Compliance & Anti-Financial Crime
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Crypto, Financial Crime, Fraud, US

US prosecutors flag former FTX chief Bankman-Fried’s VPN usage to judge

CONCERNS: US regulators warned banks on the dangers of dealing in cryptos in the wake of the Sam Bankman-Fried/FTX scandal. He is charged with defrauding customers and investors in his cryptocurrency exchange bank FTX and using the funds for personal use and debts owed by his hedge fund, FTX filed for Bankruptcy in November 2022. (Photo by Anthony Behar)

By Abinaya V and Shubham Kalia

US prosecutors have raised concerns over FTX cryptocurrency exchange founder Sam Bankman-Fried’s usage of a Virtual Private Network (VPN) to access the internet and have asked a U.S. district judge for more time to discuss his bail conditions.

FTX collapsed and filed for bankruptcy in November, with Bankman-Fried accused of cheating investors and causing billions of dollars in losses. He pleaded not guilty on Jan. 3 to eight criminal charges including wire fraud and money laundering conspiracy.

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