Tag: finance

Former FTX CEO Sam Bankman-Fried Really Is Still Facing Campaign Finance Claim at Trial

Obviously I’ve written about this before, and so I’m not going to get too deep into it now, but here are the highlights: Bankman-Fried is accused of violating his bond conditions in trying to tamper with multiple witnesses as well as allegedly other shady behavior. The Justice Department says that he has abused his privilege in being allowed to spend his pretrial time at his parents’ home, and therefore, it wants to put him back into custody. Source

FTX founder to face charges over illegal campaign finance scheme

US authorities are preparing to charge FTX founder Sam Bankman-Fried with an illegal campaign finance scheme, per court documents filed on Aug. 8. In a twist to the legal case, the prosecutors plan to file a superseding indictment for the week of Aug. 14 to incorporate Bankman-Fried’s alleged illegal campaign finance scheme into seven other existing charges. Prosecutors allege that Bankman-Fried used stolen customer funds to finance an unlawful “political influence campaign” and attempted to conceal this money through “political straw donations.” In a statement, the prosecutors explained, “The evidence…

Crypto Lender Maple Finance Opens Cash Management Pool for U.S Investors

Demand for blockchain-based T-bill offerings has been steadily rising as the yield on U.S. government debt, widely considered as risk-free, surpassed yields in decentralized finance (DeFi). Digital asset firms, crypto investment funds and protocol treasuries often hold substantial amount of cash in stablecoins. Tokenized Treasuries offer them a shield from inflation and a way to earn some yield. Source

Curve Finance CEO sued, crypto whales participate in DigiToads presale

ParaFi Capital, Framework Ventures, and 1kx have jointly filed a lawsuit against Curve Finance CEO Michael Egorov, asserting claims of misappropriation of trade secrets and confidential information. The case was filed in the Superior Court of California, San Francisco. The venture capital (VC) firms allege that Egorov used the information to develop a competing project, CRV.finance, without their permission.  They also claim that Egorov tried to prevent them from investing in CRV.finance by misrepresenting the project’s risks.  This is the latest in a series of legal troubles for Curve Finance. In…

Venture-Backed Saddle Finance Proposes Wind-Down, Dissolution

The snap poll comes after Curve’s monumental hack ripped through Ethereum-based decentralized finance (DeFi) and, according to Srivatsa’s blog post, reminded Saddle’s team of the ever-present threat of exploitable bugs. He said the protocol’s developers need to step back from the project by September 30, 2023. Source

Prosecutors will still consider Sam Bankman-Fried’s alleged campaign finance scheme at trial

boss

The United States Attorneys’ Office has announced another superseding indictment against former FTX CEO Sam Bankman-Fried, also known as “SBF,” which will include consideration of an allegedly illegal campaign finance scheme. In an Aug. 8 letter to Judge Lewis Kaplan, U.S. Attorney Damian Williams said the Department of Justice (DoJ) plans to pursue seven charges against SBF in its trial scheduled to begin in October. Though the DoJ said it was “prevented by its treaty obligations to the Bahamas” from adding an eighth count to SBF’s indictment on violations of campaign…

Curve Finance Announces $1.85 Million Bounty For Stable Pool Exploiter

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Curve Finance, a popular decentralized (DeFi) protocol, has recently announced that it was rewarding persons capable of identifying the exploiters behind the draining of over $61 million from the platform’s stable pools on July 30.  The huge bounty offer is open to every person who can pinpoint the individual behind the incident in such a way that would lead to definitive legal repercussions.  Curve Finance Extends Bounty Offer to the Public Curve Finance announced the public offer using an Ethereum transaction’s input data, noting that the allowed time for the…

Curve Finance Recoups 73% of Hacked Funds Boosting CRV Sentiment

Over the past week, all $22 million in ether (ETH) and ether derivatives stolen from lending protocol AlchemixFi were returned. A trading bot returned 90% in ether stolen from JPEGd, ethical hacker “c0ffeebabe.eth” returned over $6 million from synthetic protocol Metronome and a Curve trading pool, while another ethical hacker returned $13 million from Alchemix. Source

Curve Finance opens bounty after exploiter’s return deadline expires

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Decentralized finance (DeFi) protocol Curve Finance is extending a bug bounty offer to anyone who is able to identify the exploiter responsible for draining over $61 million from its pools on July 30.  Curve and other protocols affected by the attack offered a 10% bug bounty to the hacker on Aug. 3, totaling more than $6 million. Upon accepting the offer, the hacker returned stolen assets to Alchemix and JPEGd, but did not complete refunds to other affected pools. As the deadline has passed, anyone who can identify the attacker…