Although defendants in his position are usually advised not to take the stand, SBF will attempt to convince the jury that he was acting in good faith. Defendants in high-profile white-collar criminal cases have traditionally preferred to remain silent, pleading the 5th Amendment in order to avoid self-incrimination. However, in recent years, certain defendants –...Read More
In an intriguing demonstration of cryptocurrency activity, FTX-associated addresses have transferred $10.49 million in different assets to Wintermute’s deposit addresses on Binance and Coinbase within recent hours. According to Arkham Intelligence data, significant amounts of crypto were moved in a sequence of transactions, suggesting FTX’s exploration of investment diversification strategies. FTX Massive Fund Movements According...Read More
FTX Trading is now at a crossroads as it evaluates offers from three prospective bidders to resurrect its operations after falling into bankruptcy amidst a storm of fraud allegations. The fate of this once-pioneering exchange will be decided by mid-December, according to Mr. Kevin Cofsky, the company’s investment banker from Perella Weinberg Partners. FTX Contemplates...Read More
A recurring motif during the trial has been Bankman-Fried’s commitment to effective altruism, a philanthropic ideology aimed at maximizing individuals’ impact through activities like charitable contributions and career choices. Bankman-Fried, who is currently on trial for defrauding investors of billions of dollars, aligned himself with fellow proponents of this philosophy, including Nishad Singh, the head of...Read More
Solana had a strong association with FTX, and the latter’s collapse last year had significant repercussions for the SOL token. However, the seventh-largest crypto-asset has pursued a strong recovery this year. According to Nansen’s latest analysis, SOL has been trending positively since the summer. In fact, the SOL vs ETH ratio was found to have...Read More
New details show that Bankman-Fried had a packed schedule in September 2022, with meetings involving influential individuals less than two months before the exchange’s downfall. From close connections with Bahamian authorities and former President Bill Clinton to an evening at the preferred late-night spot of New York City Mayor Eric Adams, here’s what’s new in...Read More
The bankrupt cryptocurrency exchange has staked close to $170 million in several crypto assets, including Solana, Ethereum, and MATIC. Blockchain data revealed that the defunct platform has staked over 5.5 million SOL and more than 24K ETH. FTX Move to Staking Staking is primarily the practice of locking up cryptocurrencies on a blockchain network to...Read More
Nishad Singh, a former top engineer at the defunct crypto exchange network FTX, testified on Oct. 16 that the network’s ex-CEO, Sam Bankman-Fried, had planned a potential deal with Telegram for TON tokens. Singh commented when testifying in the ongoing court case against the former FTX CEO for financial malpractices and fraud. FTX Pitched an...Read More
Nishad Singh – FTX’s former director of engineering – revealed more details about the crypto exchange’s profligate spending during his testimony at Sam Bankman-Fried’s fraud trial on Monday. Singh pled guilty to both money laundering and campaign finance violations, breaking down his involvement in the company’s over $100 million in donations to political candidates. Excessive...Read More
Lawyers representing Sam Bankman-Fried have once again raised concerns about their client’s access to Adderall, a medication prescribed for his ADHD. The legal team is requesting that Bankman-Fried be granted additional Adderall during his hearings, arguing that his concentration and ability to testify in his defense may be affected without access to the medication. SBF’s...Read More
In a wild twist of fate, the crypto world’s foundation trembled as the FTX empire crumbled last year, leaving its founder, Sam Bankman-Fried, standing trial for a fraud of epic proportions. The US government asserts that this disgraced crypto mogul orchestrated one of the grandest financial deceptions in history, while his defense paints him as...Read More
As FTX and its disgraced founder, Sam Bankman-Fried’s courtroom drama continued to unfold in Manhatten, revealing astonishing details that led to the crypto giant’s unraveling, elsewhere, the trail of stolen funds from the exchange has been found to have a Russian connection. FTX filed for bankruptcy on November 11, 2022. Later that day, the exchange...Read More
During a secret recording obtained by prosecutors, Caroline Ellison, the former CEO of Alameda Research, has revealed details of financial impropriety within the organization and its affiliate, FTX. Ellison’s candid confession occurred during a biweekly “all-hands” meeting held on November 9, 2022, at Alameda Research’s Hong Kong office, just two days before FTX declared bankruptcy....Read More
Alameda Research, affiliated with FTX, will receive $175 million from GGC as the United States Bankruptcy Court for the Southern District of New York endorsed the settlement agreement between the exchange and Genesis Global Holdco. The news comes amid Sam Bankman-Fried’s trial, which has revealed the inner workings at both FTX and Alameda, including financial...Read More
Caroline Ellison, the former CEO of the bankrupt crypto exchange FTX’s sister trading firm Alameda Research, has testified against Sam Bankman-Fried (SBF), her ex-boyfriend and the former CEO of FTX, revealing that he tried to use other accounts to unlock some funds frozen by authorities in 2021. According to a tweet by Laura Shin, crypto...Read More
