Lawyers representing Sam Bankman-Fried have formally requested the court’s approval to introduce evidence related to his investment in Anthropic, an artificial intelligence startup. In a letter addressed to Judge Lewis A. Kaplan, SBF’s legal team argued that the prosecutors’ recent request to prevent any discussion of Anthropic misinterprets the significance of the evidence. Sam Bankman-Fried’s...Read More
Former Alameda Research CEO Caroline Ellison took the stand on Tuesday to testify to the alleged crypto fraud led by her and her ex-boyfriend, Sam Bankman-Fried. Ellison claimed that Alameda took over $10 billion FTX customer to pay off its loans, all at Bankman-Fried’s order. Caroline Ellison Speaks As summarized by Inner City Press on...Read More
Sam Bankman-Fried, founder of cryptocurrency exchange FTX, is making a bold move in his ongoing legal battle. Bankman-Fried is seeking to shed light on the involvement of lawyers in what prosecutors have termed a “$200 million sham” involving Alameda Research, the hedge fund arm of FTX. Wang’s Testimony Sheds Light on Legal Structure of Alameda...Read More
Federal prosecutors in the ongoing fraud trial of ex-FTX CEO Sam Bankman-Fried have requested that the judge exclude any discussion of Bankman-Fried’s investment in Anthropic, an AI company. This request comes in light of recent media reports about Anthropic’s fundraises from tech giants Google and Amazon, potentially benefiting victims of the FTX collapse. Creditors Optimistic...Read More
FTX co-founder Gary Wang revealed more details of Alameda Research’s corrupt relationship with his exchange during Sam Bankman-Fried’s fraud trial on Friday. During his testimony, Wang claimed that the function required for Alameda to steal client funds had been baked into FTX’s computer systems back in 2019. Alameda’s Special Privileges As summarized by Inner City...Read More
The prosecution and defense teams in the criminal trial against Sam Bankman-Fried (SBF), the indicted founder and former CEO of the bankrupt cryptocurrency exchange FTX, seem to be hinged on the testimony of Caroline Ellison, the former CEO of FTX’s sister trading firm Alameda Research. According to a Bloomberg report, both parties are seeking to...Read More
FTX’s C-Suite has been, for the most part, cooperative with the authorities. Excluding Ryan Salame – who preferred not to say anything for the moment to avoid incrimination – and two other execs who left before the collapse and have not been accused of any wrongdoing, they’ve pleaded guilty and agreed to testify in court....Read More
Amid the ongoing trial of FTX co-founder and former CEO Sam Bankman-Fried, a report has surfaced stating that some of the company’s employees based in the United States found a hidden backdoor allegedly used by Alameda Research to siphon billions worth of customer funds from FTX, six months before the crypto exchange’s eventful fall. The...Read More
In a fresh wave of money transfers, the notorious FTX account drainer has caused significant disruption in the crypto community by moving a total of 60,000 ETH from 4 wallet addresses since late September. As per reports, the wallets that just a few days ago held close to 200K ETH now have a balance of...Read More
Marc-Antoine Julliard, a London-based cocoa beans trader who lost $100,000 to the bankrupt cryptocurrency exchange FTX, was the first witness to testify against the exchange’s founder and former CEO Sam Bankman-Fried (SBF) at the start of his trial. According to a CNBC report, Julliard chose FTX in 2021 when he decided to diversify into crypto...Read More
According to Michael Lewis’ book “Going Infinite,” Binance CEO Changpeng “CZ” Zhao turned down an offer in March 2019 from former FTX CEO Sam Bankman-Fried to invest $40 million in creating a cryptocurrency futures exchange. Binance, originally a spot crypto exchange, decided to develop a futures exchange internally instead of accepting an offer from Bankman-Fried....Read More
Sam Bankman-Fried (SBF), the founder and former CEO of the bankrupt cryptocurrency exchange FTX, will have 15 days of trial in October to defend the litany of charges brought by the U.S. Department of Justice (DOJ) against him. According to a court trial calendar released in late September, SBF’s trial will continue until the first...Read More
New findings about Sam Bankman-Fried (SBF), the disgraced founder and former CEO of the now-bankrupt cryptocurrency exchange FTX, are washing ashore as his trial fast approaches. This time, it has been disclosed that he considered paying former U.S. president Donald Trump not to re-run for presidency. In an interview with CBS News 60 Minutes, Michael...Read More
As FTX faced its dramatic collapse, a mysterious hacker absconded with hundreds of millions of dollars. 10 months later, on-chain data unveiled some fresh activity within the wallet of the alleged perpetrator. The identity of the individual responsible and the precise technique employed in the multi-million dollar hack continued to remain shrouded in mystery before...Read More
Bankruptcy Judge Michael A. Kaplan has approved BlockFi’s third revised Chapter 11 plan during a court hearing on September 26, as indicated in a filing on the same date. This development brings the customers of the distressed cryptocurrency lending platform closer to receiving their payouts following the endorsement of its liquidation plan by a United...Read More
