundering, Securities and Commodities Fraud, Transnational Criminal Enterprises departments, and Public Corruption. Andrea Griswold, Williams’ senior deputy will be leading this task force.
According to the estimates of the Securities and Exchange Commission (SEC), customers have reportedly lost $8 billion with the collapse of FTX and Alameda Research.
Bankman-Fried’s hedge fund Alameda Research had a highly concentrated stake in FTX’s native crypto FTT tokens. They used this as collateral to grant billions in loans. As things got exposed, Binance announced that they would sell their stake in FTT, causing a large outflow of capital. FTX finally announced bankruptcy in mid-November 2022.
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- USDT And USAT Get Adoption Boost as Tether Invests in Whop for Faster Settlements
- BTC Price Rises as U.S. Plans to Hold Trump Tariffs on China Steady
- Crypto Market Soars on Rumors of Trump’s 0% Tax Policy for Digital Assets
- Hong Kong Set to Launch Tokenized Bond Platform and Issue First Stablecoin Licenses
- US Senator Launches Probe Into Binance After Fortune Report on Sanctions Violations
- COIN Stock Price Prediction as Wall Street Pros Forecast a 62% Surge
- Cardano Price Signals Rebound as Whales Accumulate 819M ADA
- Sui Price Eyes Recovery as Third Spot SUI ETF Debuts on Nasdaq
- Pi Network Price Eyes a 30% Jump as Migrations Jumps to 16M
- Will Ethereum Price Dip to $1,500 as Vitalik Buterin Continues Selling ETH?
- XRP Price Outlook as Clarity Act Passage Odds Plunge to 53%