Former Alameda Research CEO Caroline Ellison offered more details about various financial crimes she committed at FTX with her ex-boyfriend, Sam Bankman-Fried while testifying in court on Wednesday. Besides stealing FTX customers’ money, Ellison said FTX bribed the Chinese government with $100 million to unlock a much larger pool of frozen assets. FTX’s Bribes According...Read More
Lawyers representing Sam Bankman-Fried have formally requested the court’s approval to introduce evidence related to his investment in Anthropic, an artificial intelligence startup. In a letter addressed to Judge Lewis A. Kaplan, SBF’s legal team argued that the prosecutors’ recent request to prevent any discussion of Anthropic misinterprets the significance of the evidence. Sam Bankman-Fried’s...Read More
Former Alameda Research CEO Caroline Ellison took the stand on Tuesday to testify to the alleged crypto fraud led by her and her ex-boyfriend, Sam Bankman-Fried. Ellison claimed that Alameda took over $10 billion FTX customer to pay off its loans, all at Bankman-Fried’s order. Caroline Ellison Speaks As summarized by Inner City Press on...Read More
Sam Bankman-Fried, founder of cryptocurrency exchange FTX, is making a bold move in his ongoing legal battle. Bankman-Fried is seeking to shed light on the involvement of lawyers in what prosecutors have termed a “$200 million sham” involving Alameda Research, the hedge fund arm of FTX. Wang’s Testimony Sheds Light on Legal Structure of Alameda...Read More
Federal prosecutors in the ongoing fraud trial of ex-FTX CEO Sam Bankman-Fried have requested that the judge exclude any discussion of Bankman-Fried’s investment in Anthropic, an AI company. This request comes in light of recent media reports about Anthropic’s fundraises from tech giants Google and Amazon, potentially benefiting victims of the FTX collapse. Creditors Optimistic...Read More
FTX co-founder Gary Wang revealed more details of Alameda Research’s corrupt relationship with his exchange during Sam Bankman-Fried’s fraud trial on Friday. During his testimony, Wang claimed that the function required for Alameda to steal client funds had been baked into FTX’s computer systems back in 2019. Alameda’s Special Privileges As summarized by Inner City...Read More
The prosecution and defense teams in the criminal trial against Sam Bankman-Fried (SBF), the indicted founder and former CEO of the bankrupt cryptocurrency exchange FTX, seem to be hinged on the testimony of Caroline Ellison, the former CEO of FTX’s sister trading firm Alameda Research. According to a Bloomberg report, both parties are seeking to...Read More
FTX’s C-Suite has been, for the most part, cooperative with the authorities. Excluding Ryan Salame – who preferred not to say anything for the moment to avoid incrimination – and two other execs who left before the collapse and have not been accused of any wrongdoing, they’ve pleaded guilty and agreed to testify in court....Read More
Amid the ongoing trial of FTX co-founder and former CEO Sam Bankman-Fried, a report has surfaced stating that some of the company’s employees based in the United States found a hidden backdoor allegedly used by Alameda Research to siphon billions worth of customer funds from FTX, six months before the crypto exchange’s eventful fall. The...Read More
In a fresh wave of money transfers, the notorious FTX account drainer has caused significant disruption in the crypto community by moving a total of 60,000 ETH from 4 wallet addresses since late September. As per reports, the wallets that just a few days ago held close to 200K ETH now have a balance of...Read More
Marc-Antoine Julliard, a London-based cocoa beans trader who lost $100,000 to the bankrupt cryptocurrency exchange FTX, was the first witness to testify against the exchange’s founder and former CEO Sam Bankman-Fried (SBF) at the start of his trial. According to a CNBC report, Julliard chose FTX in 2021 when he decided to diversify into crypto...Read More
According to Michael Lewis’ book “Going Infinite,” Binance CEO Changpeng “CZ” Zhao turned down an offer in March 2019 from former FTX CEO Sam Bankman-Fried to invest $40 million in creating a cryptocurrency futures exchange. Binance, originally a spot crypto exchange, decided to develop a futures exchange internally instead of accepting an offer from Bankman-Fried....Read More
Sam Bankman-Fried (SBF), the founder and former CEO of the bankrupt cryptocurrency exchange FTX, will have 15 days of trial in October to defend the litany of charges brought by the U.S. Department of Justice (DOJ) against him. According to a court trial calendar released in late September, SBF’s trial will continue until the first...Read More
New findings about Sam Bankman-Fried (SBF), the disgraced founder and former CEO of the now-bankrupt cryptocurrency exchange FTX, are washing ashore as his trial fast approaches. This time, it has been disclosed that he considered paying former U.S. president Donald Trump not to re-run for presidency. In an interview with CBS News 60 Minutes, Michael...Read More
As FTX faced its dramatic collapse, a mysterious hacker absconded with hundreds of millions of dollars. 10 months later, on-chain data unveiled some fresh activity within the wallet of the alleged perpetrator. The identity of the individual responsible and the precise technique employed in the multi-million dollar hack continued to remain shrouded in mystery before...Read More
