US regional banks plunge as investors worry crisis not over
Al JazeeraAUG 2023
While authorities are looking into Sam Bankman-Fried and his years-long Ponzi scheme, you shouldn't hold your breath waiting for an indictment. The crypto king dubbed "SBF" has gotten away with his crimes for so long because he's been a top Democrat donor. This is why he's received praise from the media and cautious treatment by the government even after his so-called "company" collapsed and millions lost their savings.
While some have jumped the gun and compared Bankman-Fried to Bernie Madoff, this case is actually very different. Madoff immediately confessed to all of his crimes, and the Feds were also able to compile concrete evidence against him. Neither of these has occurred in the case of FTX and Bankman-Fried. Congress and the Dept. of Justice are looking into the issue, but it will take some time to build a case against the crypto CEO.