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
Bankman-Fried had earlier pleaded not guilty to 8 counts of fraud and conspiracy for allegedly stealing billions in FTX customer funds.
Source says Amber Group is cutting costs and jobs across the board amid ongoing crypocurrency market turmoil from last year’s FTX collapse.
The ex-cryptocurrency boss, who is accused of cheating investors and looting customer deposits, will face trial in October.
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.
More than 330 alleged victims have contacted the force’s commercial crime bureau over Atom Asset Exchange.
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.
The bare-bones indictment suggests it was put together quickly and prosecutors need time to piece together evidence of fraud.
Binance faces new challenges in reassuring investors about its holdings after accounting firm Mazars Group halted work for crypto firms.
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.
Many smaller institutions have remained silent on their exposure to the collapsed cryptocurrency exchange, as founder is arrested in Bahamas.
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.
The Bahamas’ attorney general’s office says it expects Sam Bankman-Fried to be extradited to the United States.
US Securities and Exchange Commission says the 30-year-old orchestrated scheme to ‘build house of cards on foundation of deception’.
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
Crypto investors with thousands of dollars stuck in FTX are left with little chance for remedy in a country that bans the digital assets.
The US Attorney’s Office for the Southern District of New York sent a slew of requests asking for a list of FTX employees and associates.
At the New York Times’ Dealbook Summit, the FTX founder said he did not mean to commingle customer funds with his trading firm Alameda Research.