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☆ Sam Bankman-Fried's dad helped market FTX's in-house cryptocurrency and became a key legal advisor, report says
▼ + stars: | 2023-09-14 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's dad has been funding his son's legal defense with a $10 million gift, lawyers say. But Joe Bankman has also been closely involved with FTX's operations, Bloomberg reports. Bankman became an employee at his son's company shortly afterwards, per Bloomberg. Former staff from Alameda, FTX's sister hedge-fund, told Bloomberg that Bankman also helped draft early legal documents. When there was any legal suggestion from an employee, SBF would say he needed to "call Joe" first, the person said.

Persons: Sam Bankman, Joe Bankman, FTX, SBF, Bankman, Larry David, FTT, CoinDesk, Fried, Joe Organizations: Bloomberg, Service, Stanford, FTT, FTX Locations: Wall, Silicon, Bahamas, Alameda

☆ Bitcoin, helped by a possible short squeeze, rebounds from Monday's FTX-suspected slide
▼ + stars: | 2023-09-12 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

The price of bitcoin bounced Tuesday, reversing losses from the previous day that were driven by fears around FTX liquidations. On Monday, bitcoin dipped below the key $25,000 support level for the first time since March. The rebound could be fueled in part by investors who were betting against the crypto asset scrambling to cover short positions, in other words, by a short squeeze. Fairlead Strategies' Katie Stockton said weakened momentum in the intermediate term could make it difficult for bitcoin to see a durable recovery. This week, investors get the August consumer price index and producer price index readings on Wednesday and Thursday, respectively.

Persons: bitcoin, FTX, Bitcoin, There's, Katie Stockton Organizations: Metrics, Alameda Research, Solana, Polygon, Federal Reserve Locations: FTX

☆ FTX is hoping to claw back the millions of dollars spent on celebrity promotions including Shaq and Naomi Osaka
▼ + stars: | 2023-09-12 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Shaquille O'Neal and Naomi Osaka are among those who could be told to return huge sums to FTX. Shaquille O'Neal, Stephen Curry, Naomi Osaka, and Major League Baseball are among those who could be told to return huge sums to FTX. The NBA big man received about $4.3 million from FTX in total, according to Bloomberg, which first reported on the court documents. Bloomberg reports that the tennis player Naomi Osaka was paid $3.2 million for FTX partnerships, $2 million of which was transferred just two days before the crypto exchange filed for bankruptcy. The FTX Debtors and representatives for O'Neal and Osaka did not immediately respond to Insider's request for comment, sent outside US working hours.

Persons: FTX, Shaquille O'Neal, Naomi Osaka, endorsers, Stephen Curry, O'Neal Organizations: Service, Major League Baseball, NBA, Bloomberg, MLB, O'Neal, Osaka Locations: Wall, Silicon, Alameda, FTX

☆ The founder of a failed crypto exchange was sentenced to 11,000 years in prison
▼ + stars: | 2023-09-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

A Turkish court sentenced Faruk Fatih Ozer, the founder of failed crypto exchange Thodex, to 11,196 years in prison. He was sentenced to 11,196 years in prison, according to a Bloomberg report. Ozer had founded his company in 2017 and it became one of Turkey's largest crypto exchanges. "I am smart enough to lead any institution on Earth," Ozer said in court, the state-run Anadolu Agency reported him as saying. Bankman-Fried's crypto exchange imploded in November 2022, sparking a chain reaction of bankruptcies and blow-ups that led many in the sector to name it crypto's "Lehman moment."

Persons: Faruk Fatih Ozer, Ozer, Sam Bankman, Lehman, Fried Organizations: Bloomberg, Service, Anadolu Agency, Prosecutors, Alameda Research Locations: Wall, Silicon, Albania, Turkey

☆ CNBC Daily Open: Markets can’t catch a break from rate fears
▼ + stars: | 2023-09-08 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The donations were meant 'to weed out anti crypto dems for pro crypto dems and anti crypto repubs for pro crypto repubs," Salame said in a private message, according to a court document. It's the first time a Chinese president has missed the summit, a sign of how geopolitics have shifted. But Leon Cooperman, the chair and CEO of the Omega Family Office, told CNBC he doesn't think markets will hit a new high for a long time.

