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☆ Sam Bankman-Fried was the 'the poster child' of the effective altruism movement, now the charity he bankrolled is shutting down
▼ + stars: | 2024-04-06 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +3 min

An "effective altruism" charity backed by Sam Bankman-Fried is set to close. The jailed former crypto billionaire was a major proponent of effective altruism. AdvertisementA UK-based "effective altruism" charity funded by the disgraced former cryptocurrency billionaire Sam Bankman-Fried is set to close. Effective Ventures Foundation UK, originally incorporated in 2012, reported income of more than £140 million in 2022, which is around $177 million as of April 2024. The UK Charity Commission also opened an inquiry into Effective Ventures UK in December 2022 in order to assess any potential risks to the charity's assets.

Persons: Sam Bankman, —, Luke Kemp, Michael Lewis, Fried Organizations: Service, Ventures Foundation, University of Oxford, University of Cambridge's, Harvard Law School, Alameda Research, Financial Times, UK, Commission, Ventures UK Locations: Oxford, Silicon Valley, FTX

☆ Opinion: Trump videos send wildly different messages
▼ + stars: | 2024-03-31 | by ( Richard Galant | ) edition.cnn.com time to read: +19 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. In a video promoting the Bible, Trump said, “Religion and Christianity are the biggest things missing from this country. … we need to bring them back.”On Good Friday, Trump posted a very different kind of video. It showed an image of President Joe Biden lying sideways and tied up in the bed of a pickup truck. “Robert F. Kennedy Jr.’s independent presidential campaign can’t win, but it could swing the presidency to former President Donald Trump,” Begala wrote.

Persons: Matthew Arnold, Homer, King James, Donald Trump, ”, Lee Greenwood’s, AJ Willingham, Trump, Joe Biden, Drew Sheneman, MAGA, Biden, Fareed Zakaria, ” Zakaria, Candida Moss, he’ll, he’s, Barack Obama, Bill Clinton, Julian Zelizer, ” “, …, ” Clay, “, Obama, “ Obama, CNN Trump, —, Attorney Alvin Bragg, “ Trump, Stormy Daniels, ” Norman Eisen, Andrew Warren, James Antle III, stoked, Letitia James, Dali, Francis Scott Key, Tasos Katopodis, Richard Timme, ” Timme, Salvatore R, Mercogliano, ’, Jalal Baig, Catherine, Princess of Wales, Baig, Paul Hockenos, “ It’s, Robert F, Kennedy Jr, Nicole Shanahan, Eric Risberg, Paul Begala, Ross Perot, George H, Bush, “ Robert F, can’t, ” Begala, ” Shanahan “, Sergey Brin, Hillary Clinton, Pete Buttigieg, Ro Khanna, Lee Drutman, Mark Osler, Jill Filipovic, Lisa Murkowski, Obeidallah, Johnson Ronna, Ronna McDaniel, Justin Sullivan, McDaniel, ” McDaniel, David Zurawik, Jack Ohman, Walt Handelsman, Tim Hubbard, Dennis Muilenburg —, Max, David Calhoun, ‘, ” Hubbard, Annelle, ” Sheline, ” Don’t, Frida Ghitis, Putin, Howard Fischer, Keith O’Brien, Pete Rose, Nick Anderson, Agency Sara Stewart, Mary Ziegler, Patrick T, Brown, shouldn’t, Emma Firth, Carter ’ Parkwood, Roxanne Jones, Cowboy Carter, Beyoncé, ” Jones Organizations: CNN, Oxford University, New, Trump, Nasdaq, NYPD, Hollywood, Biden, Cupp, Obama, Manhattan, Attorney, Democratic, US Coast Guard, Baltimore, Federal Highway Administration, RFK Jr, RFK, Google, The New York Times, Republican National Committee, NBC News, “, Press, NBC, MSNBC, Content Agency Boeing, Notre Dame, Boeing, US State Department, Israel, Tribune, Agency, Sony, AP Locations: Independence, New York City, America, New, Manhattan, Queens, New York, Baltimore, Coast, Suez, Port, China, Argentina, Red, Gaza, Wales, Northern California, California, Israel, Columbia

