FTX Exchange experienced a major downturn in the cryptocurrency markets, leaving investors with approximately $10 billion in funds facing difficult times. Tens of thousands of investors fell victim to SBF’s fraudulent activities.
Those who trusted SBF and entrusted their funds to him believed that the numbers in their wallets were real during their cryptocurrency transactions. However, the cryptocurrency and fiat balances on the exchange were merely virtual figures and were actually being used in high-risk positions through a subsidiary company called Alameda.
SBF entered the cryptocurrency world in 2017 and eroded its clients’ balances with bold actions. Living a luxurious life with misappropriated customer funds, SBF also opened the doors of the White House by engaging in political connections.
Sam Bankman-Fried is no longer in comfortable slumber but reminisces about his days in the Bahamas behind iron bars. Sam’s imprisonment is seen as a mistake that we wish every fraudster would share the same fate.
The former billionaire, who is serving his prison life at Metropolitan Detention Center, has distanced himself from his luxurious lifestyle and opted for trading high-value crypto assets, turning to mackerel trading. Mackerel has been used as a currency in federal prisons since 2004 due to the ban on cigarettes. It is known that SBF used fish to pay for his last haircut. Sam is expected to face a prison sentence of up to 115 years, which will be determined on March 28th.