Cryptocurrency Exchange

Sam Bankman-Fried discloses sale of non-existent assets

During a live Twitter Space, and in between the proceedings, Sam Bankman-Fried admitted to the fact that the exchange happened to have been carrying out the task of selling Bitcoin to all of their clients, which apparently and, in actuality, did not even exist. For the uninitiated, Sam Bankman-Fried happens to be the founder of the now-defunct and bankrupt FTX.

This entity, in turn, happens to be a failed crypto exchange, which has presently been instrumental in shaking up the entire crypto marketplace massively and adversely affecting all of those who had any kind of connection with it.

As the lid is slowly lifting, the kind of fraudulent acts committed with the absolute knowledge of the concerned officials is simply staggering and unbelievable. The level and sheer scale of mismanagement with wrong intentions are still not completely out of the bag. This also included the funds of customers being misused to a very large extent.

The really surprising part, however, is in the understanding of the fact that the exchange was continuously carrying out the selling of Bitcoin to its numerous clients, which were not even in existence in any way or form. All of this happened with the concerned clients not being in the know-how and having no knowledge of it whatsoever.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

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