FTX DOWNFALL
Is Bitcoin still undervalued? What will drive BTC’s growth to cross $100,000 levels
Bitcoin has had four overly significant years in its existence, and when 2024 began, BTC enthusiasts all looked forward to riding the post-halving bullish momentum.
Sam Bankman-Fried appeals FTX fraud conviction, 25-year sentence
Facing a 25-year prison term, Sam Bankman-Fried has appealed his conviction for stealing $8 billion from FTX customers. The ex-billionaire crypto wunderkind's downfall involved fraud charges and commingling assets.
Sam Bankman-Fried appeals FTX fraud conviction, 25-year sentence
Defense lawyer Marc Mukasey had announced plans for the appeal to the Manhattan-based 2nd U.S. Circuit Court of Appeals during Bankman-Fried's March 28 sentencing hearing. The 32-year-old former billionaire crypto wunderkind was convicted in November on seven counts of fraud and conspiracy in what federal prosecutors have called one of the biggest financial frauds in U.S. history.
Fallen crypto mogul Sam Bankman-Fried sentenced to 25 years in prison
"There is absolutely no doubt that Mr. Bankman-Fried's name right now is pretty much mud around the world," Kaplan said of the 32-year-old California man who seemed atop the cryptocurrency universe before his businesses collapsed in November 2022, leaving customers, investors and lenders short over $11 billion, which the judge ordered him to forfeit.
Disgraced entrepreneur Sam Bankman-Fried sentenced to 25 years in prison for $8 bn fraud case
U.S. District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing after rejecting Bankman-Fried's claim that FTX customers did not actually lose money and finding that he lied during his trial testimony.
Sam Bankman-Fried sentenced to 25 years in prison for multi-billion dollar FTX fraud
Sam Bankman-Fried, 32, sentenced to 25 years for stealing $8 billion from FTX customers. Judge Kaplan rejected his no losses claim. Found guilty on seven fraud counts related to FTX's collapse, with a vow to appeal.
Sam Bankman-Fried apologizes to FTX ex-colleagues at sentencing hearing
Sam Bankman-Fried, the 32-year-old former billionaire and founder of the now-bankrupt FTX cryptocurrency exchange, faced his sentencing hearing after being found guilty on seven fraud and conspiracy counts for stealing $8 billion from customers. Despite his defense's argument that FTX customers would be reimbursed through bankruptcy proceedings, the judge found Bankman-Fried guilty of lying during his trial and rejected the notion that customers would be fully compensated.
Dethroned crypto king Sam Bankman-Fried to be sentenced for defrauding FTX investors
Bankman-Fried, 32, was convicted in November of fraud and conspiracy - a dramatic fall from a year earlier when he and his companies seemed to be riding a crest of success that resulted in a Super Bowl advertisement and celebrity endorsements from stars like quarterback Tom Brady and comedian Larry David.
The hot new market in crypto? Trading FTX’s carcass.
After the FTX cryptocurrency exchange filed for bankruptcy last year, Thomas Braziel, an investor who specializes in collapsed businesses, started brokering an unusual kind of transaction: a market to profit from FTX’s downfall.
The hot new market in crypto? Trading FTX's carcass
The initial despair over FTX's failure has given way to a strange afterlife for the bankrupt exchange: a trading frenzy that has intensified in recent weeks as major financial firms seek opportunity in the rubble of one of the worst business collapses in decades.
The other crypto bosses in US authorities' crosshairs
Onetime crypto poster child Sam Bankman-Fried was found guilty of defrauding customers of his now-bankrupt crypto exchange FTX, in a high-profile criminal case that rocked the industry. But he's not the only one in regulators' sights.
Year's best-performing crypto token is tied to Sam Bankman-Fried
Solana’s SOL token has surged about 340% to $41 in 2023, outdoing the 114% rally in market bellwether Bitcoin and becoming the best performing token among the largest cryptocurrencies tracked by Bloomberg. That follows a 94% drop last year as Bankman-Fried’s FTX and Alameda Research — two major backers of the project - collapsed into bankruptcy.
Silicon Valley shrugs off Sam Bankman-Fried's trial
The apathy may have had many reasons, including that FTX's downfall has been well covered by two books, a documentary and multiple podcasts in the year since it happened. But a simpler answer could be that the tech industry has again done what it does best: move on to the next thing.
Who's rooting hardest for a Sam Bankman-Fried conviction?
Eleven months after FTX's implosion sent an already declining cryptocurrency market into a doom spiral, Bankman-Fried's trial is set to reopen wounds that have barely had time to heal in the crypto industry.
The end of faking it in the Silicon Valley
Not only has funding dried up for cash-burning startups over the past year, but now, fraud is also in the air, as investors scrutinise startup claims more closely and a tech downturn reveals who has been taking the industry's "fake it till you make it" ethos too far.
Sam Bankman-Fried charges showcase US prosecutor's growing role in crypto enforcement
"Every U.S. attorney is defined in the public eye by some of the biggest cases that they bring," said Harry Sandick, a partner at law firm Patterson Belknap and former Manhattan federal prosecutor. "This will forever be connected to the current U.S. attorney."
FTX founder Sam Bankman-Fried to testify before US House panel
The chair of the House of Representatives Committee on Financial Services, Maxine Waters, said she was prepared to subpoena Bankman-Fried if he did not agree to appear before the panel holding a hearing as part of its probe into FTX.
How decentralised is the decentralised world of crypto
An arguably better approach for retail users affected would be for them to go back to the first principles of blockchain technology – to have custody of their own assets and have a trustless mechanism to verify assets, transactions and interactions on chain
Regulators circle FTX as rival exchanges try to calm investors
The implosion of FTX, once a darling of the crypto industry with a $32 billion valuation as of January, has spurred investigations by the US Justice Department, the Securities and Exchange Commission and Commodity Futures Trading Commission.
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