☆ Sam Bankman-Fried has to repay $11 billion. How can he possibly do that?
▼ + stars: | 2024-03-29 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +5 min

New York CNN —A federal judge on Thursday ordered Sam Bankman-Fried to repay more than $11 billion as part of his sentence for defrauding customers and investors in his failed crypto exchange FTX. In their sentencing memorandum earlier this month, federal prosecutors laid out their reasoning for seeking $11 billion in forfeiture. Unlike restitution, where the money from seized assets goes directly to victims, the money from forfeiture is taken by the government and absorbed into the US Treasury. It is unclear how much Bankman-Fried is currently worth, but it’s likely not anywhere near $11 billion. So far, the Department of Justice has redistributed about $4 billion to Madoff’s victims.

Persons: Sam Bankman, Fried, SBF, ” Mitchell Epner, “, ”, District Judge Lewis Kaplan, Anthony Capozzolo, Elizabeth Holmes, Holmes, Ramesh “ Sunny ” Balwani, Bernard Madoff, Peter Katz, Katz, they’ll, ” Katz Organizations: New, New York CNN, CNN, Treasury, District, “, of, Department of Justice’s, Department of Justice, Department Locations: New York, Eastern, of New York

☆ Sam Bankman-Fried could go to a low-security prison and get out early if he plays his cards right, prison consultants say
▼ + stars: | 2024-03-29 | by ( Katie Balevic | ) www.businessinsider.com time to read: +5 min

A court sentenced Sam Bankman-Fried, the fallen king of crypto, to 25 years in prison on Thursday. Advertisement"In my opinion, he's going to a low-security facility, not to a medium. It would be a PR disaster if he went to a medium and got hurt," prison consultant Sam Mangel told BI. I don't think he's going to have a problem with physical harm or rape or anything like that. "He's going to want to do things to pass the time."

Persons: Sam Bankman, he'll, SBF's, Lewis Kaplan, he's, Sam Mangel, Mangel, Fried, Maureen Baird, Baird Perdue, Baird, Judge Kaplan, Jane Street, Kaplan Organizations: Service, Business, Federal Bureau of Prisons, San Francisco Bay Area, Prisons, Baird Perdue & Associates, Jane, Capital Locations: Manhattan, San Francisco Bay, New York, California

☆ Sam Bankman-Fried FTX fraud victim tells judge: 'My whole life has been destroyed'
▼ + stars: | 2024-03-28 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +7 min

NEW YORK, US - JANUARY 03: Sam Bankman-Fried leaves the court in New York, on January 03, 2023. The victim, who wrote that 30 years worth of savings had been deposited into FTX three months before the exchange collapsed, is part of a last-minute push by prosecutors to sway Judge Kaplan ahead of the sentencing. For months, Judge Kaplan has been weighing the appropriate punishment for Bankman-Fried's crimes related to the implosion of his $32 billion crypto empire. Damaging testimonyBankman-Fried was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against lenders to sister hedge fund Alameda Research, as well as conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering. The defense team has argued that Bankman-Fried's sentence should reflect the potential that FTX customers will be paid back in part or in full.

Persons: Sam Bankman, Fried, Fatih Aktas, District Judge Lewis Kaplan, FTX, Kaplan, Yesha Yadav, Dean, Judge Kaplan, David Weinstein, Jones Walker, Weinstein, Mark Bini, Bini, Reed, Caroline Ellison, Yadav, Neama Rahmani, Tre Lovell, isn't, Lovell, he's, it's Organizations: Anadolu Agency, Getty, Department of Justice, U.S, District, Prosecutors, Vanderbilt University, CNBC, Alameda Research, Bloomberg, Southern, of, Los Locations: New York, Manhattan, of New York, SBF, Los Angeles

☆ How Sam Bankman-Fried's ex-girlfriend and early recruit helped put the FTX founder behind bars for 25 years
▼ + stars: | 2024-03-28 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +10 min

Yuki Iwamura | Bloomberg | Getty ImagesIn sentencing FTX founder Sam Bankman-Fried to a 25-year prison sentence on Thursday, Judge Lewis Kaplan cited testimony from Caroline Ellison, an ex-girlfriend of the defendant and early recruit into his crypto enterprise. In a Google document from February 2022 shared with the Times, Ellison wrote, "I have been feeling pretty unhappy and overwhelmed with my job. The government presented a series of Signal exchanges involving Bankman-Fried, Ellison, Wang and other top execs. Zoom In Icon Arrows pointing outwards Prosecutors relied heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried. Zoom In Icon Arrows pointing outwards Prosecutors relied heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried.

