FTX’s former CEO, Sam Bankman-Fried, has reiterated claims that FTX US is solvent following FTX debtors’ latest statements to the contrary. According to Bankman-Fried, the group failed to account for customers’ bank balances, which bring the US entity’s assets well above its liabilities to customers. Clearing the Air on FTX US In a substack post...Read More
Brett Harrison, who stepped down from his role as President of the US branch of FTX just weeks before the implosion, finally broke the silence and shed some more light on his relationship with SBF. He added that neither he nor any of the other execs at FTX US knew about the fraud that SBF...Read More
Sam Bankman-Fried (SBF) has released a written statement detailing his account of FTX and Alameda Research’s collapse, including approximations of each firm’s financials before it took place. The former CEO maintains that FTX could have made customers “substantially whole” within a few weeks, had he not been pressured to file for bankruptcy. The Pre-Mortem The...Read More
The NFL legend Tom Brady and his ex-wife Gisele Bundchen collectively own nearly 1.8 million FTX shares. Their investment will most likely be entirely wiped out due to the exchange’s demise in November. Other prominent people and companies who invested in the former crypto giant include the likes of Kevin O’Leary, Robert Kraft, Thoma Bravo,...Read More
Sam Bankman-Fried (SBF) and his former right-hand, Gary Wang, are unable to retain ownership of almost half a billion dollars worth of Robinhood shares, according to a court document dated January 6th.The US Department of Justice (DOJ) has seized the executives’ holdings in response to charges of wide-ranging fraud against Bankman-Fried and FTX, with which...Read More
The US Securities and Exchange Commission has reportedly asked some FTX investors whether they conducted proper research on the cryptocurrency exchange before becoming its clients. Recall that the platform (considered among the giants in its field) crashed in November, causing multi-billion losses and shaking the entire market to its core. As reported by Reuters, the...Read More
Sam Bankman-Fried has asked the court to allow him to retain control over the 56 million shares that he owns in Robinhood. The stock is currently worth around $450 million. SBF’s lawyers argued that the shares were bought legitimately with funds that Wang and SBF borrowed from Alameda Research and that said loan has been...Read More
Daniel Friedberg – the former leading lawyer of crypto exchange FTX – has reportedly given vital information to American prosecutors that could help the authorities during the lawsuit against Sam Bankman-Fried. The attorney is expected to appear in SBF’s trial in October to shed more light on the actions of the 30-year-old while being in...Read More
The American authorities have reportedly seized or will soon confiscate 56 million shares of Robinhood tied to the former CEO of FTX – Sam Bankman-Fried (SBF). The 30-year-old recently sought help from a United States Bankruptcy Court to obtain control of the HOOD stocks. SBF Takes Another Punch According to a Bloomberg coverage, the American government...Read More
Unlike two of his former colleagues, FTX’s co-founder Sam Bankman-Fried pleaded not guilty to criminal charges that he knowingly cheated investors. US District Judge Lewis Kaplan set the trial date for the start of October. SBF was expected to have his first hearing on January 3 after his arrest in the Bahamas last month and...Read More
Although the disgraced founder of both FTX and Alameda Research is currently on bail under strict rules, there were multiple suspicious transfers of crypto assets from wallets linked to him or his former empire. Despite refuting any connections, Bloomberg reported that the US authorities plan to investigate the matter. CryptoPotato reported at the end of...Read More
Sam Bankman-Fried (SBF), the disgraced founder and former CEO of bankrupt cryptocurrency exchange FTX, has reportedly cashed out $684,000 worth of crypto assets despite court restrictions on spendings above $1,000. On-chain DeFi analyst BowTiedIguana took to Twitter to unravel the location where SBF transferred the funds. Following the Money Trail After Bankman-Fried’s $250 million bail...Read More
Former FTX CEO Sam Bankman-Fried, otherwise known as SBF, will enter a plea on January 3, 2023, regarding the criminal charges filed against him in the aftermath of the FTX collapse. The latest development comes shortly after the former crypto boss was released on bail following his arrest and extradition to the United States. According...Read More
FXT founder and former CEO Sam Bankman-Fried (SBF) borrowed over $546 million from his trading house, Alameda Research, to purchase a 7.6% stake in Robinhood earlier this year. According to an affidavit filed in the High Court of Justice Antigua and Barbuda on December 12 before the arrest of SBF, the former billionaire teamed up...Read More
Wading through the wreckage of FTX and Alameda, it is clear that some communities were hit a lot harder than others. Several DeFi protocols sporting close ties with the two entities have suffered. Solana, for one, has been hit the hardest since the collapse. The once top 10 market cap asset, SOL has slid to...Read More
