Following the arrest of FTX’s Sam Bankman-Fried, news has just arrived that SBF has been charged with eight criminal violations including wire fraud, money laundering, and illegal political campaign contributions.
On top of the criminal charges, the Securities and Exchange Commission and U.S. prosecutors alleged that SBF willingly knew of the shady practices going on and intentionally hid information from investors all the while using their contributions to purchase luxury properties in the Bahamas while funneling money into Alameda Research.
According to Nicholas Biase, a spokesperson for U.S. prosecutors, if Sam Bankman-Fried is booked for his charges, he could face up to 115 years in prison.
In other crypto news, Binance saw $8.7 billion USD in crypto withdrawals this past week.
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