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Executive Portrays FTX Boss as Mastermind in Bankman-Fried Trial
Post By: CryptosHeadlines.com
Sam Bankman-Fried, the former FTX boss, is currently on trial, and the trial has now entered its third week. In the recent week, he faced Nishad Singh, who used to be the head of engineering at FTX and was once a friend of his.Nishad Singh claimed that he became aware of serious financial problems at FTX, the cryptocurrency broker, in September 2022. He tried to help fix the issue, but the company eventually collapsed in November.
Background of Sam Bankman-Fried’s Trial
During a meeting last year, Singh learned about problems with FTX’s financial records. It was only at this point that he realized what was happening with the company’s sister company, Alameda Research. Alameda had been using billions of dollars from user deposits for its own activities. Singh felt betrayed by this revelation.
Singh, who had previously pleaded guilty to various fraud and conspiracy charges, along with others like Caroline Ellison (Alameda boss) and Gary Wang (FTX co-founder), claimed that Sam Bankman-Fried was a central figure in the entire scandal.
Singh expressed that he had been dedicated to growing FTX, but after his meeting with Bankman-Fried, he realized that his efforts had been supporting something unethical.
Nishad Singh admitted to his own involvement in various actions during the scandal, including making changes to the platform’s code to give special privileges to Alameda and staying at the company even after discovering the situation.
Connection to Campaign Finance Violations and Trial Progress
Though Bankman-Fried hasn’t been accused of campaign finance violations or federal election committee fraud, evidence has emerged in the trial related to these crimes. Singh mentioned a group chat for political consultants to advise on moving funds, and another executive, Ryan Salame, who had pleaded guilty to campaign finance charges, allegedly used Singh’s account to transfer funds to recipients.
Nishad Singh will face cross-examination on Tuesday, and more witnesses are expected to testify. The trial is anticipated to reach its closing statements by the end of the first week of November.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #FTX #SBFTrial #SBF
Sam Bankman-Fried, the former FTX boss, is currently on trial, and the trial has now entered its third week. In the recent week, he faced Nishad Singh, who used to be the head of engineering at FTX and was once a friend of his.Nishad Singh claimed that he became aware of serious financial problems at FTX, the cryptocurrency broker, in September 2022. He tried to help fix the issue, but the company eventually collapsed in November.
Background of Sam Bankman-Fried’s Trial
During a meeting last year, Singh learned about problems with FTX’s financial records. It was only at this point that he realized what was happening with the company’s sister company, Alameda Research. Alameda had been using billions of dollars from user deposits for its own activities. Singh felt betrayed by this revelation.
Singh, who had previously pleaded guilty to various fraud and conspiracy charges, along with others like Caroline Ellison (Alameda boss) and Gary Wang (FTX co-founder), claimed that Sam Bankman-Fried was a central figure in the entire scandal.
Singh expressed that he had been dedicated to growing FTX, but after his meeting with Bankman-Fried, he realized that his efforts had been supporting something unethical.
Nishad Singh admitted to his own involvement in various actions during the scandal, including making changes to the platform’s code to give special privileges to Alameda and staying at the company even after discovering the situation.
Connection to Campaign Finance Violations and Trial Progress
Though Bankman-Fried hasn’t been accused of campaign finance violations or federal election committee fraud, evidence has emerged in the trial related to these crimes. Singh mentioned a group chat for political consultants to advise on moving funds, and another executive, Ryan Salame, who had pleaded guilty to campaign finance charges, allegedly used Singh’s account to transfer funds to recipients.
Nishad Singh will face cross-examination on Tuesday, and more witnesses are expected to testify. The trial is anticipated to reach its closing statements by the end of the first week of November.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #FTX #SBFTrial #SBF
**Legal Update on SBF Trial: ⚖️ The prosecution contends in the criminal trial of Sam Bankman Freed (SBF) that the intent to repay illegally acquired funds is not a valid defense. This rebuts FTX's lawyer's argument, stating it doesn't absolve the crime. Prosecution underscores that the defendant's motive is unrelated to determining the commission of the crime. #SBFTrial #LegalNews
Major Order Signed in Sam Bankman-Fried Lawsuit
Post By: CryptosHeadlines.com
Judge Lewis Kaplan has approved a request from prosecutors to prohibit Sam Bankman-Fried from talking about the current worth of his investments.The latest update in the United States v. Sam Bankman-Fried case involves the judge agreeing with prosecutors. They won’t let Sam Bankman-Fried talk about how much his investments are worth, particularly the $500 million invested in an artificial intelligence company called Anthropic.
