Bankman-Fried: 'FTX has enough to cover all client holdings. We don't invest client assets.'
Made 2022-11-07 · Audience: Customers
The promise
“FTX has enough to cover all client holdings. We don't invest client assets (even in treasuries). We have been processing all withdrawals, and will continue to be.”
Four days after this public assurance, FTX filed for bankruptcy. Bankman-Fried was subsequently convicted on seven counts of fraud and conspiracy after evidence showed customer funds had been routed to his hedge fund Alameda Research.
What actually happened (2 sourced violations)
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#1
2022-11-11
4 days later
primary evidence
FTX files for Chapter 11 bankruptcy; Bankman-Fried resigns as CEO.
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#2
2024-03-28
507 days later
primary evidence
Bankman-Fried convicted on all seven counts of fraud and conspiracy; sentenced to 25 years in prison.
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