Browsing:FTX

Sam Bankman-Fried
1 year ago 1 min read

Sam Bankman-Fried fights for crypto transfer rights at FTX

Sam Bankman-Fried, the former CEO of crypto exchange FTX, has asked a judge to allow him access to assets and crypto held by the company, claiming there is no evidence that he is responsible for previous alleged unauthorized transactions. Bankman-Fried resigned as CEO of the exchange in November 2022, when it filed for bankruptcy, and is currently on bail facing charges including wire fraud and money laundering, to which he has pleaded not guilty. As part of his bail conditions, Bankman-Fried was prohibited from accessing cryptocurrency held by FTX and its trading arm, Alameda Research, after the government pointed to

FTX's ex-boss Bankman-Fried uses Signal to stay in touch with past colleagues during legal case
1 year ago 1 min read

Bankman-Fried utilizes Signal to keep in touch with past colleagues amid legal case

Federal prosecutors overseeing the case against Sam Bankman-Fried, the former CEO of FTX, have requested that the court impose stricter bail conditions on him. They discovered that Bankman-Fried, also known as SBF, had been messaging the general counsel of FTX US via the messaging app Signal. Signal is known for its focus on security and privacy, and is used by over 40 million people. Prosecutors claim that the messages sent to the general counsel of FTX US, who could potentially be a witness in the case against SBF, were “suggestive of an effort to influence a witness’ potential testimony.” As

Goldman Sachs has distanced itself from crypto exchange FTX
1 year ago 1 min read

Goldman Sachs Denies Creditor Status in FTX Bankruptcy

Goldman Sachs has distanced itself from crypto exchange FTX, which filed for Chapter 11 bankruptcy in November after a $6 billion bank run fueled by rumors of insolvency and allegations of commingling user funds with sister trading firm Alameda Research. Documents filed on Wednesday in Delaware’s US Bankruptcy Court list thousands of potential FTX creditors, including Goldman Sachs, JPMorgan Chase, HSBC, BNY Mellon and other financial services firms, as well as crypto firms, airlines and tech companies. However, a Goldman Sachs spokesperson said the bank is not an FTX creditor and that the document filed is not necessarily evidence of

FTX Bankruptcy Law Firm Targets SBF Family in Search of More Assets
1 year ago 2 mins read

FTX Bankruptcy Attorneys Target SBF Family in Search of Additional Assets

FTX exchange filed for bankruptcy in November 2022. As part of the bankruptcy proceedings, FTX’s lawyers have asked Judge John Dorsey for permission to subpoena family members of Sam Bankman-Fried, the former CEO of FTX, and several former executives to testify under oath regarding any financial benefits they may have accrued from the exchange’s business. The lawyers are searching for any assets that can be used to repay the exchange’s creditors. According to Bloomberg, Sam Bankman-Fried’s father, Joseph Bankman, who is a law professor, offered tax advice to FTX employees. Sam’s brother, Gabriel, was involved in political lobbying from a

FTX exchange revealed its complete list of creditors
1 year ago 1 min read

Google, Meta, Circle, Genesis among creditors of collapsed crypto exchange FTX

FTX, a defunct crypto exchange, revealed its complete list of creditors on January 25, but withheld the names of nearly 9.6 million users in accordance with a court order. The list of creditors includes U.S and international government agencies, law firms, banks, media outlets, charitable foundations, marketing agencies and more. The creditor matrix highlights the impact of FTX’s collapse which has spread far beyond the crypto ecosystem. Global finance and tech firms such as Ant Group, Google, Amazon, Meta, Netflix, LinkedIn, and Apple are on the list of FTX creditors. Media outlets including Bloomberg Finance, The Wall Street Journal, CoinDesk,

US prosecutors are investigating Sam Bankman-Fried
1 year ago 1 min read

US Prosecutors Seeking Clarity on SBF’s Mysterious Investments

Federal prosecutors are investigating Sam Bankman-Fried, the former CEO of FTX, over a $400 million investment he made in the hedge fund Modulo Capital. Prosecutors suspect that Bankman-Fried invested FTX customer funds into the hedge fund, which is located on the same compound as FTX, while Alameda Research was suffering from the collapse of other crypto firms. The Bahamian prosecutor revealed their knowledge of the hedge fund’s existence during Bankman-Fried’s bail hearing in Nassau, Bahamas, before the former FTX CEO was extradited to the US. Bankman-Fried is facing eight criminal charges in the United States, including wire fraud, conspiracy to

