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☆ From 25 years in prison to just four months: Inside the final verdict on a crypto billionaire CEO archrivalry
▼ + stars: | 2024-05-05 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +18 min

Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. A month earlier, on the opposite coast in downtown Manhattan, FTX's Sam Bankman-Fried received a 25-year prison sentence for his crimes. At the beginning of his trial, SBF sported a fresh haircut and wore suits, but by its end, his curls were wild again. Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. watch nowMoney makes all the differenceUnlike SBF, CZ didn't have his wealth wiped out by bankruptcy of the crypto company he founded.

Persons: Sam Bankman, Zhao Changpeng, Mike Segar, Benjamin Girette, Changpeng Zhao, FTX's Sam Bankman, Fried, Zhao, Binance's Zhao, FTX's, Toyotas, Braden Perry, Perry, Manfred, SBF, Michael Lewis, Lewis, Sam didn't, Amr Alfiky, Sam, Caroline Ellison, —, Zhao's, Yi He, Binance, David Ryder, Yang, Rachel Zhao, Yesha Yadav, Yadav, Mark Bini, Lewis Kaplan, Bankman, Kaplan, perjured, Neama Rahmani, Rahmani, Tre Lovell, Zhao hasn't, Lovell, weren't, FTX Organizations: Reuters, Bloomberg, Getty, Department of Justice, CFTC, Stanford University's, Bankman, CZ, Staff, Reuters Prosecutors, Alameda Research, Vanderbilt University, Wall Street, CNBC, FTX, Emergency Economic, Justice Department, DOJ Locations: Seattle, Manhattan, California, Hong Kong, Bahamas, Palo Alto, U.S, New York City, Alameda, Seattle , Washington, Paris, France, Angeles, Binance, Dubai, Delaware

☆ Heroes to zeroes in 12 months: How the two biggest crypto billionaire CEOs proved the critics right
▼ + stars: | 2023-12-30 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. Meanwhile, Solana is nearly 10x higher in the last 12 months, and bitcoin miner Marathon Digital has also skyrocketed. That same year, Bankman-Fried earned street cred in crypto circles for his bitcoin arbitrage trading strategy, dubbed the Kimchi swap. The relationship between Zhao and Bankman-Fried began to sour a few months after they met. In Nov. 2022, a fight between Bankman-Fried and CZ on Twitter, now known as X, pulled the mask off the scheme.

Persons: Sam Bankman, Zhao Changpeng, Bitcoin, Solana, Binance's, Zhao, FTX's Sam Bankman, Fried, JPMorgan Chase, Jamie Dimon, bitcoin, Bill Gates, Warren Buffett, Elizabeth Warren, execs, Renato Mariotti, Michael Lewis, Sam, gunning, Lewis, SBF, Binance, FTX, Goldman Sachs, General Merrick Garland, Garland, Amr Alfiky Organizations: Marathon, JPMorgan, Microsoft, Capitol, Department of Justice, U.S . Justice Department's Securities, Commodities, CZ, Alameda Research, Formula, Democratic, Twitter, Emergency Economic, U.S ., Futures Trading Commission, Treasury Department, Securities, Exchange Commission, Justice Department, DOJ, Reuters Locations: Hong Kong, Singapore, Bankman, FTX, Miami, Washington, Alameda, U.S, New York City

☆ A ChatGPT rival just published a new constitution to level up its AI guardrails, and prevent toxic and racist responses
▼ + stars: | 2023-10-23 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

OpenAI rival Anthropic revamped its constitution around AI safety using public input. Users of its AI chatbot, Claude, want it to admit flaws, and avoid racist or sexist responses. The new guardrails follow months of concerns from tech and government leaders around AI safety. The updates to Anthropic's constitution follow months of concern around AI safety, including from some technology leaders. Read the full version of Anthropic's new AI constitution here.

