Sam 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?