Persons: Goldman Sachs, David Solomon, CNBC's David Faber, Instacart, Goldman, Solomon, FTX's Salame, Ryan Salame, Salame, Joe Biden, Xi Jinping, Vladimir Putin, Leon Cooperman Organizations: CNBC, Nasdaq, ifo Institute, Alameda Research, Omega Locations: Germany, Alameda, India

☆ A 4th FTX executive reportedly plans to plead guilty over crypto exchange's collapse, isolating Sam Bankman-Fried ahead of trial
▼ + stars: | 2023-09-07 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Former FTX executive Ryan Salame is expected to plead guilty to criminal charges. Salame would be the fourth top official in the exchange to plead guilty to charges brought by the US Attorney's office in Manhattan. Sam Bankman-Fried, the company's former CEO and founder, is scheduled to go to trial on fraud and conspiracy charges in October. It's not immediately clear which charges Salame may plead guilty to and whether he will testify at Bankman-Fried's trial, as the other former executives are expected to. Within FTX, Salame connected Bankman-Fried to political power brokers and helped try to legitimize cryptocurrency in the corridors of Washington, DC.

Persons: Ryan Salame, Sam Bankman, Salame, It's, Fried, Caroline Ellison, Gary Wang, Nishad Singh, Haven, Egresitz Organizations: Service, US, of, Prosecutors, Alameda Research, Justice Department, Heritage, Democratic, Republican Locations: Wall, Silicon, Manhattan, Southern, of New York, Bankman, Massachusetts, Lenox —, Washington, DC, United States, Bahamas, Brooklyn

☆ Ryan Salame, an ex-FTX executive, is expected to plead guilty to criminal charges
▼ + stars: | 2023-09-07 | by ( Kara Scannell | ) edition.cnn.com time to read: +2 min

New York CNN —Ryan Salame, a former top executive of FTX, the now-bankrupt cryptocurrency trading platform, is expected to plead guilty to criminal charges in a New York courtroom on Thursday afternoon, a person familiar with the matter has told CNN. The plea comes less than one month before Sam Bankman-Fried, co-founder of the digital currency exchange, is set to go on trial. Salame, served as the chief executive of FTX and was a top lieutenant of Bankman-Fried, who is set to go to trial on October 2 facing numerous wire fraud and conspiracy charges. Prosecutors have said Salame played a role in the alleged scheme involving political donations. They want to show the jury a private message Salame sent to a family member in November 2021, explaining that he was a straw donor that Bankman-Fried used to make political donations.

Persons: New York CNN — Ryan Salame, Sam Bankman, Fried, Salame’s, Caroline Ellison, Gary Wang, FTX, Nishad Singh, Salame Organizations: New, New York CNN, FTX, CNN, Prosecutors, Bankman, Republican, Democrat Locations: New York, Bankman, Alameda

NEW YORK (AP) — Another top executive at the failed FTX cryptocurrency exchange is scheduled to appear in court in New York Thursday afternoon to face undisclosed criminal charges. Ryan Salame, the former co-chief executive of FTX Digital Markets, was set to appear before a judge at 3 p.m. at the U.S. district court in Manhattan. Federal prosecutors didn't immediately disclose what charges Salame is facing or reveal details about the case. Before FTX collapsed and declared bankruptcy in November, Bankman-Fried had been one of the best-known U.S. crypto entrepreneurs. Bankman-Fried and people associated with his companies, including Salame, were also heavy givers to political campaigns.