Persons: Caroline Ellison, Yuki Iwamura, FTX, Sam Bankman, Judge Lewis Kaplan, Kaplan, Ellison, FTX spiraled, Damian Williams, she's, Fried, District Judge Lewis Kaplan, Jane Rosenberg, SBF Ellison, She'd, Michael Lewis, Caroline, Sam, Lewis, Nishad Singh, Gary Wang, Attorney Thane Rehn, Bankman, Binance, Sam Trabucco, Danielle Sassoon, Wang, SDNY Ellison, Um Organizations: Alameda Research, Bloomberg, Getty, Department of Justice, Manhattan U.S, U.S, District, Federal Court, Reuters, Jane, Stanford, Alameda, The New York Times, Times, Attorney, Google, Alameda's Locations: New York, Manhattan, FTX, New York City, Fried, California, Hong Kong, Bahamas, Alameda

☆ It's sentencing day for Sam Bankman-Fried
▼ + stars: | 2024-03-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, disgraced crypto executive Sam Bankman-Fried finds out how long he's going to prison . Sam Bankman-Fried, the ex-CEO of FTX and former face of crypto, will be sentenced in a Manhattan courtroom today. An FTX debtor lawyer told the bankruptcy court that FTX customers and creditors "will eventually be paid in full." AdvertisementGetty Images; Alyssa Powell/BIBut according to some, FTX customers getting their money back is despite SBF, not because of him. Almost a third of young people reported using ChatGPT "for tasks at work."

Persons: —, Sam Bankman, Fried, Chelsea Jia Feng, Lewis Kaplan, E, Jean Carroll, Donald Trump, Insider's Jacob Shamsian, FTX, Alyssa Powell, John J, Ray III, SBF, What's, Bernstein, Toni Sacconaghi, they've, Dan DeFrancesco, Hallam Bullock, George Glover, Grace Lett Organizations: Business, Service, Prosecutors, Big Tech, Companies, Pew, ChatGPT, Microsoft, League Baseball's Locations: Manhattan, New York, London, Chicago

☆ Sam Bankman-Fried sentenced to 25 years in federal prison
▼ + stars: | 2024-03-28 | by ( Lauren Del Valle | Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Sam Bankman-Fried has been sentenced to 25 years in federal prison for defrauding customers and investors in his failed crypto exchange FTX, a Manhattan court ruled Thursday. In this courtroom sketch, Sam Bankman-Fried, second from right, stands while making a statement during his sentencing in Manhattan federal court on March 28, 2024. There is no parole in federal cases, but Bankman-Fried may still be able to shave years off his term. Since 2018, however, nonviolent federal inmates can reduce their sentence by as much as 50% under prison reform legislation known as the First Step Act. In addition to the prison sentence, Kaplan also ordered a forfeiture of $11.02 billion.

Persons: Sam Bankman, Fried, Lewis Kaplan, it’s, ” Kaplan, Fried “, Bernard Madoff, Elizabeth Holmes, Elizabeth Williams, ” Mitchell Epner, Epner, ” Epner, Jordan Estes, Kramer Levin, “, ” Estes, Kaplan, Joe Bankman, Barbara Fried, ” Organizations: New, New York CNN, CNN, Federal, of Prisons Locations: New York, Manhattan, San Francisco

☆ Fmr FTX investor weighs in on SBF sentencing, FTX and crypto outlook
▼ + stars: | 2024-03-28 | 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 EmailFmr FTX investor weighs in on SBF sentencing, FTX and crypto outlookArjun Sethi, Tribe Capital Co-Founder, joins 'Closing Bell: Overtime' to discuss the Sam Bankman-Fried trial and sentencing and what it means for the crypto industry.

