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☆ To the moon! Suddenly the crypto market is back to its bubble-era peak.
▼ + stars: | 2024-04-05 | by ( Peter Kafka | ) www.businessinsider.com time to read: +1 min

Crypto investing peaked in November 2021But now crypto is nearly back to those levels. It's hard to explain why crypto is back, which means it could just as easily go away again. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Let me be more specific: There's not a ton of visible interest in people pitching cryptocurrency as the building block for technologies that will reorder the world. But there's a ton of visible interest in buying cryptocurrencies.

Persons: Crypto, —, Sam Bankman Fried Organizations: Service Locations: Miami, cryptocurrencies

☆ One of the largest FTX creditors is trying to recoup millions for victims
▼ + stars: | 2024-04-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Bruch is one of the largest individual FTX creditors and has been tapped by the US Department of Justice to serve as one of nine on the FTX Creditors’ Committee, where he is working to recoup the funds lost by customers. DOJ-appointed creditor committees ordinarily consist of people and companies who hold the seven largest unsecured claims against the debtor (in this case, FTX), according to the agency. Before the Bell spoke with Bruch about Sam Bankman-Fried, FTX, MyPrize and the future of crypto. I feel for all of the creditors and am doing everything I can to help recoup what was taken from us. I’ve worked at some of the largest crypto trading desks in the world and then also started trading my own book of capital and grew to become one of the largest individual crypto traders.

Persons: Sam Bankman, Fried, Zach Bruch, Bruch, MyPrize, Bell, Sam Bankman Fried, —, ”, Sam Bankman Fried’s, Bitcoin, I’ve, Elisabeth Buchwald, Jerome Powell wasn’t, ” Powell, Powell, Christopher Waller, Evan Gershkovich, Evan Gershkovich’s, Radina Gigova, Anna Chernova, Antonina Favorskaya, Alexey Navalny, Favorskaya, Gershkovich Organizations: CNN Business, Bell, New York CNN, US Department of Justice, ’, DOJ, Arrington Capital, Department of Justice, Federal, Commerce Department, San Francisco Fed, ” Fed, CNN, Wall Street Locations: New York, Russia, Yekaterinburg

☆ Sam Bankman-Fried's parents are begging a judge to keep him out of prison, warning their son's social awkwardness could put him in 'extreme danger'
▼ + stars: | 2024-02-28 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +12 min

Bankman-Fried's lawyers filed a sentencing submission, asking for a prison sentence of no longer than 78 months — or six-and-a-half-years. The US Probation Office, which issues sentencing reports that judges typically rely on, recommended 100 years behind bars — which Bankman-Fried's lawyers called "barbaric." Advertisement"That recommendation is grotesque," Bankman-Fried's lawyers wrote. Sam Bankman-Fried's approach to veganism illustrated both his selflessness and awkwardness, his younger brother, Gabriel Bankman-Fried, wrote in a letter to the judge. In the sentencing submission, Bankman-Fried's lawyers argue that "the most reasonable estimate" for how much his victims lost was "zero."

Persons: —, Sam Bankman, Barbara Fried, Joseph Bankman, Gabriel Bankman, neurodiversity, Sam, Bankman, Lewis Kaplan, Fried, Jane Rosenberg, FTX, Michael M Santiago, Carmine Simpson, Simpson, That's, Gabriel, Seth Wenig, Marc Mukasey, Torrey Young, weren't, Barbara Fried —, John J, Ray III, John Ray Organizations: Service, Business, US, Prosecutors, Alameda Research, Office, Stanford Law, MIT, Wall, of Prisons, San, United, AP Locations: Manhattan, FTX, Brooklyn, Bahamas

☆ Some hear echoes of the Web3 frenzy around generative AI. But its future is likely to play out very differently.
▼ + stars: | 2024-02-19 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +7 min

Mariam Pettit, partner at Global Founders Capital, said the rush toward AI was in part driven by investor FOMO. While investors and industry insiders don't anticipate the same fate for generative AI startups, many see the parallels between the two industries. Indeed, VCs are paying premiums and pre-empting rounds into hot AI startups in a bid to get a place on the cap table. AI founders are aware that they need to differentiate themselves in order to survive, at the very least. "And with vertical AI startups, it's much clearer that all the data we have is approved by the creator of that data."

