CJ – Cryptocurrency Enthusiast
The former CEO of Alameda and the former CTO of FTX have both been charged with fraud by the US SEC
The regulator said Alameda had misled important investors about the pricing of FTT
The former CEO of Alameda Research, Caroline Ellison, and the former Chief Technology Officer of FTX, Zixiao Wang, have been accused by the US Securities and Exchange Commission (SEC) for their participation in a multiyear plan to defraud equity investors in the defunct FTX cryptocurrency exchange.
In a news statement dated December 21, the regulatory body issued the official announcement, emphasizing that investigations into further suspected violations of securities laws as well as other parties and individuals connected to the alleged misbehavior were still ongoing. The previous CEO Sam Bankman-Fried allegedly directed Ellison to manipulate the price of the FTX-issued token, FTT, which led to an inflated valuation of Alameda's FTT holdings and misled investors about FTX's risk exposure.
The regulator further claimed that Bankman-Fried misrepresented FTX as a secure platform for exchanging crypto assets with advanced risk mitigation tools to safeguard client funds while unlawfully diverting FTX consumer assets to Alameda.
Deputy Director of the SEC's Division of Enforcement Sanjay Wadhwa stated “Mr. Bankman-Fried, Ms. Ellison, and Mr. Wang were key players in a plot to hide crucial information from FTX investors, including through Mr. Bankman-Fried and Ms. Ellison's attempts to artificially boost the value of FTT.”
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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 firstname.lastname@example.org 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 email@example.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 firstname.lastname@example.org Kind Regards