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Tag: Alameda Research

August 9, 2024

Breaking: CFTC Secures Historic $12.7 Billion Judgment Against FTX and Alameda in Landmark Fraud Case!

The U.S. Commodity Futures Trading Commission (CFTC) has announced that the U.S. District Court for the Southern District of New York has issued a consent order of permanent injunction and equitable relief against FTX Trading Ltd. and Alameda Research LLC. The court ordered the now-bankrupt entities to pay a staggering $12.7 billion in monetary relief to compensate customers and victims of one of the largest frauds in the digital asset space.

Crypto
IPO

July 3, 2024

Genesis Digital Assets Weighs IPO, Signaling Continued Bull Cycle in Crypto Market

Rumors are swirling around Genesis Digital Assets' (GDA) potential Initial Public Offering (IPO). GDA is a prominent US bitcoin mining firm, which once was financially backed by the collapsed Alameda Research of former convicted crypto mogul Sam Bankman-Fried. According to a Bloomberg report, GDA is exploring options for a U.S. IPO, underscoring the ongoing bullish sentiment in the crypto market.

June 16, 2024

Competing Claims for Bankman-Fried’s Forfeited Assets: A Legal Analysis

In the FTX bankruptcy saga, three distinct groups have lodged competing claims over assets seized from former FTX CEO Sam Bankman-Fried (SBF) following his criminal conviction. In March, the Federal High Court's $11 billion forfeiture order included various properties such as crypto tokens, private jets, and bank funds. Now, the FTX debtors' estate, a class of creditors, and an offshore entity founded by SBF are all vying for control over these assets.

May 27, 2024

Collapsed Crypto Exchange FTX Paid Over $25 Million in Hush Money to Whistleblowers!

According to a recent report from a court-appointed examiner, the collapsed crypto exchange FTX disbursed over $25 million in hush money to whistleblowers prior to its downfall in November 2022. Earlier this year, the U.S. Department of Justice (DOJ) appointed Robert J. Cleary, a renowned lawyer and former lead prosecutor on the Unabomber case, to investigate FTX amid its ongoing bankruptcy proceedings.

FinTelegram

May 17, 2024

FTX Case: The Upcoming Sentencing of Former Executive Ryan Salame and Leniency Requests!

Sam Trabucco, the former co-CEO of Alameda Research, has resurfaced to defend his friend and former colleague, Ryan Salame, ahead of Salame's sentencing set for May 28. Trabucco, who had been notably absent since the collapse of FTX, wrote a letter to Judge Lewis Kaplan, who is overseeing Salame's case. In the letter, Trabucco described Salame as his "best friend" and emphasized that Salame "doesn't deserve to be defined by his worst actions."

March 27, 2024

The Ripple Effect: Sentencing of Crypto Titans and the Responsibility of Crypto Executives!

In a narrative that reads like a thriller, the founders and executives of some of the most prominent crypto exchanges are facing severe legal repercussions. The upcoming sentencings of Sam Bankman-Fried (SBF) of FTX and Changpeng Zhao (CZ) of Binance are pivotal moments that could set a precedent for the treatment of other crypto founders, including Chun Gan and Ke Tang of KuCoin. The authorities hold the executives of crypto exchanges accountable for their involvement in the illegal activities of these exchanges.

March 24, 2024

Pre-Sentencing: The Legal Reckoning of Sam Bankman-Fried and the Cautionary Tale of FTX!

In the coming weeks, the legal fate of two prominent figures in the crypto world will unfold, with Sam Bankman-Fried (SBF), founder of the now-defunct FTX platform, set to receive his sentence. Concurrently, Changpeng Zhao (CZ), the co-founder and former CEO of Binance, awaits his sentencing on April 30, 2024, after he pleaded guilty to violating US financial regulations. The prosecution has proposed sentences spanning several decades for SBF and no less than 18 months for CZ, hinting at the gravity of their offenses.