Persons: Ryan Salame, didn't, Jason Linder, FTX, Sam Bankman, Caroline Ellison, Nishad Singh, Gary Wang, Fried, Larry David, Salame Organizations: FTX, Alameda Research Locations: New York, U.S, Manhattan, Bahamas, Alameda, Bankman

☆ Ex-FTX executive Salame agrees to plead guilty to US criminal charges, lawyer says
▼ + stars: | 2023-09-07 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Salame appeared before U.S. District Judge Lewis Kaplan in Manhattan less than one month before Bankman-Fried's scheduled Oct. 3 trial on fraud and conspiracy charges stemming from now-bankrupt FTX's November 2022 collapse. Salame said that he had agreed to forfeit more than $1.5 billion in connection with the plea deal. Salame had worked for Ernst & Young and Circle Internet Financial before joining FTX Digital Markets. Salame was not charged at the time, and his lawyer told prosecutors he would invoke his Fifth Amendment right against self-incrimination if called to testify. Reporting by Luc Cohen in New York; Editing by Emelia Sithole-Matarise and Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: Ryan Salame, Sam Bankman, Salame, District Judge Lewis Kaplan, Kaplan, Fried, Caroline Ellison, Gary Wang, Nishad Singh, Singh, Luc Cohen, Emelia Sithole, Mark Porter Organizations: FTX's, U.S, District, Prosecutors, Alameda Research, Former Alameda, Bankman, Ernst & Young, Circle, FTX Digital, Republican, Democratic, Securities Commission, FTX, New York Times, Thomson Locations: Manhattan, Bahamas, Caribbean, Alameda, New York

Salame also pleaded guilty to conspiring to operate an unlicensed money-transmitting business. But there was no indication that he was cooperating with the prosecution or would testify against Bankman-Fried at trial. Former Alameda Chief Executive Officer Caroline Ellison, former FTX technology chief Gary Wang and former FTX engineering chief Nishad Singh previously pleaded guilty and are expected to testify against Bankman-Fried. Bankman-Fried has pleaded not guilty. His lawyer told prosecutors that if called to testify Salame would invoke his right under the U.S. Constitution's Fifth Amendment against self-incrimination.

Persons: Ryan Salame, Sam Bankman, Fried, District Judge Lewis Kaplan, Kaplan, Salame, Jason Linder, Caroline Ellison, Gary Wang, Nishad Singh, Singh, Luc Cohen, Will Dunham, Emelia, Mark Porter Organizations: FTX's, U.S, District, Bankman, Alameda, Porsche, Alameda Research, Prosecutors, Ernst & Young, Circle, FTX Digital, Republican, Democratic, Constitution's, Securities Commission, FTX, New York Times, Thomson Locations: Manhattan, Massachusetts, Salame, Bahamas, Caribbean, Alameda, New York

In a complaint filed in Manhattan bankruptcy court, Genesis is seeking to recoup $500 million that DCG borrowed under four loans. In a statement on Wednesday, DCG said it expects to file a settlement with the bankruptcy court soon. Genesis filed for Chapter 11 protection from creditors in January, two months after halting withdrawals. The cases are Genesis Global Capital LLC v. Digital Currency Group Inc, U.S. Bankruptcy Court, Southern District of New York, No. 23-ap-01168; and Genesis Global Capital LLC v. DCG International Investments Ltd in the same court, No.

Persons: Dado Ruvic, Genesis, DCG, Barry Silbert, Jonathan Stempel, Stephen Coates Organizations: REUTERS, Group, Genesis Global Capital, Digital Currency Group International, Arrows Capital, Alameda Research, Genesis Global, LLC, Digital Currency Group Inc, Bankruptcy, Southern District of, DCG, Investments Ltd, Thomson Locations: Manhattan, Southern District, Southern District of New York, New York

☆ FTX's Bankman-Fried appeals judge's decision to jail him pending trial
▼ + stars: | 2023-08-28 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

"It is unclear how a cooperating witness who has promised to testify against a defendant could be meaningfully threatened by nothing but their own statements being published by a reputable newspaper," Bankman-Fried's lawyers wrote. His lawyers also said the jail was not allowing Bankman-Fried enough computer time to review evidence and prepare his defense. In her writings, Ellison described feeling "unhappy and overwhelmed" with her job and "hurt/rejected" from her break-up with Bankman-Fried. Prosecutors said Bankman-Fried shared Ellison's writings to harass her, and to dissuade others from testifying if they thought he would make them look bad in the press. Reporting by Luc Cohen in New York; Editing by Daniel Wallis and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Fried, District Judge Lewis Kaplan, Caroline Ellison, Ellison, Adderall, Luc Cohen, Daniel Wallis, Nick Zieminski Organizations: REUTERS, U.S, District, New York Times, FTX's, U.S ., Appeals, Prosecutors, Alameda Research, Brooklyn's Metropolitan Detention Center, Thomson Locations: New York, U.S, Brooklyn's