Persons: FTX, Arjun Sethi, Sam Bankman Organizations: Tribe

☆ Parent of FTX victim who lost $130,000 asks judge to go easy on SBF, suggests six years in prison versus DOJ's 40-50
▼ + stars: | 2024-03-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +7 min

Former FTX CEO Sam Bankman-Fried arrives for a bail hearing at Manhattan Federal Court on August 11, 2023 in New York City. Michael M. Santiago | Getty ImagesHeather Ferguson's son lost approximately $130,000 in cash when crypto exchange FTX went bankrupt in November 2022. Ferguson's letter is part of an eleventh hour push by the defense to appeal to Kaplan's sense of leniency as the judge gears up for Bankman-Fried's sentencing hearing on Thursday. Bankman-Fried's psychiatrist, George Lerner, told Judge Lewis Kaplan in a letter in August that the former FTX CEO has a history of depression and attention-deficit/hyperactivity disorder. Without his medication, Lerner warned the judge, "Bankman-Fried will experience a return of his depression and ADHD symptoms and will be severely negatively impacted in his ability to assist in his own defense."

Persons: Sam Bankman, Fried, Michael M, Heather Ferguson's, Ferguson, District Judge Lewis Kaplan, Yesha Yadav, Dean, Kaplan, George Lerner, Lewis Kaplan, Lerner, Maria Centrella, Asperger's, Judge Kaplan, Michael Lewis's, Sam I, …, Centrella, Joe, Sam, Matt Kelly, Kelly Organizations: Manhattan Federal Court, Santiago, Getty, District, Alameda Research, Vanderbilt University, CNBC, Bankman, Autism, MIT Locations: New York City, Manhattan

☆ Ahead of sentencing, SBF team argues for 5-6 years in jail because FTX customers will get money back
▼ + stars: | 2024-03-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Bankman-Fried's fate will be announced in Manhattan on Thursday morning by Judge Lewis Kaplan, who presided over the monthlong trial in November. Bankman-Fried was found guilty of seven charges tied to the collapse of crypto exchange FTX and the roughly $10 billion of customer deposits that went missing. Lawyers representing the bankruptcy estate of FTX told a judge in Delaware last month that they expect to fully repay customers and creditors with legitimate claims. Bankman-Fried's defense team has asked the court for a sentence in the range of 63 to 78 months. Beyond the fact that he's a "first time, nonviolent offender," attorneys for the FTX founder largely lean on the argument that Bankman-Fried's risky bets paid off and the bankruptcy estate expects to fully repay FTX customers.

Persons: Sam Bankman, Fried, Judge Lewis Kaplan, Kaplan, FTX, Andrew Dietderich, —, John Ray III, Michael Kives Organizations: K5 Global, SpaceX Locations: Manhattan, Delaware, Alameda, Bankman, Palo Alto , California

☆ We're watching an American retirement crisis unfold
▼ + stars: | 2024-03-25 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +7 min

The big storyRetirement crisisart-4-art/Getty Images; Adobe Firefly; Jenny Chang-Rodriguez/BIWhat was once a natural part of the American dream — retirement — is now a luxury many workers can't afford. All of that combines to form a growing, and increasingly bleak, American retirement crisis. Plus, some who do leave work early end up regretting it . AdvertisementWhile early retirement isn't for everyone, retirement at its most basic level — leaving work after most of our adult lives — should be. The notion that people who've done everything they were supposed to, and still can't retire, points to major problems in the system at large.

