Tag: FTX

Sam Bankman-Fried Can Grill Former FTX Insiders on Drug Use in Court

They also asked the judge to let Bankman-Fried travel to his attorneys’ workspaces during the trial itself because it was “exceedingly difficult” to prepare for the trial from jail. The security guard, who the lawyers say will remain with Bankman-Fried at the residence, will also make sure he doesn’t have any visitors or access to any computers, cell phones, the internet, television or any other electronic devices, the letter said. Source

British Man Reveals $2,100,000 Loss From Downfall of Crypto Exchange FTX: Report

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One British man reportedly lost millions of dollars when the now-defunct crypto exchange FTX imploded in November. According to a new BBC report, Sunil Kavuri may have suffered the largest amount of investment losses from the FTX scandal than any other British citizen. Kavuri tells the BBC that he started worrying about his crypto investments on the FTX exchange when he got a message that withdrawals were suspended on the platform. “I was on the computer for basically 24 hours refreshing the page and trying to email the FTX support…

Inside the Prison Digs for FTX Founder SBF

MDC Brooklyn is a large prison complex encompassing two buildings and housing more than 1,600 male and female prisoners, many of whom still await trial. As a mixed-security facility, the MDC houses inmates with a variety of criminal histories, including terrorism, organized crime and drug smuggling, a report from the Bureau of Prisons shows. Current inmates include Juan Orlando Hernandez, a former president of Honduras who has pleaded not guilty to drug trafficking charges, and Guo Wengui, a Chinese businessman who has pleaded not guilty to fraud charges. Source

FTX Founder SBF Files Repeat Request for Temporary Release Before Trial

Practical realities such as the government providing the defense a list of over 50 potential witnesses, thousands of pages of material and more than 1,300 exhibits, argue for a temporary release, the lawyers said. They added that they didn’t know which witnesses the government would call or in which order and so would not be able to prepare for the “next day’s witnesses and exhibits in the hours when we are not sitting in the courtroom.” Source

Binance, Coinbase navigate challenges; FTX drama takes turn

Hong Kong, Australia, and Venezuela took center stage as regulatory actions rocked the scene. Meanwhile, Sam Bankman-Fried’s parents face lawsuits while Binance and Coinbase navigate challenges.  Hong Kong ramps up efforts During the Shanghai Blockchain International Week, Duncan Chiu, a member of Hong Kong’s Legislative Council, announced the forthcoming implementation of stablecoin regulations in Hong Kong by mid-2024. This endeavor stands in stark contrast to China’s rigorous cryptocurrency policies.  Authorities in Hong Kong previously apprehended 11 individuals linked to a cryptocurrency fraud case associated with the JPEX platform. This decisive…

FTX CEO’s Asset Recovery Escalates As Sam Bankman-Fried Trial Looms

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In a battle to recover billions of dollars following the collapse of FTX, Chief Executive and Restructuring Officer John J. Ray III, is intensifying efforts just weeks before FTX founder Sam Bankman-Fried faces trial in what has been labeled one of the largest financial frauds in American history. Bankruptcy court proceedings kicked off the week as FTX filed a lawsuit against Bankman-Fried’s parents, Allan Joseph Bankman and Barbara Fried.  The suit aims to reclaim millions of dollars allegedly fraudulently transferred and misappropriated by the couple, who purportedly took advantage of…

Coinbase sought FTX Europe acquisition after bankruptcy: Report

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Crypto exchange Coinbase attempted to acquire FTX Europe twice since it filed for bankruptcy in November 2022, hoping to broaden its derivatives business overseas. The company, however, has decided not to go forward with the deal, Cointelegraph has learned.  According to a report from Fortune, Coinbase explored acquiring FTX’s European arm on two occasions, in November 2022 — following its parent company’s dramatic debacle — and in September 2023. A spokesperson for Coinbase confirmed the report: “We’re always evaluating opportunities to strategically expand our business and meet with many teams…

Coinbase (COIN) Has Recently Held Talks to Buy FTX Europe: Fortune

Derivatives, which are financial contracts that derive their value from an underlying asset such as bitcoin (BTC), can be lucrative for both traders and the exchanges that serve them. FTX Europe, like other European exchanges, offered a range of derivatives products, but it also was the only firm with a license to offer perpetual futures, a highly popular derivatives offering, in that region. It’s those licenses that have attracted attention from several potential buyers, according to Fortune. Crypto exchange Crypto.com and Trek Labs have also expressed interest in FTX Europe,…

Coinbase Explores FTX Acquisition and Derivatives License

Until FTX collapsed in November, FTX Europe was the only firm offering special crypto derivatives (perpetual futures) to the European market. Reports have emerged that Coinbase considered acquiring FTX Europe after the exchange’s bankruptcy in November. While the acquisition talks were not successful, Coinbase’s interest in FTX Europe underlines how important derivatives have become to Coinbase’s global strategy. Whereas spot trading volumes have dipped significantly, there is a greater demand for derivatives. Data from crypto analytics firm Kaiko Research showed that derivatives volume was six times larger than spot volume…

Bankrupt FTX Exchange Turns Its Attention To Employees, Here’s How Much It Wants

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It’s been almost a year since the collapse of FTX, but the failed crypto exchange continues to be surrounded by drama. In a flurry of moves to claw back funds for investors, FTX lawyers are now going after employees of Salameda Ltd.  According to court filings, the employees of Salameda – a Hong Kong-incorporated entity allegedly controlled by former FTX CEO Bankman-Fried, named as defendants were prioritized over other customers as many raced to withdraw their assets from the exchange before its imminent crash on November 11, 2022.  FTX Wants…