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Sam Bankman-Fried supposedly lost $4 million in XRP from Alameda Research, underestimating the issue despite internal concerns.SBF was convicted on multiple fraud and money laundering charges, facing up to 115 years in prison, with his lawyer considering an appeal.that the former CEO of FTX – Sam Bankman-Fried – had incurred substantial losses when trading Ripple’s native token.
“At length, Sam agreed. He stopped trading for two weeks. The other members of the management team confirmed that millions of dollars’ worth of Ripple was indeed missing,” the report reads. “After the fact, if we never get any of the Ripple back, no one is going to say it is reasonable for us to have said we have 80% of the Ripple. Everyone is just going to say we lied to them. We’ll be accused by our investors of fraud,” a fellow manager of the company stated.
According to the coverage, the missing XRP tokens were “the final straw” that ended the trust connection between Alameda’s team and SBF.on all charges: two counts of wire fraud, four counts of conspiracy to commit fraud, and one count of conspiracy to commit money laundering. This comes roughly a year after his cryptocurrency exchange, triggering multi-billion losses for investors, while many described this as one of the biggest financial frauds in the history of the USA.
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