Persons: Anthropic, Claude, —, Dario Amodei, Sam Bankman, Fried, didn't, Elon Musk, Nadella, Sam Altman, Sundar Pichai, Tim Cook, Anthropic's Amodei Organizations: Service, Amazon, Intelligence, Microsoft, Google, Apple, White Locations: OpenAI, San Francisco, Washington

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX's Sam Bankman-Fried is on trial. Here's what you should know: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, the trial of Sam Bankman-Fried, co-founder of FTX, kicks off in New York federal court.

Persons: Sam Bankman, explainers Organizations: CNBC Crypto, CNBC Locations: New York

☆ So many people want to attend a Middle East investment conference dubbed 'Davos in the desert' that they're charging $15,000 to get in the door
▼ + stars: | 2023-09-23 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

About 5,000 delegates are paying $15,000 each to attend an investment conference in Riyadh next month. Growing interest in the conference also underlines Saudi Arabia's rising global influence. The annual event is the largest investment and business conference in the Middle East, and has been compared to Davos – the Swiss ski resort that hosts the World Economic Forum each January. As well as being a forum for discussion, the event is also an accelerator for Saudi investment opportunities. At last year's conference, more than 28 investment deals worth over $9 billion were signed, according to the US-Saudi Business Council.

Persons: Goldman Sachs, Sam Bankman, Jared Kushner, execs, Jamal Khashoggi, Prince Mohammed bin Salman's Organizations: Service, Future Investment Initiative, Street Journal, Economic, Bridgewater Associates, Saudi Business Council, Investment Initiative, FII Institute, Saudi Locations: Riyadh, Saudi, Wall, Silicon, Eastern, Davos, Saudi Arabian, Blackstone, BlackRock, Istanbul, FAYEZ, Saudi Arabia

Sam Bankman-Fried will head to jail on Friday after a judge sided with a request by federal prosecutors to revoke the FTX founder's bail over alleged witness tampering. Judge Lewis Kaplan denied Bankman-Fried's request for delayed detention pending an appeal. "My conclusion is there is probable cause to believe the defendant tried to tamper with witnesses at least twice," said Judge Kaplan during his ruling. Judge Kaplan previously issued a direct and stern warning to Bankman-Fried in July over his conversations with the media. It is an argument that proved sufficient to convince Judge Kaplan to send Bankman-Fried to jail ahead of his trial.

Persons: Sam Bankman, Fried, Judge Lewis Kaplan, Bankman, Kaplan, Kaplan's, Palo, billionaire's, Judge Kaplan, Caroline Ellison, Ellison Organizations: Brooklyn's Metropolitan Detention Center, The New York Times, Freedom, Press, New York Times, Bankman, Alameda Research, Times Locations: New York, Putnam , New York, Brooklyn's, Bankman, Palo Alto , California, Bahamas

☆ The US government just declared war on crypto
▼ + stars: | 2023-06-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In less than 24 hours, the SEC filed lawsuits against some of the biggest players in crypto. First came Binance, the world's largest crypto exchange, and its outspoken CEO and founder Changpeng Zhao. The SEC drew a line in the sand for the entire crypto ecosystem: It's our way or the highway. Too many things that make crypto special — anonymity, decentralization — are exactly the type of things financial regulators hate. Here are two experts both issuing warnings about the stock market.

Persons: Dan DeFrancesco, we've, Al Pacino, Michael Corleone, Changpeng Zhao, bitcoin, it's, Gary Gensler, Goldman Sachs, Gensler, FTX's Sam Bankman, Fried, Binance, Kim Kardashian, Mike Coppola, Kim K, It's, Hafize Gaye Erkan, she's, Serta Simmons, LIV Golf, Michael Klein, Jeffrey Cane, Nathan Rennolds Organizations: Paramount, SEC, Netflix, Getty, SKKY Partners, First, Goldman, Party, PGA, LIV, LinkedIn Locations: outflows, First Republic, Republic, California, New York, London

☆ Who's going to work on all these AI projects at the big banks?
▼ + stars: | 2023-05-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Everyone seems to agree that artificial intelligence is going to upend Wall Street. Insider's Paige Hagy and Bianca Chan have a fascinating story on how AI talent doesn't seem to be sticking around at big banks. What's even more foreboding is that AI talent isn't leaving for other banks. But struggling to hold on to AI talent seems especially concerning when one considers what's at stake — like, uh, humanity — and the speed at which it'll happen. Here are the three reasons banks can't seem to hold on to AI talent.

