Tag: FTX

SBF says spending FTX customers’ money was part of ‘risk management’: Report

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Sam Bankman-Fried (SBF), the founder of cryptocurrency exchange FTX, claims that spending clients’ fiat deposits was just part of “risk management” for his intertwined crypto hedge fund Alameda Research. During the former crypto executive’s court testimony on October 31, prosecutor Danielle Sassoon of the Southern District of New York asked SBF if he believed that it was permissible to spend $8 billion of FTX customers’ fiat money. “I thought it was folded into risk management,” he said. “As CEO of Alameda, I was concerned with their portfolio. At FTX, I…

Sam Bankman-Fried Retakes Stand After Rough Cross-Ex in FTX Fraud Trial

The failed cryptocurrency exchange’s founder has so far tried to present an alternative explanation of how one of the world’s better-known trading platforms collapsed, suggesting it grew too quickly and without sufficient oversight or risk planning. However, prosecutors – led by Assistant U.S. Attorney Danielle Sassoon – have quickly sought to puncture that narrative, grilling Bankman-Fried about his involvement in FTX and its sister company Alameda Research, his public statements and whether he was permitted to use FTX customer funds, one of the key issues at the heart of the…

Sam Bankman-Fried Blames Ex-Girlfriend Caroline Ellison for Downfall of FTX

According to SBF, Ellison’s failure to hedge Alameda’s financial positions was a major contributing factor in the FTX’s financial troubles. In a dramatic turn of events at the ongoing criminal trial of FTX founder Sam Bankman-Fried, the renowned crypto entrepreneur pointed fingers at his former close associates, especially Caroline Ellison, his ex-girlfriend and former CEO of Alameda Research, for the downfall of his crypto empire. During his recent testimony on Monday, Bankman-Fried retook the stand where he and his defense team, led by Mark Cohen, talked about hedging, explicitly focusing…

FTX Africa ambassadors face violent threats from community 

Brand ambassadors for FTX Africa are now facing life-threatening situations and public backlash following the platform’s financial collapse. Brand representatives for the bankrupt FTX Africa are encountering life-endangering challenges, with several reporting serious threats against them. The representatives were initially tasked with increasing the user base for FTX Africa, receiving a share of the user trading fees along with performance-based monthly incentives. FTX Africa’s official Telegram group once boasted a membership exceeding 10,000. Pius Okedinachi, who formerly oversaw educational efforts at FTX Africa, recounted his experience to CryptoX, noting that…

Sam Bankman-Fried Tells Jury ‘Run on the Bank’ Felled FTX

Bankman-Fried has argued throughout his testimony that he had a vague picture of his empire’s finances in the run-up to FTX and Alameda’s collapse, and he said that by November 2022, when he tweeted, he still believed that FTX didn’t have any “hole” in its balance sheet, and Alameda still had assets in excess of liabilities. Source

FTX And Alameda Addresses Move $80 Million In Crypto Over The Past Week

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According to the latest on-chain data, wallet addresses linked to the now-bankrupt FTX exchange and Alameda Research have transferred substantial amounts in crypto assets over the past week. This series of funds movement was first brought to the limelight by prominent blockchain analytics firm Nansen, who reported that more than $60 million had been moved. However, further on-chain revelation shows that nearly $80 million has been moved from FTX- and Alameda-linked addresses in the previous week. Nansen Uncovers FTX And Alameda’s $60 Million Transfer On Friday, October 27, Nansen disclosed…

Sam Bankman-Fried’s perspective on FTX fall

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Sam “SBF” Bankman-Fried took the stand this week to testify in his ongoing criminal trial in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research, while acknowledging making “big mistakes” during the companies’ fast-paced growth.  His official testimony started on Oct. 27, after a hearing on the previous day without the jurors present. During the hearing, Bankman-Fried struggled to answer questions raised by government attorneys, whereas he appeared much better prepared the following day to face the jury. A few highlights of Bankman-Fried’s testimony this…

Sam Bankman-Fried’s perspective on FTX fall

CryptoX – Cryptocurrency Analysis and News Portal Sam “SBF” Bankman-Fried took the stand this week to testify in his ongoing criminal trial in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research, while acknowledging making “big mistakes” during the companies’ fast-paced growth.  His official testimony started on Oct. 27, after a hearing on the previous day without the jurors present. During the hearing, Bankman-Fried struggled to answer questions raised by government attorneys, whereas he appeared much better prepared the following day to face the jury.…

Sam Bankman-Fried denies defrauding FTX users at trial

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The jury overseeing the criminal trial of Sam “SBF” Bankman-Fried listened to the former FTX CEO’s testimony for the first time, which involved largely denying knowledge of fraudulent activities at the crypto exchange. According to reports from the New York courtroom on Oct. 27, Bankman-Fried suggested Wang, the former chief technology officer at FTX, had been partly responsible for creating the “allow negative” button for Alameda Research. The feature gave the crypto hedge fund the ability to trade more funds than it had available. “At the time, I wasn’t entirely…