Browsing:SBF

FTX founder Sam Bankman-Fried sentenced to 25 years
2 weeks ago 1 min read

FTX founder Sam Bankman-Fried sentenced to 25 years

Sam Bankman-Fried or SBF, the ex-CEO of FTX, has received a 25-year jail term for his involvement in the downfall of the crypto exchange. Judge Lewis Kaplan rebuked the defense’s claims, highlighting Bankman-Fried’s obstruction of justice and interfering with witnesses as crucial elements in determining his punishment. Bankman-Fried acknowledged remorse for his “selfish” choices and said that his errors continue to trouble him on a daily basis. The defense attorneys had petitioned for a reduced term of 6½ years, however, Judge Kaplan favored the prosecution’ stance and opted for a more severe punishment. The victims’ testimonials exposed profound financial and

The US Department of Justice (DOJ) has recommended a jail sentence of 40-50 years for Sam Bankman-Fried
4 weeks ago 1 min read

DOJ wants 40-50 years prison and $11B fine for FTX’s Sam Bankman-Fried for fraud

The US Department of Justice (DOJ) has recommended a jail sentence of 40-50 years for Sam Bankman-Fried, the former director of FTX. Additionally, they have suggested imposing penalties and forfeitures amounting to $11 billion. In November, SBF was convicted on seven counts of fraud and conspiracy. The prosecutors contend that his behaviors, which included misleading investors, disseminating forged papers, and financing political campaigns, justify a significant period of incarceration. The DOJ has successfully retrieved over $1 billion and is now focused on recovering monies that were used for political donations, marking it as the most significant breach of campaign financing

FTX founder Bankman-Fried chooses new legal team despite conflicting worries about his appeal
2 months ago 1 min read

FTX founder Bankman-Fried chooses new legal team despite conflicting worries about his appeal

Sam Bankman-Fried, former FTX CEO, has chosen Marc Mukasey and Torrey Young for his appeal despite potential conflict concerns. It is worth noting that SBF, who separated from his trial legal team, plans to engage these attorneys, who also represent ex-CEO Alex Mashinsky. This decision follows a request from US prosecutors for a hearing on possible conflicts of interest due to their dual representation. Additionally, prosecutors have highlighted a conflict risk due to financial interactions between Alameda Research and Celsius, both of which have declared bankruptcy. Furthermore, Bankman-Fried intends to argue that Celsius was not defrauded, which could conflict with

SBF's Parents Seek Dismissal of Lawsuit, Reject Fraud Allegations
3 months ago 1 min read

SBF’s Parents Request Dismissal of their Lawsuit, Denying Involvement in any Fraud or Bad Management

The parents of former FTX CEO Sam Bankman-Fried (SBF) have categorically denied any involvement in fraud or mismanagement within the FTX organization. The lawsuit, filed in September 2023, accused SBF of misusing funds and directing donations for personal gain, prompting a strong defense from his parents. SBF’s parents, represented by a lawyer, emphasized their lack of executive positions at FTX and Alameda Research, the two companies at the center of the controversy. The defense argued that SBF’s parents cannot be held liable for their son’s actions as FTX CEO, pointing out that the lawsuit only addresses limited company interactions. One

FTX founder Sam Bankman-Fried testified as anticipated on October 26
6 months ago 1 min read

FTX founder Sam Bankman-Fried (SBF) testifies on October 26 as expected 

FTX founder Sam Bankman-Fried (SBF) testified as anticipated on October 26, shedding light on the likely defense strategy in the ongoing case. During his questioning, his attorneys concentrated on a crucial document that could play a pivotal part in his defense. According to a live post by Inner City Press covering the trial, SBF’s supereminent counsel, Mark Cohen, questioned him about a document retention policy. SBF revealed that this policy had been formulated by the law establishment, Fenwick and West, specifically by Dan Friedman. The defense appears to be leaning on this policy to explain why some of SBF’s correspondence

Alameda CEO Caroline Ellison Says She and SBF Were Trying to Bring Down Binance
6 months ago 1 min read

Alameda CEO Caroline Ellison Says She and SBF Were Trying to Bring Down Binance

The ongoing trial involving Sam Bankman-Fried (SBF), the founder of FTX, has taken another surprising turn as key figure Caroline Ellison, CEO of Alameda Research, provided insights into the inner workings of the company. During SBF testimony, Caroline revealed a task on his to-do list: “Get regulators to bring down Binance.” Caroline also admitted to negotiating $10 billion in debt, raising questions about the source of these funds. The FTX exchange explained that these funds came from its users and customers. This detail led to an argument between Caroline and SBF, with SBF reportedly accusing Caroline of being at fault

The United States Department of Justice has proposed new bail conditions for former FTX CEO Sam Bankman-Fried (SBF)
1 year ago 1 min read

DOJ Seeks to Restrict Sam Bankman-Fried’s Bail to Flip Phones Only

The United States Department of Justice has proposed new bail conditions for former FTX CEO Sam Bankman-Fried (SBF), requesting he is restricted from using smartphones, tablets, computers, and other devices that allow chat and voice communication. The proposal restricts his communication to a flip phone or other non-smartphone with either no internet capabilities or internet capabilities disabled. The proposal was submitted to District Judge Lewis Kaplan of the Southern District of New York, requesting to make the temporary bail conditions recently imposed permanent. The temporary terms include no contact or communication with current or former employees of FTX or Alameda

A US District Judge has banned Sam Bankman-Fried from using VPN
1 year ago 2 mins read

Judge Bans Sam Bankman-Fried from Using VPN While Under House Arrest

A US District Judge has banned Sam Bankman-Fried, the former FTX boss, from using a virtual private network (VPN) after he admitted to using it to watch the Super Bowl while under house arrest. The judge cited the risks associated with using encrypted messaging or call applications and has amended the defendant’s release conditions, effective immediately. This move comes as Bankman-Fried’s lawyers negotiate his bail terms with prosecutors. Recently, the judge barred Bankman-Fried from using encrypted messaging apps, such as Signal, after he was accused of contacting a potential witness in his criminal case. Bankman-Fried is also prohibited from contacting

Massive stETH-to-Ethereum Swap by SBF-Associated Wallets During Market Depeg
1 year ago 1 min read

$90M in stETH Swapped for Ethereum in SBF-Linked Wallets

Blockchain security firm PeckShield identified three wallets that converted 63,860 staked Ethereum (stETH), worth approximately $90 million, to Ethereum (ETH) when the stETH/ETH peg dropped to a monthly low between May 2022 and June 2022. The three wallets withdrew stETH from FTX, swapped it for ETH, and transferred the funds back to the exchange, leading PeckShield to believe the transactions might be connected to FTX founder Sam Bankman-Fried (SBF). Two wallets, “0x1b23” and “0x2e85,” withdrew a total of 49,000 stETH, worth $66 million, from FTX, converted it to 42,000 ETH, and returned the funds to FTX. The motive behind the

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

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