Tag: Sam Bankman-Fried

Bankman-Fried jailed ahead of his October trial
August 12, 2024 BY Robert Bell

FTX Ordered to Return $12.7bn to Customers

The Commodity Futures Trading Commission (CFTC) decided the compensation figure, making it the most significant recovery of this nature in its history. The Commission said it would look to get funds back to everyone affected by this massive fraudulent scheme. FTX went bust in 2022 during a price crash that saw the crypto market plunge…

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FTX
June 26, 2024 BY Elizabeth Anderson

Customers Frown On FTX’s Payback Plan

With its collapse in November 2022, approximately 9 million FTX customers and investors suffered billions of dollars in losses. Since its bankruptcy filing, the company recovered roughly $16bn with which to repay the aggrieved customers. This includes $12bn in cash. Based on a Reuters report, FTX plans to ask US Bankruptcy Judge John Dorsey to…

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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…

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crypto
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…

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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…

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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…

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FTX
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,…

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