☆ Dow jumps 372 points as US stocks surge on rescue plans for struggling banks
▼ + stars: | 2023-03-16 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

First Republic Bank will receive a $30 billion deposit from larger rivals. JPMorgan earlier estimated the Fed's emergency loan program may inject $2 trillion into the US banking system. Stocks reversed earlier losses as reports about a liquidity deal for First Republic Bank rolled in. First Republic Bank shares soared after plunging in recent days. "Big Short" investor Steve Eisman says it'll be bad news for stocks if the Fed pauses rate hikes because of the banking panic.

U.S. District Judge Kevin Castel in Manhattan granted a Justice Department motion to stay the lawsuits filed by the Securities and Exchange Commission and the Commodity Futures Trading Commission. Prosecutors said it made sense to delay those lawsuits because the cases substantially overlapped, and the outcome of the criminal case would likely affect what issues remained in the civil cases. They also cited the risk that Bankman-Fried could gather evidence in the civil cases to improperly impeach government witnesses, circumvent discovery rules in criminal cases, and tailor his criminal defense. Bankman-Fried consented to putting the civil cases on hold. Stays of SEC and CFTC lawsuits are common when the Justice Department files parallel criminal cases.

☆ A top oil analyst explains Europe’s new fuel sanctions on Russia and how that impacts global energy markets
▼ + stars: | 2023-02-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The flow of crude oil is seen in a container while an oilfield worker works on a drilling rig at an oil well operated by Venezuela's state oil company PDVSA Carlos Garcia Rawlins/ReutersMatt Smith is the lead oil analyst at Kpler. Phil Rosen: This week the EU has new sanctions and a price cap kicking in on Russian oil products, such as diesel. MS: They're one of the leading producers and leading exporters in the world, so we shouldn't expect that to change. What will influence this is how long this war goes on, and how detrimental that is to its energy industry. Demand for cardboard boxes has dropped to levels not seen since the 2008 financial crisis.

☆ Coinbase will chop 20% of its staff in a 2nd round of big job cuts, as its boss blames 'unscrupulous actors' for putting pressure on crypto
▼ + stars: | 2023-01-10 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Coinbase will cut 20% of its workforce amid a crypto selloff, its CEO Brian Armstrong said Tuesday. It's the 2nd round of big job cuts after the crypto exchange chopped 18% of staff in June. The crypto exchange plans to slash 950 jobs in a bid to reduce its operating expenses by 25%, he said in a blog post. "In 2022, the crypto market trended downwards along with the broader macroeconomy," he said. The job cuts are part of a restructuring plan that Coinbase expects to complete by the end of June 2023.

☆ The ultimate insider's guide to the dramatic downfall of Sam Bankman-Fried, Caroline Ellison, and FTX
▼ + stars: | 2023-01-01 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +11 min

Sam Bankman-Fried is facing criminal charges and is expected to enter a plea on Jan. 3. Read Insider's coverage of Bankman-Fried:FTX founder Sam Bankman-Fried gets by on 4 hours' sleep and multitasks on 6 screens. Now hit with 7 criminal charges, Ellison has pleaded guilty and expressed contrition before the New York federal court presiding over the criminal cases involving Bankman-Fried. Sam Bankman-Fried is in jail, but legal watchers are wondering: Where's ex-girlfriend Caroline Ellison? Sam Bankman-Fried hit with 8 criminal charges, including fraud and conspiracy for allegedly 'misappropriating' FTX customer fundsThe SEC has charged Sam Bankman-Fried and accused him of 'orchestrating a massive, years-long fraud'The criminal charges against Sam Bankman-Fried carry big penalties and jail time if proven, legal experts sayRead the CFTC complaint against FTX's Sam Bankman-Fried and his associates Caroline Ellison and Gary WangThe charges against Caroline Ellison, SBF, and FTX cofounder Gary Wang — in 60 seconds