Persons: Marc Andreessen, ChatGPT, Mariam Pettit, FOMO, Rainer Haeckl Web3, Sam Bankman Fried, Ash Arora, LocalGlobe, Arora, Sam Altman, Andreessen Horowitz, Ayman Fadil, Fadil, Pettit, Devang Agarwal Organizations: Business, Alpha, Global Founders Capital, Investors, Tech, Talis Locations: German, London, Web3, LocalGlobe, Jasper

☆ Sam Bankman Fried Exposed the Fragility of Crypto - The New York Times
▼ + stars: | 2023-11-08 | by ( Molly White | ) www.nytimes.com time to read: +3 min

In early 2019, FTX’s token, FTT, was conjured out of thin air as Mr. Bankman-Fried launched FTX from the same Hong Kong office where he ran Alameda Research. The FTT token initially sold to the public for around $1, but as cryptocurrency boomed into 2021, the token skyrocketed to $10, doubled again to $20 within a month of that and eventually peaked above $75. The bulk of them remained with FTX or Alameda Research. A trader might have reasonably agreed to buy a small amount of FTT tokens for the market price listed on an exchange. Other cryptocurrency firms that were overexposed to FTX or Alameda Research went bankrupt, in turn leaving their own customers and investors in the lurch.

Persons: Fried, FTX Organizations: Hong, Alameda Research, Alameda, Binance Locations: Hong Kong, Alameda, U.S, United States, FTX

The FTX founder was convicted on fraud and conspiracy charges, and faces up to 110 years in prison. Joseph Bankman and Barbara Fried, who have both taught at Stanford Law, are tied up in the FTX scandal. As the jury announced the verdict, Barbara Fried, Bankman-Fried's mother, seemed to fight back tears. As the courtroom cleared out, Bankman-Fried's parents stood and embraced. Bankman-Fried's parents, both longtime Stanford law professors, were caught up in the FTX scandal.

Persons: Sam, Bankman, Joseph Bankman, Barbara Fried, —, Sam Bankman, Joe Bankman, Fried, FTX Organizations: Stanford Law, Service, Alameda Research, Stanford, FTX, Bankman, San Francisco Bay Area Locations: Manhattan, FTX, The Bahamas, San Francisco Bay

☆ Donald Trump Jr. asked courtroom artist to make him 'look sexy' like an illustration of Sam Bankman-Fried
▼ + stars: | 2023-11-02 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

"Make me look sexy," Donald Trump Jr. told a courtroom illustrator after he finished testifying Thursday. The ex-president's son pointed out an image of Sam Bankman-Fried as inspiration. "He said, 'Make me look sexy,'" illustrator Jane Rosenberg told Insider. Eric Trump and Donald Trump Jr., both executives at the company, are co-defendants and testified this week. On the witness stand, Trump Jr. said he had no involvement in preparing documents about the Trump Organization's finances, even though he signed off on them.

Persons: Donald Trump Jr, Sam Bankman, Jane Rosenberg, —, Donald Trump, Rosenberg —, who's, Tom Brady, Harvey Weinstein —, Trump, Rosenberg, Sam Bankman Fried, 8l7Nn0zCN2 — Tom Breen, @TJBreen, Kimberly Guilfoyle, Letitia James, Eric Trump, Fried, Lewis Kaplan, Kaplan Organizations: Service, Trump Organization, Trump Jr, Reuters, New York, Trump, Alameda Research Locations: New York, Manhattan, Alameda

☆ Sam Bankman Fried’s fate is now officially in the hands of 12 jurors
▼ + stars: | 2023-11-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —Sam Bankman-Fried’s fate is now officially in the hands of a jury of his peers. Chief among those errors, according to his own testimony, was was not hiring a dedicated risk management team. “I made a number of small mistakes and a number of larger mistakes,” Bankman-Fried said on the stand last week. Although Bankman-Fried made mistakes, he never defrauded anyone, Cohen told jurors. “Poor risk management is not a crime.”Bankman-Fried’s parents, Barbara Fried and Joseph Bankman, were both in the courtroom again Thursday.

