The U.S. Department of Justice (DOJ) has filed a civil forfeiture complaint to seize cryptocurrency worth about $16 million held in a Binance account. This action is the result of a years-long investigation into suspected illegal activities tied to alleged bribery schemes involving FTX founder Sam Bankman-Fried, also known as SBF. The Alleged Bribery Scheme...Read More
Sam Trabucco, the former co-CEO of Alameda Research and a close associate of FTX founder Sam Bankman-Fried, has reached a preliminary settlement with the creditors of the now-defunct cryptocurrency exchange. In a proposed agreement, Trabucco agreed to relinquish several high-value assets to help repay the bankrupt firm’s debts. The Settlement Deal According to a November...Read More
Gary Wang, the co-founder of the now-bankrupt cryptocurrency exchange FTX, is seeking to avoid prison time as he awaits sentencing scheduled for November 20 in Manhattan federal court. He has asked a federal judge to consider his cooperation in the fraud trial against his long-time friend and former FTX CEO, Sam Bankman-Fried, also known as...Read More
Nishad Singh, the former FTX head of engineering, was sentenced to time served and three years of supervised release. He avoided further prison for his role in the multibillion-dollar fraud at the collapsed cryptocurrency exchange. Singh, sentenced by Judge Lewis A. Kaplan in New York, also faces an $11 billion forfeiture, becoming the fourth ex-FTX...Read More
Lawyers for former FTX head of engineering Nishad Singh have reportedly asked a New York judge to spare their client from doing any jail time. The attorneys highlighted his limited role in the events leading to the collapse of the crypto exchange, his cooperation with investigators, and his commitment to leading an “exemplary life” as...Read More
FTX has reached a significant milestone in its bankruptcy proceedings as the US Bankruptcy Court for the District of Delaware has officially approved the company’s reorganization plan. This comes nearly two years after the crypto exchange’s historic collapse in November 2022. FTX Bankruptcy Reorganization Plan Approved The confirmed plan, which received overwhelming support from creditors,...Read More
Caroline Ellison was sentenced to two years in federal prison on Tuesday for her involvement in the FTX fraud scandal. The 30-year-old was also ordered to forfeit $11 billion, which she earned through her association with the now-collapsed cryptocurrency exchange. Ellison’s Cooperation Judge Lewis A. Kaplan, who presided over the case, acknowledged the former Alameda...Read More
Sources familiar with the living arrangements of the Metropolitan Detention Center (MDC) in Brooklyn have revealed interesting facts about two popular inmates. The recently arrested American rapper and celebrity Sean Combs, popularly known as Diddy, is in the same cell with Sam Bankman-Fried (SBF), the convicted founder of the bankrupt crypto exchange FTX. According to...Read More
Sam Bankman-Fried – the founder of the now-defunct crypto exchange FTX, once celebrated as the “poster boy” of crypto, is embroiled in a multi-billion dollar scandal involving the misuse of company assets for political donations. Emails uncovered by The Wall Street Journal (WSJ) point to extensive involvement of the convicted exec’s family that could potentially...Read More
Crypto mining firm Genesis Digital Assets – backed by Sam Bankman-Fried’s fallen hedge fund, is reportedly mulling over an initial public offering (IPO) in the US as the crypto sector gains steam. According to Bloomberg sources, Genesis Digital Assets is currently consulting advisers on a possible listing. The mining company intends to initiate a pre-IPO...Read More
Bitcoin has declined over the past several days as bears remained vigilant near $70,000. As a result, the premier cryptocurrency has shed more than 4% over the past week and was trading near $66,000 at the time of writing. Interestingly, wallets with 10 or more BTCs have collectively reached their highest holding level in two...Read More
Former FTX co-CEO Ryan Salame was sentenced yesterday to 90 months in prison, according to Damian Lewis, the United States Attorney for the Southern District of New York. Salame previously pled guilty to conspiring to make illegal political contributions and defraud the Federal Election Commission and to conspiracy to run an unlicensed money-transmitting business before...Read More
The bankrupt crypto exchange FTX has concluded the sale of $2.6 billion worth of discounted Solana tokens. Figure Markets and Pantera Capital were among the buyers who raked up the final troves of SOL tokens from FTX after weeks of auctions. The results of the auction were disclosed by two undisclosed sources, according to Bloomberg,...Read More
The now-defunct crypto exchange FTX has been exposed for making payments worth over $25 million to six whistleblowers who discovered issues with it. Meanwhile, FTX still owes around $11 billion to investors who lost money after the exchange collapsed. Examiner’s Report Exposes Whistleblower Payments According to a report by examiner Robert Cleary on Thursday, one...Read More
Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, is being relocated to a new prison, according to a report by The Wall Street Journal. A representative for Bankman-Fried confirmed the move, though the exact destination remains undisclosed. Sam Bankman-Fried Likely Moving to California Sources familiar with the situation suggest that Bankman-Fried is likely...Read More
