Sam Bankman-Fried, founder of the FTX cryptocurrency exchange, has been sentenced to 25 years in prison by a judge in New York for orchestrating an $8 billion theft from FTX customers. 🚨 BREAKING: JUDGE SENTENCES SAM BANKMAN-FRIED TO 25 YEARS IN PRISON FOR MULTI-BILLION DOLLAR FTX FRAUD pic.twitter.com/M9HotmBma2 — Bitcoin Magazine (@BitcoinMagazine) March 28, 2024…
Originally posted on Unlimited Hangout. One of the oddest and most mysterious relationships that emerged out of the collapse of FTX last year was Alameda Research’s unusual relationship with Farmington State Bank, one of the smallest, rural banks in the United States that came under the control of Jean Chalopin in 2020. Chalopin is best…
If the court approves the proposed plans from debtors, the FTX creditors could lose a huge sum of money considering the rally in crypto market this year. In a recent filing made on December 27 in the United States Bankruptcy Court for the District of Delaware, FTX debtors have unveiled estimates of the US Dollar…
Even with the owed fees it has paid in trying to deal with bankruptcy issues, FTX continues to face mounting challenges. The collapse of cryptocurrency exchange FTX, previously valued at $32 billion, has resulted in exorbitant legal and advisory fees amounting to an average of $53,000 per hour within three months. According to recent filings…
FTX highlighted its intention to repay billions of dollars in cash to affected customers. Beleaguered cryptocurrency exchange FTX has announced plans to exit bankruptcy and resolve its year-long financial troubles with victims of the troubled digital asset trading platform, Bloomberg reported Monday. According to the report, FTX is in final discussions with the official creditors…
FTX’s legal team noted in the filing that paying the $24 billion could impede the repayment of funds to the exchange victims. Lawyers representing the bankrupt cryptocurrency exchange FTX have contested the United States Internal Revenue Service (IRS) claim of $24 billion in unpaid taxes. The attorneys insist that the IRS must substantiate its demands,…
Crypto analyst Ali Martinez has warned of a potential correction for SOL. The price of Solana (SOL) has experienced a 7% decline over 24 hours. However, at the time of writing the fall is not so critical. The coin is around 1% down. The Solana price today is approximately $60 despite the recent market corrections that…
These asset shifts have also been constantly noticed ever since FTX filed for bankruptcy, leaving many to speculate about the rationale behind the moves. According to a recent tweet by Spot on Chain, crypto accounts linked to the collapsed crypto exchange FTX and its sister trading firm Alameda Research executed over $10 million worth of…
The ongoing lawsuit has a complaint against Mercedes F1 that echoes the accusations, asserting that the team prominently featured FTX’s logo on its cars, merchandise, and marketing materials. A group of FTX users has filed twin class-action lawsuits in a Florida district court, accusing the Mercedes-AMG Petronas F1 Team and Major League Baseball (MLB) of…
Coinspeaker Backpack Exchange: Ex-Employees of FTX Create New Entity Former colleagues of Sam Bankman-Fried (SBF) may already be preparing for life after his recent conviction. This follows after the Wall Street Journal (WSJ) recently named employees of the defunct FTX exchange and its research arm Alameda Research in a report. Per the report, two individuals…
FTX management has been trying to recover funds from multiple sources including beneficiaries of donations made by the firm and its former CEO Sam Bankman-Fried. FTX bankruptcy advisors have sued cryptocurrency exchange ByBit Fintech Ltd in an attempt to recover funds withdrawn prior to its collapse. According to a Bloomberg report, FTX management filed a…
The cryptocurrency’s historical trends indicate that significant gains often occur a year and a half after the bottom, suggesting a rapid price surge in the coming years. A year after the crypto market saw the collapse of the now-defunct FTX Derivatives exchange and two years after Bitcoin (BTC) saw an all-time high of $69,044, the…
SEC Chair Gary Gensler said the agency would greenlight the reboot of the exchange if “Tom or anybody else” did it within the law. In an encouraging development, the US Securities and Exchange Commission (SEC) has hinted at the possibility of approving the revival of the beleaguered cryptocurrency exchange FTX, if the incoming leadership adheres…
After FTX scrutinized 75 bidders that were interested in restarting the distressed cryptocurrency exchange, only three firms, including Bullish, Figure Technologies, and Proof Group, have been chosen. The future of the bankrupt cryptocurrency exchange FTX Trading Ltd, popularly known as FTX, is expected to be decided before the end of this year according to the…
Part of the shortlisted investors that want to relaunch FTX includes Proof Group. After former FTX boss Sam Bankman-Fried (SBF) was found guilty of all the charges by a court jury last week, reports have emerged of shortlisted venture capital firms seeking to relaunch the former top-rated cryptocurrency exchange. According to Kevin Cofsky, a partner…
Following the collapse of Terra Luna and FTX last year, the UK policymakers have committed to introducing a new regulatory regime for crypto assets and stablecoins to ensure sustainable and secure mainstream adoption. The United Kingdom policymakers have in the past year worked closely with different financial institutions and other stakeholders in formulating detailed regulatory…
