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Tag: SBF

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.

November 3, 2023

As Expected: FTX Founder Sam Bankman-Fried Found Guilty!

In the New York District Court, after a trial lasting one month, Sam Bankman-Fried (SBF), 31, founder and former CEO of the globally prominent crypto exchange FTX, was convicted on charges of fraud and money laundering. The determination of the jury was reached swiftly, following a mere four and a half hours of deliberation.With the conviction, the crypto industry can also lock up a capital and hope for a fresh start.

November 1, 2023

Crypto Trial: Final Cross-Examination Concludes The Trial Against FTX Founder Sam Bankman-Fried!

In the ongoing criminal fraud trial of FTX founder Sam Bankman-Fried (SBF), he faced a rigorous cross-examination by federal prosecutor Danielle Sassoon during a second consecutive day of testimony. The cross-examination on Tuesday centered on SBF's actions and statements leading up to the collapse of FTX in November. Repeatedly, he denied any knowledge of the misappropriation of billions of dollars in customer funds until shortly before the company's downfall last year.

October 31, 2023

Crypto Trial: FTX Founder Sam Bankman-Fried Questioned By Prosecutors!

Monday was another crypto trial day in New York. FTX founder Sam Bankman-Fried (SBF) was questioned by the prosecutor. As FTX CEO, SBF used to be very active on Twitter and in TV interviews. However, these public statements have now become a focal point in the trial against him. On Monday, the federal prosecutor extensively questioned him about any discrepancies between his public remarks and the actual FTX operations.

October 28, 2023

FTX Founder Sam Bankman-Fried Denies Fraud Allegations Amidst High-Profile Crypto Trial!

The trial against Sam Bankman-Fried (SBF), the founder of the collapsed crypto exchange FTX, saw SBF facing the court on Thursday and Friday this week. He defended himself against a myriad of fraud charges.The U.S. prosecutors accuse him of diverting billions from FTX customers to address a deficit at Alameda Research, an affiliated hedge fund. SBF has entered a not guilty plea to all allegations. Here are the key takeaways from the trial:

October 27, 2023

Binance Founder’s Fortune Dips and Legal Challenges Surge Amid Broader Crypto Industry Strains!

Crypto founder Sam Bankman-Fried (SBF) is facing fraud charges but he isn't the only one in the crypto industry under scrutiny. Recent data led the Bloomberg Billionaires Index to reduce its revenue estimate for the crypto exchange Binance by 38%, which took away $11.9 billion from the wealth of Binance's founder, Changpeng Zhao (CZ), also known as CZ, leaving him with $17.2 billion.

October 12, 2023

Crypto Trial: The Second Day of the Questioning of Caroline Ellison by the Prosecution in the FTX Trial!

On Wednesday, the FTX trial continued with the prosecution questioning Carolin Ellison. The ex-girlfriend of FTX founder Sam Bankman-Fried (SBF) is a key government witness in the indictment against SBF and has already pleaded guilty to financial crimes. SBF, on the other hand, has pleaded not guilty to the seven counts. The defense's questioning of Ellison continues Thursday.

October 6, 2023

The Crypto Trial: FTX Co-Founder Takes The Stand And Explains The Financial Crime!

In a significant development in Sam Bankman-Fried (SBF)'s ongoing crypto fraud trial, Gary Wang, co-founder of the now-defunct crypto exchange FTX, took the stand as a prosecution witness. Wang's testimony on Thursday afternoon in Manhattan federal court revealed startling details about the operations of FTX and its ties to sister crypto firm Alameda Research. Wang has pleaded guilty to financial crimes as a prosecution witness.

September 22, 2023

Additional Lawsuits Filed By FTX Estate Against Former Partners For Alleged Misuse Of Funds.

The insolvency proceedings concerning the U.S. digital currency platform FTX continue to evolve. As reported, FTX has initiated legal action against the parents of its founder and former CEO, Sam Bankman-Fried (SBF), alleging misappropriation and seeking restitution of funds. Prior to the formal declaration of FTX's insolvency, termed the "Preference Period," the named parties allegedly benefited from transactions deemed as preferential transfers, as per the legal documentation.

