John Deaton, a crypto-focused attorney, recently brought to light some concerning details about the involvement of the parents of Sam Bankman-Fried (known as SBF) in the downfall of FTX last year. He suggests that the founder's parents might have gained financially from the exchange prior to its bankruptcy, hinting at their possible involvement in the suspected fraudulent activities.
Deaton shared his findings on Twitter, revealing the financial connections between Bankman-Fried’s parents and FTX. Notably, he highlighted a transaction where SBF moved $10 million into an FTX account in his name and subsequently gifted it to his father, Joseph Bankman, in 2021. This was reportedly done to exploit a gift tax exemption, allowing for a nearly tax-free transfer.
Interestingly, the money for this sizable gift is said to have originated f
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First found on: Sam Bankman-Fried’s Parents Blamed for FTX Exchange Collapse
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