A former engineer at Alameda Research, the sister hedge fund of FTX, alleges that the firm incurred losses exceeding $190 million due to preventable scams. Aditya Baradwaj, the whistleblower, emphasized the frequent “significant security incidents” resulting from the firm’s fast-paced operations. These allegations were documented in a post titled “The Hacks” on the platform X....Read More
Caroline Ellison, the former CEO of the bankrupt crypto exchange FTX’s sister trading firm Alameda Research, has testified against Sam Bankman-Fried (SBF), her ex-boyfriend and the former CEO of FTX, revealing that he tried to use other accounts to unlock some funds frozen by authorities in 2021. According to a tweet by Laura Shin, crypto...Read More
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
Charles Hoskinson, the founder of the Cardano blockchain, has slammed the mainstream media and everyone who is trying to paint the wrongdoings of Sam Bankman-Fried (SBF), the indicted founder and former CEO of the bankrupt cryptocurrency exchange FTX, as mistakes, thereby making him look like a good man. In a recent post on X, Hoskinson...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
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
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
With jury selection finished, FTX co-founder Sam Bankman-Fried’s (SBF)’s trial is officially underway, with prosecutors and defense lawyers delivering their opening statements on Wednesday. During his remarks, SBF’s lawyer Mark Cohen asserted that the former exchange tycoon “didn’t defraud anyone,” instead pointing the finger at Binance CEO Changpeng Zhao (CZ) for causing a “run on...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
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
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
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
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
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
Sam Bankman-Fried’s trial is one of the biggest cases of white-collar securities fraud in Manhattan, with billions of dollars having gone astray from the defunct cryptocurrency platform FTX, causing significant financial distress to former users (and employees). In the latest development, the lawyers representing the disgraced founder objected to the four million pages of discovery...Read More
Since his bail was revoked, Sam Bankman-Fried has been pleading for everything between “temporary” re-release, more computers, and more time to review the prosecution’s evidence. FTX’s current defense strategy is to claim he acted in good faith, taking the advice of FTX’s legal team. Naturally, this would imply a lack of knowledge regarding the misdeeds...Read More
The US Department of Justice (DOJ) is seeking additional disclosures about Sam Bankman-Fried’s planned defense. According to a Tuesday filing, the lawyers representing the agency responded to the disgraced exec’s plan to use an advice-of-counsel defense during his scheduled trial in October. If this request is not met, the DOJ asked the court to restrict...Read More
Crypto and stock trading platform Robinhood (HOOD) has executed a nine-figure buyback of its own shares from FTX’s former executives, including disgraced boss Sam Bankman-Fried and his fellow co-founder Gary Wang. The purchase secured 55,273,469 HOOD shares worth $605.7 million. Robinhood entered into the purchase agreement with the United States Marshal Service (USMS) on August...Read More
A former engineer at Alameda Research has come forward with claims on X that his entire life savings were stolen by Sam Bankman-Fried (SBF), his former boss. Aditya Baradwaj paints a vivid picture of the rise and fall of FTX, exposing the contradictions, grand visions, and heartbreaking consequences that ensued. As an engineer at Alameda...Read More