March 16, 2024

Prosecutors Demand Decades Behind Bars for FTX’s Sam Bankman-Fried in Landmark $11 Billion Crypto Fraud Case

U.S. prosecutors have recommended a substantial prison sentence of 40-50 years for Sam Bankman-Fried (SBF), the disgraced founder and former CEO of FTX, one of the previously largest crypto exchanges globally. This recommendation was presented to a federal judge for the sentencing scheduled for March 28. The prosecution's stance starkly contrasts with the defense's plea for a mere 6-year sentence, which prosecutors have deemed "woefully inadequate."

February 21, 2024

Worldcoin’s Price Surge Offers a Glimmer of Hope to Creditors of Collapsed Crypto Firms

In a year fraught with challenges for creditors of the defunct investment firms Three Arrows Capital (3AC) and Alameda Research, the recent price surge of the cryptocurrency Worldcoin (WLD) has emerged as a rare beacon of hope. Co-founded by OpenAI CEO Sam Altman, Worldcoin's value has skyrocketed approximately 140% in the past week. The rally was notably spurred by OpenAI's announcement of its new text-to-video application, Sora.

February 18, 2024

Deltec Bank Faces Accusations of Secretly Funding Sam Bankman-Fried in Tether Purchase Scheme

In a significant development that intertwines finance, cryptocurrency, and legal drama, Deltec Bank & Trust Ltd., a Bahamian financial institution, is under scrutiny for its alleged role in providing covert financial support to Sam Bankman-Fried, the former CEO of collapsed crypto exchange FTX. This accusation adds a new layer to the already complex bankruptcy and restructuring process of FTX, further complicating the saga with the latest indictment of Deltec Bank.

December 30, 2023

U.S. Prosecutors Forego Second Trial Against FTX Founder Sam Bankman-Fried

am Bankman-Fried (SBF), the founder of the now-bankrupt crypto exchange FTX. In November 2923, Jurors convicted SBF on all seven fraud and conspiracy counts he faced. Prosecutors had accused him of looting $8 billion from FTX customers out of sheer greed. A second trial with further charges was originally planned. The prosecutors have now canceled this.

November 6, 2023

Sam Bankman-Fried’s Legal Troubles Deepen After Conviction – The FTX Case Continues Unfolding

In the Aftermath of a high-profile conviction, the FTX drama persists. The crypto universe watched in disbelief as one of its most iconic figures, Sam Bankman-Fried (SBF), faced the full force of the law with a potential century-long prison sentence hanging over his head. The co-founder and one-time CEO of the now-defunct crypto FTX exchange was convicted on an array of charges, including fraud and money laundering, with a sentencing date set for March 28, 2024.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.

Prosecuted Telegram CEO Durov Challenges Personal Liability for Platform Misuse!

The prosecuted Telegram CEO Pavel Durov argues that holding CEOs personally liable for platform misuse is an outdated practice that threatens innovation. Following his Paris arrest, Durov emphasized that platforms like Telegram must adapt to rapid growth, but outdated liability standards should not stifle progress. His case highlights the ongoing debate about balancing innovation, privacy, and regulation in the tech world.

U.S. Regulator CFTC Lost Court Case Against Kalshi Legal Battle Over Election Bets!

KalshiEx is a U.S.-based prediction market platform that sought to offer trading in derivatives contracts based on the outcomes of Congressional elections, which the CFTC prohibited. KalshiEx challenged the regulator's decision in court and won, opening the door for election-based derivatives markets in the U.S. However, the CFTC is seeking a temporary stay.

Germany: Accomplices in Fraudulent Cyber Trading Platforms Charged by Karlsruhe Prosecutor!

The Baden-Württemberg Cybercrime Center in Germany has announced that it charged three suspects linked to an international fraud scheme that cost over 820 victims more than €5 million. The case marks a significant step in combating organized cyber trading fraud but underscores the growing complexity of such operations that often rely on an international division of labor.

Influencers

Influencers and Financial Crimes: A Short Guideline and a Request for Whistleblower Information!

Recently, the influencer industry has come under increased scrutiny from regulatory bodies worldwide. The case of Turkish influencers Dilan Polat and Engin Polat, facing $30 million money laundering charges and allegations of operating an illegal betting ring, perfectly demonstrates the potential legal risks in this sector. This high-profile case has prompted authorities to investigate hundreds of other influencers for potential financial crimes.