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Sam Bankman-Fried, the founder of the unsuccessful cryptocurrency exchange FTX, is currently being prosecuted in New York. Many are referring to his crimes as one of the largest financial frauds in recent history. The 31-year-old ex-crypto tycoon is accused of planning a scheme where he misused $10 billion of FTX’s customer funds meant for venture capital investments, political contributions, and purchases of extravagant properties.

According to Virginia Tech criminology expert Thomas Dearden, although bitcoin is involved, the complexity of the crime can be simplified to traditional embezzlement. Dearden suggests that although the details of how he utilized the funds remain unknown, there are allegations pointing towards him diverting money from investors and using their assets as collateral for further loans.

Bankman-Fried is alleged to have utilized a unique cryptocurrency known as FTT or FTX Token, developed by FTX, as a means of safeguarding investor funds in this particular instance. However, according to Dearden, FTT could be easily manipulated. According to Dearden, most of the currency was held by Alameda Research, the cryptocurrency hedge fund that has close connections to FTX. In summary, the claim suggests that funds from investors were sent to Alameda Research through FTT and subsequently used for personal purposes by Sam Bankman-Fried and his immediate circle.

The future of digital currency is still unclear. After FTX declared bankruptcy, the crypto market experienced a decline in its overall worth. However, Dearden asserts that the markets have mostly bounced back since that time.

This situation brings attention to the issue of criminal behavior within the adoption and investment of cryptocurrencies. According to a recent nationwide study by Virginia Tech professors Katalin Parti, James Hawdon, and Dearden, the primary factor deterring individuals from investing in cryptocurrency is their perception of a high prevalence of scams and frauds. In terms of structure, private exchanges like FTX have less regulation compared to public companies. According to Deaden, it is undeniable that scams and fraudulent activities pose a problem in the realm of cryptocurrency. “In order to tackle this issue, I anticipate a forthcoming emphasis on implementing regulations and promoting transparency to safeguard investors and alleviate concerns surrounding the potential risks of cryptocurrency, such as scams and fraudulent activities. “

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