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Sam Bankman- Fried was sentenced to 25 years for fraud
Sam Bankman-Fried, the Co-founder of cryptocurrency exchange FTX, has been sentenced to 25 years in prison and ordered to pay $11 billion forfeiture. Bankman-Fried was found guilty of fraud and witness tampering during his trial last year. He was also accused of lying about not knowing Alameda Research, a trading fund he co-founded, spent FTX’s…
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Sam Bankman- Fried, who testified in his own trial, did not go well
Ex-FTX Capital CEO Samuel Bankman-Fried crumpled a water bottle in his hand as the jury deliberated during his trial on charges of defrauding FTX. Bankman-Fried’s lawyer said he crumpled the bottle to make a noise. US prosecutors alleged that Bankman-Fried had ordered subordinates to send FTX’s users’ money to his firm Alameda Research and to…
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Sam Bankman-Fried was a terrible boyfriend
Caroline Ellison, former CFO of FTX Group, which became Alameda Research, has testified in a US court that CEO Sam Bankman-Fried asked her to buy FTT Stock if its price fell below $1. She also said that Bankman-Fried directed her to manipulate spreadsheets to make Alameda’s financial picture look more favorable. Ellison added that Bankman-Fried…
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The trial of FTX founder Sam Bankman- Fried is about to start
Cryptocurrency exchange FTX’s Founder Sam Bankman-Fried’s parents have been in New York for almost a year, watching their son’s trial. After expressing dissatisfaction with his $200,000 salary, his son wired $10 million cash gift to his parents from Alameda Research, FTX lawyers say. Federal prosecutors have charged Bankman-Fried with violating campaign finance laws by using…
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The case of Sam Bankman- Fried was explained
Cryptocurrency exchange FTX’s Co-founder Thomas Bankman-Fried’s investment firm Alameda Research was under investigation by the US Department of Justice (DOJ) before its collapse in November 2018, according to a report from CoinDesk. Bankman-Fried, who worked for Alameda, was extradited to the US last year and pleaded not guilty to charges of wire fraud, securities and…
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Business partners were angry at Sam Bankman-Fried
Ex-FTX CEO Sam Bankman-Fried, who has been extradited to the US from the Bahamas, has been charged with eight counts of fraud and conspiracy. Bankman-Fried, who founded cryptocurrency exchange FTX, allegedly diverted customer funds to his hedge fund Alameda Research and used them for privateVenture investments and political contributions. He’s accused of orchestrating “one of…
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A fraud problem exists in the company, named for the Winklevoss twins
Cryptocurrency exchange FTX Founder Sam Bankman-Fried has pleaded not guilty to fraud charges. Prosecutors asked the presiding judge for a new condition that would prevent him from transfer any funds from FTX or Alameda Research. FTX was shut down in January 2019 after the US Securities and Exchange Commission accused it of defrauding investors of…
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Larry David had predicted the implosion of FTX.
FTX’s former CEO Sam Bankman-Fried, who left the firm in November, told a Hong Kong judge that the firm’s trading affiliate Alameda Research was “being charged interest” on over $8 billion in claims. He added that he wanted to shift Alameda’s liability to an account that would not charge interest. FTX moved its headquarters from…
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The IRS took another Silk Road Hacker’s $3.36 billion currency haul.
FTX Co-founder Sam Bankman-Fried and his hedge fund Alameda Research sent over $185 million to cover a shortfall in FTX US, the US government has alleged. Bankman-Fried directed Alameda traders to prioritise meeting FTX US capital requirements and send excess capital to FTX US, it added. Alameda also diverted FTX’s customers’ funds to its funds,…
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Money was drained from the exchange by unauthorized transactions.
Sam Bankman-Fried, the CEO of the FTX Foundation and Future Fund, was arrested on Monday in the US for allegedly misappropriating funds of the cryptocurrency exchange. According to a complaint, Bankman-Fried operated Alameda Research and FTX as a common enterprise. The FTX Foundation filed for bankruptcy last month, leaving at least a million depositors unable…
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Sam Bankman-Fried’s fortune evaporated in less than a week.
The head of US Securities and Exchange Commission (SEC), Gary Gensler, has said that while the crypto space is regulated, investors need “better protection”. Bankman-Fried diverted FTX’s customers’ money to Alameda Research to conceal a years-long fraud from the investors, according to the complaint. Bankman-Fried is under legal and regulatory scrutiny in the US and…
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Ex-regulator Bair said that the FTX crash shares some parallels with what happened to Ponzi schemer Madoff.
US cryptocurrency exchange FTX’s CEO Sam Bankman-Fried has resigned after the company’s collapse. Several former FTX employees have claimed they didn’t recognise that the exchange transferred funds to his hedge fund Alameda Research to cover its losses, the New York Times reported. Bankman-Fried held a meeting with several executives in Nassau to determine how much…