Sam Bankman-Fried | FinTelegram News

Tag: Sam Bankman-Fried

September 4, 2024

SEC and Bankrupt Crypto Exchange FTX in Dispute Over Repayment Plan

Bankrupt cryptocurrency exchange FTX has proposed a plan to repay its creditors using U.S. dollar-pegged stablecoins, aiming to distribute between $14.5 billion to $16.3 billion—about $5.3 billion more than the initial owed amount. However, the U.S. Securities and Exchange Commission (SEC) may oppose this plan and has indicated it reserves the right to challenge the proposed transactions, Benzinga reports.

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.

July 20, 2024

Bitzlato Founder Sentenced to Time Served over $700 Million Money Laundering Case!

On July 18, Judge Eric Vitaliano of Brooklyn's federal court sentenced Anatoly Legkodymov, the founder of the Bitzlato cryptocurrency exchange, to 18 months in prison, equivalent to the time he had already served. Legkodymov's sentencing followed his guilty plea to operating an unlicensed money-transmitting business that concealed over $700 million in illegal proceeds from activities such as gambling and drug transactions.

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.

FinTelegram

June 17, 2024

Inside the $4.5 Billion Settlement: Terraform Labs and Do Kwon’s Legal Battle

As reported recently by FinTelegram, the U.S. Securities and Exchange Commission (SEC) proposed a settlement with Do Kwon and his collapsed crypto scheme Terraform Labs. The judge has now approved this $4.5 billion settlement, marking one of the largest settlements in the crypto sector. This settlement follows a series of high-profile legal actions against various crypto firms, highlighting the ongoing efforts to clean up the sector after significant turmoil.

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 29, 2024

Crypto Crime: Former FTX Executive Ryan Salame Sentenced to Seven and a Half Years in Prison!

Ryan Salame, a former executive at the now-defunct crypto exchange FTX, has been sentenced to seven and a half years in prison. This follows the earlier conviction of FTX co-founder and former CEO Sam Bankman-Fried (SBF), who received a 25-year prison sentence for misappropriating $8 billion from FTX customers. SBF was found guilty in November on seven counts of fraud and conspiracy related to the 2022 collapse of FTX.

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."

May 6, 2024

The Contrast in Sentences for Two Former Crypto Titans: A Compelling CNBC Analysis!

In a dramatic conclusion to a fierce rivalry between two prominent figures in the crypto world, Binance founder Changpeng Zhao (CZ) received a notably lenient sentence of four months in prison, as detailed in a CNBC article. This sentencing starkly contrasts with the hefty 25-year term handed to FTX's Sam Bankman-Fried. Both CZ and SBF were pivotal in promoting the potential of cryptocurrencies, yet their paths diverged significantly in the eyes of the law.

May 2, 2024

Law Enforcement Cooperation: The Contrasting Cases of Changpeng Zhao, Gery Shalon, and Sam Bankman-Fried!

In the realms of U.S. law enforcement and cybercrime, the cases of Changpeng Zhao (CZ) and Gery Shalon present intriguing insights into the strategic cooperation between convicted cybercriminals and U.S. authorities. The disparity in the sentences against FTX founder Sam Bankman-Fried (SBF) and CZ raises fundamental questions about the nature of their offenses and the benefits of their cooperation. Here are our insights.

May 1, 2024

Wrong Signal: Changpeng Zhao’s Lenient Sentence and Its Implications for the Crypto Industry and AML!

In a stunningly lenient decision that has sent ripples through the cryptocurrency community, Binance founder and former CEO Changpeng Zhao (CZ) secured a mere four-month prison sentence after pleading guilty to significant money laundering violations. This outcome is perplexing and profoundly concerning, particularly when juxtaposed with the originally recommended three-year term by U.S. prosecutors.

Paxum Bank: The Offshore Bank for the Porn Industry!

Paxum Bank, an offshore financial institution based in Dominica, has found itself at the center of controversy due to its connections with high-risk industries and recent revelations about its relationship with the embattled Tate brothers. Specializing in serving the adult entertainment sector, the bank has become a key player in providing financial services to businesses often shunned by traditional banks. However, this niche focus has also drawn scrutiny from regulators and investigators.

Tate Brothers Case: The Misogynist Influencers Used Offshore Accounts to Launder Proceeds from Sexual Exploitation!

New evidence suggests that the influencer Andrew Tate and his brother Tristan Tate used offshore accounts, including Paxum Bank, to conceal profits from their controversial webcam business. The Tates are facing serious charges, including human trafficking and money laundering. This case highlights the need for robust AML/KYC practices, particularly for payment processors in high-risk sectors like adult entertainment.

UK FCA Charges First Individual for Operating Illegal Crypto ATM Network for Money Laundering!

The UK Financial Conduct Authority (FCA) has charged London-based Olumide Osunkoya with running an illegal crypto ATM network, marking the first case of its kind in the UK. As crypto ATMs are increasingly used for money laundering, the FCA's crackdown on unregistered operators underscores the need for strict regulatory compliance. The ATM scheme allegedly processed £2.6 million in crypto transactions.

Public-Listed Crypto Exchange Coinbase Has to Face Shareholder Lawsuit Over SEC Risks!

U.S. crypto exchange Coinbase must face a shareholder lawsuit accusing it of downplaying regulatory risks, specifically the chances of being sued by the SEC. While a U.S. judge dismissed parts of the case, the key allegation of misrepresenting regulatory risks will proceed. This case underscores the importance of transparency in the crypto sector, where regulatory uncertainties continue to loom large, particularly in the U.S.

U.S. Regulator SEC Charges Seven Public Companies for Violating Whistleblower Protection Rules!

The U.S. Securities and Exchange Commission (SEC) charged seven public U.S. companies with using agreements that restricted employees from reporting securities law violations, resulting in over $3 million in penalties. The SEC takes strict action against organizations and individuals who seek to contractually restrict whistleblowers' rights. The regulator needs insiders to disclose financial wrongdoing and compliance violations.