FTX thief cashes out millions during Bankman-Fried trial (www.bbc.co.uk)
from L4s@lemmy.world to technology@lemmy.world on 13 Oct 2023 22:00
https://lemmy.world/post/6764729

FTX thief cashes out millions during Bankman-Fried trial::Chunks of the stolen $470m in cryptocurrency have been laundered every day since the trial began.

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autotldr@lemmings.world on 13 Oct 2023 22:00 next collapse

This is the best summary I could come up with:

FTX was once one of the biggest exchange platforms in the world allowing crypto investors to buy, trade and store digital currencies.

Mr Bankman-Fried is pleading not guilty to misusing customer funds and money laundering while bankruptcy lawyers are trying to locate the missing billions.

No one knows how the thief - or thieves - was able to get digital keys to FTX crypto wallets, but it is thought it was either an insider or a hacker who was able to steal the information.

Without using a mixing service to hide the illicit origins of their Bitcoin, criminals risk being caught or having their funds seized by cryptocurrency exchanges.

The rest of the stolen FTX stash - around $230m - remained untouched until 30 September - the weekend before Mr Bankman-Fried’s trial began.

Panorama explores the breakneck rise and sensational fall of Sam Bankman-Fried, the maths genius who set out to transform the world of crypto but ended up being its biggest loser.

The original article contains 620 words, the summary contains 163 words. Saved 74%. I’m a bot and I’m open source!

db2@sopuli.xyz on 13 Oct 2023 22:14 next collapse

Where’s the money for his lawyer coming from? Just saying.

cheese_greater@lemmy.world on 13 Oct 2023 23:53 collapse

Prolly laundered thru his parents.

ArghZombies@lemmy.world on 14 Oct 2023 12:57 collapse

Love the nominative determinism at play here for Mr Bankman-Fried.