Tag: FTX

DOJ considering new law firm as monitor for Binance amid FTX ties

The DOJ is reconsidering its decision to appoint Sullivan & Cromwell as Binance’s independent monitor because of its relationship with FTX.  According to Bloomberg, the law firm was on the verge of being named to oversee Binance’s compliance with a settlement that included a $4.3 billion penalty for breaching U.S. anti-money laundering laws and sanctions regulations. The role was part of an agreement with both the Justice Department and the Treasury’s Financial Crimes Enforcement Network (FinCEN). However, the decision has been stalled due to concerns over Sullivan & Cromwell’s previous…

FTX Co-Founder Sam Bankman-Fried Appeals 25-Year Conviction And Makes Unusual Request

boss

In a dramatic turn of events, Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding users. The judgment was handed down by US District Judge Lewis Kaplan during a hearing in a Lower Manhattan federal courtroom on March 28.  Bankman-Fried, who had publicly announced plans to appeal the conviction, has now officially filed an objection to the decision. ‘Remorse And Empathy’ For FTX Customers During the sentencing hearing, US District Judge Lewis Kaplan leveled serious accusations against Bankman-Fried, including…

FTX Founder Sam Bankman-Fried Appeals Fraud Conviction

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

Judge to Sentence Former FTX Executive Ryan Salame in Late May

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

Former FTX Associates Enter Crosshairs, Bitcoin Halving Inches Closer, and More — Week in Review

boss

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

FTX Estate Offloads $1.9 Billion Worth Of Locked Solana (SOL) Tokens In Sale

boss

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…

After Getting a 25 Year Prison Sentence, Sam Bankman-Fried Now Feels Remorse for FTX and his Actions

“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

FTX Founder Sam Bankman-Fried Breaks Silence, Announces Appeal For 25-Year Conviction

boss

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…

FTX founder bags 25 years jail term, SEC seeks $2b from Ripple, Bitcoin reclaims $70k

boss

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…

FTX Founder Sam Bankman-Fried Receives 25-Year Sentence for Cryptocurrency Fraud Debacle

boss

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.…