Turns out reading the terms of service wouldn’t have saved FTX customers. | The Verge
The US government says it was fraud from the jump. The complaint made public today by the Commodity Futures Trading Commission has some hair-raising details — and if it’s right, Sam Bankman-Fried hasn’t been telling the truth for quite some time. According to the complaint, Bankman-Fried operated Alameda Research and FTX as a common enterprise, for instance. This complaint is civil.
In a press conference today, US attorney Damian Williams characterized Alameda Research and FTX as “one of the biggest financial frauds in American history.”
Sam Bankman-Fried was deeply involved with Alameda Research
Bankman-Fried said that he “didn’t know exactly what was going on” at Alameda Research and that he “wasn’t running Alameda.” According to…
