“Evidence of the defendant’s reliance on counsel is relevant to the question of intent and is not limited to situations where the defense can establish that the defendant formally sought out the advice of counsel, received legal advice, and followed the advice given,” the letter said. Source
Bankrupt cryptocurrency lender BlockFi is trying to block attempts by the similarly bankrupt FTX and Three Arrows Capital (3AC) that aim to retrieve hundreds of millions of dollars to pay back their creditors. BlockFi claimed in an Aug. 21 filing to a New Jersey bankruptcy court that its own creditors shouldn’t be pushed to the back of the line because FTX’s creditors were harmed by the exchange allegedly misappropriating $5 billion BlockFi lent it. “FTX seeks to recover on over $5 billion of claims filed against the BlockFi estates at…
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Mantle DAO community member proposed restricting FTX from converting $43 million in BitDAO tokens to MNT amid ongoing token migration. A community member within the Mantle decentralized autonomous organization (DAO) has initiated a discussion proposing to restrict the collapsed FTX exchange and Alameda Research from converting their BitDAO (BIT) tokens, worth $43 million, to Mantle (MNT) tokens. The background of this proposal dates back to Nov. 2, 2021, when BitDAO swapped 100 million BIT with Alameda…
A community member started a discussion among participants in the Mantle decentralized autonomous organization (DAO), proposing to restrict the collapsed FTX exchange and Alameda Research from converting their BitDAO (BIT) tokens worth $43 million to Mantle (MNT) amid the ongoing token migration process. Community discussion on preventing FTX from converting its BIT tokens. Source: Mantle On Nov. 2, 2021, BitDAO swapped 100 million BIT with Alameda in exchange for over 3.3 million FTX tokens (FTT). The trade came with a public commitment to hold each other’s tokens for a span…
FTX, the troubled cryptocurrency exchange, and its CEO John J. Ray III have filed a motion seeking to reach a settlement of $176 million with Genesis entities. As per a legal document, FTX Trading and related debtors have formally requested a court mandate to resolve their disagreement with Genesis entities, aiming to settle claims amounting to nearly $176 million. The claims put forth by Genesis entities involve around $176 million in customer claims against FTX Trading and its affiliates. However, FTX creditors expressed discontent and have urged the Official Committee…
CryptoX – Cryptocurrency Analysis and News Portal Lawyers are trying to untie a complex financial web among companies that went under in the crypto winter. Source The post Genesis, FTX Strike Deal for $175M Bankruptcy Claim appeared first on CryptoX. CryptoX Portal
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…
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,…
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
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