The Hunter Biden Indictments

 

Hunter Biden has been indicted for multiple counts of tax evasion. This comes as an election year nears closer. The criminal charges that the president's son faces could be used against President Joseph Biden during the presidential campaign. Hunter Biden has been accused of failing to pay taxes and file. Other charges include false tax return and possible evasion of tax assessment. The trials are happening while Republicans are making an attempt to impeach President Biden. According to prosecutors Hunter Biden amassed a total of $7,000,00. The bigger question is if this accumulation of income has links to Burisma or the Chinese private equity fund in which he was employed. Some have made the accusation that President Biden was a part of a conspiracy in relations to his son and business in Ukraine. So far, there is little evidence that the president has connections to Hunter's criminal charges. If the president did have a connection to the business dealings related to Burisma it would harm his chances of reelection. Although the trials are on going, the fact Hunter Biden's legal team requested a plea deal is suspicious. Hunter Biden would most likely not see prison time. Depending on the court dates, if Joseph Biden is still president Hunter could get a pardon. The indictments were made in the states of California and Delaware meaning court dates will differ. Hunter Biden could face up to 17 years in prison if found guilty of the recent charges.  

The Status of FTX

 

The FTX scandal is not over. Further fallout is happening with the crypto exchange business. FTX has recovered a total of $7.3 billion. Former CEO Sam Bankman-Fried faces multiple charges and insists his innocence. Current CEO John Ray stated the major problem under Bankman-Fried was poor accounting and improper fund transfers. The rescue plan with Binance did not come through. Simultaneously, traders removed a total of $6 billion from FTX. That development forced the crypto exchange to file for bankruptcy. At the moment, FTX appears to be in disarray. FTX might be resurrected in some form. Customers and investors might not be so trusting of the new FTX brand. Due to the bankruptcy case, customers cannot get access to their deposits. Japanese customers can get to their deposits, because there are more regulations for cryptocurrency.  A relaunch would require a significant capital investment. FTX has an obligation to repay all its customers effected by the scandal. The FTX scandal reveals that there is a need for more regulation for crypto exchange. Otherwise fraud will become prevalent. Cryptocurrency was suppose to be a means of challenging the private central banking system. This form of currency is struggling to be widely accepted. The FTX scandal has caused skepticism about cryptocurrency. FTX intends to implement a Chapter 11 plan. Under this law of the Bankruptcy Code  a company must reorganize and pay creditors overtime. The process has not yet been approved. Criminal investigations are ongoing related to fraud. FTX might not be revived with a combination of criminal charges and financial instability.