Crypto community relieved as the bell tolls for Sam Bankman-Fried LeapRate

November 06, 2023 BY Elizabeth Anderson

Crypto community relieved as the bell tolls for Sam Bankman-Fried

The once self-proclaimed crypto king saw his greed-fuelled empire crumble in November 2022. Once valued at $32bn, FTX was a leading cryptocurrency exchange. A 12-member jury found Bankman-Fried guilty on all charges. These included siphoning funds to the cryptocurrency-based hedge fund, Alameda Research, using customer funds for personal gains, and funding political campaigns in an…

October 18, 2023 BY Elizabeth Anderson

Bitcoin’s 10% jump sheds light on ETF investments in cryptocurrency

The sudden increase came in response to an incorrect report, which rumoured that BlackRock Inc. got the go-ahead to launch a spot cryptocurrency ETF. This catapulted Bitcoin to a value of $30,002 on Monday, the highest it has been since August. Things simmered down after BlackRock said the relevant application is still under review with…

October 05, 2023 BY Elizabeth Anderson

Cryptocurrencies sliding in the face of rising US bond yields and overbought signals

Bitcoin was not the only cryptocurrency experiencing a decline. Ethereum also missed the mark, sliding below the $1,650 level. The global crypto market cap suffered a 0.89% blow, bringing its total value to approximately $1.08tn. Surprisingly positive results from the Job Openings and Labor Turnover Survey (JOLTS) strengthened 10-year bond yields, which are experiencing the…

September 28, 2023 BY Elizabeth Anderson

Sam Bankman-Fried asks to suit up for pending trial

Even when he met with statesmen such as former U.S. President Bill Clinton, and British Prime Minister Tony Blair, he donned T-shirts and wrinkly shorts. At the height of his career, experts estimated Bankman-Fried had a $26bn fortune in digital assets. That said, at his first court appearance in December 2022 and the others that…

September 20, 2023 BY Elizabeth Anderson

Lawyers plead for Bankman-Fried release from jail before trial

This included sharing the personal correspondence of Caroline Ellison, former chief executive officer (CEO) of the Alameda Research hedge fund, with the New York Times. Ellison, who was romantically involved with the self-proclaimed cryptocurrency king, admitted to fraud and is a key witness in the case against Bankman-Fried. The Manhattan U.S. Attorney and lawyers for…

March 29, 2023 BY Steffy Bogdanova

Sam Bankman-Fried charged with bribing Chinese officials with $40 million

The accounts in question were unfrozen around the time of the payment and reportedly tens of millions of dollars-worth of cryptocurrencies were used to fund Alameda’s additional trading activity. Bankman-Fried already pleaded not guilty to eight counts of criminal charges and he hasn’t been yet arraigned on five others. FTX and Alameda collapsed in November…

January 04, 2023 BY Steffy Bogdanova

FTX founder Sam Bankman-Fried enters a not guilty plea to criminal charges

Meanwhile, former CEO of Alameda Research, Caroline Ellison, and former CTO of FTX Trading Ltd., Zixiao (Gary) Wang, have already pleaded guilty to defrauding investors. Bankman-Fried was arrested in the Bahamas where he lived and FTX was based in December. He was then extradited to the United States to face trial. He has been released…

December 28, 2022 BY Steffy Bogdanova

US investigates FTX hack and the stolen $370 million

FTX filed for bankruptcy in November following the quick collapse of the exchange after a liquidity crisis and a failed bailout by Binance. Bankman-Fried stepped down as a CEO after the string of events. The founder of the exchange was accused of "fraud of epic proportions" and is facing criminal charges for defrauding investors. Additionally,…

December 22, 2022 BY Steffy Bogdanova

Former Alameda Research CEO and former FTX CTO plead guilty to criminal charges

The prosecutors on the case have said they will not oppose bail if the defendants submit their travel documents and fulfil other conditions. In separate actions, the US Securities and Exchange Commission (SEC) has also charged Ellison and Gary Wang for their roles in a multiyear scheme to defraud equity investors of the crypto trading…

December 13, 2022 BY Steffy Bogdanova

Samuel Bankman-Fried charged by SEC for defrauding investors, gets arrested in the Bahamas on criminal charges

The agency also pointed out as a key problem that Bankman-Fried kept the funds of Alameda and FTX mixed up together. The regulator alleges that he used that to make undisclosed investments, luxurious real estate purchases, and large political donations. SEC Chair Gary Gensler commented: We allege that Sam Bankman-Fried built a house of cards…

Tag: Sam Bankman-Fried