Changpeng Zhao was sentenced to 4 months in prison
Sam Bankman-Fried, the CEO of FTX, a cryptocurrency exchange in the US, was sentenced to 25 years in prison on Friday for violating sanctions against Iran. FTX’s parent company Binance allowed sanctions violations of over $898 million and “violated US law on an unprecedented scale”, the US government said. Prosecutors asked the judge to sentence him to three years in prison.
The $8 billion went nowhere
FTX Founder Sam Bankman-Fried told a jury during his trial that the company did not have a chief risk officer, adding that they did not have a chief financial officer. Bankman-Fried is facing charges of masterminding the fraud of around $8 billion worth of customer funds. During his testimony, Bankman-Fried also said the company did not borrow money from the Bahamas.
She is the biggest witness against Sam Bankman-Fried
Former girlfriend of FTX’s Founder Sam Bankman-Fried, Caroline Ellison, has said that he directed her to commit crimes against FTX. She added that Bankman-Fried directed her to put the coins on the balance sheets FTX showed to lenders even though she felt it was “somewhat misleading”. Ellison also said that Bankman-Fried instructed her to manipulate spreadsheets to make FTX’s financial picture look more favourable.