FTX was hacked in November 2022, hours after the global crypto empire declared bankruptcy and its founder Sam Bankman-Fried stepped down from running the company. Source
Millions in Ether Tied to FTX Account Drainer on The Move
Tag: FTX
Coinbase Listing Crypto Perpetuals May Fill the Gap Left by FTX Implosion
“Regarding Coinbase, I do think that it’s well positioned to capture significant market share,” Carey said. “Given Binance’s recent troubles it stands to reason that larger traders and institutions may be skittish to hold significant funds on the exchange. On the other hand, Coinbase is one of the most trusted exchanges, which sets them up nicely.” Original Source CoinbaseCryptoFillFTXGapImplosionLeftListingPerpetuals CryptoX Portal
FTX founder to stand trial over 6 weeks
Former FTX CEO Sam Bankman-Fried will spend at least 21 days in court as part of his criminal trial, which will begin in earnest on Oct. 4 and last until Nov. 9, according to a newly released trial calendar posted to the public court docket. The burgeoning trial calendar, released on Sept. 28, begins on Oct. 3 with jury selection. The first official date of the Bankman-Fried trial is Oct. 4, where they will begin discussing seven fraud charges laid against him. There are two substantive charges where the prosecution must…
Here’s FTX Founder Sam Bankman-Fried’s Trial Schedule
During a hearing earlier Thursday, Judge Lewis Kaplan, who is overseeing the trial, asked the prosecution and defense to estimate how long they expect their respective cases to last. Assistant U.S. Attorney Danielle Kudla said the Department of Justice estimated their case taking four to five weeks. Mark Cohen, representing Bankman-Fried, said the defense’s case was more streamlined and — if the defense chooses to present a case — they could take up to a week and a half. Source
As Sam Bankman-Fried’s Trial Approaches, the FTX Bankruptcy Claims Market Is Booming
According to data gathered by Matrixport, a crypto services provider that is tracking the market, the expected payout for creditor claims against FTX has surged to an average of 37 cents on the dollar, its highest since the bankruptcy filing in late 2022, and up from just over 10 cents at the start of 2023. Source
FTX Founder Sam Bankman-Fried Can Use an ‘Air-Gapped’ Laptop in Court, Judge Rules
The defense team has already lost two bids to have Bankman-Fried temporarily released since he was remanded, but has made another attempt, offering to impose strict conditions around the onetime FTX executive. Judge Kaplan set a 5:00 p.m. ET deadline today for the Department of Justice to comment on the request and scheduled a hearing to discuss the motion at 10:00 a.m. ET on Thursday. Source
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
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