Tag: FTX

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…

FTX Creditors’ Lawyers Promote Deal Giving Investors 90% of What’s Left in Sam Bankman-Fried Empire

CryptoX – Cryptocurrency Analysis and News Portal But the bankruptcy negotiation was always aimed toward a settlement, because it gets money into people’s hands much more quickly, Paul explained. The lawyers have until Dec. 1 to get a 75% approval rate from the 60 individuals and entities in their group and with any investors who sign up as members in the coming weeks. Original Source The post FTX Creditors’ Lawyers Promote Deal Giving Investors 90% of What’s Left in Sam Bankman-Fried Empire appeared first on CryptoX. CryptoX Portal

FTX SBF’s Trial Reaches Final Stages, What’s Next?

Bankman-Fried’s legal team, led by Mark Cohen and Christian Everdell, has encountered difficulties in presenting a coherent narrative to the jurors. FTX co-founder Sam Bankman-Fried‘s trial is nearing its conclusion, with the prosecution set to conclude their case on October 26 after nearly 20 testimonies. The prosecution has called upon a wide range of witnesses over the past three weeks, including former FTX employees, customers, investors, government officials, and law enforcement agents. FTX Co-founder’s Trial The central argument of the case revolves around the allegation that Bankman-Fried intentionally deceived these…

FTX creditor claims heat up as bankruptcy proceedings drive forward

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The market for FTX creditor claims has been heating up, with some claims now reportedly selling for more than 50 cents on the dollar, according to Thomas Braziel, partner at 117 Partners — a firm specializing in crypto bankruptcy claims.  Braziel told Cointelegraph that a claim worth more than $20 million recently sold for between 52 cents and 53 cents at auction on Oct. 20, though noted that only the best claims typically reach this price tag, adding: “The market has really firmed up for smaller claims, with smaller claims…

Sam Bankman-Fried lived lush lifestyle prior to FTX downfall

FTX founder Sam Bankman-Fried Fresh continued to live an extravagant life while his trading firm, Alameda Research, was facing severe financial challenges, court documents reveal. FTX’s intricate web of spending and suspicion Bankman-Fried was living the high life thanks to billions of dollars worth of customer funds from FTX, prosecutors allege in a fresh set of court documents. The disgraced FTX founder and his associates indulged in extravagant spending on investments, donations, and real estate — even in the months leading up to the collapse of the crypto exchange. Among…

FTX clients face deceptive priority withdrawal scam

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FTX users are reportedly being targeted in a withdrawal scam. X (formerly Twitter) user and FTX creditor advocate Sunil cautioned FTX account holders about the phishing scam and urged them to avoid clicking on dubious links. Sunil’s X post highlights the ever-evolving tactics online scammers employ. FTX users have reported receiving deceptive emails purportedly sent by FTX Trading, West Realm Shires Services and FTX EU. The emails falsely offer FTX creditors an exclusive chance for immediate asset withdrawals, bypassing waiting periods and legal proceedings. One example of a fraudulent email states: “We…

Sam Bankman-Fried asked FTX attorney to ‘come up’ with legal argument for $8B hole

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Former FTX CEO Sam Bankman-Fried instructed former general counsel Can Sun to “come up” with any legal explanation for the $8 billion hole in Alameda Research’s books, according to Sun’s testimony in court on Oct. 19. Sun flew from Japan to testify in the ongoing trial as part of his nonprosecution agreement with the United States Department of Justice. During his testimony, Sun revealed that he learned of the billion-dollar hole between the two companies on Nov. 7 after receiving a spreadsheet indicating the debt. “I was shocked,” he told…

FTX founder misled in-house lawyers on Alameda; use of customer funds

Prosecutors called FTX general counsel Can Sun to the stand following financial forensics and evidence of internal communications potentially implicating Sam Bankman-Fried in criminal wrongdoing at his crypto exchange and trading firm, Alameda Research. Expert testimonies from a Notre Dame Alumni and an FBI analyst in United States v Sam Bankman-Fried provided more details as to what happened at FTX. Bank statements detailed transactions from Alameda to personal accounts and super PACs, almost certainly financed with FTX customer crypto. Bankman-Fried’s Twitter DMs entered as trial exhibits highlighted profanity-filled remarks aimed…