An upswing in a claim’s valuation signals an increase in the anticipated recovery worth. SBF’s inner circle – Caroline Ellison, Gary Wang, and Nishad Singh – might have to pay heavy penalties. On Thursday, November 2, the US court finally convicted FTX co-founder Sam Bankman-Fried of seven criminal charges. The sentencing will take place next…
The new developments come after a court-mandated phased liquidation process, enabling FTX to sell digital assets worth a total of $3 billion on a weekly basis. A flurry of activity in the crypto space last night grabbed the attention of industry watchers as the wallets associated with bankrupt crypto exchange FTX and its sister company…
As FTX disgraced founder Sam Bankman-Fried steps to defend himself in the court on Thursday, here’s what has transpired ever since the FTX bankruptcy. Sam Bankman-Fried will testify in defense of his actions leading up to the collapse of FTX and his entire digital asset empire. His legal team confirmed during a conference call with…
Sam Bankman-Fried will be pushing to clear his name after his former colleagues made many revelations that could lead to his imprisonment for more than 100 years if the jury finds him guilty. After the prosecutors had a chance to present their witness to testify against former FTX boss Sam Bankman-Fried (SBF), the defense attorneys…
While the path forward for FTX remains uncertain, the exchange appears to be taking steps to recover from recent turbulent times. The once-dominant cryptocurrency exchange FTX is endeavoring to set a new course following its bankruptcy last year, which was marred by allegations of fraud and mismanagement. Recent court proceedings have shed light on FTX’s…
Bankman-Fried’s legal team, led by Mark Cohen and Christian Everdell, has encountered difficulties in presenting a coherent narrative to the jurors. FTX co-founder Sam Bankman-Fried‘s trial is nearing its conclusion, with the prosecution set to conclude their case on October 26 after nearly 20 testimonies. The prosecution has called upon a wide range of witnesses…
It was disclosed that FTX customers’ money was spent on business investments, political and charity donations, and real estate. Beleaguered cryptocurrency exchange FTX spent customer’s deposits for business investments, political contributions, charitable donations, real estate, and the buyback of shares from competitor exchange Binance. During a hearing on Wednesday at the ongoing Sam Bankman-Fried (SBF)…
The team overseeing the bankruptcy process has put forward a new plan to distribute the remaining assets to affected creditors. The proposal aims to give creditors back up to 90% of their holdings at the time of FTX’s collapse. Cryptocurrency exchange FTX has introduced an amended proposal to return a substantial portion of funds to…
Wang’s testimony was part of a plea agreement with prosecutors stemming from his guilty plea filed in December 2022. In a riveting turn of events at the ongoing criminal trial of FTX founder Sam Bankman-Fried (SBF), Gary Wang, the company’s former chief technology officer, unveiled startling revelations about the inner workings of the exchange and…
While FTX customers remain optimistic about the future of cryptocurrency, their battle for compensation continues. As Sam Bankman-Fried (SBF), the former CEO of the defunct FTX exchange faces criminal charges, customers who lost significant sums in the debacle remain bullish on crypto. In a new CNBC documentary premiering later today, they share their experiences and…
Despite this major shuffle by FTX exploiter, Ethereum price has gained to $1,750 levels before the launch of Ethereum futures ETFs. Recent data from Spot On Chain indicates that an address associated with the FTX exploit, specifically identified as 0x3e9, has initiated transfers exceeding 10,000 Ether (ETH), currently valued at approximately $17 million. These transfers…
Until FTX collapsed in November, FTX Europe was the only firm offering special crypto derivatives (perpetual futures) to the European market. Reports have emerged that Coinbase considered acquiring FTX Europe after the exchange’s bankruptcy in November. While the acquisition talks were not successful, Coinbase’s interest in FTX Europe underlines how important derivatives have become to…
The defendants allegedly used their connections on the inside to ensure that their withdrawals were prioritized over those of other customers. Bankrupt crypto exchange FTX has sued former employees of its Hong Kong-based affiliate Salameda in hopes of recovering $157.3 million. According to a Thursday filing, Salameda was being controlled by the firm’s ex-CEO, Sam…
SBF’s parents are said to have received millions of dollars from FTX and used political donations amounting to over $100 million to cover up. The details leading to the collapse of the FTX crypto exchange and Alameda Research late last year are coming out amid next month’s trial for Sam Bankman-Fried (SBF). In the latest…
FTX’s lawsuit seeks redress for the alleged fraudulent financial activities undertaken by Joseph Bankman and Barbara Fried. In an expected turn of events, the bankrupt FTX Trading Ltd has filed a lawsuit against the parents of its founder and former CEO Sam Bankman-Fried. The lawsuit alleges that Joseph Bankman and Barbara Fried were involved in…
