U.S. DOJ yet to investigate SBF over FTX bankruptcy

A recent update has just emerged that the U.S. Department of Justice has failed to launch an investigation into the crash of the FTX exchange. Reasons unknown, the news will receive wild reactions from crypto communities. 

U.S. Department of Justice ignoring massive crypto fraud?

Earlier, a Cryptocurrency Youtuber, with a channel named Bitboy Crypto, revealed that SBF was not being investigated by the U.S. DOJ as expected. The popular crypto Youtuber with over 1 Million subscribers, alleged that Sam Bankman Fried may walk away freely with the massive crypto fraud.

As opposed to the public expectations, FTX’s former C.E.O, SBF may not be investigated or be accountable for his fraudulent activities. According to the Youtuber, the U.S. DoJ was one of the highest judiciary bodies that could make SBF accountable for the crash of the FTX exchange. 

Since the DoJ had turned a blind eye to the incident, there is a probability of other law enforcement bodies not holding Sam Bankman accountable. The Youtuber further revealed that:

“According to my intel in the FTX exchange team, Sam’s next move is unpredictable, hopes should not be raised high”.

Sam Bankman’s shambolic mode of operation and unlawful activities with client funds were likely reasons the FTX empire crashed. During his course of the investigation, the interim FTX C.E.O, John Ray, stated that:

“In all my career experiences, I have never experienced such a wacky organization and centralized firm like FTX.”

Sam Bankman Fried to appear at the New York Times 

After declaring bankruptcy, Sam Bankman Fried will make his first virtual appearance at the New York Times conference. The conference will be coming up this Wednesday, where SBF is expected to account for FTX users’ billion dollars funds that disappeared. 

Possibly, SBF is expected to answer a lot of questions regarding FTX collapse and other fraud charges. Interim FTX CEO, John Ray has hinted at frauds and siphoning of funds/assets by SBF to affiliated companies and others.

Alameda Research, Paper Bird, and other SBF-founded companies are under investigation for aiding fraud. Although the Bahamian authorities claim to be investigating and monitoring SBF under close surveillance. However, there seems to be some foul play, as SBF allegedly transferred some FTX assets to the Bahamian authorities.

The U.S. SEC launched an investigation into the crypto exchange collapse, requesting SBF extradition. However, the Bahamian authorities declined the request, on the basis that SBF was cooperating with the investigations.