In this post we talk about FTX founder Sam Bankman-Fried as a "pathological liar" who mislead the public, according to a legislator. we hope you will like this post.
FTX founder Sam Bankman-Fried is a Pathological Liar - Crypto News 24 Pro
- Sam Bankman-Fried, according to Congressman Ritchie Torres, is a "pathological liar."
- According to Torres, the disgraced founder "misled the public" when he stated FTX had adequate funds to satisfy its creditors.
- The venomous remarks came only two days after the disgraced founder was detained in the Bahamas.
Congressman Ritchie Torres called Sam Bankman-Fried a "pathological liar" after he mismanaged billions of dollars in client payments. Torres said that the disgraced founder "misled the public" when he declared that FTX had adequate funds to satisfy its liabilities.
"There is evidence to imply this much," Torres, a member of the House Financial Services Committee, said in an interview with Coindesk TV. "He lied because FTX did not have the liquidity to repay all of the client deposits after the crash, or even before it."
The exchange declared bankruptcy last month after losing $8 billion in client deposits. Following the publication of a Coindesk investigation revealing that FTX's native FTT coin was being used to prop up Bankman-quant Fried's trading business Alameda Research, the erstwhile millionaire turned to Twitter to assuage insolvency fears.
Torres claims that Bankman-Fried has made "contradictory assertions" in the past.
"FTX is acceptable. Assets are acceptable "Bankman-Fried stated in a now-deleted tweet on November 7. "It's highly controlled, even if it slows us down. We have GAAP audits and more than $1 billion in surplus cash. We have a long history of protecting customer assets, and this is still true today."
A number of reports have now emerged claiming that Bankman-Fried deliberately utilised client monies to make dangerous wagers via Alameda and even allegedly had a secret group conversation dubbed "Wire Fraud" by FTX personnel. The former Jane Street trader and MIT graduate has blamed his problems on accounting errors, claiming that he did not knowingly commit fraud or misappropriate money.
On Monday night, Bankman-Fried was detained in the Bahamas on multiple allegations.
"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," Securities and Exchange Commission Chairman Gary Gensler said in a Tuesday statement.
Congressman Torres got $2,900 in "unsolicited gifts" from Bankman-Fried, making him one of many congressmen to receive contributions from the executive. According to the New York Democrat, the funds will be donated to a local charity.
"I have very few links to him," Torres said of Bankman-Fried.
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