Tips:
- John J. Ray III, the new CEO of FTX says he will pay back customers, WSJ report
- SEC charges Sam-Bankman Fried for defrauding investors with the FTX trading platform
- The bankrupt billionaire is currently on bail, granted by US Court with a $250 million fine
The New FTX CEO John J. Ray III recently announced he might restart the exchange again. A new light of hope shines as WSJ reported that he’s working to return funds to its creditors and customers. The trading platform will be back in business soon.
This is good news for all investors whose assets are stuck in FTX, since its collapse back in November 2022.
Following the announcement, Bankman came on Twitter to claim that FTX is solvent and will pay back its customers. Whether the trading platform reboots or not, SBF isn’t getting out of the shackles of the SEC.
The US Securities and Exchange Commission (SEC) has charged him with defrauding investors.
In a new press release, the commission stated that SBF
“concealed his diversion of FTX customer funds to crypto trading firm Alameda Research while raising more than $1.8 billion from investors.”
He raised funds through false advertising and pretenses and then unlawfully used that money for “undisclosed venture investments, lavish real estate purchases, and large political donations.”
As SBF faces the US court for months, the customers can finally recover their funds if the new CEO, who is the former SEC accountant, manages to recover them back.