Disgraced FTX founder Sam Bankman-Fried revealed that he hasn’t experienced abuse and doesn’t “feel unsafe.” The only time he feels bothered is during the night when they ask about the rice bags they plan to use for trade. This was his first comprehensive interview since being imprisoned. SBF’s Prison Survival: Beans, Rice, and a Currency...Read More
Sam Bankman-Fried, founder of FTX, has filed an appeal against his conviction and sentence for fraud and conspiracy charges hours before the the deadline to do so. Bankman-Fried’s move comes amidst the recent surge in FTT, FTX’s native token, which increased by 15%. Appeals and Market Reaction SBF’s legal battle began last November when he...Read More
In an interview with ABC News, former FTX CEO Sam Bankman-Fried expressed remorse for his actions, which led to a 25-year prison sentence for fraud. The interview, conducted via email from the Metropolitan Detention Center in Brooklyn, marks the first time he has spoken publicly since his sentencing last week. SBF Admits ‘Bad Decisions’ Led...Read More
Sam Bankman-Fried a.k.a SBF, the founder and former CEO of defunct crypto exchange FTX, has received a sentence of 300 months or 25 years in total, with 240 months initially and an additional 60 months consecutively. The sentencing hearing unfolded on the 26th story of the federal courthouse in downtown Manhattan, where just months prior,...Read More
The current CEO of FTX, John Ray, has disputed the former CEO Sam Bank Fried’s assertion that there was “zero” harm to customers during the platform’s collapse in 2022, labeling the claim as “reckless” and “false.” Ray’s criticism follows Bankman-Fried’s conviction in November for embezzling $8 billion from FTX customers. John Ray Challenges SBF’s Defense...Read More
In its letter to District Judge Lewis Kaplan on Tuesday, the legal team behind the disgraced FTX founder Sam Bankman-Fried has contested the sentencing recommendation put forth by the Department of Justice last week. The US prosecutors had previously proposed a prison term of 40 to 50 years for the former FTX CEO, but the...Read More
Pantera Capital is reportedly in the process of securing funds from major investors to acquire heavily discounted Solana tokens from the bankruptcy estate of FTX. The company is raising capital for the Pantera Solana Fund, which presents an attractive opportunity to purchase up to $250 million worth of SOL tokens from the FTX estate. Marketing...Read More
The bankrupt cryptocurrency exchange FTX is preparing to sell its most significant remaining illiquid asset: an 8% stake in the valuable AI startup Anthropic. The move comes as part of FTX’s broader asset liquidation strategy to meet client obligations, following the recent divestment of funds totaling over $700 million in cryptocurrencies within the last three...Read More
The popular actor and comedian Larry David has expressed remorse over participating in a high-profile 2022 Super Bowl commercial for the now-fallen cryptocurrency exchange FTX. Notably, Sam Bankman Fried, the FTX founder, was imprisoned after he was found guilty of fraud, conspiracy, and money laundering last year. Larry David Reflects on FTX Ad Regret Speaking...Read More
Joseph Bankman and Barbara Fried were always close to their son. A certain amount of interest in the well-being of their son and that of his business dealings is to be expected. However, the FTX estate, now led by bankruptcy specialist CEO John J Ray III, argues that SBF’s parents – particularly his father –...Read More
The legal defense head, David Mills, representing Sam Bankman-Fried in the FTX fraud trial, has openly expressed frustration and disappointment, labeling SBF as the most challenging witness he has encountered. Mills has acknowledged that the odds of winning the trial were stacked against the former CEO, implying that the legal challenges and complexities surrounding the...Read More
Gene Borrello, a former mobster turned federal informant, was separated from the general prison population and placed in a section with ex-gang members, informants, and high-profile detainees, one of which was SBF. After leaving prison, he sat down with Tiffany Fong for an hour-long interview, which is available on her YouTube channel. A shorter version...Read More
Sam Bankman-Fried, who was convicted by a jury after only a few hours of deliberation, is currently waiting for his indictment in a cell at the MDC. Adjusting to a New Paradigm The former FTX CEO faces up to 120 years in prison, depending on Judge Kaplan’s decision. Until his sentencing – due in March...Read More
A former trader from Jane Street, hired by Sam Bankman-Fried to contribute to FTX’s philanthropic efforts, is currently in a legal battle to secure the remaining portion of his 2022 bonus. Lawyers representing Ross Rheingans-Yoo claimed that the exchange had paid only $375,000 of his $650,000 bonus. They argued that FTX owes him $275,000 as...Read More
Since FTX’s bankruptcy on November 11, 2022, significant developments have unfolded. FTX founder Sam Bankman-Fried has been swiftly convicted on seven criminal charges, potentially facing a prison sentence of up to 110 years. The federal criminal case, marked by unusual efficiency, resulted in a conviction within a year of FTX’s collapse and the initiation of...Read More