☆ Sam Bankman-Fried does not have access to Adderall in custody and subsists on a diet of peanut butter sandwiches and water, his attorney alleges
▼ + stars: | 2023-08-23 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +3 min

He's been living off of bread, water, and peanut butter, according to NBC News. AdvertisementAdvertisementSam Bankman-Fried's attorney claimed the disgraced crypto mogul is living off of scraps in custody because his requests for a vegan diet have been ignored. According to a commissary list for the prison, Bankman-Fried has been able to purchase two peanut butter and jelly sandwiches per visit, costing $3.65 per sandwich. AdvertisementAdvertisementBefore he was remanded to prison in the US this year, Bankman-Fried previously said that he mainly ate peanut butter while incarcerated in the Bahamas. Bankman-Fried's attorney didn't immediately respond to Insider's request for comment.

Persons: Sam Bankman, He's, Mark Cohen, Fried, Sarah Netburn, FTX, Caroline Ellison's, Ellison, Bankman, didn't Organizations: NBC News, Morning, Metropolitan Detention, NBC, Alameda Research, MDC, Alameda Locations: Brooklyn, Bahamas, Bankman

In a hearing in New York on Tuesday, lawyers for FTX founder Sam Bankman-Fried expressed concerns over their client's living conditions at Brooklyn's Metropolitan Detention Center, where he's being housed for alleged witness tampering. U.S. District Judge Lewis Kaplan, who is presiding over the criminal trial, had told a jail to provide these prescribed medications to Bankman-Fried. Judge Netburn said the defense would have to make trial prep requests through Judge Kaplan. Judge Netburn said she would address concerns over Bankman-Fried's living conditions directly with the U.S. Justice Department's Bureau of Prisons, which runs the jail. WATCH: Sam Bankman-Fried sent to jail over witness tampering

Persons: FTX, Sam Bankman, Mark Cohen, Christian, Judge, Sarah Netburn, Fried, Cohen, District Judge Lewis Kaplan, George Lerner, Lerner, Christian Everdell, Netburn, Judge Netburn, Judge Kaplan, Bankman, Caroline Ellison, Ellison Organizations: U.S, Brooklyn's Metropolitan Detention, District, MDC, U.S . Justice Department's, of Prisons, The New York Times, Alameda Research Locations: Manhattan, New York City, New York, Brooklyn's, U.S, Bankman

Lawyers for the former crypto billionaire, who is vegan, said the detention center is not accommodating his diet and failing to regularly dispense his prescription Adderall. “He’s literally now subsisting on bread and water, which are the only things he’s served that he can eat, and sometimes peanut butter,” his attorney, Mark Cohen, told the court. It’s a far cry from his house arrest, which he spent in the relative luxury of his parents Palo Alto home in California. Bankman-Fried, 31, has pleaded not guilty to multiple conspiracy and fraud charges relating to the collapse of his exchange, FTX, in November. The company filed for bankruptcy and quickly became the center of the federal fraud investigation.

Persons: Sam Bankman, Fried, “ He’s, he’s, Mark Cohen, Judge Netburn, Palo, Lewis Kaplan, Caroline Ellison, Bankman, FTX, SBF Organizations: New, New York CNN, of Prisons, Metropolitan Detention, Palo Alto, Super Bowl, Alameda Research Locations: New York, Brooklyn, California

Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court as lawyers push to persuade the judge overseeing his fraud case not to jail him ahead of trial, at a courthouse in New York, U.S., August 11, 2023. Bankman-Fried was jailed after sharing the personal writings of his former romantic partner and colleague, Caroline Ellison, with a New York Times reporter. Bankman-Fried has acknowledged risk management failures at FTX but denied stealing funds. Lawyers for Bankman-Fried disclosed that he also may assert an advice-of-counsel defense at trial, prosecutors said in court papers on Friday. Reporting by Luc Cohen in New York Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, District Judge Lewis Kaplan, Kaplan, Fried, Caroline Ellison, Ellison, Fenwick, Luc Cohen, Matthew Lewis Organizations: REUTERS, U.S, District, Brooklyn's Metropolitan Detention, New York Times, Alameda Research, Prosecutors, Bankman, West, Fenwick, Thomson Locations: New York, U.S, Manhattan, Brooklyn's, Alameda, Silicon Valley

☆ Restorative justice can be cheaper and more effective than jail time at preventing reoffences. An innovative Philadelphia program for youth has a 100% success rate.
▼ + stars: | 2023-08-18 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +8 min

Healing Futures is a Philadelphia restorative-justice-diversion program for people under 18. Harvey got a call a few weeks later from Kempis "Ghani" Songster, the program manager for Healing Futures, Philadelphia's first pre-charge program for youth restorative-justice diversion. AdvertisementNone of the youths who have completed the Healing Futures program have recidivated, he said. He's also now one of the 33 youths who've completed the Healing Futures program. September 6, 2023: This story has been updated to include the name of the parent organization of Healing Futures, the Youth Art & Self-Empowerment Project.

Persons: Janelle Harvey, Harvey, Kempis, Ghani, Songster, Philadelphia's, hadn't, Felix Rosado, Cheyenne Wade, Daniel, He's, who've, Kendra Brooks, Brooks, Queen, Rosado Organizations: Healing, Youth, Futures, Community Works, SEPTA, Charles Foundation, Philadelphia City Council, Kendra Brooks Healing, Healing Futures Locations: Philadelphia, Chicago , Washington, Queen, Oakland , California, Alameda County

kevin rooseAnd you’re listening to “Hard Fork.”casey newtonThis week on the show, Sam Bankman-Fried goes to jail. If you give me, like, 1 percent of the internet, that’s going to give me an aneurysm. And those three are actually going to get to live that out. So I actually think the classroom of the future looks remarkably like the classroom today, but you reverse what you’re doing in it. And I think that’s another piece, is we have to not be delusional about what has actually happened in education.

Persons: casey newton, Joe Rogan, kevin roose You’re, casey newton They’ve, kevin roose They’ve, who’s, kevin roose, Kevin Roose, ” casey newton, Casey Newton, Sam Bankman, Fried, what’s, Wharton, Ethan Malek, kevin roose Casey, I’ve, casey newton Guy’s, David Jaffe Bellini, David, ” david jaffe bellini, casey newton Hi, ’, he’s, david jaffe bellini, david jaffe bellini That’s, they’re, Sam’s, there’s, that’s, Casey, — casey newton, david jaffe bellini I’m, he’d, Caroline Ellison, Caroline Ellison’s, Caroline, She’s, we’ve, they’ve, Sam, He’s, I’m, haven’t, It’s, You’ve, There’s, you’re, Ryan Salem, hasn’t, Gary, Nishad, They’ve, SBF, casey newton Look, Harlem Globetrotters ’, it’s, Kevin, casey newton Oh, kevin roose David Jaffe Bellini, we’re, kevin roose It’s, “, casey newton Sure, Ethan Mollick Ethan, kevin roose Ethan Mollick, ” ethan mollick, ethan mollick, That’s, casey newton Tell, ChatGPT, ethan mollick —, you’ve, Steve Jobs, don’t, You’ll, ethan mollick Oh, casey newton Well, We’ve, kevin roose I’m, Ethan, casey newton It’s, they’d, you’ll, They’re, Ethan Mollick, casey newton —, should’ve, let’s, Cruise, casey newton That’s, — david jaffe bellini, kevin roose —, ”, Alex, casey newton Hey, casey newton Yes, Kyle Vogt, Franciscans, I’ll, kevin roose Totally, casey newton Yep, Uber, casey newton Right, Dirk, Kevin kevin roose, shouldn’t, — casey newton Yes, casey newton Don’t, Rachel Cohn, Davis, We’re, Jen Poyant, Caitlin Love, Sophia Lanman, Dan Powell, Marion Lozano, Rowan Niemisto, Paula Shoeman, Tam, David McCraw, Nell Gallogly, Kate LoPresti, Jeffrey Miranda Organizations: Spotify, The New York Times, FTX, Conference, NFL, Google, “ New York Times, MDC, Republican, Alameda, Twitter, Harlem Globetrotters, Washington Generals, Wharton School, University of Pennsylvania, Fork University, Caud Academy, they’re, TA, . University, University, Hard Fork, Wharton, DMs, San, San Francisco, Cruise, Department of Motor Vehicles, University of Michigan Transportation Research Institute, Virginia Tech Transportation, YouTube Locations: New York, California, Bahamas, Alameda, FTX, autodelete, Caroline, Wharton, GPT, Kenya, America, San Francisco, Charlotte , North Carolina, Texas, North Beach, Cruise, Franciscans, robotaxis, AVs, Rhode Island, Zurich, Paris, Madrid, Swiss, Switzerland

