Tag: FTX

Former FTX exec Salame not willing to testify against SBF

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Sam Bankman-Fried’s criminal prosecution for alleged unlawful campaign donations won’t include testimony from former FTX co-CEO Ryan Salame. Information from an Aug. 14 filing by U.S. federal prosecutors shows that Ryan Salame plans to invoke his Fifth Amendment right. It protects him from self-incrimination if he is subpoenaed as a witness in SBF’s criminal trial. NEW — FTX executive and GOP megadonor Ryan Salame “has represented that if subpoenaed, he would invoke his Fifth Amendment right…

SBF jailed, FTX partners under attack: Law Decoded

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The FTX affair continues to unravel. Sam Bankman-Fried, the former CEO of the failed crypto exchange, will be held in jail through the end of his two upcoming trials. Judge Lewis Kaplan ordered the revocation of the entrepreneur’s $250 million bail following The New York Times report about his alleged attempt to intimidate witnesses. Bankman-Fried faces 12 criminal charges spread across two trials scheduled to begin in October 2023 and March 2024. Meanwhile, the wave of lawsuits has reached former partners of FTX. Eighteen leading venture capital (VC) investment firms,…

FTX Founder Sam Bankman-Fried Jailed Ahead of Trial

Bankman-Fried is currently set to go on trial at the start of October on wire fraud, commodities fraud, securities fraud, money laundering and related conspiracy charges. He faces another trial, tentatively scheduled for next March, on additional charges brought by the DOJ after Bankman-Fried’s arrest and extradition. Source

Former FTX CEO Sam Bankman-Fried Really Is Still Facing Campaign Finance Claim at Trial

Obviously I’ve written about this before, and so I’m not going to get too deep into it now, but here are the highlights: Bankman-Fried is accused of violating his bond conditions in trying to tamper with multiple witnesses as well as allegedly other shady behavior. The Justice Department says that he has abused his privilege in being allowed to spend his pretrial time at his parents’ home, and therefore, it wants to put him back into custody. Source

FTX Lawyers Hit Back at Creditors Criticizing Restructuring Plan After ‘Many Months’ of Work

The lawyers argued that this would “require relief from this Court,” they would be faced with a separate risk of commingling of their treasury investments, and the step “creates a risk of loss in the event of a need for rapid monetization, or the lack of liquidity in the surety collateral market, which is not an idle concern given the recent bank failures allegedly caused in part by overinvestment in U.S. treasuries.” Source

FTX founder to face charges over illegal campaign finance scheme

US authorities are preparing to charge FTX founder Sam Bankman-Fried with an illegal campaign finance scheme, per court documents filed on Aug. 8. In a twist to the legal case, the prosecutors plan to file a superseding indictment for the week of Aug. 14 to incorporate Bankman-Fried’s alleged illegal campaign finance scheme into seven other existing charges. Prosecutors allege that Bankman-Fried used stolen customer funds to finance an unlawful “political influence campaign” and attempted to conceal this money through “political straw donations.” In a statement, the prosecutors explained, “The evidence…

Temasek, Sequoia Capital, Softbank, leading VCs face lawsuit for “abetting” FTX fraud

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Eighteen leading venture capital (VC) investment firms, including Temasek, Sequoia Capital, Sino Global and Softbank, have been named as defendants in a class-action lawsuit filed in the United States District Court for the Northern District of California for their links to the now-bankrupt crypto exchange FTX. The lawsuit, filed on Aug.7, alleged that the investment firms were responsible for “aiding and abetting” the FTX fraud. The suit claims that the defendants used their “power, influence and deep pockets to launch FTX’s house of cards to its multibillion-dollar scale.” A snippet of Cabo…

Former FTX exec Ryan Salame and US prosecutors are discussing a plea deal: Report

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Ryan Salame, the former co-CEO of FTX Digital Markets, is reportedly discussing a guilty plea with authorities in the United States. According to an Aug. 8 Bloomberg report, lawyers for Salame could enter a guilty plea as early as September, in advance of former FTX CEO Sam Bankman-Fried’s criminal trial, scheduled to start on Oct. 2. Prosecutors had reportedly been investigating Salame for potential violations of U.S. campaign finance laws related to his girlfriend Michelle Bond’s run for Congress, in which they both allegedly exceeded the federal limits on contributions.…

Coinbase battles US SEC, Worldcoin concerns mount, FTX announces reorganization plans

This week, Coinbase’s legal dispute with regulators unfolds as the crackdown on hacks and scams intensifies. Meanwhile, Worldcoin is under scrutiny and FTX announces reorganization plans. Coinbase vs. US SEC Coinbase Global (COIN) continues to garner significant attention for its ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).  Coinbase CEO Brian Armstrong claimed that the SEC mandated the cessation of all cryptocurrency trading, except for Bitcoin, on the exchange, a Financial Times report revealed. Per Armstrong, the SEC’s request came before their lawsuit against the exchange for non-compliance…