The United States Securities and Exchange Commission officially charged Sam Bankman-fried with defrauding investors in FTX. The Chairman of the SEC, Gary Gensler, said: We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto. After the arrest,...Read More
The situation surrounding Sam Bankman-Fried and the bankrupt cryptocurrency exchange that he used to run, FTX, escalated. The former was arrested in the Bahamas at the request of the US Government, while new information keeps surfacing. In a new motion filed late Monday, the American lawyers working on the FTX bankruptcy case made some serious...Read More
Sam Bankman-Fried, otherwise known as SBF, the former CEO of bankrupt cryptocurrency exchange FTX has been arrested in The Bahamas, with the ex-FTX boss likely to be extradited to the United States. SBF’s arrest comes a month after the sudden collapse of the once giant FTX, which later went on to file for Chapter 11...Read More
Every day, the crypto ecosystem finds evidence of unethical practices by Sam Bankman-Fried and/or his team. However, the founder of FTX and Alameda Research denies his responsibility for the sudden failure of his businesses, stating that he was unaware of any wrongdoing. But who’s responsible? Sam already has somebody in mind. In an interview with...Read More
The bear market has been relentless. The little upward momentum gathered last week came to halt. For the most part, the price action has been at the mercy of good and bad news. The whales are hibernating, and with little volatility, Bitcoin is, by far and large, directionless. But experts are impatiently gearing up for...Read More
The former CEO of crypto exchange FTX – Sam Bankman-Fried – said he is willing to start a new business venture to earn enough funds and pay back victims of the collapse. He reiterated his position that what happened to the platform was not a fraud but rather a lack of management skills. In a...Read More
But blockchain firm Ripple’s Chief Technology Officer, David Schwartz, weighed in on Sam Bankman-Fried’s sympathizers but also went on to detail what went wrong with the company. Ripple CTO’s Take on FTX Collapse The exec listed out three things that went “horribly wrong.” FTX customer fiat assets were left in Alameda accounts and used by...Read More
MicroStrategy Executive Chairman Michael Saylor spoke on Tuesday about the layers of evil and mismanagement behind FTX’s collapse last month. The executive accused the exchange’s former CEO, Sam Bankman-Fried, of both committing securities fraud through FTT, and using the asset as collateral to gamble away his depositor’s money. Dissecting the FTX Fraud In an interview...Read More
Binance CEO Changpeng Zhao (CZ) and ex-FTX boss Sam Bankman-Fried (SBF) traded barbs over Twitter on Friday as each contested the true nature of their private business dealings. During the exchange, Bankman-Fried asked CZ why he would “lie” about their situation, given he had already “won,” post bankruptcy. CZ’s Story CZ began with reference to...Read More
The former CEO of FTX – Sam Bankman-Fried – said he is “willing” to testify before the relevant US authorities on December 13. He vowed to shed more light on the reasons behind his exchange’s collapse and his own failures as a leader. The US House Committee on Financial Services claimed earlier this week that...Read More
Zhu Su – one of the co-founders of the collapsed cryptocurrency hedge fund Three Arrows Capital – is firing shots at Sam Bankman-Fried over alleged media influence, control, and deflection of hard questions. SBF admitted he made a lot of mistakes this year but categorically denied any of the above. Zhu Su took it to...Read More
The former CEO of the bankrupt crypto exchange FTX – Sam Bankman-Fried (SBF) – might also be involved in Terra’s crash. Federal prosecutors have launched an investigation to determine whether he manipulated trades that led to the collapse of UST and LUNA earlier this year. Orchestrating Terra’s Catastrophe, too? According to a recent New York...Read More
Dave Ripley – the incoming CEO of crypto exchange Kraken – said he has inside information that FTX scammed its users. He expects more contagion from the crisis, assuring that his entity would not be affected. More Pain Coming In a recent interview for Bloomberg, Ripley described Sam Bankman-Fried (former CEO of the bankrupt platform FTX) as...Read More
Changpeng Zhao – CEO of the world’s largest crypto exchange, Binance – rejected some of the latest assumptions regarding himself and his company’s involvement in FTX’s crash. He reiterated his position that the main culprit of the catastrophe was Sam Bankman-Fried (SBF), describing him as “one of the greatest fraudsters” of all time. CZ’s List...Read More
Back on December 12th, Congresswoman Maxine Waters, representative of California’s 43rd district, openly invited the former CEO of FTX – Sam Bankman-Fried – to testify with aim of helping the public understand what happened with the exchange. It appears that SBF is unlikely to make this appearance. Despite the multiple public appearances of SBF throughout...Read More
Samuel Bankman-Fried took Do Kwon’s spot by becoming the most talked-about and arguably hated person in the cryptocurrency industry in November when his empire collapsed, and the community found out about his dirty laundry. The latest to join the bashing fest is Coinbase’s CEO – Brian Armstrong – who had some strong words to say...Read More
