CryptoX – Cryptocurrency Analysis and News Portal Lawyers are still quibbling over what evidence can be brought to the FTX founder’s fraud trial, hours before jury selection is due to start. Source The post Bankman-Fried Seeks to Block Prosecutors Calling FTX Investors, Former Insiders as Witnesses appeared first on CryptoX. CryptoX Portal
A class-action suit was filed against Binance.US and Binance CEO Changpeng Zhao on Oct. 2 in the District Court of Northern California alleging various violations of federal and California law on unfair competition for attempting to monopolize the cryptocurrency market by harming its competitor FTX. The suit was brought by Nir Lahav, who is identified only as a California resident. At issue are posts made by Zhao on Twitter (now X) in early November on the eve of FTX’s collapse. The posts were made in conjunction with the decision by…
The defense wants clarity about whether it can argue that FTX, a big crypto exchange that collapsed last year, was not regulated in the U.S., though FTX.US did follow applicable rules, according to a Monday filing. Other questions include whether Bankman-Fried would be able to discuss the possibility that FTX creditors could secure massive recoveries in the exchange’s ongoing bankruptcy case, and whether the one-time FTX executive can mention his charitable giving and philanthropy. Source
Brian Kim, a data analytics and forensics expert, may speak to internal messaging between Bankman-Fried and his employees at FTX and its sister companies. If he is called to the stand, he may testify on “the content, metadata, and file paths associated with Slack data and Google documents,” that allegedly prove Bankman-Fried instructed his employees to destroy evidence of his companies’ alleged fraud. That data would include “the fields [of documents and messages] listing the author, custodian(s), and viewer(s), as well as the content created, modified, viewed, saved, and/or deleted…
While FTX customers remain optimistic about the future of cryptocurrency, their battle for compensation continues. As Sam Bankman-Fried (SBF), the former CEO of the defunct FTX exchange faces criminal charges, customers who lost significant sums in the debacle remain bullish on crypto. In a new CNBC documentary premiering later today, they share their experiences and explain why they remain optimistic about the industry, even after losing everything. The Crypto Bullishness Evan Luthra, an app developer, entrepreneur, and angel investor, stands as a testament to the unyielding spirit of crypto enthusiasts.…
In an effort to enhance transparency and bolster the trust of its customers, FTX Japan has unveiled a blockchain-based technology known as Proof of Solvency (PoS). This initiative was announced by Seth Melamed, the COO of FTX Japan, through a series of tweets on September 28, 2023. The newly introduced Proof of Solvency mechanism enables the company to prove, in an unalterable manner, that the reserves of the exchange surpass the assets held in custody for customers. Proof of Solvency (PoS) is a method utilized to demonstrate a company’s capability…
Despite this major shuffle by FTX exploiter, Ethereum price has gained to $1,750 levels before the launch of Ethereum futures ETFs. Recent data from Spot On Chain indicates that an address associated with the FTX exploit, specifically identified as 0x3e9, has initiated transfers exceeding 10,000 Ether (ETH), currently valued at approximately $17 million. These transfers happened through five different addresses starting from September 30. Notably, these addresses had been dormant for several months before this recent activity. Of the 7,749 ETH, which is valued at approximately $13 million, a substantial…
“Auditor independence is critical to both protecting the integrity of financial reporting and promoting public trust. As alleged in our complaint, over a period of nearly three years, Prager’s audits, reviews, and exams fell short of these fundamental principles. Our complaint is an important reminder that auditor independence is crucial to investor protection,” Eric I. Bustillo, director of the SEC’s Miami regional office said in a press statement. Source
In November 2022, hours after FTX and its related companies filed for bankruptcy, an unknown party managed to drain various wallets of as much as $600 million. About $26 million worth of ETH – 15,000 ether – sat in a single wallet until earlier this weekend, when a first tranche of 2,500 ETH ($4 million) began moving, ultimately ending up at the Thorchain bridge, the Railgun privacy wallet, or intermediary addresses. Source
Former FTX CEO Sam Bankman-Fried once looked into paying Donald Trump not to run for United States president, according to Michael Lewis, the author of a new book documenting the rise and fall of SBF. Michael Lewis, author of “Going Infinite: The Rise and Fall of a New Tycoon,” spoke about the former crypto billionaire and FTX founder in a 60 Minutes interview on Oct. 1. One of the revelations in the book is that SBF looked into paying Donald Trump not to run for president. “That only shocks you if you…