US Attorney's Office takes FTX to the next level

The U.S. Attorney's Office, which is responsible for law enforcement in the Southern District of New York, has decided to step up its efforts to deal with the top management of the American cryptocurrency exchange FTX, which has crashed. Representatives of state bodies said that they have created a task force that will investigate the case of the Sam Bankman-Freed exchange and search for missing funds.

The task force, on whose shoulders an important and extremely difficult task will fall, will be called SDNY FTX and will focus all its resources on completing the ongoing case.

The Task Force will include senior lawyers from the Securities and Commodity Fraud, Public Corruption, Money Laundering and International Crime Units. U.S. Attorney Damian Williams spoke about this. He is also part-time and is in the role of a federal prosecutor in the case against FTX.

The accusations against Sam Bankman-Freed contain several heavy points:

• electronic and securities fraud
• conspiracy to commit electronic and securities fraud
• laundering of money
• violation of campaign finance laws

The search team will track and locate funds in order to return lost billions of dollars to clients. The new management of FTX also made attempts to search, but this did not bring results.

To achieve the goal, John Ray III decided to contact the AlixPartners consulting company so that they would try to find money or other assets through which the FTX top management could pass their funds and launder.

Sam Bankman-Freed was taken into custody in the Bahamas. At first, his lawyer asked for the accused to be released on bail. The latter was offered $250,000, but lead judge Analisa Torres denied the request. Later, the defendant changed strategy and his lawyer offered 1,000 times more and the court allowed Sam Bankman-Freed to be released on $250,000,000 bail.

The SBF is under house arrest and is still refusing to plead guilty during the investigation. He proves to everyone that he was not involved in fraud and deception of investors. Bankman-Fried previously claimed that he probably knows who is behind the embezzlement of funds. In his opinion, it was a group of 8 people who conspired to carry out fraud. The SBF also reported that it was conducting its own investigation and was close to uncovering the group of individuals who carried out the fraud.

Journalists also noticed Sam Bankman-Fried meeting with Michael Lewis, who once made a film about trading called “Big Short”. The community immediately hypothesized that the SBF would try to whitewash its name by making a pretty picture of itself. Experts from the world of the cryptocurrency industry recommended that Lewis, in order to broaden his horizons and understand things, communicate with other representatives of the digital asset sector and only then think about filming a film about FTX.