SBF

FTX exchange sells remaining Anthropic shares for $450 million

June 3, 2024 2 mins read

FTX crypto exchange is now liquidating assets in order to reimburse previous clients, which includes the sale of its remaining interests in the artificial intelligence firm, Anthropic. A total of 15 million shares were sold at a price of $30 per share, resulting in a revenue of more than $452 million. G Squared, a venture capital company, purchased about one-third of the shares for $135 million. Additional purchasers included Fund

FTX founder Sam Bankman-Fried sentenced to 25 years

March 28, 2024 1 min read

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

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

March 18, 2024 1 min read

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

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

February 25, 2024 1 min read

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

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

January 17, 2024 1 min read

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

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

October 27, 2023 1 min read

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

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

October 12, 2023 1 min read

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

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

March 5, 2023 1 min read

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

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

February 16, 2023 2 mins read

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

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

January 30, 2023 1 min read

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

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

January 28, 2023 1 min read

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

FTX Bankruptcy Attorneys Target SBF Family in Search of Additional Assets

January 27, 2023 2 mins read

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