24/7 Cryptocurrency News

SBF Built A House Of Cards, Says SEC Chair

Garry Gensler said "SBF built a house of cards while telling investors that it was one of the safest buildings in crypto."
Published by
SBF Built A House Of Cards, Says SEC Chair

The Securities and Exchange Commission, chairperson, Gary Gensler charged FTX’s former CEO Sam Bankman Fried with indulging in fraudulent activity. Garry Gensler slams SBF over defrauding customers and said “Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto.”

Advertisement

SBF uses customer funds for real estate purchases

As per the accusation, former FTX founder SBF concealed information about the company’s money-mixing practices with Alameda Research, the “special treatment” accorded to Alameda, and the use of client cash for business ventures, political contributions, and “lavish real estate purchases.”

Advertisement

SEC chairman calls SBF’s fraud a wake-up call

SEC Chairman also targets other crypto exchanges and calls SBF‘s fraud a wake-up call. In addition to this, he also urges other crypto firms to comply with laws. He also highlighted the importance of compliance by mentioning that it will protect both those who invest on and those who invest in crypto platforms.

Notably, after the arrest of the FTX co-founder Senator, the attorney general of the Bahamas Sen. Ryan Pinder KC stated that US government is “likely” to request Sam Bankman-extradition.

Notably, the US and the Bahamas government have an extradition agreement according to which suspects who face accusations would be punishable by more than a year in jail in either nation may be sent back to US.

 

Advertisement

Share
Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025
  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025
  • 24/7 Cryptocurrency News

Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…

October 4, 2025
  • 24/7 Cryptocurrency News

‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications

Nate Geraci, president of Novadius Wealth Management, has predicted that several crypto ETF filings could…

October 4, 2025
  • Bitcoin News

Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model

Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move…

October 4, 2025
  • Bitcoin News

Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH

The Bitcoin ETFs have seen a huge turnaround this week, recording their largest weekly inflows…

October 4, 2025