Judge Restricts Sam Bankman-Fried from Mentioning Investment Values
In a recent legal development in the case of the United States against Sam Bankman-Fried, a federal judge, Lewis A. Kaplan, has signed an order granting the prosecutors’ request to prevent Sam Bankman-Fried from discussing the value of his current investments, particularly his $500 million investment in the artificial intelligence company Anthropic. The prosecutors argue that this investment in 2022 was made using stolen funds from FTX customers.
The judge’s order states, “For the reasons stated on the record in open court, the government’s motion to preclude the defendant from introducing evidence or argument about the current value of certain investments made by the defendant is granted.”
The prosecutors believe that such evidence is irrelevant and could lead to unfair prejudice, confusion, and waste of time during the trial. Sam Bankman-Fried, co-founder of FTX, is not the only individual involved in these investments, as former head of engineering Nishad Singh and former Alameda Research CEO Caroline Ellison were also investors in Anthropic. Ellison was questioned about these investments during the trial, and she claimed they were made due to pressure from Bankman-Fried, who had commingled customer funds.
SBF Seeks Trial Delay
The legal team defending Sam Bankman-Fried has expressed concerns about his ability to testify during the trial. They’ve explained that SBF requires a 12-hour extended-release 20 mg dose of his prescribed medication to stay focused. The defense has discussed this matter with the Court and the Government, but there hasn’t been significant progress in addressing the issue.
On another front, Nishad Singh, the former head of engineering at FTX, testified that he was aware of improper practices regarding the use of customers’ funds by the company. However, prosecutors are wary that these developments could potentially delay the lawsuit.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptoNews #SamBankmanFried #SBF #SBFTrial #FTX
Judge Lewis Kaplan has approved a request from prosecutors to prohibit Sam Bankman-Fried from talking about the current worth of his investments.The latest update in the United States v. Sam Bankman-Fried case involves the judge agreeing with prosecutors. They won’t let Sam Bankman-Fried talk about how much his investments are worth, particularly the $500 million invested in an artificial intelligence company called Anthropic.
Judge Restricts Sam Bankman-Fried from Mentioning Investment Values
In a recent legal development in the case of the United States against Sam Bankman-Fried, a federal judge, Lewis A. Kaplan, has signed an order granting the prosecutors’ request to prevent Sam Bankman-Fried from discussing the value of his current investments, particularly his $500 million investment in the artificial intelligence company Anthropic. The prosecutors argue that this investment in 2022 was made using stolen funds from FTX customers.
The judge’s order states, “For the reasons stated on the record in open court, the government’s motion to preclude the defendant from introducing evidence or argument about the current value of certain investments made by the defendant is granted.”
The prosecutors believe that such evidence is irrelevant and could lead to unfair prejudice, confusion, and waste of time during the trial. Sam Bankman-Fried, co-founder of FTX, is not the only individual involved in these investments, as former head of engineering Nishad Singh and former Alameda Research CEO Caroline Ellison were also investors in Anthropic. Ellison was questioned about these investments during the trial, and she claimed they were made due to pressure from Bankman-Fried, who had commingled customer funds.
SBF Seeks Trial Delay
The legal team defending Sam Bankman-Fried has expressed concerns about his ability to testify during the trial. They’ve explained that SBF requires a 12-hour extended-release 20 mg dose of his prescribed medication to stay focused. The defense has discussed this matter with the Court and the Government, but there hasn’t been significant progress in addressing the issue.
On another front, Nishad Singh, the former head of engineering at FTX, testified that he was aware of improper practices regarding the use of customers’ funds by the company. However, prosecutors are wary that these developments could potentially delay the lawsuit.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptoNews #SamBankmanFried #SBF #SBFTrial #FTX
Based on Sam Bankman-Fried's request to be released from the Metropolitan Detention Center in Brooklyn, the court has deemed this pursuit unpersuasive .
#FTXUpdate #FTXTrial #SBFTrial #SBFVerdict #CryptoNews🔒📰🚫
#FTXUpdate #FTXTrial #SBFTrial #SBFVerdict #CryptoNews🔒📰🚫
FTX Debtors Repay 90% to Customers
Post By: CryptosHeadlines.com
FTX Debtors believe that with approval from the bankruptcy court, customers will receive more than 90% of their total value by the second quarter of 2024.
FTX Debtors made an announcement in a filing on Monday, October 16, regarding the resolution of customer property disputes within their ongoing Chapter 11 cases. This resolution will be included in the Amended Plan of Reorganization, which FTX intends to submit by December 2023.
