Tag: FTX

New FTX CEO Told Members of Congress SBF’s Family ‘Certainly Received Payments’ From the Business – Bitcoin News

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According to multiple reports, FTX co-founder Sam Bankman-Fried’s parents face scrutiny over their reported involvement with their son’s business operations. The two Stanford professors Joseph Bankman and Barbara Fried have not been charged with any wrongdoing, but the current FTX CEO, John J. Ray III, recently told members of the U.S. Congress that Joseph Bankman and “the family certainly received payments” from FTX. SBF’s Ethics-Obsessed Parents Face Scrutiny Over Their Alleged Ties With FTX Operations On Saturday, a report from Reuters detailed that the FTX co-founder Sam Bankman-Fried (SBF) will…

Cryptocurrency Cannot Be Stopped, FTX Collapse Isn’t an Indictment of Crypto – Regulation Bitcoin News

U.S. Senator Pat Toomey says illegal actions by crypto exchange FTX must be separated “from perfectly lawful and innovative cryptocurrencies.” Emphasizing that “The collapse of FTX is not an indictment of crypto,” he noted that “cryptocurrency cannot be stopped” and “the technology would simply migrate offshore” if Congress tried. Separating Illegal Actions From ‘Perfectly Lawful and Innovative Cryptocurrencies’ U.S. Senator Pat Toomey (R-PA) explained in his opening statement at the Senate Banking Committee hearing Wednesday that the collapse of crypto exchange FTX is not an indictment against cryptocurrency. “There was…

FTX Co-Founder Bankman-Fried Plans to Surrender to US Extradition Request – Bitcoin News

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Disgraced FTX co-founder Sam Bankman-Fried (SBF) has reportedly reversed his decision to contest his extradition to the United States. Bankman-Fried has spent close to five days in the Bahamas Department of Correctional Services (BDOCS) jail Fox Hill, an overcrowded prison known for being filthy and one that has been accused of prison maltreatment. Reuters Source Says SBF Won’t Fight U.S. Extradition Request on Monday On Dec. 17, 2022, Reuters reported that “a person familiar with the matter said on Saturday” that Sam Bankman-Fried (SBF) plans to be more accepting of…

SEC was “asleep at the wheel” about FTX

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The Securities and Exchange Commission (SEC) was “asleep at the wheel” regarding how FTX Group and its subsidiaries met financial and corporate control requirements, Representative Pete Sessions said in the Saturday Report on December 17. “We need to look at what the Securities and Exchange Commission was doing”, stated the Texas Congressman, adding that “the SEC was asleep at the wheel for these billions of dollars that we now find out about a year later.” The SEC filed charges against Sam Bankman-Fried (SBF), the former CEO of FTX, on Dec.…

FTX Collapse Has Rekindled Security and Reliability Concerns for Web3 Projects Says Marketing Expert – Interview Bitcoin News

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The fallout from the collapse of failed crypto exchange FTX is forcing Web3 brands, and projects previously focused on managing the public’s perception, to concentrate on fighting for their very legitimacy, Laura K. Inamedinova, a Web3 marketing expert, has said. Besides just trying to convince backers and investors, Inamedinova said Web3 players have the more formidable task of convincing regulators. Security and Reliability Issues Resurface After initially starting the year focused on community management and the public’s perception, the fallout from FTX’s collapse caused many Web3 brands and projects to…

Exchange Tokens Like BNB and Huobi Token (HT) Dropped after FTX Crash, Investors Buy in While Price is Low; will Orbeon Protocol (ORBN) Prices Up 655% in Presale

Place/Date: – December 17th, 2022 at 7:41 am UTC · 4 min read Source: Orbeon Protocol Following the crash of the cryptocurrency exchange platform FTX, exchange tokens like BNB and Huobi Token (HT) saw a significant drop in value. However, as investors look for new opportunities in the market, they have seen increased trading volume as many seek to take advantage of the resilient tokens. Orbeon Protocol (ORBN) is gaining attention as the next big investment platform. ORBN is well-positioned to succeed, and analysts are predicting a rise of over…

Democrats to reportedly return over $1M of SBF’s funding to FTX victims

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Following the arrest of former FTX CEO Sam Bankman-Fried (SBF), three prominent Democratic groups have reportedly decided to return over $1 million to investors that lost their funds due to misappropriation. On Dec. 16, the Democratic National Committee (DNC), the Democratic Senatorial Campaign Committee (DSCC) and the Democratic Congressional Campaign Committee (DCCC) pledged to return SBF’s political donations after the entrepreneur was charged with eight counts of financial crimes. A DNC spokesperson reportedly confirmed this decision when speaking to a media outlet, the Verge: “Given the allegations around potential campaign…

Big Short Investor Michael Burry Says Audits of Crypto Exchanges Like Binance and FTX Are ‘Meaningless’ – Featured Bitcoin News

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Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, says the problem with auditing cryptocurrency exchanges, like Binance and FTX, is the same as when he started using a new kind of credit default swap. “Our auditors were learning on the job,” he described, adding that it’s “not a good thing.” Michael Burry on Audits of Crypto Firms Famous investor and founder of investment firm Scion Asset Management, Michael Burry, said Friday that proof-of-reserves (POR) audits of cryptocurrency exchanges, including Binance and the collapsed exchange FTX, are…

The outcome of SBF’s prosecution could determine how the IRS treats your FTX losses

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FTX founder Sam Bankman-Fried has received official criminal charges after the collapse of his cryptocurrency exchange, which is more than just a moral victory for the exchange’s roughly 1 million individual investors. While not locked in yet, things appear to be on track for these investors to take a more favorable tax position as SBF’s fate continues to unravel. What kinds of losses can FTX investors claim on their taxes? Earlier this fall, it appeared that assets lost in the FTX collapse would be considered a capital loss under the…

Bahamas Corrections Commissioner Says FTX Co-Founder Bankman-Fried Is in ‘Good Spirits’ in the Prison Sick Bay – Bitcoin News

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According to local reports, former FTX CEO Sam Bankman-Fried (SBF) is in “good spirits” and is being kept in the maximum security unit in the sick bay. SBF is held in custody at the Bahamas Department of Correctional Services (BDOCS), a jail called Fox Hill that is known for being filthy, and was accused of prison maltreatment last year. Acting commissioner of The Bahamas Corrections, Doan Cleare, detailed that SBF is in a dorm-style cell with roughly five other inmates. Sam Bankman-Fried Now Resides in an Overcrowded, Filthy Prison —…