Revealed, Some Of These Big Names Become Investors On The FTX Crypto Exchange

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Revealed, Some Of These Big Names Become Investors On The FTX Crypto Exchange. According to a court report published on Monday, January 9, 2023, several big names, including New England Patriots owner Robert Kraft, IMG Endeavor sports division NFL quarterback Tom Brady, and hedge fund manager Paul Tudor Jones, were investors. on FTX crypto exchange.

Read Also: Ferrari Ends Relationship With Crypto Sponsor Ahead Of 2023 Formula One Season

Reporting from Yahoo Finance, Wednesday (11/1/2023), the success of Sam Bankman-Fried (SBF) at that time attracted investors to a more expansive pool of celebrities and financiers than previously disclosed.

FTX at its heyday had gone through four rounds of fundraising to reach a valuation of USD 32 billion or the equivalent of IDR 497.7 trillion (assuming an exchange rate of IDR 15,522 per US dollar) early last year, before finally going bankrupt in November.

According to the document, IMG owns 163,000 Class A common shares and 38,154 shares of Class B preferred stock in one of the FTX entities. Brady owns 1.14 million common shares and his ex-wife, Giselle Bündchen, owns 686,761 shares.

Brady and Bundchen appear in commercials in 2021 promoting FTX. Kraft owns 479,000 common shares and 155,144 preferred shares in the FTX entity through its KPC Venture Capital.

Major FTX shareholders include Loeb’s Third Point, Paradigm, Sequoia Capital, Thoma Bravo, Softbank, New Enterprise Associates (NEA), Temasek and Coinbase, a competitor of FTX’s crypto exchange.

Former FTX CEO Sam Bankman-Fried was arrested last month in the Bahamas and extradited to the US, where he is charged with eight criminal counts including fraud and money laundering.

Bankman-Fried pleaded not guilty to the charges. He was released on bail of USD 250 million or the equivalent of Rp. 3.8 trillion while awaiting trial.

Read Also: US Regulator Launches Site For Complaints Of FTX Victims

Previously, the US Federal Trade Commission (FTC) investigated allegations of fraudulent behavior by crypto companies. Currently the FTC is opening investigations into many crypto companies for alleged violations.

A spokesman for the US Federal Trade Commission (FTC) declined to name the companies or say exactly what actions prompted the investigation.

“While we cannot comment on current events in the crypto market or details of ongoing investigations, we are currently investigating several companies for possible digital asset-related misconduct,” the spokesperson said in a statement. /1/2023).

Bloomberg said in a report the investigation was related to misleading advertising but an FTC spokesperson declined to confirm this.

Revealed, Some Of These Big Names Become Investors On The FTX Crypto Exchange. The explosion of the FTX collapse case sent a new shock wave through the cryptocurrency industry, which pushed the value of bitcoin sharply lower for 2022.

The US Securities and Exchange Commission (SEC), which also has regulations requiring disclosure from individuals promoting securities, has cracked down on celebrity endorsements, including reality TV star Kim Kardashian for allegedly promoting crypto tokens on her Instagram account without proper disclosure.

The FTC also pursues and takes action against companies that present themselves as cryptocurrency-related companies but are suspected of being nothing more than frauds.

Previously, Immunefi, a bug and security service platform for the Web3 ecosystem, published a report which revealed that the crypto industry lost a total of USD 3.9 billion or the equivalent of IDR 60.97 trillion (exchange rate of IDR 15,633 per USD) in 2022.

According to a report released on January 6, hacking was found to be the main cause of losses accounting for 95.6 percent of total losses.

The remaining 4.4 percent is in the form of fraud and the like. Immunefi also found that decentralized finance (DeFi) was the most targeted sector, experiencing a loss of 80.5 percent, compared to centralized finance (CeFi) which experienced a loss of 19.5 percent.

Read Also: PayPal CEO David Marcus Predicts Crypto Winter Lasts Until 2024

“DeFi has suffered a total loss of USD 3,180,023,103 in 2022, from 155 incidents. This figure represents a 56.2 percent increase compared to 2021, when DeFi lost USD 2,036,015,896 from 107 incidents,” wrote the report, quoted by Cointelegraph, Saturday (7/1/2023).

CryptoBNB and Ethereum are the most targeted chains. In the fourth quarter of last year, the industry suffered losses of around USD 1.6 billion, of which DeFi was the main target at 57.6 percent and CeFi 42.4 percent.

“By identifying and proactively addressing vulnerabilities, we can protect communities from harm and build trust on the ground. As we make the industry safer, everything else can evolve,” said Immunefi CEO Mitchell Amador.

Previously, the US Government had launched a website for alleged scam victims of cryptocurrency exchange FTX founder Sam Bankman-Fried to communicate with law enforcement.

In an order late Friday, January 6, 2023, US District Judge Lewis Kaplan in Manhattan authorized federal prosecutors to use the website, and did not need to contact individual victims.

“FTX may owe money to more than 1 million people, making it impractical for authorities to contact individual victims,” ​​prosecutors said, quoted from Channel News Asia, Monday (9/1/2023).

Federal law requires prosecutors to contact potential victims of crimes to inform them of their rights, including the right to obtain restitution, be heard in court and be protected from the accused.

“If you believe you may have been the victim of fraud by Samuel Bankman-Fried, alias SBF, please contact the victim coordinator or witness at the United States Attorney’s office,” the website reads. The website has been active on Friday afternoon.

Revealed, Some Of These Big Names Become Investors On The FTX Crypto Exchange. Bankman-Fried, 30, has pleaded not guilty to eight counts of wire fraud and conspiracy over the November FTX collapse. Prosecutors say he stole billions from FTX customer deposits to pay debts to his hedge fund, Alameda Research, and lied to investors about FTX’s financial condition.

The former billionaire admits to his risk management deficiencies, but says he does not hold himself criminally responsible.

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