Pending approval from the Bankruptcy Court, the revised plan aims to ensure that customers worldwide will receive more than 90% of the value that can be distributed. The purpose of this customer shortfall settlement is to address the customer property disputes brought against the FTX Debtors and to support the confirmation of the amended plan by the second quarter of 2024.
The initial customer property lawsuit argued that users of FTX.com and FTX US had specific property rights in certain assets, rather than being in the same category as general creditors with unsecured claims. The Customer Shortfall Settlement resolves this dispute by giving customers an unsecured claim against the FTX Debtors, with equitable priority over certain segregated or acquired assets.
According to @spreekaway, the Debtors have proposed a settlement option. If you’ve made net withdrawals within the nine days before the bankruptcy filing date, you can choose to reimburse 15% of those withdrawals. If your net withdrawals during this period exceed $250,000, paying the 15% will prevent any legal action against you. However, if your net withdrawals in the last nine days amount to less than $250,000, they won’t pursue legal action against you.
FTX’s Revised Plan in Detail
The Amended Plan closely resembles the Draft Plan that was initially proposed by the FTX Debtors for discussion on July 1, 2023. Here are the key points of the Amended Plan:
1. FTX Debtors would organize their assets into three main categories:Assets dedicated to benefiting FTX.com customers.Assets reserved for FTX US customers.A “General Pool” containing other assets.2. Customers using FTX.com and FTX US would not only have a claim to the assets held at their respective exchanges but also a “Shortfall Claim” against the General Pool. This Shortfall Claim represents the estimated value of assets that are missing from their respective exchanges.3. The projected Shortfall Claim is approximately $8.9 billion for FTX.com and $166 million for FTX US.4. Out of the General Pool, 66% would be specifically allocated to settle Shortfall Claims. The remaining 34% would be used to settle any remaining Shortfall Claims and other claims in a proportional manner.
Resolution for Customer Shortfalls
FTX’s recent agreement to address customer shortfalls follows months of extensive negotiations by the FTX Debtors. They’ve been in discussions with various stakeholders to find common ground. FTX’s new management, led by John. J. Ray III, has been putting significant efforts into resolving issues with customers.
All of this is happening at the same time that SBF’s actions have been brought to light in the recent filing. These developments in the case shed light on how SBF used customer funds recklessly for celebrity promotions and deals. During his testimony on Monday, Nishad Singh, FTX’s former Head of Engineering, also admitted to engaging in unlawful activities with Sam Bankman-Fried.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #SBFTrial #FTX #SamBankmanFried
FTX Debtors believe that with approval from the bankruptcy court, customers will receive more than 90% of their total value by the second quarter of 2024.
FTX Debtors made an announcement in a filing on Monday, October 16, regarding the resolution of customer property disputes within their ongoing Chapter 11 cases. This resolution will be included in the Amended Plan of Reorganization, which FTX intends to submit by December 2023.
Pending approval from the Bankruptcy Court, the revised plan aims to ensure that customers worldwide will receive more than 90% of the value that can be distributed. The purpose of this customer shortfall settlement is to address the customer property disputes brought against the FTX Debtors and to support the confirmation of the amended plan by the second quarter of 2024.
The initial customer property lawsuit argued that users of FTX.com and FTX US had specific property rights in certain assets, rather than being in the same category as general creditors with unsecured claims. The Customer Shortfall Settlement resolves this dispute by giving customers an unsecured claim against the FTX Debtors, with equitable priority over certain segregated or acquired assets.
According to @spreekaway, the Debtors have proposed a settlement option. If you’ve made net withdrawals within the nine days before the bankruptcy filing date, you can choose to reimburse 15% of those withdrawals. If your net withdrawals during this period exceed $250,000, paying the 15% will prevent any legal action against you. However, if your net withdrawals in the last nine days amount to less than $250,000, they won’t pursue legal action against you.
FTX’s Revised Plan in Detail
The Amended Plan closely resembles the Draft Plan that was initially proposed by the FTX Debtors for discussion on July 1, 2023. Here are the key points of the Amended Plan:
1. FTX Debtors would organize their assets into three main categories:Assets dedicated to benefiting FTX.com customers.Assets reserved for FTX US customers.A “General Pool” containing other assets.2. Customers using FTX.com and FTX US would not only have a claim to the assets held at their respective exchanges but also a “Shortfall Claim” against the General Pool. This Shortfall Claim represents the estimated value of assets that are missing from their respective exchanges.3. The projected Shortfall Claim is approximately $8.9 billion for FTX.com and $166 million for FTX US.4. Out of the General Pool, 66% would be specifically allocated to settle Shortfall Claims. The remaining 34% would be used to settle any remaining Shortfall Claims and other claims in a proportional manner.