Persons: —, Jordan Parker Erb, Dan DeFrancesco, Haven't, Jenny Chang, Rodriguez, they've, Juliana Kaplan, doesn't, Juliana, who's, she's, Alounthong, Getty, Klaus Vedfelt, Tyler Le, Zers, millennials, Warren Buffett's, Buffett, Sam Bankman, Daniel Jurman, it's, Rebecca Zisser, Elon Musk, Donald Trump, Hallam Bullock, George Glover, Grace Lett, Lisa Ryan Organizations: Service, Business, Pensions, Social Security, Prosecutors, BI, Apple, Accenture, Deloitte, Google Locations: America, India, China, American, New York, London, Chicago

☆ FTX's victims may get all their money back. The judge sentencing Sam Bankman-Fried might not care.
▼ + stars: | 2024-03-24 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +12 min

Sam Bankman-Fried bilked FTX customers out of over $8 billion, according to prosecutors. AdvertisementAccording to federal prosecutors, Sam Bankman-Fried orchestrated one of the biggest criminal frauds in the history of the world. According to his lawyers, FTX's customers might get all their money back. According to prosecutors, Bankman-Fried was responsible for more than $11 billion in fraud overall between FTX customers and investors in FTX and Alameda Research. The recovered calculations, too, distort how much money customers are actually getting back.

Persons: Sam Bankman, —, Fried, FTX, John J, Ray III, Ray, Lewis Kaplan, Kaplan, Sarah Krissoff, Cozen O'Connor, Krissoff, it's, Sarah Silbiger, Bankman, bitcoin, Rachel Maimin, Lowenstein Sandler, Barbara Fried, Mark Cohen, Jane Rosenberg Bankman, Maiman, Maimin, Caroline Ellison Organizations: Service, FTX, Bankman, Alameda Research, US, United States, Second Circuit, U.S . House Financial, Capitol, Reuters, K5 Global, Prosecutors, Wall, REUTERS, Business, of Prisons, Alemda Research Locations: FTX, Manhattan, New Jersey, New York, Washington , U.S

☆ Some wealthy people lost millions in the FTX collapse. But others say they've lost their entire life savings.
▼ + stars: | 2024-03-16 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

The memo includes statements from victims who say their lives have been upended by the FTX collapse. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . At the time of the collapse, FTX's bankruptcy filings said that the exchange could owe money to about one million creditors. If you lost money in the FTX collapse and would like to share your story, reach reporter Lloyd Lee at (646) 768-1630.

Persons: Sam Bankman, —, Tom Brady, Brady, Axios, Lloyd Lee Organizations: Service, Star NFL, Companies, Sequoia Capital Locations: Africa, FTX, Delaware

☆ Prosecutors recommend a prison sentence of 40-50 years for Sam Bankman-Fried in FTX fraud
▼ + stars: | 2024-03-15 | 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 recommend a prison sentence of 40-50 years for Sam Bankman-Fried in FTX fraudGovernment is recommending 40-50 years in Sam Bankman-Fried's crypto fraud case, lower than the 100 year sentencing guidelines. SBF is scheduled for sentencing on March 28.

Persons: Sam Bankman Organizations: Prosecutors

☆ FTX fraudster Bankman-Fried seeks less than 7 year sentence, claims he is at risk of 'harm and extortion' in prison
▼ + stars: | 2024-02-28 | by ( Dan Mangan | ) www.cnbc.com time to read: +7 min

Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange, arrives at court in New York, US, on Thursday, Feb. 16, 2023. "The harm to customers, lenders, and investors is zero," Bankman-Fried's lawyers wrote. The lawyers wrote that Bankman-Fried has a "neurodiversity" that "greatly affects how he perceives and is perceived." It is not a disease or a condition that needs to be cured," the lawyers wrote. "Individuals with ASD are often at considerably greater risk of physical harm and extortion in prison than other inmates," the lawyers wrote.

Persons: Sam Bankman, Fried, Joseph Bankman, Barbara Fried, Lewis Kaplan, —, Michael Milken, Damian Williams, Williams, Kaplan, Marc Mukasey, Sam, Drexel Burnham Lambert, Milken Organizations: Bankman, Alameda Research, The Manhattan U.S, PSR, Defense, Drexel, CNBC PRO Locations: New York, FTX, Manhattan, Alameda, Brooklyn , New York

☆ As Sam Bankman-Fried awaits prison sentence, FTX customers await a surprise: full repayment
▼ + stars: | 2024-02-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +8 min

Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Lawyers representing the bankruptcy estate of FTX told a judge in Delaware last week that they expect to fully repay customers and creditors with legitimate claims. After the dust settled from FTX's bankruptcy, Solana saw a huge run-up in its price, and it continued to rally after the September report. The bankruptcy estate of FTX has been looking to sell its Anthropic stake, according to a court filing this month. For FTX customers, being made whole, according to a judge's ruling, means getting the cash equivalent of what their crypto was worth in November 2022.