Persons: Sam Bankman, Lewis Kaplan, Kaplan, Fried, ”, They’ve, “, Danielle Sassoon, Mark Cohen, Cohen, ” Cohen, Barbara Fried, Joseph Bankman, Bankman, — Sabrina Souza Organizations: New, New York CNN, Prosecutors, Alameda Research Locations: New York, Manhattan, FTX, Alameda

Sam Bankman Fried, the onetime cryptocurrency mogul, built his FTX crypto exchange into a “pyramid of deceit” resting on a “foundation of lies and false promises,” a federal prosecutor said in closing arguments on Wednesday at the criminal fraud trial. Over more than two hours in a Manhattan courtroom in the morning, Nicolas Roos, the prosecutor, used scathing language to paint Mr. Bankman-Fried as a liar and fraudster. And Mr. Bankman-Fried, who had testified during the trial in his own defense, had repeatedly dissembled and dodged questions, Mr. Roos said. Mr. Bankman-Fried “lied about big things and small things,” the prosecutor said, pointing out that the defendant said he “couldn’t recall” more than 140 times in response to questions on cross-examination. “It was uncomfortable to hear,” Mr. Roos said.

Persons: Sam Bankman Fried, ”, Nicolas Roos, Roos, dissembled, Fried “, “, Mr, Bankman Organizations: Mr Locations: Manhattan

☆ Sam Bankman-Fried blames top lieutenants for FTX troubles in second day of testimony in criminal trial
▼ + stars: | 2023-10-30 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +10 min

The market had already dropped 70% and if it fell another 50%, he was afraid the firm would be insolvent, Bankman-Fried told the jury. In describing the swift downfall of FTX, Bankman-Fried said that customer withdrawals had quickly increased from $50 million a day to $1 billion a day. For example, Sassoon asked Bankman-Fried if he assured people that Alameda played by the same rules as others on the FTX exchange. Sassoon asked Bankman Fried, "Would you agree you know how to tell a good story?" Sassoon asked.

Persons: Sam Bankman, Fried, Kyle Mazza, FTX, Mark Cohen, Caroline Ellison, Ellison, Gary Wang, Nishad Singh, Singh, Sun, Jane Rosenberg, Renato Mariotti, Bryan Cave Leighton Paisner, Mariotti, Danielle Sassoon, I'm, Sassoon, Bankman, Crypto, wasn't, Bankman Fried, Vox, he's, Alameda, —, Dawn Giel Organizations: Court, Anadolu Agency, Getty, Alameda Research, Alameda, Bloomberg, Apollo, Reuters, U.S . Justice Department's Securities, Commodities, CNBC, U.S, PR Locations: New York City, Alameda, New York, U.S, Chicago

☆ Why Sam Bankman-Fried wanted to spend $10 million a year to put FTX name on sports stadium
▼ + stars: | 2023-10-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Prosecutors entered corroborating materials, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money. Similarly, Bankman-Fried testified that he believed the lavish Bahamas properties were being paid for with FTX operating cash that came from revenue and venture investments. As for the venture investments, Bankman-Fried said he thought that money was coming from Alameda's operating profits and third-party lending desks. Alameda's venture arm was renamed Clifton Bay Investments, which Bankman-Fried said was a first step in building a dedicated venture brand. When asked about loans he took from the business, Bankman-Fried said they were to pay for venture investments and political donations.

Persons: Sam Bankman, Amanda Perobelli, Fried, District Judge Lewis Kaplan, Mark Cohen, Bankman, Cohen, Sam Bankman Fried, Judge Lewis Kaplan, Elizabeth Williams, Caroline Ellison, Judge Kaplan, Jane, Banks, weren't, cryptocurrencies, FTX, Nishad Singh, Gary Wang, Singh, Wang, Prosecutors, Dan Friedberg, Fenwick, Marco Bello, Ryan Salame, Salame, Katy Perry, —, Dawn Giel Organizations: FTX, Reuters FTX, U.S, District, Stanford, Alameda Research, Elizabeth Williams Prosecutors, Massachusetts Institute of Technology, Alameda, Fenwick & West, Reuters, NFL's New, NFL's New Orleans Saints, Kansas City Chiefs, Facebook, Google, Clifton Bay Investments, Republicans Locations: Manhattan, New York City, U.S, Alameda, Bahamas, Berkeley , California, FTX, Friedberg, Miami , Florida, Miami, NFL's New Orleans, Clifton Bay, Los Angeles

☆ Sam Bankman-Fried's ex-friends and top lieutenants all demolished his criminal defense from the witness stand
▼ + stars: | 2023-10-21 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +10 min

Sam Bankman-Fried's defense attorneys have argued that FTX's collapse is complicated and he didn't know everything. AdvertisementAdvertisementDuring opening statements at Sam Bankman-Fried's trial, it quickly became clear that prosecutors and his defense attorneys had very different approaches. But Bankman-Fried's attorneys may convince jurors that Bankman-Fried genuinely believed his actions were acceptable in the wild-west cryptocurrency industry. The challenge for Bankman-Fried's attorneys is to convince jurors that he didn't know about any wrongdoing. "Sam directed me to," Ellison testified.

