2023-11-05 19:30:00
Crypto king Sam Bankmanifred (31), who quickly became the world’s richest man, went to jail. Legal experts say that a 20-year prison sentence awaits him. He will be sentenced on March 28 next year. A New York court found him guilty following a month-long trial.
One of the world’s largest cryptocurrency exchanges (FTX) was run by IFRED. FTX was a company valued at Rs 2.66 lakh crore. After the bankruptcy of Fried, it was revealed that Rs 66,512 crore of the company was missing. This is believed to have been stolen by Fried.
Fried suffered a setback in the court because the faithful did not stand by him. Three of his close friends and colleagues, including ex-girlfriend Caroline Ellison, pleaded guilty in court. Their move was in the hope of reducing their own punishment.
In 2019, he founded a crypto exchange called FTX. Growth was rapid. It took just four years to grow FTX into a company with 10 lakh users and 1 lakh crore investment. FTX’s main job was buying and trading cryptocurrencies like Bitcoin. FTX has managed to gain the trust of people in a short period of time. The media waited months for his interview. The whole world listened to his words in search of the secret of success within thirty years. He has been heralded as the main face of crypto awareness. He got 10 lakh Twitter followers in a short period of time. Alfred has become a major funder of even the ruling Democratic Party in the US.
However, the world realized late that behind the fame lies the tears of investors. He transferred the investments to another company without anyone’s knowledge.
His response when he found out regarding the fraud was that he was not going anywhere and that it was natural to feel tired. Finally Fried disappeared.
Bankman Eifred was born in 1992 as the son of Stanford Law School professors Barbara Eifred and Joseph Bankman. The bankman, who belonged to a Jewish family, was born and raised in the midst of money. It didn’t take long for the bankman to learn all regarding the stock market and crypto trading like a breeze. It was later used for fraud.
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