FTX's new CEO claims company lied to banks for years about misuse of customer funds
FOX NewsAPR 2023
Once considered aggrieved parents doing what they could to keep their son out of further trouble, it now appears Bankman and Fried played a more significant role in the fraud at FTX than previously thought. The evidence against them is pretty damning and suggests FTX's funds were being used for nefarious ends.
FTX is desperate to intimidate Bankman-Fried's parents and influence the jury's decision in his upcoming trial, explaining why it's throwing out these false accusations. Bankman and Fried may have been involved in their son's life and business, but it's a stretch to allege they had intimate knowledge of the internal processes at FTX. This case is a distraction.