Persons: Sam Bankman, Fried, FTX, Andrew Dietderich, —, Joseph Bankman, Barbara Fried, Brendan Mcdermid, John Ray III, Michael Kives, Braden Perry, FTX's, Ray, we're, It's, Solana, Lewis Kaplan, Elizabeth Williams, Michael Lewis, Lewis, IOUs, Perry, SBF, Renato Mariotti, Mariotti Organizations: Bankman, Federal Court, Reuters, K5 Global, SpaceX, Commodity Futures Trading Commission, CNBC, Alameda Research, U.S . Justice Department's Securities, Commodities, SEC Chari Locations: FTX, Delaware, Plenty, Palo Alto , California, New York City, U.S, Bankman, Solana, Alameda, FTX's, Anthropic, New York, Brooklyn

☆ Millennium Has Hired a Top Jane Street Trader
▼ + stars: | 2024-02-08 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +3 min

But the spotlight came for Jane Street anyway. Representatives for Jane Street and Millennium declined to comment. Millennium is in many ways the inverse of Jane Street. Six years ago, Schadewald joining Jane Street raised some eyebrows — a testament to the once barely-known firm's ascendance. Today, leaving a juggernaut like Jane Street for the intensity of a high-risk, high-reward hedge fund seat is viewed as the surprise.

Persons: Jane Street, Jane, It's, Sam Bankman, doesn't, Doug Schadewald, Izzy Englander's, Jane Street's, he's, Schadewald Organizations: Bloomberg, Business, Wall Street, Financial Times, Jane Street, Barclays, Management, Star Millennium, Citadel

☆ SBF thought Tom Brady was a superior — and better-looking — alternative to Trump for president: report
▼ + stars: | 2024-02-07 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +2 min

Read previewSam Bankman-Fried dreamed of boosting Tom Brady as a potential 2024 GOP presidential candidate instead of Donald Trump, per Puck. This story is available exclusively to Business Insider subscribers. According to Puck, this previously unreported plan hatched sometime before the fall of FTX involved pitting Trump against his friend and "great guy" Tom Brady. Representatives for Brady and Bankman-Fried did not immediately respond to a request for comment sent by Business Insider outside regular business hours. Brady and Bankman-Fried were reportedly fond of each other, per Lewis, who said that Brady "adored" Bankman-Fried .

Persons: —, Sam Bankman, Fried, Tom Brady, Donald Trump, Fried's, Michael Lewis, bro, Trump, Puck, FTX, Bankman, Brady, SBF, Sam didn't, Sam, Lewis Organizations: Service, Trump, Business, NFL

☆ SBF Faces Prison, but ‘Effective Altruism’ Lives On
▼ + stars: | 2024-01-15 | by ( Andy Kessler | ) www.wsj.com time to read: +1 min

Journal Editorial Report: The week's best and worst from Kim Strassel, Kyle Peterson, Jason Riley and Dan Henninger. I was looking forward to the March trial and seeing the politicians who accepted the convicted fraudster’s donations squirm like worms. Beyond trying to stave off crypto regulations, he was shoveling millions to the effective-altruism movement, which continues to infiltrate governments more than most people realize. With SBF facing a long term in the big house, has effective altruism landed on the ash heap of history? Did you know proponents of the movement basically wrote the Biden administration’s recent executive order on artificial intelligence?

