FTX Fraud To Land SBF In Jail Soon?: Justice Department Motion

Sam Bankman-Fried SBF FTX News: Amid demands for thorough investigation into the FTX collapse under Sam Bankman-Fried‘s leadership, the U.S. Department of Justice called for granting such a probe. In a motion filed on Thursday, the department requested the court for an order directing the appointment of an examiner for an investigation. The motion also mentioned that there was evidence to suggest FTX was involved in fraudulent conduct.

Also Read: “Why Doesn’t Tether Publish USDT Reserves” : Founder Responds

SBF Fraud Probe To Lead To Jail Term?

The department’s calls come amid widespread demands for jailing the FTX founder as the crypto exchange goes through a liquidity crisis. Recently, crypto industry experts like the XRP lawyer predicted that SBF would likely go to jail. He said it was only a matter of time before SBF gets arrested. John Deaton said that the offence committed by FTX counts as theft. Stating that more specific evidence was needed, he said there is a lot of evidence already to jail SBF.

The justice department’s motion suggested that an internal probe may be ordered to look into allegations of fraud. There is substantial basis to believe that Sam Bankman-Fried and other managers mismanaged the debtors or
engaged in fraudulent conduct, it said. The department sought for authorizing an examiner to investigate such
allegations. The motion further said,

“An examination is preferable to an internal investigation under the facts of these cases because the findings and conclusions of the examination will be public and transparent, which is especially important because of the wider implications that FTX’s collapse may have for the crypto industry.”

Also Read: FTX Japan Might Soon Allow Fund Withdrawals to Its Clients

Meanwhile, the crypto prices are yet to recover from the crypto crash that entailed the FTX collapse in November 2022. As of writing, Bitcoi (BTC) price stands at $16,948, down 0.74% in the last 24 hours, according to price tracking platform CoinMarketCap.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.