The CFTC claims in its complaint that SBF ordered FTX executives to create features in the exchange’s code that allowed Alameda to have “an essentially unlimited line of credit on FTX.”
Cover art/illustration via CryptoSlate
The U.S. Commodities Futures Trading Commission is suing former FTX CEO Sam Bankman-Fried, FTX and Alameda Research for violating federal commodities laws.
Bloomberg reported that the regulator alleges in its Manhattan federal court filing that SBF and other FTX executives took loans in the millions of dollars from Alameda and put the money towards buying real estate and political donations.
In addition, the CFTC claims in its complaint that SBF ordered FTX executives to create features in the exchange’s code that allowed Alameda to have “an essentially unlimited line of credit on FTX.”
The CFTC’s plan to prosecute SBF is coming shortly after the Securities and Exchange Commission (SEC) charged the FTX founder for allegedly defrauding investors of about $1.8 billion.
The former CEO of the bankrupt FTX exchange was arrested on Dec. 12 by the Bahamas authorities and could be extradited to the US for further trials.
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Author: Christian Nwobodo
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