September 21, 2023

A Steep Fall From Grace: Standford University To Return FTX Donations!

Stanford University allegedly plans to return substantial charitable donations it received from collapsed crypto exchange FTX, founded Sam Bankman-Fried (SBF). The contributions, amounting to over $5.5 million, were allegedly influenced by Joseph Bankman and Barbara Fried, both professors at Stanford Law School and parents of SBF. Allegedly, these donations were made to enhance the professional and social standing of the professors at the expense of FTX Group.

September 19, 2023

Parents Of Jailed FTX Founder Sued By FTX To Recover Misappropriated Funds!

The ongoing legal battle involving the FTX crypto exchange has taken a new twist as the U.S. Securities and Exchange Commission (SEC) intensifies its investigation. The latest development involves the parents of Sam Bankman-Fried (SBF), the founder of FTX. John Jay Ray III, the corporate turnaround expert overseeing FTX's bankruptcy, has previously accused SBF of "old-fashioned embezzlement." Now, SBF's parents, Stanford law professors Joseph Bankman and Barbara Fried, are sued by FTX.

Court Cases

August 29, 2023

The Preparation Of The October Trial Against FTX Founder Sam Bankman-Fried Intensifies!

The lawyers representing Sam Bankman-Fried, founder of FTX, have formally submitted a motion seeking his "interim release" or, at a minimum, a provision allowing him to confer with his defense team five days a week. The motion refers to the Sixth Amendment and SBF's constitutional right to participate in preparing his defense and his right to receive effective assistance of counsel. They also objected to the Government’s production of an additional 4 million pages of discovery.

Circle Joins U.S.-Led Initiative to Combat Illicit Finance in Virtual Assets!

Erik Rosenblatt, a senior leader at US stablecoin issuer Circle, will represent the company on the Illicit Virtual Asset Network (IVAN) board. Prior to joining Circle, Rosenblatt spent over two decades as a special agent with the U.S. Department of Homeland Security and the U.S. Department of the Treasury. As part of IVAN, Circle will have a voting role in determining the network's priorities and membership.

Evil Corp: A Comprehensive Report on Russia’s Family-Driven Cybercriminal Organization!

The U.S. Department of Justice and Department of Treasury have taken significant action against Evil Corp, a Russia-based cybercriminal group responsible for developing and distributing malware that has stolen over $100 million from banks and financial institutions across 40 countries. Evil Corp appears to operate as a family enterprise, with multiple family members involved.

Good News For Crypto: SEC Enforcement Director Gurbir S. Grewal Steps Down After Impactful Tenure!

The U.S. Securities and Exchange Commission (SEC) is set to experience a significant leadership change as Enforcement Director Gurbir S. Grewal announces his departure. Grewal oversaw a period of heightened regulatory activity specifically targeting the crypto sector. Under his leadership, the SEC Filed high-profile lawsuits against major cryptocurrency exchanges, including Binance and Coinbase.

U.S. DOJ Indicted Russian Hacker and Evil Corp Member Aleksandr Viktorovich Ryzhenkov!

The U.S. DOJ unsealed an indictment charging Russian national Aleksandr Viktorovich Ryzhenkov with using the BitPaymer ransomware variant to attack numerous victims in Texas and throughout the U.S. and hold their sensitive data for ransom. According to the indictment, beginning in at least June 2017, Ryzhenkov allegedly gained unauthorized access to the information stored on victims’ computer networks.

Starling Bank Slammed with £29M Fine for ‘Shockingly Lax’ AML Controls, Exposing UK Financial System to Criminals!

The UK neobank Starling Bank has been fined £29 million by the UK FCA for opening accounts for high-risk customers and failing to screen against full sanctions lists. Its rapid expansion outpaced its compliance measures, leaving significant gaps in its AML framework. Starling grew from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures to tackle financial crime did not keep pace with its growth.