Claim $500Sam Bankman-Fried Flying To Argentina? Here’s Why
Sam Bankman-Fried Argentina News: Following the potential exploit on crypto exchange FTX, outgoing CEO is reportedly flying to Argentina. Although the news of SBF’s travel to the South American country is not officially confirmed so far, reports suggested the same. Earlier, it was reported that the FTX and FTX US wallets were subject to an exploit involving token transfer of around $600 million. It is also suspected that some of the FTX employees are behind the hack.
The Bankruptcy Move
The news of $600 million hack comes hours after FTX’s announcement of deciding to go for voluntary chapter 11 bankruptcy. Also, Sam Bankman-Fried has resigned from the role of FTX chief executive officer. On Friday, the company said FTX and Alameda Research commenced the bankruptcy proceedings. The proceedings also include around 130 additional affiliated companies of FTX, it added.
Meanwhile, John J. Ray III has been appointed as the Chief Executive Officer of the FTX Group. The announcement also mentioned FTX employees across various countries would continue to work under the new CEO. Overall, the company said it aims to effectively administer its situation with respect to assets and liabilities in an organized process. As per bankruptcy laws, FTX will now get around 120 days to figure out how it wishes to take the next step forward. The focus would be on trying to find a way to return user assets as soon as possible, Sam Bankman-Fried reiterated in a tweet after stepping down.
Sam Bankman-Fried’s Next Move?
Earlier, reports suggested the FTX founder is currently working on a negotiation deal with the U.S. Securities and Exchange Commission. John Deaton, the XRP lawyer said SBF’s mother might have reached out to SEC chair Gary Gensler to negotiate a deal about FTX situation. Meanwhile, Bitcoin (BTC) price continues to trade below the $17,000 figure. As of writing, BTC price stands at $16,854, up 1.63% in the last 24 hours, according to price tracking platform CoinMarketCap.
Also Read: FTX Drainer Swapping Ethereum To Bitcoin; Will It Impact ETH Price?
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Trust Wallet Hack: Users Hit as Hacker Drains BTC, ETH, BNB
- Binance Founder CZ Reacts as BNB Chain Dominates Ethereum, Solana In This Metric
- Mike Novogratz Credits XRP Army for Token’s Relevance as ETFs Maintain Inflow Streak
- Aave DAO Saga Update: Majority Votes Against Token Alignment Proposal as Voting Nears End
- Trump-Linked USD1 Stablecoin Crosses $3B Market Cap After Binance Rolls Out 20% Yield
- Bitcoin Price on Edge as $24B Options Expire on Boxing Day — Is $80K About to Crack?
- Crypto Market Rebounds: Are Bulls Positioning for a Santa Rally?
- XRP, Bitcoin, Ethereum Price Predictions Ahead of Jan 2026 CLARITY Act and US Crypto Reserve Plans
- Pi Network Analysis: Pi Coin Price Surges on Christmas Eve, Can It Hit Year-End Highs?
- Why Dec 26th Is A Do Or Die for Bitcoin Price Ahead Of Record Options Expiry?
- Why Bitcoin, Ethereum And XRP Prices Are Down Today? (24 Dec)
