FTX account holders, in addition to those who bought now-worthless crypto from other issuers that filed for bankruptcy, are likely to recoup pennies on the dollar on their investments. FTX’s new chief executive John J. Ray III
told a House committee Dec. 13, “We’re not going to be able to recover all the losses here.” They sit in line behind a host of creditors with higher priority. Now, new scrutiny is on the A-listers to whom FTX turned to launder its reputation. While they might not have knowingly committed fraud, they could be on the hook for promoting unregistered securities.
Bankman-Fried leveraged the world of entertainment and celebrity to grow his businesses, lure in new crypto buyers and establish FTX as an island of legitimacy in a sea of scams. His aggressive marketing strategy featured partnerships with NBA teams, patches on Major League Baseball umpire uniforms and splashy TV ads of stars touting the exchange as a safe place to invest money.
“People generally hesitate when it comes to the unknown,” said former FTX U.S. executive Sina Nader, who led partnerships for the exchange, when speaking with
Fortune Favors the Bold ! 😂
Nothing new.
Divert that attention away from all the political donations to Dem Party candidates including Joe Biden.
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