Resolution for Customer Shortfalls
FTX’s recent agreement to address customer shortfalls follows months of extensive negotiations by the FTX Debtors. They’ve been in discussions with various stakeholders to find common ground. FTX’s new management, led by John. J. Ray III, has been putting significant efforts into resolving issues with customers.
All of this is happening at the same time that SBF’s actions have been brought to light in the recent filing. These developments in the case shed light on how SBF used customer funds recklessly for celebrity promotions and deals. During his testimony on Monday, Nishad Singh, FTX’s former Head of Engineering, also admitted to engaging in unlawful activities with Sam Bankman-Fried.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #SBFTrial #FTX #SamBankmanFried
DOJ Aims to Block Sam Bankman-Fried’s AI Fundraising in Court
CryptosHeadlines.com - The Leading Crypto Research NetworkFTX, a company, owns a part of Anthropic, which was worth $500 million last year.The founder of FTX, Sam Bankman-Fried, is facing charges from the U.S. Department of Justice (DOJ). Prosecutors want to stop him from talking about Anthropic’s recent fundraising efforts in his defense. They say they’ve agreed on many issues for his trial but can’t agree on whether he can mention Anthropic’s fundraising. The DOJ claims that the $500 million invested in Anthropic in 2022 came from FTX customers’ money.
The DOJ argues that talking about the current value of Bankman-Fried’s investments would only help his case, suggesting that FTX customers and other victims will eventually get their money back. They don’t want this argument in court.
The DOJ has previously tried to stop Bankman-Fried’s defense from saying that FTX creditors will get their money back. They say it doesn’t matter if the investments were profitable or if he believed they would make enough money to pay back what he took from FTX customers.
Anthropic has a deal with Amazon that could be worth up to $4 billion, and they’re talking about raising another $2 billion. ( Bloomberg reported last week).
FTX owns a piece of Anthropic that was worth $500 million when FTX filed for bankruptcy almost a year ago. The stake hasn’t been sold yet.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
The DOJ argues that talking about the current value of Bankman-Fried’s investments would only help his case, suggesting that FTX customers and other victims will eventually get their money back. They don’t want this argument in court.
The DOJ has previously tried to stop Bankman-Fried’s defense from saying that FTX creditors will get their money back. They say it doesn’t matter if the investments were profitable or if he believed they would make enough money to pay back what he took from FTX customers.
Anthropic has a deal with Amazon that could be worth up to $4 billion, and they’re talking about raising another $2 billion. ( Bloomberg reported last week).
FTX owns a piece of Anthropic that was worth $500 million when FTX filed for bankruptcy almost a year ago. The stake hasn’t been sold yet.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
🚨 𝗖𝗿𝘆𝗽𝘁𝗼 𝗠𝗼𝗴𝘂𝗹 𝗦𝗕𝗙 𝗙𝗼𝘂𝗻𝗱 𝗚𝘂𝗶𝗹𝘁𝘆 𝗼𝗻 𝗔𝗹𝗹 𝟳 𝗖𝗵𝗮𝗿𝗴𝗲𝘀 🚨
In a stunning courtroom showdown, the jury has delivered a resounding guilty verdict on all seven counts of fraud and conspiracy for SBF-Sam Bankman-Fried. This landmark decision marks a pivotal moment in the crypto world, as the former billionaire faces the consequences of his actions.
📉 The Dramatic Descent 📉
SBF's fall from grace is a cautionary tale that casts a long shadow over the crypto empire he once built. FTX, once a beacon of innovation and security, crumbled under the weight of financial misappropriations. SBF systematically siphoned billions from customer accounts to prop up Alameda Research, his trading house, leading to an $8 billion debt hole.
🌐 A Trial of the Crypto Ethos 🌐
SBF's trial was not just about an individual but an entire ethos the crypto world once embodied. FTX's meteoric rise and fall mirror the crypto market's volatile nature, serving as a stark reminder of unchecked ambition and speculative investments.
💥 Impact Beyond the Courtroom 💥
The implications of SBF's verdict ripple through the crypto industry and regulatory landscape. The rapid jury decision reflects a zero-tolerance approach to financial misconduct, while former confidants turning against SBF seal his fate.
🔐 The Verdict and the Future 🔐
As SBF awaits sentencing on March 28, 2024, the crypto community anticipates the final act of this dramatic downfall. A second trial looms on the horizon, promising more revelations. For now, SBF faces a stark reality in a federal jail cell.