NFL quarterback Trevor Lawrence has reached a settlement in a lawsuit involving FTX. This follows a trend of celebrities settling similar cases involving FTX promotions, including YouTubers Kevin Paffrath and Tom Nash. As Sam Bankman-Fried readies himself for a trial defense in Manhattan next month, court documents reveal that three celebrity promoters associated with his…
FTX’s asset portfolio currently exceeds $7 billion and includes various assets such as cash, brokerage investments, tokens, and real estate. In the latest disclosure, crypto exchange FTX released the presentation of the shareholder meeting taking place on September 11-12. This presentation provides an overview of the company’s current state as well as it is moving…
According to the filing, the payments in question are characterized as “certain prepayments related to various advertising and sponsorship agreements, security deposits, retainers, and other miscellaneous deposits and prepayments.” In a recent court filing, the current management of the defunct FTX Derivatives Exchange has shed light on the intricate web of marketing and sponsorship deals…
Salame’s decision to cooperate with authorities and admit to his involvement in the alleged misconduct at FTX comes as a reversal of his earlier stance. Ryan Salame, a former top executive of the FTX Derivatives Exchange, the now-bankrupt crypto trading platform, has reportedly pleaded guilty to criminal charges in a New York courtroom. The timing…
The DoJ has said that advertisements for FTX did not differentiate between the US arm and the global business. According to the Department of Justice (DoJ), the FTX ads featuring American footballer Tom Brady and comedian Larry David show little distinction between the exchange’s US arm and its international business. According to a Friday filing, the…
The token movements have sparked rumours that the exchange might be gearing up for potential sell-offs. All eyes are on the bankrupt cryptocurrency exchange FTX after a wallet owned by it was found to have moved a significant amount of crypto assets. According to blockchain analytics platform Arkham Intelligence, the FTX wallet has moved more…
The accusations of vote-buying and manipulation have added complexity and uncertainty to the Genesis bankruptcy case. Bankrupt crypto lender Genesis Global Capital (GGC) is facing new charges from creditors that the proposed $175 million transaction with the insolvent FTX exchange is an attempt to manipulate the bankruptcy process through vote buying. These allegations, made in…
Proactively, the platform has placed a temporary freeze on affected user accounts within the customer claims portal. It appears that FTX customers are not catching a break anytime soon as they’ve had to deal with one issue or the other since the exchange imploded last November. In their latest ordeal, some former customers of the…
FTX highlighted the pressing concern of potential fraudulent activities and scams and advised users to exercise heightened caution against any emails or communications that may impersonate parties involved in the bankruptcy proceedings. In an alarming development, the defunct crypto exchange FTX has fallen victim to a cybersecurity breach amidst the company’s ongoing bankruptcy case. FTX…
Galaxy Digital will help FTX return funds to its creditors while making sure that the value of FTX’s $3 billion of crypto holdings doesn’t subside. As per the court filing submitted on Wednesday, August 23, bankrupt crypto exchange FTX is looking to hire crypto firm Galaxy Digital to start staking or hedge its massive crypto…
As the US regulators tighten the belt on the cryptocurrency industry, legal experts believe SBF attorneys will have a challenging time freeing proving his innocence The defense lawyers representing former FTX CEO Sam Bankman-Fried (SBF) swung into action to prove the innocence of their client after new fraud charges were arraigned during a court hearing…
The US Trustee had initially flagged concerns about disparities within the previous motion. A new development has surfaced in the ongoing bankruptcy proceedings of the defunct cryptocurrency exchange FTX. The troubled company has revised its proposed settlement plan after the US Trustees rejected its initial proposal. According to a court document filed on August 20,…
Salame has not yet made an official plea, and is expected to enter a plea deal with prosecutors, which could improve their case against FTX. A former FTX executive is reportedly negotiating a plea deal with federal prosecutors as the case against the collapsed cryptocurrency exchange continues. According to a Tuesday Bloomberg report, FTX Digital Markets…
The attorneys claimed that FTX Dubai has a solvent balance sheet. Troubled crypto exchange FTX plans to remove its Dubai subsidiary from ongoing bankruptcy proceedings in the United States, Coindesk reported on Thursday, citing a recent court filing on August 3. When the exchange filed for bankruptcy last year, it initiated Chapter 11 cases for 102…
The DOJ claims that Bankman-Fried’s actions amounted to witness tampering and obstruction of justice and that he should be remanded. Sam Bankman-Fried’s defense team has mounted a robust defense against the US Department of Justice’s (DOJ) motion to revoke the former FTX CEO’s bail bond. The defense’s 18-page petition to Judge Lewis A. Kaplan deconstructs…
The news of a possible FTX reboot resulted in a 10% spike in FTX’s FTT token to reach a high of $1.59. Defunct cryptocurrency exchange FTX is looking to reorganize and continue services for customers outside the United States. FTX Group filed a draft creditor repayment plan on Monday that in addition to restarting the…