FTX Chief Executive Is Earning $1,300 Per Hour

  • Criminal accusations against Bankman-Fried were revealed one month after news about the commingling of funds between FTX and Alameda Research became public, causing a liquidity crisis as users rushed to withdraw funds.
  • He was charged this week by the Securities and Exchange Commission with fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering.
  • “We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto,” SEC Chair Gary Gensler remarked in a press release.