With SBF’s trial due to start in less than a week, the court has released guidelines for admissible evidence, both for the prosecution and the defense. The vast majority of requests from the government’s side were granted, with some notable exceptions. Meanwhile, none of the defense’s requests for preclusion were accepted. Excessive Evidence Defense Denied...Read More
Bankrupt crypto exchange FTX has filed a lawsuit against the former employees of its Hong Kong affiliate Salameda, seeking to recover more than $157 million fraudulently taken by them. According to a filing with the United States Bankruptcy Court for the District of Delaware, the defendants leveraged their connections to FTX employees and skipped a...Read More
A United States judge has approved the Justice Department’s (DOJ) motion to bar all witnesses proposed by Sam Bankman-Fried (SBF), the founder and former CEO of bankrupt cryptocurrency exchange FTX, from testifying at his upcoming trial. According to an order filed with the U.S. District Court for the Southern District of New York, Judge Lewis...Read More
SBF had previously violated his bail conditions in minor ways, such as by using VPNs to watch football games. Although the court did not constitute such relatively innocuous breaches as enough of a reason to reverse his bail, it nevertheless put them on guard against further infractions. However, it later turned out that he had...Read More
In a new turn of events, the defunct crypto exchange platform FTX earmarked September 29, 2023, at exactly 4 PM ET as the final deadline for creditors registering their proofs of claims through the designated portal. This strategizing maneuver forms part of FTX’s blueprint to streamline the claims process and ensure that all stakeholders have...Read More
Aditya Baradwaj, a former engineer at the bankrupt cryptocurrency trading firm Alameda Research, has revealed that the company was behind bitcoin’s 87% plunge in 2021. Baradwaj explained the events that led to the sudden drop, saying the incident was a result of a work philosophy established by Alameda’s co-founder Sam Bankman-Fried (SBF), which maintained that...Read More
Incoming reports indicate that Sam Bankman-Fried’s legal team is readying their arguments for a pretrial release hearing before the U.S. appeals court on Tuesday as the billionaire founder of the defunct exchange FTX prepares for his trial on Oct. 3. Bankman-Fried’s initial plea was overruled last month as the prosecutors argued that the defendant had...Read More
A weekly market report by America’s largest cryptocurrency exchange, Coinbase, has outlined several reasons why the forthcoming mass token liquidation by its bankrupt rival FTX is unlikely to cause market shocks in the ecosystem. The research report, written by Coinbase head of institutional research David Duong, disclosed that analysts at the exchange found some factors...Read More
With about two weeks to go until the start of Sam Bankman-Fried’s trial, yet another trove of documents replete with everything from his early life to unverifiable attempts at exonerating himself has surfaced. Lots of Words, Little Substance Sticking to the tone of his lengthy – yet ultimately trite – substack posts and interactions with...Read More
Bankrupt cryptocurrency exchange FTX has been approved by the bankruptcy court to liquidate its crypto assets worth $3.4 billion. Meanwhile, the company’s former CEO, Sam Bankman-Fried, may stay in prison until his scheduled trial in October after a US Judge denied his requests for a pretrial release. Judge John Dorsey of the US Bankruptcy Court...Read More
The US Judge in charge of Sam Bankman-Fried’s case has denied the former FTX CEO’s repeated requests for a temporary release from jail to make adequate preparations ahead of his upcoming trial. Sam Bankman-Fried, who maintains his not-guilty plea to all charges levied against him, is scheduled to appear in court in October. No Pretrial...Read More
With less than a month left before Sam Bankman-Fried’s court case is due to begin, DOJ officials have been rushing to put the final touches to their arguments. Since the outcome will be decided by a jury, the DOJ has spent a while formulating questions for members of the jury to ensure that they are...Read More
Over the past year, FTX has filed numerous lawsuits against previous business partners, attempting to claw back funds allegedly spent without justification or in subprime deals. Often, these funds were indeed spent on a whim, whether at networking parties or, presumably, gaming. However, LayerZero’s CEO Bryan Pellegrino argued that this could not be farther from...Read More
The world’s most valuable company – Apple, with market cap nearing $3 trillion, has reportedly secured the rights to the upcoming book about FTX’s founder – Sam Bankman-Fried. The book will likely be one of the many documentaries, including short TV series, to be released about SBF and his former empire. Apple Gets the Book...Read More
The now bankrupt crypto exchange, which actually has intentions to restart operations at some point, reportedly wants to retrieve some of the money it paid to professional athletes and teams that used to promote it. Some of those names, according to Bloomberg, include Shaquille O’Neal and Naomi Osaka, but Tom Brady has not been mentioned....Read More
