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Tag: SBF

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.

December 19, 2023

FTX’s Amended Bankruptcy Plan: Clients May Lose Billions!

As FTX navigates its way out of bankruptcy, the shadow of its founder, Sam Bankman-Fried's (SBF) conviction, looms large. The once-celebrated crypto exchange, now under the leadership of CEO John J. Ray III, recently filed an amended reorganization plan, a critical step towards resolving its bankruptcy and compensating investors and customers. However, the path forward is fraught with complexities and uncertainties.

November 14, 2023

Interesting: FTX Estate Sues Bybit to Return $953M In Allegedly ‘Misappropriated Funds’

In a recent development in the cryptocurrency sector, the estate of the now-bankrupt U.S. crypto firm FTX has initiated legal action against Bybit, a competing exchange platform. The lawsuit, filed in Delaware, seeks the recovery of approximately $953 million. This sum represents assets and cash that FTX alleges were improperly withdrawn by Bybit’s investment arm, Mirana Corporation, prior to FTX’s bankruptcy declaration.

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.

Crypto Titan CZ Pivots: Binance Founder’s $37 Billion Family Office YZi Labs Bets Big on AI and Web3!

Changpeng "CZ" Zhao, the crypto billionaire behind Binance, is making waves in the investment world with his latest move. Following his departure as CEO of Binance, CZ has transformed his venture capital arm, Binance Labs, into a formidable family office. This strategic shift allows him to manage his vast personal wealth, estimated at $37 billion, while maintaining his influence in the tech and finance sectors.

The Arrest of René Benko: Austria’s Former Real Estate Titan Falls!

In a dramatic turn of events, Austrian real estate tycoon René Benko, once hailed as the mastermind behind the sprawling Signa Group empire, was arrested Thursday morning at his opulent Tyrolean villa. The Austrian Office of the Public Prosecutor for Economic Affairs and Corruption (WKStA) executed the arrest, citing risks of evidence tampering and the potential for further crimes.

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Trump’s Crypto Gambit: Ross Ulbricht’s Pardon and the Meme Coin Phenomenon Spark Industry Gratitude and Debate

In an important move fulfilling his campaign promise, President Donald Trump has granted a full and unconditional pardon to Ross Ulbricht, the founder of the Silk Road darknet marketplace. This decision has been met with widespread approval within the cryptocurrency community, which had long advocated for Ulbricht's release, viewing his life sentence as excessively harsh for a non-violent offense.

Freedom Restored: Ross Ulbricht Pardoned by President Trump in a Landmark Victory for the Crypto Revolution!

In a much-appreciated decision that has resonated positively throughout the crypto community, President Donald Trump has granted a full and unconditional pardon to Ross Ulbricht, the founder of the Silk Road darknet marketplace. This action fulfills a campaign promise made to libertarians and crypto enthusiasts, marking a significant moment in the intersection of digital currencies and governance.

Investor Briefing: Russian Court Judgment in STRABAG Case Heavily Impacting the Austrian RBI!

A recent €2 billion judgment by a Russian court against the shareholders of Austrian construction giant STRABAG, including Raiffeisen Bank International (RBI), has sent shockwaves through financial markets. The ruling, which implicates RBI's Russian subsidiary in a contentious legal dispute with Rasperia, raises significant concerns about the bank's exposure to Russian liabilities amidst ongoing Western sanctions.