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SBF Reveals FTX’s Failed Sale to Binance
Post By: CryptosHeadlines.com
SBF stated that FTX aimed to focus on crypto margin trading and hoped Binance would buy the platform.On Friday, October 27, Sam Bankman-Fried appeared in a US court. He acknowledged his errors but denied defrauding US customers. What’s noteworthy is that he mentioned FTX was open to being acquired by the big crypto company Binance in its early days.
The FTX and Binance Story
In 2019, when Sam Bankman-Fried and co-founder Gary Wang started the now-closed exchange in Hong Kong, they had a clear plan in mind. Their goal was to focus on margin trading and offer customers the opportunity to make big bets.
According to court testimony, FTX believed that it should establish itself as a specialized platform for margin trading because there were few options in this area. Bankman-Fried even mentioned during the testimony that an exchange like Binance might be interested in buying FTX.
FTX’s initial standout feature, Bankman-Fried recalled, was its advanced risk engine. Unlike other exchanges at the time, FTX’s risk engine took a more comprehensive look at customers’ accounts to determine when their positions might face liquidation.
Bankman-Fried also pointed out that cross-margin trading was a key factor in FTX’s early success. Essentially, this feature allowed traders to use extra margin from one trade to meet margin requirements for other trades.
Binance Withdraws from FTX Agreement
Binance showed interest in buying FTX when the exchange faced difficulties in November last year. However, Binance eventually decided not to go through with the acquisition. CEO Changpeng Zhao stated, “The issues with FTX were beyond our ability to help.”
Instead of acquiring FTX, Binance focused on improving its own platform with the help of an internal Binance team, as mentioned by Bankman-Fried during the trial.
When asked about FTT, FTX’s unsuccessful token, by lead lawyer Mark Cohen, Bankman-Fried mentioned that Binance’s BNB token had inspired FTT. He also revealed that Binance was FTX’s first investor, providing the exchange with $80 million worth of BNB as initial funding.
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 #SBF #sbftrial #FTX #Binance
SBF stated that FTX aimed to focus on crypto margin trading and hoped Binance would buy the platform.On Friday, October 27, Sam Bankman-Fried appeared in a US court. He acknowledged his errors but denied defrauding US customers. What’s noteworthy is that he mentioned FTX was open to being acquired by the big crypto company Binance in its early days.
The FTX and Binance Story
In 2019, when Sam Bankman-Fried and co-founder Gary Wang started the now-closed exchange in Hong Kong, they had a clear plan in mind. Their goal was to focus on margin trading and offer customers the opportunity to make big bets.
According to court testimony, FTX believed that it should establish itself as a specialized platform for margin trading because there were few options in this area. Bankman-Fried even mentioned during the testimony that an exchange like Binance might be interested in buying FTX.
FTX’s initial standout feature, Bankman-Fried recalled, was its advanced risk engine. Unlike other exchanges at the time, FTX’s risk engine took a more comprehensive look at customers’ accounts to determine when their positions might face liquidation.
Bankman-Fried also pointed out that cross-margin trading was a key factor in FTX’s early success. Essentially, this feature allowed traders to use extra margin from one trade to meet margin requirements for other trades.
Binance Withdraws from FTX Agreement
Binance showed interest in buying FTX when the exchange faced difficulties in November last year. However, Binance eventually decided not to go through with the acquisition. CEO Changpeng Zhao stated, “The issues with FTX were beyond our ability to help.”
Instead of acquiring FTX, Binance focused on improving its own platform with the help of an internal Binance team, as mentioned by Bankman-Fried during the trial.
When asked about FTT, FTX’s unsuccessful token, by lead lawyer Mark Cohen, Bankman-Fried mentioned that Binance’s BNB token had inspired FTT. He also revealed that Binance was FTX’s first investor, providing the exchange with $80 million worth of BNB as initial funding.
