CJ – Crypto Speculator
Records put up the idea that SBF has $300 million in FTX funding
Out of the $420 million the firm sponsored, SBF amassed $300 million
For the purpose of starting the company, FTX raised the money in October of last year
According to the documents, the sum represented a partial refund of the funds SBF used to acquire Binance's ownership share in Finance.
Sam Bankman-Fried, the former CEO of FTX, was said to have amassed over $300 million out of the $420 million in funding provided by FTX.
The corporation raised the money in October 2021, stating that it will assist launch the enterprise and provide greater trade facilities. After going over the documents, it was discovered that SBF had stolen close to one-third of the total.
The Wall Street Journal said that "Mr. Bankman-Fried told investors at the time it was a partial refund of money he'd spent to buy out rival Binance's share in FTX a few months previously" based on financial documents.
Prior to the transaction, SBF owned around 15% of Binance's stock in the firm and had paid Changpeng Zhao, the CEO of Binance, almost $2.1 billion.
According to estimates, SBF spent the money on buying Robinhood markets, making political donations, and fulfilling other obligations. The hefty sum also sheds insight on the financial tangle that existed between the previous CEO of FTX and his other businesses. The finances and agreements that FTX and its previous CEO were engaging in are currently being investigated. After giving client monies to Alameda, FTX has a financing shortfall of roughly $8 billion, according to the leaders of FTX and Alameda Research.
Notably, the company's financial statements were questioned by the CEO of FTX, who also promised that a "full, transparent, and deliberate examination into accusations against Mr. Samuel Bankman-Fried and other parties involved will be part of the proceedings”.
The 2021 audit of FTX merely said that "the money was held by the firm for operational expediency on behalf of a linked party," therefore additional specifics of the amount are indeterminable, it was noted in the report's conclusion.
Now more than ever is a need for trusted cryptocurrency brokers. One such cryptobroker is BCBitcoin, where you can buy alt coins, learn more about upcoming and launched projects, start investing in cryptocurrency, and receive help from the customer support team.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards