Though Kaplan ordered Bankman-Fried be remanded to a low or medium-security prison near his parents in Northern California, citing his autism as a risk factor for him in a maximum security facility, Bankman-Fried has surprisingly asked to be kept in the notorious Manhattan Detention Center during his appeal process. Source
Initially scheduled for May 1, the sentencing of Ryan Salame, former co-chief executive of FTX Digital Markets, has been deferred to May 28, 2024, in front of Judge Lewis Kaplan. Ryan Salame, Once FTX’s Co-Leader, Slated for May Sentencing Per the judicial records, Ryan Salame, once the co-chief executive at FTX Digital Markets, is slated […] Source CryptoX Portal
After the sentencing of Sam Bankman-Fried to nearly 25 years in prison for his role in FTX’s financial mismanagement, attention shifts to his former associates. The cryptocurrency world eyes the upcoming Bitcoin halving, expected between April 18 to April 22, 2024. Blackrock’s Ishares Bitcoin Trust (IBIT) sees its holdings skyrocket past 252,011 BTC. Ethena announces […] Original
In a significant development, FTX bankruptcy trustees have reportedly sold about two-thirds of a $2.6 billion stash of Solana (SOL) at a “deeply discounted price.” Industry figures such as Galaxy Trading and Pantera Capital were among the investors involved in the deal, according to people familiar with the matter, as reported by Bloomberg. SOL Tokens’ Four-Year Journey Per the report, the FTX estate was able to sell between 25 million and 30 million locked-up Solana coins at $64 each, generating up to $1.9 billion in proceeds for the estate. Under…
“I’m haunted, every day, by what was lost. I never intended to hurt anyone or take anyone’s money. But I was the CEO of FTX, I was responsible for what happened to the company, and when you’re responsible, it doesn’t matter why it goes bad. I’d give anything to be able to help repair even part of the damage. I’m doing what I can from prison, but it’s deeply frustrating not to be able to do more,” he said to ABC News. Source
In a recent interview with ABC News, Sam Bankman-Fried (SBF), the co-founder and former CEO of the now-bankrupt cryptocurrency exchange FTX, spoke about his remorse and plans for an appeal following his recent 25-year prison sentence for fraud. FTX Co-Founder Admits Errors Bankman-Fried, currently held at the Metropolitan Detention Center in Brooklyn, shared his reflections on the unfolding events. He admitted to making several “bad decisions” in 2022 that led to FTX’s insolvency. Although he claimed he had never considered his actions illegal, Bankman-Fried acknowledged falling short of the “high…
Last week saw significant legal developments across the cryptocurrency sector, including Sam Bankman-Fried’s sentencing, regulators’ demanding $2 billion from Ripple, and an indictment against KuCoin. Concurrently, Bitcoin (BTC) reclaimed $70,000 as spot BTC ETFs recorded inflows. FTX founder sentenced to 25 years FTX founder Sam Bankman-Fried received a 25-year sentence in prison. Shortly before the sentencing, the U.S. Department of Justice (DoJ) submitted a document containing 52 statements from victims of the FTX collapse to underscore the damage done by the company’s former CEO. U.S. SEC demands $2 billion from…
Sam Bankman-Fried, the once-celebrated founder of FTX, a leading cryptocurrency exchange, was sentenced to 25 years in prison today. The sentencing, which took place in a Manhattan court, marks a dramatic fall from grace for Bankman-Fried, who was hailed as a wunderkind in the digital currency space before FTX’s spectacular collapse in 2022. The collapse, attributed to fraudulent activity orchestrated by Bankman-Fried, sent shockwaves through the cryptocurrency industry and resulted in billions of dollars in losses. Prosecutors characterized the scheme as one of the biggest financial frauds in U.S. history.…
On Thursday, March 28, 2024, the former head of FTX, Sam Bankman-Fried, received his sentence during a federal court proceeding in Manhattan. U.S. Marshals escorted Bankman-Fried into the courtroom at precisely 9:39 a.m. Eastern Time, as reported by Matthew Russell Lee of Inner City Press. Judge Lewis Kaplan said, ” I know the Probation Department […] Source CryptoX Portal
Defense lawyers argued, on the other hand, that Bankman-Fried didn’t intend to defraud customers, had shown remorse and had attempted to resolve FTX’s bankruptcy after it began, saying the DOJ’s proposal was extreme. Their supporting letters spoke more to Bankman-Fried as a person than to FTX and its collapse, with writers pointing to his veganism and anecdotes from his youth. Several letters said Bankman-Fried appeared to be neurodivergent and thus might not have understood the severity of the situation. Former New York Police Department officer Carmine Simpson, his fellow inmate…