Tag: FTX

FTX Founder SBF WIll Take the Stand in His Own Defense

Those executives, including Caroline Ellison, Nishad Singh and Gary Wang, testified against him after pleading guilty to various crimes of their own, with the defense mostly mounting seemingly unimpressive cross-examinations in their bid to sow doubt about the strength of the witnesses’ testimony. In a separate filing Wednesday, the defense attorneys sought permission to introduce evidence that Singh and Wang had been inconsistent in how they described their conversations with investigators prior to getting on the stand. Source DefenseFounderFTXSBFstand CryptoX Portal

FTX Founder Sam Bankman-Fried WIll Take the Stand in His Own Defense

Those executives, including Caroline Ellison, Nishad Singh and Gary Wang, testified against him after pleading guilty to various crimes of their own, with the defense mostly mounting seemingly unimpressive cross-examinations in their bid to sow doubt about the strength of the witnesses’ testimony. In a separate filing Wednesday, the defense attorneys sought permission to introduce evidence that Singh and Wang had been inconsistent in how they described their conversations with investigators prior to getting on the stand. Source

Bitcoin (BTC) Retreats Slightly; FTX Receives Bids for Restart

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Spot bitcoin (BTC) exchange-traded funds (ETFs) could attract at least $14.4 billion of inflows in the first year of issuance, crypto fund Galaxy Digital said in a research note on Tuesday. An ETF could be a better investment vehicle for investors compared to currently offered products, such as trusts and futures, which hold over $21 billion in value, the fund said. The inflows could ramp up by $27 billion by the second year and $39 billion by the third year, it added. “The U.S. wealth management industry will likely be…

FTX, Alameda addresses move $10m to exchanges

FTX and its sister platform, Alameda Research, have recently transferred $10 million worth of crypto assets to Coinbase, Binance and Wintermute. These transfers came from three addresses associated with FTX and Alameda, with the funds consolidated into one central address. The movements have triggered speculation of an impending selloff amid FTX founder Sam Bankman-Fried’s criminal trial in a United States court. Notably, an FTX-affiliated address sent 2,904 Ether (ETH) worth $5.14 million to the central address, according to security firm PeckShield. On-chain data confirms that this transaction occurred yesterday at…

FTX Eyes December Relaunch but Faces Uphill Battle to Regain Trust

While the path forward for FTX remains uncertain, the exchange appears to be taking steps to recover from recent turbulent times. The once-dominant cryptocurrency exchange FTX is endeavoring to set a new course following its bankruptcy last year, which was marred by allegations of fraud and mismanagement. Recent court proceedings have shed light on FTX’s exploration of various options to relaunch its trading platform and fulfill its obligations to creditors. Exploring Options to Relaunch FTX In the quest to reestablish FTX, sources close to the negotiations reveal that the exchange…

FTX Founder Sam Bankman-Fried’s Defense May Depend on Character and Fact Witnesses

Weeks ago, Bankman-Fried’s lawyers filed their proposed list of expert witnesses – a roster that included several law experts, a finance professor and a data analytics and forensics specialist. However, Judge Lewis Kaplan, who’s overseeing the case, granted the prosecution’s request to bar those witnesses for a variety of reasons, including arguments that the witnesses’ testimony would be tangential to the case and that the witnesses themselves were unfit to testify in a U.S. criminal trial. Source

FTX navigates post-bankruptcy options, weighs sale or revival

These options reportedly encompass selling the entire exchange, including its extensive customer base of over 9 million, to the potential of forming a partnership with another entity to revive the platform. FTX Trading Ltd., formerly a prominent player in the cryptocurrency exchange sector, is carefully considering its future after going through bankruptcy proceedings.  According to a report, during a court hearing in Wilmington, Delaware, Kevin M. Cofsky, the company’s investment banker from Perella Weinberg Partners, revealed that a decision regarding the company’s direction would be made by mid-December. Additionally, active…

FTX cooperators unlikely to see jail time, says ex-prosecutor

Former Southern District of New York prosecutor Josh Naftali said Caroline Ellison, Gary Wang and Nishad Singh will probably skip time behind bars due to their cooperation with federal attorneys in United States v Sam Bankman-Fried. “it’s the exception, not the rule,” Naftali noted on TechCrunch’s Chain Reaction podcast, referring to witnesses serving time after testifying for the government. In a white collar case, where you’re a first time offender, as a cooperator, it’s pretty typical for the cooperating witness not to do actual jail time Josh Naftali, former prosecutor…