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Both Sides: FTX Collapse and Charges.

Watch Both Sides


The Facts:


On Monday night, former CEO of crypto-exchange FTX was charged by the SEC, FBI, and FCC for a 'ponzi-like' billion+ dollar fraud. The 8 chargers were announced on Tuesday morning. Sam Bankmen-fried (SBF) was arrested at his house in the Bahamas and is awaiting formal extradition to the United State.


 

Left Bias:


This is a story of a greedy person who took advantage of a softly regulated crypto space. Sam Bankmen-fried (SBF) took investments in FTX and funneled them to its sister company, Alameda Research. Once the funds were held in Alameda Research, SBF would misappropriate the funds for things like real estate, personal expenses, and investments into his own cryptocurrency. This is a fraud on the level not seen since Bernie Madoff.



Right Bias:


This is fraud unseen since Madoff but unlike Madoff's fraud, this act of theft lined the pockets of the Democratic Party to win elections and put President Biden in the White House. Additionally, unlike the Madoff Ponzi scheme the Democrats could make it partially better by giving the money back they received from






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