☆ Prosecutors are in a good position against Sam Bankman-Fried, says fmr. assistant U.S. attorney
▼ + stars: | 2022-12-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailProsecutors are in a good position against Sam Bankman-Fried, says fmr. assistant U.S. attorneyDanya Perry, former assistant U.S. attorney for the Southern District of New York, joins CNBC's 'Squawk Box' to weigh in on the case against FTX's Sam Bankman-Fried, who is expected to enter a plea next week.

☆ Crumbling tech stocks and recession fears have cratered the fortunes of the wealthiest Americans including Elon Musk and Jeff Bezos.
▼ + stars: | 2022-12-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Britta Pedersen-Pool/Getty Images; Arif Hudaverdi Yaman/Getty Images; KENZO TRIBOUILLARD/Getty Images; Mike Cohen/Getty Images; Yuqing Liu/Business Insider1. Besides the fallen crypto king, many of these shrinking fortunes can be chalked up to this year's bloodbath in the tech stocks. How has Elon Musk's involvement with Twitter impacted your outlook for Tesla stock? Tesla stock price on December, 29, 2022 Markets Insider10. Tesla stock climbed Wednesday as dip-buyers poured into the EV maker.

☆ FTX's Sam Bankman-Fried bought Robinhood stock using hundreds of millions of dollars from his trading firm Alameda Research
▼ + stars: | 2022-12-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Disgraced FTX founder Sam Bankman-Fried took funds from his trading firm, Alameda Research, to buy Robinhood stock, court documents shows. Later, Alameda took out a loan and pledged those same shares as collateral, CoinDesk reported. Later, Alameda took out a loan and pledged those same shares as collateral, CoinDesk said. Now-bankrupt BlockFi alleged that it has rights to the Robinhood shares based on deals Bankman-Fried agreed to in November, a separate court document shows. The development is the latest example to come to light of how the finances of FTX, Alameda and other pieces of Bankman-Fried's empire were entangled.

☆ Read the CFTC complaint against FTX's Sam Bankman-Fried and his associates Caroline Ellison and Gary Wang
▼ + stars: | 2022-12-22 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

The CFTC filed fraud charges against Caroline Ellison and Gary Wang on Wednesday. Bankman-Fried, who cofounded FTX and Alameda, was arrested in the Bahamas last week and extradited to the US on Wednesday. The amended complaint charges Ellison with fraud and material misrepresentations and Wang with fraud. The CFTC said Ellison and Wang didn't contest their liability on its claims. On Wednesday the Securities and Exchange Commission also charged Ellison and Wang with participating in a scheme to defraud both FTX's equity investors and its customers.

☆ Sam Bankman-Fried will likely be arraigned in U.S. court soon, says Dickinson Wright's Jacob Frenkel
▼ + stars: | 2022-12-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSam Bankman-Fried will likely be arraigned in U.S. court soon, says Dickinson Wright's Jacob FrenkelJacob Frenkel, chair of the government investigations and securities enforcement practice at Dickinson Wright, joins CNBC's 'Squawk Box' to discuss the case against FTX's Sam Bankman-Fried and plans for extradition to the U.S.

☆ FTX's Sam Bankman-Fried sent back to Bahamas jail, wants to see U.S. indictment
▼ + stars: | 2022-12-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX's Sam Bankman-Fried sent back to Bahamas jail, wants to see U.S. indictmentCNBC's Kate Rooney joins 'The Exchange' to report on Sam Bankman-Fried heading back to jail in the Bahamas.