Persons: Sam Bankman, They've, —, — Caroline Ellison, Gary Wang, Nishad Singh —, Thane Rehn, Rehn, Mark Cohen, Ellison, Cohen, FTX, Crypto, it's, Sam Bankman Fried, Craig Ruttle, Sarah Krissoff, Cozen O'Connor, Fried, Krissoff, Singh, Wang, Paul Tuchmann, Wiggin, Dana, Sam, Caroline Ellison, Eduardo Munoz Alvarez, Gary, Sun, He's Organizations: Service, Prosecutors, Alameda Research, Alameda Locations: Manhattan, Washington, Bankman, Alameda, New York, FTX, Bahamas

☆ New York Attorney General Sues Crypto Firms in $1 Billion Fraud Case
▼ + stars: | 2023-10-19 | by ( Ephrat Livni | More About Ephrat Livni | ) www.nytimes.com time to read: +1 min

Continuing a crackdown on cryptocurrency companies, the New York attorney general accused three major players in the digital asset industry of lying to investors and concealing losses in a $1 billion fraud scheme, according to a lawsuit filed on Thursday. The suit targets Gemini Trust, the exchange run by the twin brothers Tyler and Cameron Winklevoss; the lender Genesis Capital; and Digital Currency Group, the parent company of Genesis. The attorney general, Letitia James, contends in the suit that Gemini lied to investors about the dangers of Gemini Earn, a program started by Gemini and Genesis that promised investors a high rate of return — up to 8 percent — if they essentially lent their cryptocurrency to Genesis. But Genesis struggled after the FTX cryptocurrency exchange, founded by Sam-Bankman Fried, imploded last November. It froze accounts amid a crash in digital asset values, leaving Earn investors unable to reclaim hundreds of millions of dollars’ worth of cryptocurrency.

Persons: Tyler, Cameron Winklevoss, Letitia James, Gemini, Genesis, Bankman Fried Organizations: New, Gemini Trust, Genesis, Digital Currency Group, Gemini Locations: New York

☆ Sam Bankman-Fried believed his wild hair helped him get higher bonuses early in his career and was 'very valuable,' Caroline Ellison testifies
▼ + stars: | 2023-10-11 | by ( Grace Kay | Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +4 min

Caroline Ellison told jurors that Sam Bankman-Fried curated his image, especially his messy hair. Ellison said he believed his hair was "essential to his image" and was the reason for past bonuses. AdvertisementAdvertisementSam Bankman-Fried had a carefully curated image — unruly hair and all — according to his ex-girlfriend Caroline Ellison. Additionally, Bankman-Fried encouraged Ellison to have a Twitter in order to generate positive press for the company, she said. Bankman-Fried told Yahoo Finance Live in April 2022 before FTX collapsed.

Persons: Caroline Ellison, Sam Bankman, Fried, Ellison, —, FTX, didn't, — Ellison, he'd, Jane Street, Bankman, Sam Bankman Fried, Michael Lewis, It's, Lewis Organizations: Toyota Corolla, Service, Alameda Research, Honda, Bloomberg, Yahoo Finance, FTX Locations: Manhattan, Alameda, Bankman, Bahamas, FTX

☆ Caroline Ellison to Testify Today in FTX Founder Sam-Bankman Fried's Trial: Live Updates
▼ + stars: | 2023-10-10 | by ( ) www.wsj.com time to read: 1 min

FTX founder Sam Bankman-Fried is on trial facing several fraud charges for his role in the collapse of his crypto exchange. Bankman-Fried's top deputy, Caroline Ellison, is expected to take the stand in the afternoon. Alameda used FTX customer funds to make risky bets. Ellison is an ex-girlfriend of Bankman-Fried so the testimony has the potential to get personal and raw. Meet the main players in the FTX trialCatch up on what's happened so far in the trialListen to our special FTX trial podcast: The Crypto Golden BoyNeed more?