🔥 A Sobering Reminder 🔥
SBF's story serves as a sobering narrative of unchecked power and the perils of flying too close to the sun. It reminds us that, no matter how innovative or cutting-edge, integrity and accountability remain the foundations of financial trust and security.
🥂 Let's raise a glass to accountability! SBF is heading to jail after all. 🥂
#sbf #SBFTrial
In a stunning courtroom showdown, the jury has delivered a resounding guilty verdict on all seven counts of fraud and conspiracy for SBF-Sam Bankman-Fried. This landmark decision marks a pivotal moment in the crypto world, as the former billionaire faces the consequences of his actions.
📉 The Dramatic Descent 📉
SBF's fall from grace is a cautionary tale that casts a long shadow over the crypto empire he once built. FTX, once a beacon of innovation and security, crumbled under the weight of financial misappropriations. SBF systematically siphoned billions from customer accounts to prop up Alameda Research, his trading house, leading to an $8 billion debt hole.
🌐 A Trial of the Crypto Ethos 🌐
SBF's trial was not just about an individual but an entire ethos the crypto world once embodied. FTX's meteoric rise and fall mirror the crypto market's volatile nature, serving as a stark reminder of unchecked ambition and speculative investments.
💥 Impact Beyond the Courtroom 💥
The implications of SBF's verdict ripple through the crypto industry and regulatory landscape. The rapid jury decision reflects a zero-tolerance approach to financial misconduct, while former confidants turning against SBF seal his fate.
🔐 The Verdict and the Future 🔐
As SBF awaits sentencing on March 28, 2024, the crypto community anticipates the final act of this dramatic downfall. A second trial looms on the horizon, promising more revelations. For now, SBF faces a stark reality in a federal jail cell.
🔥 A Sobering Reminder 🔥
SBF's story serves as a sobering narrative of unchecked power and the perils of flying too close to the sun. It reminds us that, no matter how innovative or cutting-edge, integrity and accountability remain the foundations of financial trust and security.
🥂 Let's raise a glass to accountability! SBF is heading to jail after all. 🥂
#sbf #SBFTrial
SBF's Web of Deceit Exposed: The Mind-Blowing Money Mishandling Unveiled!
💥 A Searing Testimony from Gary Wang 🔥
A shocking and somewhat scandalous reveal took place in the courtroom on October 6. Gary Wang, Co-founder of FTX and close associate to Sam Bankman-Fried (SBF), provided a deeper, darker look into Alameda Research's "special privileges” from FTX. 🕵️♂️ The privilege? A seemingly unending line of credit, enabled through an ‘allow negative’ code, allowing the trading firm to dip its hands into nearly $8 billion in fiat and crypto. 😱
📉 The Staggering Figures and Hidden Truths 📊
It’s a massive imbalance! Alameda, at one point, had a negative balance to the tune of “$200 million or more”, dwarfing FTX’s revenue which stood around $150 million. ⚖️ But it doesn’t stop there: SBF had approved a staggering $65 billion line of credit for Alameda, something no other FTX customer came close to experiencing. 💸
🔄 Contradictory Faces of Alameda and FTX 🤥
The public was led to believe that Alameda Research was a liquidity provider for FTX, but Wang's testimony has flipped the narrative on its head! 💥 Alameda was not the provider but a colossal withdrawer, extracting funds from FTX to an extent that raises eyebrows and sets the stage for more courtroom drama. 🎭 The prosecution will continue its pursuit on October 10, with more witnesses expected to join the fray.
👀 Full deep-dive into the courtroom twists and turns, figures, and what this means for the crypto world, over on our website! [Link]
👇💬 What’s your take on the ongoing trial and these bombshell revelations? Dive into the comments and let’s unravel this financial drama together!
