The world’s second-largest cryptocurrency exchange collapsed in November 2022, putting its leaders, including 30-year-old founder Sam Bankman-Fried, into the headlines and under the legal spotlight.


In light of the cryptocurrency industry’s crisis, insiders can no longer claim they are above regulation or that governments just don’t ‘get it’. The hype has turned out to be just like any other financial manias of the past

  • Temasek said its senior management and investment team were ‘ultimately responsible’ for investing in the now-bankrupt cryptocurrency exchange
  • The sovereign wealth fund did not detail the amount of compensation that was cut, but said ‘there was no misconduct’ in the investment recommendation

FTX founder Sam Bankman-Fried and former executive Gary Wang borrowed more than US$546 million from Alameda Research to buy a nearly 8 per cent stake in Robinhood Markets, according to court papers.

The Justice Department investigation into the stolen assets is separate from a fraud case against FTX co-founder Sam Bankman-Fried, a report said.

The statements by Ellison and Wang undermine Sam Bankman-Fried’s repeated claims that he was “unaware” of what went on at Alameda, the trading unit of FTX.

The statement was the first acknowledgement by Binance in the face of mass withdrawals following the November 11 bankruptcy of its smaller rival FTX.

The cryptocurrency entrepreneur can live in his parent’s home, while awaiting trial on charges that he swindled investors and looted customer funds, judge says.

The charges on Wang and Ellison widened the dragnet over FTX’s November 11 bankruptcy under US$3 billion of debt, which had previously focused on the role played by SBF, the public face of the exchange.

Cryptocurrency trading firm Auros has applied for a form of provisional liquidation that will allow it to explore restructuring options after struggling to pay creditors amid the collapse of FTX.

In light of the uncertainty of centralised finance, users need ways to transact and move funds with ease and security more than ever before. Individuals must be empowered to take control of their cryptocurrency keys.


The 30-year-old cryptocurrency mogul is expected to appear in court in the Bahamas on Monday to reverse his decision to contest extradition to the US, where he faces fraud charges.

Zhao Changpeng said ‘things seem to have stabilised’ after reports questioning the company’s health spurred US$1.14 billion in withdrawals in 12 hours.

The US Commodity Futures Trading Commission has alleged that Alameda shunted debts to an FTX account that wasn’t easily identifiable, which code on GitHub appears to confirm.


Prisoners faced rodents and a lack of toilets in the Bahamas detention centre where Sam Bankman-Fried will be held, according to a 2021 US State Department report, though local authorities says conditions have since improved.

The software tweak meant Alameda Research had a ‘virtually unlimited line of credit’, according to the US Securities and Exchange Commission.


Investors placing bets on virtual assets should be aware of risks associated with such investment products as they are mostly unregulated, the Securities and Futures Commission warned.

Bankman-Fried, who is set to testify before a US House panel about the cryptocurrency platform’s overnight collapse, has gone on a speaking spree despite facing scrutiny from prosecutors