Former FTX CEO Sam Bankman-Fried (SBF) will appear in 7 class action lawsuits filed against him after FTX went bankrupt.
The effects of the bankruptcy of FTX, one of the largest cryptocurrency exchanges in the world, are still felt on the crypto market. Former CEO of FTX, SBF, has been rumored to be the bad boy of the crypto industry. Putting client assets at risk for Alameda Research, SBF is battling legal proceedings after the stock market crash. After the events, seven class action lawsuits have been filed against the SBF so far.
FTX Ex-CEO Could Get More Lawsuits Against SBF
Former CEO of FTX, Sam Bankman Fried (SBF), continues to be a defendant in the lawsuits filed after the stock market went bankrupt.
Among the lawsuits filed against the SBF, the most notable one was the manipulation investigation in the Terra crisis. US prosecutors have filed suit to investigate whether there might have been SBF manipulation in the Terra collapse.
Also, on the other hand, it is being investigated by the SBF that black money was donated to the Republican Party. The architect who set the stage for the collapse of FTX is also being investigated for many different manipulations and money laundering issues. The subject matter of class action cases was often the same. The general issue came to the fore as SBF’s manipulations and investors’ ignorance.
Lawsuits filed by former customers include FTX, Alameda and many other famous names. FTX is at the forefront of unfairly enriching and using uninformed customers. In addition, many celebrities are accused of being a tool for manipulations of the stock market.
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