🚀 Follow @TheBlockopedia for edge-of-the-seat crypto news, and let's explore the unfolding stories in the blockchain universe! 💎🌐
#SBFTrial #CryptoScandal #FTX #AlamedaResearch #Blockopedia
💥 A Searing Testimony from Gary Wang 🔥
A shocking and somewhat scandalous reveal took place in the courtroom on October 6. Gary Wang, Co-founder of FTX and close associate to Sam Bankman-Fried (SBF), provided a deeper, darker look into Alameda Research's "special privileges” from FTX. 🕵️♂️ The privilege? A seemingly unending line of credit, enabled through an ‘allow negative’ code, allowing the trading firm to dip its hands into nearly $8 billion in fiat and crypto. 😱
📉 The Staggering Figures and Hidden Truths 📊
It’s a massive imbalance! Alameda, at one point, had a negative balance to the tune of “$200 million or more”, dwarfing FTX’s revenue which stood around $150 million. ⚖️ But it doesn’t stop there: SBF had approved a staggering $65 billion line of credit for Alameda, something no other FTX customer came close to experiencing. 💸
🔄 Contradictory Faces of Alameda and FTX 🤥
The public was led to believe that Alameda Research was a liquidity provider for FTX, but Wang's testimony has flipped the narrative on its head! 💥 Alameda was not the provider but a colossal withdrawer, extracting funds from FTX to an extent that raises eyebrows and sets the stage for more courtroom drama. 🎭 The prosecution will continue its pursuit on October 10, with more witnesses expected to join the fray.
👀 Full deep-dive into the courtroom twists and turns, figures, and what this means for the crypto world, over on our website! [Link]
👇💬 What’s your take on the ongoing trial and these bombshell revelations? Dive into the comments and let’s unravel this financial drama together!
🚀 Follow @TheBlockopedia for edge-of-the-seat crypto news, and let's explore the unfolding stories in the blockchain universe! 💎🌐
#SBFTrial #CryptoScandal #FTX #AlamedaResearch #Blockopedia
🏦 Jury deliberations commence in Sam Bankman-Fried's criminal fraud trial, verdict possible today; SBF faces potential 115 years in prison if convicted. ⚖️🕐 #BitcoinWorld #SBFTrial 🇺🇸🔍📅
Sam Bankman-Fried (SBF) found guilty of all charges. How did it start and how did we get here?
In what could be one of the biggest financial frauds in American history, Sam Bankman-Fried (SBF), the founder of cryptocurrency exchange #FTX , was found guilty of all charges today November 2, 2023.
The case started in November 2022, when the FTX crypto exchange collapsed after a run on customer deposits revealed a massive hole in the company's balance sheet.
#sbf was arrested a few weeks later and charged with seven counts of fraud and conspiracy.
Prosecutors alleged that SBF used customer funds to make risky investments, buy property, and fund political campaigns. He also allegedly misled investors about the financial health of FTX.
SBF pleaded not guilty to all charges, but a jury of his peers found him guilty on all counts after just five hours of deliberation. He now faces up to 110 years in prison!
🧨Here is a timeline of the major events in the case:
⏱️November 2022: FTX collapses after a run on customer deposits.
⏱️December 2022: SBF is arrested in the Bahamas and charged with seven counts of fraud and conspiracy.
⏱️January 2023: SBF is extradited to the United States.
⏱️February 2023: SBF's trial begins.
⏱️March 2023: SBF testifies in his own defense.
⏱️April 2023: The prosecution and defense deliver their closing arguments.
⏱️May 2023: The jury begins deliberating.
⏱️November 2023: SBF is found guilty of all charges.
The disgraced FTX founder is currently awaiting sentencing, which is scheduled for March 28, 2024. He also faces a second criminal trial in the United States for additional charges.
What It Means for the Crypto Industry⁉️
SBF's conviction is really a major blow to the cryptocurrency industry, which is already struggling to regain the trust of investors and regulators.
Nevertheless, the industry is continually growing and withstanding several challenges it’s facing. #keepbuilding
#SBFCriminalTrial #SBFTrial
In what could be one of the biggest financial frauds in American history, Sam Bankman-Fried (SBF), the founder of cryptocurrency exchange #FTX , was found guilty of all charges today November 2, 2023.
The case started in November 2022, when the FTX crypto exchange collapsed after a run on customer deposits revealed a massive hole in the company's balance sheet.
#sbf was arrested a few weeks later and charged with seven counts of fraud and conspiracy.
Prosecutors alleged that SBF used customer funds to make risky investments, buy property, and fund political campaigns. He also allegedly misled investors about the financial health of FTX.
SBF pleaded not guilty to all charges, but a jury of his peers found him guilty on all counts after just five hours of deliberation. He now faces up to 110 years in prison!
🧨Here is a timeline of the major events in the case:
⏱️November 2022: FTX collapses after a run on customer deposits.
⏱️December 2022: SBF is arrested in the Bahamas and charged with seven counts of fraud and conspiracy.
⏱️January 2023: SBF is extradited to the United States.
⏱️February 2023: SBF's trial begins.
⏱️March 2023: SBF testifies in his own defense.
⏱️April 2023: The prosecution and defense deliver their closing arguments.
⏱️May 2023: The jury begins deliberating.