☆ Can’t Hear the Dialogue in Your Streaming Show? You’re Not Alone.
▼ + stars: | 2023-08-17 | by ( Brian X. Chen | More About Brian X. Chen | ) www.nytimes.com time to read: +1 min

“What did he just say?”Those are some of the most commonly uttered words in my home. No matter how much my wife and I crank up the TV volume, the actors in streaming movies and shows are becoming increasingly difficult to understand. We usually end up turning on the subtitles, even though we aren’t hard of hearing. In the streaming era, as video consumption shifts from movie theaters toward content shrunk down for televisions, tablets and smartphones, making dialogue crisp and clear has become the entertainment world’s toughest technology challenge. “It’s getting worse,” said Si Lewis, who has run Hidden Connections, a home theater installation company in Alameda, Calif., for nearly 40 years.

Persons: We’re, —, “ It’s, ”, Si Lewis Locations: Alameda , Calif

☆ FTX-tied Alameda gets $175 mln claim on Genesis bankruptcy estate
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

Aug 17 (Reuters) - FTX-affiliated cryptocurrency trading firm Alameda Research was granted a $175 million unsecured claim on the estate of bankrupt crypto lender Genesis Global Capital, according to a court filing dated Wednesday. The settlement marks a significant reduction from the nearly $3.9 billion claim that FTX, which is also bankrupt, had asserted earlier this year. Genesis said the settlement was "fair and equitable" and would allow the company to avoid pursuing "protracted litigation," the outcome of which would be "inherently uncertain." Once-prominent digital asset exchange FTX and lender Genesis Global are two of several crypto firms that went belly up after a turbulent 2022 hit investor sentiment for bitcoin and other crypto tokens. FTX has previously said Genesis was a primary "feeder fund" for Alameda, loaning it crypto assets that it used for further loans and investments.

Persons: Genesis, Sam Bankman, Fried, FTX, Jaiveer Singh, Dietrich Knauth, Varun Organizations: Alameda Research, Genesis Global, Genesis, Thomson Locations: Alameda, U.S, Bengaluru, New York

☆ In a recording of an all-hands meeting, Sam Bankman-Fried's ex Caroline Ellison blamed him for FTX's collapse
▼ + stars: | 2023-08-16 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +3 min

An employee recorded Caroline Ellison blaming him for using customer funds, per a new filing. Federal prosecutors said that Caroline Ellison, a top affiliate and ex of FTX founder Sam Bankman-Fried, blamed the embattled cryptocurrency mogul for using FTX customer deposits in a recording from a company meeting. Ellison told Alameda employees about the impending bankruptcy in the recording, prosecutors claimed. Federal prosecutors said that one employee pushed back, asking who decided to use FTX customer deposits. The memo tracks bad press around Alameda and FTX, but also shows Ellison's reflections on the alleged scheme between FTX and Alameda, prosecutors said.