☆ FTX's Sam Bankman-Fried says he will testify remotely at upcoming congressional hearing
▼ + stars: | 2022-12-12 | by ( Industry Insight | Insights In Action | Service Is Now Table Stakes As Clients Seek Higher Value Firms | ) www.reuters.com time to read: 1 min

Dec 12 (Reuters) - Sam Bankman-Fried, the founder and former CEO of now-bankrupt crypto exchange FTX, said on Monday he would testify remotely at Tuesday's U.S. House Finanical Services Committee hearing to examine the collapse of the company. In a Twitter Spaces event held on Monday with Twitter account Unusual Whales, Bankman-Fried said he would be "calling in" to the hearing. A spokesperson for Bankman-Fried confirmed that he would not be testifying at the hearing in person. FTX CEO John Ray will also appear before the committee, although it is not yet clear if he will testify virtually or in person. Reporting by Hannah Lang in Washington; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Companies Ledgerx LLC FollowWASHINGTON, Dec 9 (Reuters) - FTX's Sam Bankman-Fried is set to testify before a U.S. House committee on Tuesday, the cryptocurrency exchange's founder and the congressional panel said on Friday, as regulators investigate his role in the wake of its collapse. In a statement late on Friday, the panel said it would hear from newly appointed FTX CEO John Ray and from Bankman-Fried, FTX's founder and former CEO, on Tuesday. "But as the committee still thinks it would be useful, I am willing to testify on the 13th," he added. loadingZhao said that after Binance, an early investor in FTX, sought to exit its stake over one-and-a-half years ago, Bankman-Fried made "offensive tirades" against Binance team members. Binance sold back to FTX its stake in the company last year.

Companies Ledgerx LLC FollowWASHINGTON, Dec 9 (Reuters) - FTX's Sam Bankman-Fried is set to testify before the U.S. House Committee on Financial Services on Dec. 13, the cryptocurrency exchange's founder and the congressional panel said on Friday, as regulators investigate his role in the wake of its collapse. A day earlier, the committee's chair, Maxine Waters, told Reuters that she is prepared to subpoena Bankman-Fried if he does not agree to appear before the panel. In a statement put out late on Friday by the House of Representatives committee, the panel said it would hear from newly-appointed FTX CEO John Ray and from Bankman-Fried, FTX's founder and former CEO, on Dec. 13. "But as the committee still thinks it would be useful, I am willing to testify on the 13th," he added. loadingZhao said after Binance - an early investor in FTX - sought to exit its stake over one-and-a-half years ago, Bankman-Fried made "offensive tirades" against Binance team members.

☆ FTX's Sam Bankman-Fried tweets that he's willing to testify before lawmakers
▼ + stars: | 2022-12-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX's Sam Bankman-Fried tweets that he's willing to testify before lawmakersFTX founder Sam Bankman-Fried said in a tweet that he is willing to testify before lawmakers next week over the collapse of the crypto exchange. CNBC's 'Squawk Box' team reports.

Dec 9 (Reuters) - FTX's Sam Bankman-Fried is willing to testify before the U.S. House Committee on Dec. 13, the cryptocurrency exchange's founder said in a tweet on Friday, as regulators investigate his role in the wake of its collapse. loadingA day earlier House Financial Services Committee Chairwoman Maxine Waters told Reuters that she is prepared to subpoena Bankman-Fried if he does not agree to appear before the panel next week. "But as the committee still thinks it would be useful, I am willing to testify on the 13th," he added. In recent weeks, U.S. authorities have sought information from investors and potential investors in FTX, two sources with knowledge of the requests told Reuters. Federal prosecutors in New York are asking for details on any communications such companies have had with the crypto firm and its executives, including Bankman-Fried.

☆ 2023 is shaping up to be a big year for dealmaking in live sports. Here's why.
▼ + stars: | 2022-12-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Big deals for the big (and little) screen. Next year is shaping up to be a big one for media deals. Like many other industries, media quickly turned quiet on the dealmaking front this year as the economy soured. However, a stabilization of interest rates, along with money burning a hole in investors' pockets, could lead to a big 2023, insiders say. The landscape for media deals is fascinating when you consider the two opposing forces, as Lucia pointed out to me.

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