BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

FTX Prosecutors Warn Case Could Consume Hundreds of Millions of Dollars

by Chiwuike Owunwa
Jan 10, 2023 - 12:00 am
in Blockchain
FTX Prosecutors Warn Case Could Consume Hundreds of Millions of Dollars

On Monday, 9th of January 2023, Charles Gasparino, a senior correspondent at FOX Business Network posted on Twitter about prosecutors claiming the FTX case is too big to handle.

BREAKING: Prosecutors are telling lawyers connected to @SBF_FTX fraud investigation the case is so sprawling that it could exhaust resources of the southern district since it includes potential bribery, campaign contribution violations, market manipulation on top of theft & fraud

— Charles Gasparino (@CGasparino) January 9, 2023

Gasparino’s tweet in connection to the FTX fraud investigation, broke the news that prosecutors are saying that the case could very well exhaust the hundreds of millions of dollars in resources of the entire southern district of New York.

There are speculations that the criminal investigation into the fraud committed by the FTX exchange and its CEO could be a lot more complex than lawmakers anticipated.

According to Charles Gasparinos, Federal prosecutors involved in the FTX investigation have reportedly told lawyers that the intricacies of the case are so widespread. It involves potential bribery, campaign contribution violations, market manipulation as well as theft, and fraud.

The United States department of justice is investigating the hundreds of millions of dollars worth of cryptocurrency taken in unauthorized transactions from FTX and the CEO Sam Bankman-Fried has been hit with eight criminal charges in the early months of December including money laundering and wire fraud.

The US District Court for the Southern District of New York was established in the late 18th century and has been the home of the country’s most important terrorism and white-collar crime trials.

If Garaspinos sources are right, the FTX investigation and trial could become the most complex endeavor the court has embarked on so far. Many believe that SBF’s campaign contribution violations could be a contributing factor to the elements taking up the majority of the court’s resources.

Court filings reveal that SBF has been charged with illegally contributing “tens of millions of dollars” to candidates and campaigns in the U.S.

Damian Williams, U.S. Attorney for the SDNY, said that the donations were disguised to look like they were coming from wealthy co-conspirators, but that they were funded by Alameda Research with stolen customer money.

None of the lawyers or prosecutors involved with the FTX investigation have confirmed these rumors, the SDNY has also remained silent on the issue.

The latest developments have led some to speculate that the so-called investigation isn’t being funded at all and is more likely to disappear, which means the case will be dropped since it is so extensive they have neither the funding nor manpower, which some refer to as a convenient set of events.

Tags: FraudFTXSBF
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

Related Posts

Close-up of Tether's ToS document with highlighted changes related to Singaporean customers.

Tether Restricts USDT Redemption for Certain Singapore Groups: Impacts and Implications

September 25, 2023

Tether, the stablecoin giant, has shifted its ToS, barring certain Singapore entities from redeeming USDT. Cake DeFi's CEO...

Blockchain investigator ZachXBT reviewing a controversial Gotbit document.

Blockchain Investigator ZachXBT Exposes Gotbit’s Controversial Services

September 25, 2023

Blockchain investigator, ZachXBT, takes aim at Gotbit over a leaked report, unveiling potentially manipulative services in the crypto...

Graphic representation of Mixin Network with alert signs indicating system vulnerabilities.

Mixin Network Hack Drains $200M from Mainnet Assets

September 25, 2023

Decentralized peer-to-peer platform, Mixin Network, confirms an approximately $200 million crypto asset loss following a security compromise.

Illustration of Google Cloud's BigQuery connecting with multiple blockchain symbols.

Google Cloud’s BigQuery Encompasses 11 More Blockchains: An Inclusive Cryptocurrency Landscape

September 25, 2023

Google Cloud’s BigQuery now integrates with 11 blockchains, enhancing the scope of crypto analytics and offering a deeper...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise