The Securities and Exchange Commission has finally filed its official charges against Samuel Bankman-Fried. However, this is about all his fraudulent acts now under the SEC’s scanner. The charges state that he had fraudulently managed to divert the FTX customers’ funds right to that of Almeda Research, which happens to be a crypto trading firm, and cleverly concealed the fact.
Through this, he was able to raise for himself an excessive amount of $1.8 billion from all of his known investors. It, till now, seemed to have been just a bit of smoke. However, the scenario date has surely changed, with more and more skeletons toppling out of the cupboard.
As per information from reliable sources at the SEC, the entire structure built by Sam Bankman had been based on complete fraud and deceit. In a way, in their opinion, this case has been like an awakening call for them.
Here, they are getting into the habit of scrutinizing other crypto-based platforms as they had never done before. The idea for them is not to let any other case scenario snowball into something so huge and unmanageable. Their game plan is to nip such arising cases in the bud.