U.S. prosecutors usually grind away in obscurity for months or years before unveiling a criminal indictment. Their case against FTX founder Sam Bankman-Fried came together in a matter of weeks.
Speed was of the essence for Manhattan U.S. Attorney Damian Williams, who unveiled criminal charges against the disgraced entrepreneur just over a month after FTX filed for bankruptcy. Bankman-Fried is now in jail in the Bahamas, where a judge denied him bail because of concerns that he is a flight risk.
In a news conference Tuesday, Williams claimed that Bankman-Fried scammed FTX customers and venture-capital backers out of billions of dollars in “one of the biggest financial frauds in American history.” The prosecutor has brought other large crypto cases, overseeing the seizure in November 2021 of stolen Bitcoin valued at US$3.36 billion. A Georgia man, James Zhong, pleaded guilty last month to wire fraud charges related to the theft.
Bankman-Fried’s recent words and actions may have given prosecutors enough ammunition to move so quickly. The 30-year-old publicly tried to explain away his culpability and apologize for losing US$8 billion in customer funds.
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