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 #SBF #sbftrial #FTX #Binance
Robert Kiyosaki Names 2 Investors Fooled by SBF
Post By: CryptosHeadlines.com
The writer of “Rich Dad Poor Dad” includes Kevin O’Leary and CNBC’s Jim Cramer in a list of well-known investors who were deceived by former FTX CEO Sam Bankman-Fried.
The author of the popular book ‘Rich Dad Poor Dad,’ Robert Kiyosaki, has mentioned two well-known investors who were deceived by former FTX CEO Sam Bankman-Fried (SBF). Kiyosaki pointed out that SBF fooled Kevin O’Leary, also known as Mr. Wonderful from Shark Tank, and Jim Cramer, the host of CNBC’s Mad Money show.
Kiyosaki Criticizes Federal Reserve Chair and Treasury Secretary
Kiyosaki indirectly criticized Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen. In a tweet, he questioned whether SBF would deceive the jury in his ongoing trial, just as Powell and Yellen are deceiving the world.
He also expressed concern, asking if it’s time for people to wake up and hold them accountable for their financial incompetence, saying, “Our world is facing financial problems because of your financial mismanagement. Stay away from our money.”
It’s worth noting that Kiyosaki had previously shared his thoughts on the FTX situation. After the FTX exchange’s downfall last year, the well-known financial author compared Bankman-Fried to Bernie Madoff in the crypto world.
Kiyosaki’s comment came as a response to O’Leary and Cramer, who had referred to SBF as the Warren Buffett of crypto.
SBF Acknowledges Errors But Rejects Fraud Accusations
The trial of Bankman-Fried for fraud is currently ongoing in a Manhattan courthouse. During the trial, the former FTX CEO admitted to making mistakes, such as not having an adequate risk management team in place.
However, he denied the accusations of defrauding investors, as alleged by U.S. prosecutors. It’s important to note that SBF has pleaded not guilty to five conspiracy charges and two fraud charges.
Prosecutors claim that he used customers’ funds for his extravagant lifestyle and to make political donations exceeding $100 million. If found guilty, the FTX founder could face several decades in prison.
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 #RobertKiyosaki #SBF #sbftrial
The writer of “Rich Dad Poor Dad” includes Kevin O’Leary and CNBC’s Jim Cramer in a list of well-known investors who were deceived by former FTX CEO Sam Bankman-Fried.
The author of the popular book ‘Rich Dad Poor Dad,’ Robert Kiyosaki, has mentioned two well-known investors who were deceived by former FTX CEO Sam Bankman-Fried (SBF). Kiyosaki pointed out that SBF fooled Kevin O’Leary, also known as Mr. Wonderful from Shark Tank, and Jim Cramer, the host of CNBC’s Mad Money show.
Kiyosaki Criticizes Federal Reserve Chair and Treasury Secretary
Kiyosaki indirectly criticized Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen. In a tweet, he questioned whether SBF would deceive the jury in his ongoing trial, just as Powell and Yellen are deceiving the world.
He also expressed concern, asking if it’s time for people to wake up and hold them accountable for their financial incompetence, saying, “Our world is facing financial problems because of your financial mismanagement. Stay away from our money.”
It’s worth noting that Kiyosaki had previously shared his thoughts on the FTX situation. After the FTX exchange’s downfall last year, the well-known financial author compared Bankman-Fried to Bernie Madoff in the crypto world.
Kiyosaki’s comment came as a response to O’Leary and Cramer, who had referred to SBF as the Warren Buffett of crypto.
SBF Acknowledges Errors But Rejects Fraud Accusations
The trial of Bankman-Fried for fraud is currently ongoing in a Manhattan courthouse. During the trial, the former FTX CEO admitted to making mistakes, such as not having an adequate risk management team in place.
However, he denied the accusations of defrauding investors, as alleged by U.S. prosecutors. It’s important to note that SBF has pleaded not guilty to five conspiracy charges and two fraud charges.
Prosecutors claim that he used customers’ funds for his extravagant lifestyle and to make political donations exceeding $100 million. If found guilty, the FTX founder could face several decades in prison.
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 #RobertKiyosaki #SBF #sbftrial
