Federal Prosecutors Open Criminal Investigation Into Disgraced FTX Founder Sam Bankman-Fried, Report Says

U.S. prosecutors have reportedly opened a criminal investigation into whether disgraced FTX founder Sam Bankman-Fried, a prolific Democrat, committed financial crimes that led to the collapse of the company last month.

The New York Times reported that the investigation is centered around examining if Bankman-Fried “steered the prices of two interlinked currencies, TerraUSD and Luna, to benefit the entities he controlled, including FTX and Alameda Research, a hedge fund he co-founded and owned.”

Federal prosecutors and officials at the Securities and Exchange Commission (SEC) are also investigating if Bankman-Fried broke the law by transferring FTX’s customer funds to Alameda, the report said.

The same entities were already investigating whether the company broke money laundering laws long before the company’s public collapse, Bloomberg News reported.

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