⏱️November 2023: SBF is found guilty of all charges.
The disgraced FTX founder is currently awaiting sentencing, which is scheduled for March 28, 2024. He also faces a second criminal trial in the United States for additional charges.
What It Means for the Crypto Industry⁉️
SBF's conviction is really a major blow to the cryptocurrency industry, which is already struggling to regain the trust of investors and regulators.
Nevertheless, the industry is continually growing and withstanding several challenges it’s facing. #keepbuilding
#SBFCriminalTrial #SBFTrial
SBF Trial Day 7 - FTX Suffers $100M Loss in Terra/UST Crash on
CryptosHeadlines.com - The Leading Crypto Research Network
During day six of the trial, the defense attorney, Mark Cohen, questioned Caroline Ellison, the former CEO of Alameda Research. She had previously claimed that Sam Bankman-Fried influenced her to make deceptive social media posts and instructed her to use stolen customer cryptocurrency for loan repayments.
The witness’s testimony revealed the troubling events leading to FTX’s problems, including questionable practices and hidden information.
According to Caroline Ellison, Sam Bankman-Fried allegedly sent false financial records to lenders and hid the true value of FTT. Furthermore, FTX and Alameda provided loans of around $5 billion to select employees for risky investments and political contributions.
There are also allegations of potential bribes paid to Chinese officials to release about $1 billion, possibly belonging to FTX customers. These allegations suggest violations of the Foreign Corrupt Practices Act (FCPA), involving individuals like SBF and Sam Trabucco, who was Alameda’s co-CEO at the time.
The FCPA laws in the U.S. make it illegal for people and organizations to engage in corrupt activities, such as bribery, with foreign officials.
Reports indicate that Constance Wang, David Ma, and another person known as “Handi” played a role in these alleged bribes. As per these reports, David Ma instructed FTX and Alameda to transfer $100 million in cryptocurrencies to wallets owned by Thai escorts.
Caroline Ellison Informed Alameda Staff that FTX Used Customer Funds
During the seventh day of SBF’s trial, the defense lawyer, Mark Cohen, continued cross-examining Caroline Ellison. The judge decided not to consider a $1 billion stake in the AI company Anthropic.
Caroline Ellison, the former CEO of Alameda Research, expressed doubts about FTX’s business decisions and Sam Bankman-Fried’s strong preference for Solana. She also had concerns about investing in TerraUSD (UST), which led to significant losses for both FTX and Alameda when UST’s value dropped in mid-2022.
Ellison took on more responsibilities at SBF’s hedge fund when Sam Trabucco, Alameda’s co-CEO, resigned. She believed it was better to have one CEO, even though SBF proposed Ben Xie as Trabucco’s replacement.
Caroline revealed that SBF had the final say on decisions, even though she and Trabucco were frequently consulted on trading matters.
Coding and development were handled by Gary Wang and Nishad Singh, former CTO and lead engineer, respectively, for Alameda and FTX.
Alameda’s risk management was inadequate, and they experienced at least one hacking incident. They also stored wallet keys without a formal structure, consistent with claims from a former employee, Aditya Baradwaj, about significant losses due to poor security practices.
Alameda had a “semester bonus system” providing loans to employees, allegedly funded with FTX customer money and loans from flexible lenders. Allegations suggested that Binance CEO Changpeng ‘CZ’ Zhao’s tweets added to the problems, but the primary issue was the misuse of FTX customer funds.
SBF considered starting a new company, and Caroline admitted to wrongdoing in front of about 30 staffers during a company-wide meeting following FTX’s difficulties.
Caroline Ellison confirmed that the decision to repay loans with customer funds involved Sam Bankman-Fried, Gary, and Nishad.
The Founder of FTX Engaged in Japanese Bond Trading
The next witness, Christian Drappi, who worked as an Alameda software engineer, had an office within 40 feet of Sam Bankman-Fried (SBF) in the New Albany condo worth $30 million in 2022. Drappi believed that everyone answered to Bankman-Fried, and he had complete access to everything.
Employees were shocked to learn about discussions of a Binance takeover through social media posts from FTX and Alameda’s Hong Kong office. They then turned to Caroline Ellison for updates on November 8 before a staff meeting was called. Drappi mentioned that he resigned just 24 hours after this all-hands meeting.
Prince from BlockFi Gives Testimony
In Sam Bankman-Fried’s trial, the seventh witness was BlockFi’s CEO, Zac Prince. He revealed that BlockFi began lending money to Alameda and FTX in early 2021. However, in June 2022, BlockFi recalled open-term loans totaling $650 million, and shortly after that, they declared bankruptcy, which coincided with FTX’s financial troubles.