Persons: Sam Bankman, Caroline Ellison, Ellison, Fried Locations: Alameda

☆ Sam Bankman-Fried 'did nothing wrong' by leaking his ex-girlfriend's diary entries to New York Times: lawyers
▼ + stars: | 2023-07-24 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried's lawyers say his leak of Caroline Ellison's diary entries to the New York Times is OK. It's totally fine for Sam Bankman-Fried to give his ex-girlfriend's diary entries to a New York Times reporter, his lawyers said in a court filing. Prosecutors correctly surmised that the entries were provided to the Times by Bankman-Fried, who had access to the writings, which were kept on Google Docs. "But Mr. Bankman-Fried did nothing wrong." "The reporter contacted Mr. Bankman-Fried about a story he was working on concerning Ms. Ellison and asked Mr. Bankman-Fried if he wished to respond," they wrote.

Persons: Sam Bankman, Caroline Ellison's, Bankman, Caroline Ellison, Fried, Ellison, She's, Lewis Kaplan, who's, John Ray III, John Ray, Mr Organizations: New York Times, Morning, Bankman, Prosecutors, Times, Google, Alameda Research

☆ Coinbase falls 10% after the SEC sues rival crypto exchange Binance for violating securities law
▼ + stars: | 2023-06-05 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Coinbase stock fell 10% on Monday after the SEC sued Binance for violating securities rules. Coinbase is currently under SEC investigation and could face an enforcement action tied to its listings of potential unregistered securities. The SEC accused Binance of breaking the law by offering unregistered securities to the general public, including its BNB token and BUSD stable coin. The debate is whether cryptocurrencies are in fact securities, which the SEC has argued yes, they are, while crypto firms like Coinbase have argued the opposite. Coinbase offers its own stablecoin that is listed on its exchange and was not registered with the SEC, and the company also offers its own staking platform, two things the SEC just sued Binance for offering.

Persons: Binance, Coinbase, Bitcoin, —, Changpeng Zhao, Sam Bankman Fried's, shockwaves Organizations: SEC, Service, US Securities and Exchange Commission, Binance, Coinbase

May 29 (Reuters) - Singapore state investor Temasek Holdings (TEM.UL) said on Monday it had cut compensation for the team and senior management that recommended its investment in the now-bankrupt FTX cryptocurrency exchange. "Although there was no misconduct by the investment team in reaching their investment recommendation, the investment team and senior management, who are ultimately responsible for investment decisions made, took collective accountability and had their compensation reduced," Temasek Chairman Lim Boon Heng said in a statement posted on Temasek's website on Monday. The move comes around six months after Temasek initiated an internal review of its investment in FTX, which resulted in a writedown of $275 million. Temasek also said last year it had conducted "extensive due diligence" on FTX, with its audited financial statement then "showed it to be profitable". "With FTX, as alleged by prosecutors and as admitted by key executives at FTX and its affiliates, there was fraudulent conduct intentionally hidden from investors, including Temasek," Lim said in the statement on Monday.

☆ Binance 'could be in big trouble' as the CFTC lawsuit alleges the crypto behemoth dodged regulators and breached laws
▼ + stars: | 2023-03-28 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +10 min

Binance is being blow-torched from all angles as US regulators close in on the world's largest crypto exchange. The CFTC sued the exchange this week for violating US financial laws, whilst some reports suggest Binance has engaged in secret fund transfers. On Monday, the Commodities Futures and Trading Commission (CFTC) sued Binance and Zhao himself, for allegedly breaching US financial laws. Following the shocking implosion of Sam-Bankman Fried's FTX exchange late last year, concerns have risen whether Binance faces similar risks. If US authorities decide the links meant the crypto exchange had control over the US platform, it could expose the company to enforcement action.

☆ Prosecutors say Sam Bankman-Fried helped create a new company with no employees to get round FTX being rejected for a bank account in California
▼ + stars: | 2023-02-24 | by ( Pete Syme | ) www.businessinsider.com time to read: +4 min

Prosecutors say FTX.US was denied opening a California bank account as it wasn't a licensed money services business. The low-profile company, called North Dimension, was founded in August 2020 and was previously revealed in other complaints against Bankman-Fried. Thursday's indictment says it also had no employees or business operations other than its bank account. Now, prosecutors say this was an elaborate scheme to defraud a bank and operate an unlicensed money business. "Under Bankman Fried's supervision, employees of Alameda completed an account application that falsely stated that the purpose of the North Dimension bank account was for 'trading' and 'market making,'" the indictment unsealed on Thursday reads.

