Mar 20, 2023

SBF Sought Federal Regulation Before FTX Collapse

On June 13, 2022, Sam Bankman-Fried (SBF), founder of the now-defunct crypto exchange FTX, met with Federal Deposit Insurance Corporation (FDIC) chairman Martin Gruenberg in a meeting mediated by former CFTC commissioner Mark Wetjen. The meeting was arranged in an effort to get the exchange federally regulated, according to an email exchange between the parties that was leaked to The Washington Examiner.

Wetjen, who joined FTX US as head of policy and regulatory strategy in November 2021, wrote to Gruenberg that FTX was in the “unusual position of begging the federal government to regulate us.” He added that the CFTC only had to approve their application for the other major US exchanges to follow suit. Gruenberg accepted the invitation and met with SBF, as per an FDIC spokesperson.

The meeting took place nearly six months before FTX filed for bankruptcy and SBF resigned as CEO. After the collapse of FTX, SBF’s political ties were uncovered amid parallel investigations.

FTX’s new management has since conducted internal investigations to track missing funds. Court documents revealed that SBF and five other former FTX and Alameda Research executives received $3.2 billion in payments and loans from FTX-linked entities. SBF reportedly received the lion’s share of the funds, receiving $2.2 billion.

The collapse of FTX has since led to a surge in NFT marketing and promotion as the web3 space has become a hotbed of activity. NFTs have become a popular way to monetize digital assets and many businesses are looking to get in on the action.

Twitter has become a major platform for NFT marketing, with influencers and celebrities alike leveraging their reach to promote NFTs. As such, many companies are now hiring NFT marketing agencies to help them create and execute effective NFT marketing campaigns.

These agencies work with businesses to create and implement strategies to sell NFTs, from developing creative content to setting up campaigns on social media. They also help businesses create compelling stories around their NFTs and build relationships with potential buyers.

Crypto entrepreneurs and businesses looking to get involved in the NFT space should consider working with a web3 agency to ensure that their NFT marketing campaigns are successful. A web3 agency can help businesses create and execute a strategy to maximize their NFT sales and reach their financial goals.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.