The court session ended at 4:30 p.m. New York time, and Judge Kaplan adjourned it until October 13. Prosecutors mentioned that they have two more witnesses to bring forward, including a law enforcement agent.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #FTX #SBF #SBFTrial
During day six of the trial, the defense attorney, Mark Cohen, questioned Caroline Ellison, the former CEO of Alameda Research. She had previously claimed that Sam Bankman-Fried influenced her to make deceptive social media posts and instructed her to use stolen customer cryptocurrency for loan repayments.
The witness’s testimony revealed the troubling events leading to FTX’s problems, including questionable practices and hidden information.
According to Caroline Ellison, Sam Bankman-Fried allegedly sent false financial records to lenders and hid the true value of FTT. Furthermore, FTX and Alameda provided loans of around $5 billion to select employees for risky investments and political contributions.
There are also allegations of potential bribes paid to Chinese officials to release about $1 billion, possibly belonging to FTX customers. These allegations suggest violations of the Foreign Corrupt Practices Act (FCPA), involving individuals like SBF and Sam Trabucco, who was Alameda’s co-CEO at the time.
The FCPA laws in the U.S. make it illegal for people and organizations to engage in corrupt activities, such as bribery, with foreign officials.
Reports indicate that Constance Wang, David Ma, and another person known as “Handi” played a role in these alleged bribes. As per these reports, David Ma instructed FTX and Alameda to transfer $100 million in cryptocurrencies to wallets owned by Thai escorts.
Caroline Ellison Informed Alameda Staff that FTX Used Customer Funds
During the seventh day of SBF’s trial, the defense lawyer, Mark Cohen, continued cross-examining Caroline Ellison. The judge decided not to consider a $1 billion stake in the AI company Anthropic.
Caroline Ellison, the former CEO of Alameda Research, expressed doubts about FTX’s business decisions and Sam Bankman-Fried’s strong preference for Solana. She also had concerns about investing in TerraUSD (UST), which led to significant losses for both FTX and Alameda when UST’s value dropped in mid-2022.
Ellison took on more responsibilities at SBF’s hedge fund when Sam Trabucco, Alameda’s co-CEO, resigned. She believed it was better to have one CEO, even though SBF proposed Ben Xie as Trabucco’s replacement.
Caroline revealed that SBF had the final say on decisions, even though she and Trabucco were frequently consulted on trading matters.
Coding and development were handled by Gary Wang and Nishad Singh, former CTO and lead engineer, respectively, for Alameda and FTX.
Alameda’s risk management was inadequate, and they experienced at least one hacking incident. They also stored wallet keys without a formal structure, consistent with claims from a former employee, Aditya Baradwaj, about significant losses due to poor security practices.
Alameda had a “semester bonus system” providing loans to employees, allegedly funded with FTX customer money and loans from flexible lenders. Allegations suggested that Binance CEO Changpeng ‘CZ’ Zhao’s tweets added to the problems, but the primary issue was the misuse of FTX customer funds.
SBF considered starting a new company, and Caroline admitted to wrongdoing in front of about 30 staffers during a company-wide meeting following FTX’s difficulties.
Caroline Ellison confirmed that the decision to repay loans with customer funds involved Sam Bankman-Fried, Gary, and Nishad.
The Founder of FTX Engaged in Japanese Bond Trading
The next witness, Christian Drappi, who worked as an Alameda software engineer, had an office within 40 feet of Sam Bankman-Fried (SBF) in the New Albany condo worth $30 million in 2022. Drappi believed that everyone answered to Bankman-Fried, and he had complete access to everything.
Employees were shocked to learn about discussions of a Binance takeover through social media posts from FTX and Alameda’s Hong Kong office. They then turned to Caroline Ellison for updates on November 8 before a staff meeting was called. Drappi mentioned that he resigned just 24 hours after this all-hands meeting.
Prince from BlockFi Gives Testimony
In Sam Bankman-Fried’s trial, the seventh witness was BlockFi’s CEO, Zac Prince. He revealed that BlockFi began lending money to Alameda and FTX in early 2021. However, in June 2022, BlockFi recalled open-term loans totaling $650 million, and shortly after that, they declared bankruptcy, which coincided with FTX’s financial troubles.
The court session ended at 4:30 p.m. New York time, and Judge Kaplan adjourned it until October 13. Prosecutors mentioned that they have two more witnesses to bring forward, including a law enforcement agent.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #FTX #SBF #SBFTrial