The collapse of the cryptocurrency exchange FTX will go down as one of the darkest moments in crypto’s history. The company experienced severe liquidity issues in November and couldn’t honor the withdrawal requests of its customers. Binance – the world’s largest crypto platform – was ready to acquire the exchange but, after auditing, walked away...Read More
Elon Musk has alleged that the former CEO of bankrupt crypto exchange FTX, Sam Bankman-Fried, has donated over a billion dollars to the Democratic party to support them in the elections. In a recent discussion on Twitter, Will Manidis, the Chief Executive Office of healthcare AI platform Science, called SBF’s donations to politicians “one of the highest...Read More
Sam Bankman-Fried is doubling down on his claim that FTX US should never have filed for bankruptcy. The former FTX boss believes the US entity is still entirely solvent and could re-open for withdrawals right away. The FTX US Situation In a tweet on Thursday, Bankman-Fried reiterated his comments at the New York Times Dealbrook...Read More
Former FTX CEO Sam Bankman-Fried (SBF) spoke at length about FTX’s collapse and bankruptcy at the New York Times Dealbrook Summit on Wednesday. The former billionaire defended himself from accusations of fraud, and claimed that FTX’s troubles stemmed from an accounting error. Sam Bankman-Fried on Alameda’s Leverage Bankman-Fried’s interviewer began by asking whether the ex-CEO...Read More
On Tuesday, Sam Bankman-Fried (SBF)’s first long-form interview since FTX’s bankruptcy was published to YouTube by citizen journalist Tiffany Fong. On November 16th, the former CEO offered his perspective on a number of claims made about him since the bankruptcy, and the state of FTX US clients. He also reflected on FTT, the exchange’s native...Read More
Shortly after filing for Chapter 11 bankruptcy protection, the distressed crypto lender has gone after Sam Bankman-Fried’s Emergent Fidelity Technologies entity. BlockFi’s filing involves shares of Robinhood that the once-FTX boss purchased earlier this year. The US-based crypto lender filed for bankruptcy yesterday in a New Jersey court, as reported, but also launched a lawsuit...Read More
Following Sam Bankman-Frieds’ speedy exit, authorities in the Bahamas began investigating the collapse of the collapsed crypto exchange. One measure taken was to freeze the assets of FTX Digital Markets – the Bahamian subsidiary of the company. Speculation Not Welcome In an address to the nation conducted via Facebook Live, Bahamas Attorney General and Minister...Read More
The Financial Crimes Investigation Board of Turkey (MASAK) seeks to seize “suspicious” assets linked to the battered cryptocurrency exchange FTX. The authorities also plan to open an investigation against the trading venue’s former CEO – Sam Bankman-Fried (SBF). Going After SBF The Turkish agency sought a greenglight from the Istanbul Chief Public Prosecutor’s Office to launch a...Read More
Twitter’s new CEO – Elon Musk – thinks Sam Bankman-Fried is much better at “bribing media” than managing a cryptocurrency platform. The South African entrepreneur also dismissed the rumors that FTX’s former boss had purchased a $100 million stake at Twitter. Another Wave of Criticism The general public opinion on SBF has undoubtedly changed for...Read More
Tom Emmer – the U.S. congressional representative for Minnesota – recently spoke on the political meetings and failures surrounding Sam Bankman-Fried (SBF), prior to his exchange’s collapse. The Republican suggested that Bankman-Fried tried currying “special treatment” from the Securities and Exchange Commission (SEC) through meetings with the agency, and attempted to push legislation to the...Read More
The disgraced founder of FTX apologized to his employees in a two-page letter dispatched to his former colleagues, shedding light on the demise of his crypto conglomerate. He also mentioned the details of the collateral and liabilities the group has. Calling the FTX employees his “family,” SBF said he froze up in the face of pressure”...Read More
The first twelve days of November were perhaps the darkest for 30-year-old Sam Bankman-Fried (SBF), as he not only lost his crypto empire but went from being a Bitcoin billionaire and crypto’s white knight to filing for bankruptcy and owing customers at least $3 billion. The next eight days revealed that SBF’s once-powerful crypto exchange...Read More
Despite the ultimate crash of FTX, the Japanese subsidiary of the company reportedly plans to allow client withdrawals by the year’s end. The fiasco of Sam Bankman-Fried’s exchange became one of the major events in crypto’s history. Once valued at approximately $32 billion, it recently failed to honor users’ withdrawal requests and reported severe liquidity...Read More
A new report by the Wall Street Journal claimed that the disgraced founder and former CEO of FTX took over 70% of the funds gathered from a funding round in October last year. He used the Binance buyback deal to justify his actions. CryptoPotato reported the fundraising round in October 2021 when FTX closed a...Read More
