Sam Bankman-Fried fraud charges tarnish crypto sector
Authorities allege SBF traded on his reputation as the one straight shooter in the cryptocurrency Wild West. That does not make the rest of the cast look good.
Raising capital is the biggest challenge for most start-up hedge funds. Sam Bankman-Fried had an answer to that problem, according to civil charges made public on Tuesday by US regulators.
These allege that he knowingly siphoned as much as $US8 billion ($11.7 billion) of account-holder funds for his crypto trading outfit, Alameda Research. Parallel criminal charges from the US Department of Justice include conspiracy to commit wire fraud.