☆ Sam Bankman Fried used a VPN, raising 'potential concerns' he may have accessed crypto exchanges or the dark web. His lawyers say he was just streaming the Super Bowl.
▼ + stars: | 2023-02-14 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

On Monday, federal prosecutors raised concerns over Sam Bankman-Fried's use of a VPN on two occasions. They told the judge how VPNs could let him access international crypto exchanges or the dark web. Prosecutors also worried that VPNs would let him access international crypto exchanges or the dark web. Bankman-Fried's FTX was one of four crypto companies to have ads during last year's Super Bowl, but this year there were none. "The defense is prepared to adopt a reasonable bail condition that allays any concerns," Bankman-Fried's lawyers told the judge, adding that he won't use a VPN "in the interim."

☆ Who are the 2 people who helped bail out Sam Bankman-Fried? Insider and other news organizations asked a judge to unseal their names.
▼ + stars: | 2023-01-12 | by ( Jacob Shamsian | Sindhu Sundar | ) www.businessinsider.com time to read: +5 min

News organizations, including Insider, are asking a court to unveil Sam Bankman-Fried's bail backers. Bankman-Fried's lawyers told the court earlier this month that the backers of his release should stay secret for their "privacy and safety." The two other backers sponsored "separate bonds in lesser amounts," according to a court filing earlier this month by Bankman-Fried's lawyers. At Bankman-Fried's January 3 arraignment hearing, Kaplan had granted a request from Bankman-Fried's lawyers to keep the names and addresses of those two people under seal. Christian Everdell, one of Bankman-Fried's lawyers, also represented Maxwell in her criminal case.

☆ Who are the two people who helped bail out Sam Bankman-Fried? Insider and other media organizations are asking a judge to unveil the secret
▼ + stars: | 2023-01-12 | by ( Jacob Shamsian | Sindhu Sundar | ) www.businessinsider.com time to read: +5 min

News organizations, including Insider, are asking a court to unveil Sam Bankman-Fried's bail backers. Bankman-Fried's lawyers told the court earlier this month that the backers of his release should stay secret for their "privacy and safety." At Bankman-Fried's January 3 arraignment hearing, Kaplan had granted a request from Bankman-Fried's lawyers to keep the names and addresses of those two people under seal. Christian Everdell, one of Bankman-Fried's lawyers, also represented Maxwell in her criminal case. But lawyers representing the media organizations said the cases were significantly different.

☆ US prosecutors have launched an FTX Task Force to track down and recover missing crypto customer funds totalling at least $3 billion
▼ + stars: | 2023-01-04 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

New York prosecutors have set up an FTX Task Force team to probe the collapse of the crypto exchange. The team will work to trace and recover missing FTX customer funds, which total at least $3 billion. More than 1 million customers could be affected by what the US government has described as an epic fraud at FTX. The task force team brings together senior prosecutors with expertise in securities and commodities fraud, public corruption, money laundering and transnational criminal enterprises. The FTX businesses are estimated to owe their biggest creditors up to $3 billion, per the Financial Times, while Reuters reported that Bankman-Fried transferred at least $4 billion in FTX funds, including customers' money, to Alameda.

☆ Sam-Bankman Fried to be released on $250 million bail and will be required to stay with parents ahead of FTX trial
▼ + stars: | 2022-12-22 | by ( Jacob Shamsian | Sindhu Sundar | ) www.businessinsider.com time to read: +6 min

Sam Bankman-Fried was granted release on $250 million bail at a court hearing Thursday. He will be required to surrender his passport and stay with his parents ahead of a federal trial on a list of charges tied to the failure of FTX. Bankman-Fried will be required to attend a court hearing in California at 10 a.m. Friday, Gorenstein ruled. Another court hearing is scheduled for January 3 in Manhattan, where Bankman-Fried is expected to enter a plea. Criminal allegations against Ellison and Wang, first filed on December 19, were unsealed in court on Thursday morning ahead of Bankman-Fried's court appearance.

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