Persons: Kim Strassel, Kyle Peterson, Jason Riley, Dan Henninger, Mark Kelly, Sam Bankman Organizations: Getty, Justice Department, Biden

☆ 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

☆ Crypto’s 2023 was marred by fraud and scandal. It was its best year ever
▼ + stars: | 2023-12-24 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —Crypto’s 14th year in existence was one marred by scandal, bankruptcy, fraud and regulatory squabbling. Bitcoin, the crypto’s bellwether asset, is up 160% for the year. “It was the year of crypto’s resiliency,” Kyla Curley, a crypto expert and partner at global advisory StoneTurn, tells CNN. “Fraud is fraud,” Curley says, “Regardless of the technology or the industry … you cannot stop human nature. Adding to that bullish sentiment: the bitcoin halving, or, more menacingly, “the halvening.”While it’s often a buy-the-hype-sell-the-news kind of event, the halving does tend to push bitcoin higher.

Persons: New York CNN —, “, ”, Sam Bankman, Zhao, Alex Mashinsky, Heather “ Razzlekhan ” Morgan, Ilya Lichtenstein, ‘, Bonnie, Clyde ’, Bitcoin, crypto’s, ” Kyla Curley, ” Curley, Changpeng Zhao, Eduardo Munoz, Costas Baltas, Faryar Shirzad, bitcoin, ” Antoni Trenchev, ” Trenchev, Warren Buffett, Anthony Scaramucci, “ Bitcoin Organizations: New, New York CNN, New York CNN — Crypto’s, CNN, Department of Justice, crypto’s, grifters, Bitcoiners, SkyBridge Locations: New York, SBF, Bitcoin

☆ With no access to crypto, disgraced FTX founder Sam Bankman-Fried is now trading fish to pay for services in prison
▼ + stars: | 2023-11-23 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried quickly figured out that mackerel fish is the currency of choice among inmates. AdvertisementIt didn't take long for former crypto-billionaire Sam Bankman-Fried to learn the economic system of New York's Metropolitan Detention Center. The disgraced founder of crypto exchange FTX has reportedly been keeping busy by swapping food items in exchange for services as he awaits sentencing on seven felony counts that include wire fraud and conspiracy to commit money laundering. He then used them to pay for personal upkeep services such as beard trims and shoe shines from inmates. Food items like mack and tuna are stable commodities with a value that can be pegged to the dollar.

Persons: Sam Bankman, Fried, —, FTX, SBF, It's, Larry Levin, mack Organizations: Service, New York's Metropolitan Detention Center, Wall Street Journal, Jane, Capital, Alameda Research, Wall Street Locations: New York's, New York, Lompoc, California

☆ Bitcoin is back (sort of)
▼ + stars: | 2023-11-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

The big storyCrypto comebackSOPA Images / GettyThe ink is barely dry on Sam Bankman-Fried's conviction, and bitcoin is already rising like a fresh divorcee. It marked the highest price for the cryptocurrency since early May 2022, adding to what has quietly been a strong year for bitcoin, writes Insider's Phil Rosen. After a dreadful 2022 culminating in the downfall of FTX and the aforementioned SBF, bitcoin has been on the up. While there was plenty of fallout from FTX's bankruptcy, the price of bitcoin has steadily climbed this year. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: —, NYU Langone, Sam Bankman, Bitcoin, bitcoin, Phil Rosen, FTX, hasn't, It's, Roubini, Doom, Noah Sheildlower, Gary Gensler, it's, Ken Griffin, Goldman Sachs, Paul Sakuma Andreessen Horowitz, Maryna, Peter Thiel, Trump, couldn't, Thiel, he's, Diplo —, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, NYU, BlackRock, Atlas, SEC, JPMorgan, Hudson Global, Today Locations: Delaware, India, Japan, Soho, New York City, San Diego, London, New York

☆ Crypto regulation is key following the SBF verdict: Cboe Digital's chief legal officer
▼ + stars: | 2023-11-10 | by ( Talia Kaplan | Kaan Oguz | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto regulation is key following the SBF verdict: Cboe Digital's chief legal officerKatherine Kirkpatrick, Cboe Digital's chief legal officer, weighs in on what lawmakers should focus on in terms of crypto regulation following the guilty verdict in the trial of Sam Bankman-Fried.

Persons: Cboe, Katherine Kirkpatrick, Sam Bankman

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