FTX Victims Speak Out; Japan Eyes Bitcoin for Pension Fund; SEC Faces Sanctions Over Debt Box Case
Summary:
Ahead of Sam Bankman-Fried's sentencing, victims of the collapsed cryptocurrency exchange FTX have issued statements. At the same time, Japan's government considers including Bitcoin in its pension fund for diversification. Meanwhile, the United States Securities and Exchange Commission faces sanctions from a US District Judge for 'gross misconduct' in last year's Debt Box case. With the possible imprisonment term of Bankman-Fried ranging from 6.5 to 50 years, these incidents highlight the current tumult in the cryptocurrency landscape.
Ahead of Sam Bankman-Fried's anticipation sentencing, victims of FTX have come forward with their statements. Concurrently, the Japanese government contemplates diversifying its pension fund by including Bitcoin in its assortment. In a surprising turn of events, sanctions have been imposed by a US district court judge on the United States Securities and Exchange Commission citing "severe ethical transgressions" related to the Debt Box case in the previous year.
Statements from victims of the collapsed virtual exchange, FTX, have been put forth surrounding the impending prosecution of Sam Bankman-Fried. In numerous recent documents submitted to the United States District Court for the Southern District of New York, the arguments revealed multiple statements made by FTX's victims, specifically referring to the firm's former executives. One unnamed victim revealed, "We put our hard-won savings in FTX, having faith in its robust integrity and the digital assets it supported." Another one quoted, “The aftermath of this incident spreads beyond mere figures... the emotional and psychological burden has been equally crushing, impacting our relationships and future plans.”
Multiple BlockFi clients have faced irreversible damage due to Bankman-Fried's unlawful activities, revealed Mohsin Meghji, the plan administrator of BlockFi Wind-Down Debtors. The tentative date for Bankman-Fried’s judgement comes out to be March 28, where the prosecution is suggested to push for a jail term ranging from 40 to 50 years. In contrast, SBF’s legal representatives recommend a 6.5-year prison duration.
The Government Pension Investment Fund (GPIF) of Japan, being the world's largest pension fund, is mulling over Bitcoin (BTC) as a prospective diversification asset. Adapted in 2006 by the Japanese government, the GPIF primarily allocates investments in crucial infrastructure funds, integral for societal and economic proceedings.
Meanwhile, the Securities and Exchange Commission (SEC) was slammed with sanctions for its “flagrant misuse of authority” in the Debt Box case by a United States district court. Judge Robert J. Shelby, who criticized the regulator, denied the initial motion to dismiss it without prejudice, accusing it of deliberately falsifying information to the court for evidence.
This news piece does not constitute an investment guide or recommendation. Before making any investing or trading decision, every individual should gather their own information, as every move entails risk. The content was reported by Geraint Price, Sam Bourgi and Felix Ng.
Published At
3/19/2024 10:23:25 PM
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