Elizabeth Warren
1 year ago 1 min read

Elizabeth Warren Crypto Critics to Defend SEC Post-FTX

For Elizabeth Warren, the FTX event provided an opportunity to set the stage for the next two years of crypto regulation. “We must be vigilant,” Warren said. “We must anticipate the next crash and be prepared to act quickly.” She pointed to the upcoming Financial Services Regulatory Improvement Act, which her office is developing with a group of progressive lawmakers, as a way to ensure that the SEC has the authority and resources necessary to properly regulate the crypto industry. “We have to make sure that the SEC has the authority to set rules and enforce them,” Warren said. “We

Binance alleges FTX spent $43 million on negative press about the company
1 year ago 2 mins read

CZ claims FTX paid for FUD-filled news articles about Binance

Binance CEO Changpeng Zhao, also known as CZ, has alleged that cryptocurrency exchange FTX paid $43 million to a crypto news outlet that regularly publishes negative articles about Binance. The claim was made during a Twitter space talk, where CZ discussed various topics related to the crypto industry. CZ stated that traders with short positions often look to “generate negative news” to improve their trades. He acknowledged that there are crypto skeptics, such as Peter Schiff, who criticize the industry, but said that he is “fine” with it as “they don’t get it, they don’t understand it.” However, he admitted

FTX CEO Sam Bankman-Fried charged with defrauding investors
1 year ago 1 min read

Sam Bankman-Fried faces SEC Lawsuit over misuse of $1.8 Billion in Investor Funds

The U.S. Securities and Exchange Commission (SEC) has charged former FTX CEO Sam Bankman-Fried with defrauding investors through opaque risk management and the diversion of customer funds to his quant trading firm Alameda Research. The SEC alleges that Bankman-Fried inaccurately represented FTX’s risk management mechanisms to equity investors who invested $1.8 billion in the exchange and failed to be transparent about the diversion of customer funds to Alameda. The SEC also claims that Bankman-Fried concealed Alameda’s exemption from FTX’s risk management policies, despite the trading firm holding large amounts of FTX’s illiquid FTT token. As a result of the complaint,

A former chief lawyer for FTX has accused the company's U.S. general
1 year ago 1 min read

Former FTX Top Lawyer Accuses US Legal Team of Channeling Business to S&C

A former chief lawyer for FTX, a cryptocurrency exchange, has accused the company’s U.S. general counsel of channeling business to Sullivan & Cromwell (S&C), the law firm currently serving as FTX’s bankruptcy counsel. Daniel Friedberg, who was the chief regulatory officer of FTX until he resigned on November 8, made the allegations in a court filing on January 19. Friedberg claims that Ryne Miller, the lead counsel for FTX US and a former partner at S&C, channeled business towards his former law firm across multiple cases. Friedberg also accuses Miller of earmarking $200 million of LedgerX funds for S&C to

potential reboot of FTX cryptocurrency exchange.
1 year ago 1 min read

FTX Revival in Jeopardy as Users Struggle to Trust the Platform

Several crypto industry commentators have expressed skepticism about the potential reboot of FTX, a cryptocurrency exchange, due to trust issues and “second-class” treatment of customers. FTX filed for bankruptcy in November after falling into a liquidity crunch and facing accusations of criminal misconduct by its founders and former executives. FTX CEO John Ray has expressed interest in potentially reviving the exchange to make users whole, but critics believe that users may not return to the platform due to trust issues and increased regulation in the industry. Binance Australia CEO Leigh Travers and Digital assets lawyer Liam Hennessy both questioned whether

SBF FTX
1 year ago 1 min read

Court documents reveal FTX executives raised concerns about client fund usage

The former CEO of FTX crypto exchange is being accused of using customer funds for personal gain, such as buying luxury real estate, making political contributions, and trading at another company named Alameda. Two high-level software developers at FTX raised concerns about the missing funds, but their names have not been revealed. However, Gary Wang and Nishad Singh, who helped found FTX with the CEO, have been named in public charging documents. Both Wang and Alameda CEO Caroline Ellison have pleaded guilty to fraud, while Singh has not been charged. The U.S authorities have warned that the CEO is a

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