FTX and some of its former top leadership including have been slapped with a class action lawsuit by customers on December 28, according to the latest Reuters report. The customers have sought a declaration that FTX’s holdings are not the company’s property. The same goes for the traceable customer assets held at Alameda. The lawsuit,...Read More
FTX founder Sam Bankman-Fried is to be released on bail, as ruled by a New York federal judge on Wednesday. The bail deal, as orchestrated by federal prosecutors and Bankman Fried’s defense attorneys, will see the former billionaire post a $250 million bond and be required to stay at his parents’ home in Palo Alto,...Read More
The spectacular collapse of FTX warrants every bit of attention that it has garnered so far. The bosses of the once high-flying business were allegedly involved in shady business operations behind-the-scenes using customer funds. Sam Bankman-Fried, the 30-year-old founder of the bankrupt crypto exchange was extradited on suspicion of committing “one of the biggest financial...Read More
The plane carrying the notorious founder of crypto exchange FTX – Sam Bankman-Fried – has reportedly touched down in the United States. He is expected to appear in court in New York City later today (December 22). If convicted on all charges, SBF could go to prison for up to 115 years. A recent coverage...Read More
Sam Bankman-Fried, the former boss of the failed cryptocurrency exchange FTX, is flying back to the United States as early as Wednesday. This was revealed by Doan Cleare, the acting commissioner of corrections for the Bahamas Department of Correctional Services, according to a new report by NBC News. Bankman-Fried, who is currently in the Fox...Read More
Riot Games – an American company famous for developing the video game League of Legends – reportedly filed a motion to end its collaboration with FTX. The collapsed crypto platform has caused “reputational” damage to the gaming firm and owes it over $6 million. ‘FTX Cannot Turn Back the Clock’ As reported by GamesIndustry, Riot Games is...Read More
Negative press surrounding bankrupt crypto exchange FTX has inspired the Democratic Senate Majority PAC to return $3 million in political donations from the company’s executives. Those donations include $2 million from FTX’s ex-head of engineering, Nishad Singh, and $1 million from disgraced former boss Sam Bankman-Fried (SBF). Returning Tainted Money As reported by CNBC, a...Read More
U.S. Congressman Tom Emmer doesn’t believe that the arrest of FTX founder Sam Bankman-Fried (SBF) – which allowed him to miss a scheduled congressional hearing on December 13 – was purely due to good fortune. Rather, the politician suspects that the arrest was “purposeful,” due to Bankman-Fried’s various connections and information. Centralized Failure Speaking with...Read More
FTX’s collapse has shaken the crypto market to the very core. But this isn’t the first time the space has experienced significant turmoil related to the failure of an exchange. The fall of Mt. Gox, an exchange that oversaw 80% of all Bitcoin trades back in February 2014, did likewise. Its former chief executive officer...Read More
BlockFi sought permission from the US Bankruptcy Court to allow its customers to obtain their crypto holdings (locked in BlockFi Wallets due to the firm’s problems). The firm paused withdrawals on November 11, the same day FTX and Alameda Research filed for Chapter 11 Proceedings in the United States. It goes without saying that BlockFi...Read More
The global investment banking firm – Jefferies Group – reportedly determined FTX creditors could retrieve as much as 40% of their lost money. In an interview for The Block, Joseph Femenia – Global Head of Distressed Debt Trading at Jefferies – said there’s light in the tunnel for FTX creditors who could recover between 20% and...Read More
Sam Bankman-Fried – the former CEO of defunct crypto exchange FTX – will supposedly reverse his decision to contest extradition to the US. According to a Reuters report, SBF will appear before the court in the Bahamas on Monday, December 19. Bankman-Fried is currently held at a correctional facility in the Bahamas following his arrest...Read More
The former FTX CEO, Sam Bankman-Fried, has reportedly filed a new application for bail in the Bahamas Supreme Court. The news comes just days after SBF was remanded to a Bahamas detention center. An earlier petition made by the exec to be released on $250,000 bail was rejected by the Chief Magistrate JoyAnn Ferguson-Pratt. The...Read More
According to Bloomberg, a secret account hid code detailing Alameda’s massive liabilities. The GitHub account was in the name of former FTX executive Nishad Singh, the report added. The outlet claims to have viewed documentation that revealed comments associated with specific lines of code. In them were clues to the mysterious account that was used...Read More
On December 13, 2022, Bahamian authorities denied parole to Sam Bankman-Fried, also known as SBF, after he was charged by U.S. lawmakers with eight counts of financial fraud. As reported by Reuters, Bahamian Chief Magistrate JoyAnn Ferguson-Pratt denied Sam Bankman-Fried’s lawyers’ request for parole, citing a “great” risk of him becoming a fugitive. Therefore, SBF,...Read More