Persons: Prosecutors, Sam Bankman, Caroline Ellison, Fried, Ellison, Bankman, Sam, FTX Organizations: Alameda Research, Prosecutors, Alameda Locations: New York, Alameda, FTX, Bankman

☆ Sam Bankman-Fried is in jail and will only get to enjoy his favorite peanut butter and jelly sandwiches 4 times a month, at $3.65 each
▼ + stars: | 2023-08-15 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

The facility limits him to two peanut butter jelly sandwiches every two weeks. Embattled ex-FTX CEO Sam Bankman-Fried is going to miss having his peanut butter and jelly sandwiches in prison. For starters, he will be only limited to two peanut butter jelly sandwiches every two weeks while in prison. According to the commissary list, Bankman-Fried can only purchase two peanut butter and jelly sandwiches at $3.65 each per visit. That could be tough for Bankman-Fried, a vegan who said he subsisted on peanut butter when he was incarcerated in the Bahamas last year.

Persons: Sam Bankman, Fried, Lewis Kaplan, Cameron Lindsay, it's Organizations: Metropolitan Detention, Morning, US, New York Times, of Prisons, Bankman Locations: Brooklyn, Bahamas, Alameda

☆ Bankman-Fried used $100 mln in stolen FTX funds for political donations, US says
▼ + stars: | 2023-08-14 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Bankman-Fried has previously pleaded not guilty to stealing billions of dollars in FTX customer funds to plug losses at Alameda Research, his crypto-focused hedge fund. Kaplan jailed him last Friday ahead of his Oct. 2 trial, after finding probable cause that Bankman-Fried tampered with witnesses. The November 2022 collapse of FTX after a flurry of customer withdrawals destroyed his wealth and stained his reputation. Bankman-Fried's indictment does not name the two people prosecutors say he used for "straw donors" to donate money at his direction. He donated $9.7 million to Democratic candidates and causes, and said in court he knew the money came from FTX customers.

Persons: Sam Bankman, Eduardo Munoz, Fried, FTX, District Judge Lewis Kaplan, Mark Botnick, Kaplan, Palo, Nishad Singh, Ryan Salame, Singh, Luc Cohen, Chris Reese, David Gregorio, Jonathan Oatis Organizations: REUTERS, Republicans, U.S, District, Alameda Research, Democratic, Federal, Commission, Republican, Bloomberg, Thomson Locations: New York, U.S, Manhattan, Bahamas, Palo Alto , California, San Jose , California

☆ Bankman-Fried used customer funds for $100 million in U.S. political donations, prosecutors charge
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: +2 min

Sam Bankman-Fried used stolen customer funds to make more than $100 million in political campaign contributions ahead of the 2022 U.S. midterm elections, federal prosecutors said on Monday in a new indictment filed against the FTX cryptocurrency exchange's founder. The new indictment charges the 31-year-old former billionaire with seven counts of conspiracy and fraud over the collapse of the exchange. He has previously pleaded not guilty to charges of stealing billions in FTX customer funds to plug losses at Alameda Research, his crypto-focused hedge fund. But the November 2022 collapse of FTX - after a flurry of customer withdrawals due to concerns about commingling of FTX and Alameda funds - decimated both his wealth and his reputation. He had previously been largely confined to his parents' Palo Alto, California, home on $250 million bond since his extradition.

Persons: Sam Bankman, Fried, Mark Botnick, Prosecutors, Bankman, FTX, District Judge Lewis Kaplan, Kaplan, Palo Organizations: FTX, Alameda Research, Democratic, Attorney's, U.S, District Locations: Manhattan, New York City, U.S, FTX, Alameda, Bahamas, United States, Palo Alto , California

☆ Prosecutors Detail Evidence Against Sam Bankman-Fried
▼ + stars: | 2023-08-14 | by ( David Yaffe-Bellany | More About David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

Prosecutors in the criminal case against Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, on Monday provided the most detailed account to date of the evidence they plan to use to convict him at trial in October. In a 70-page court filing, the prosecutors said they would draw on testimony from some of Mr. Bankman-Fried’s closest advisers, as well as an expert witness and other employees of FTX and Alameda Research, a crypto hedge fund he also founded. The prosecutors also said they planned to use notes that Caroline Ellison, one of Mr. Bankman-Fried’s top lieutenants, took after conversations with him, including a memo titled “Things Sam Is Freaking Out About.” And they said they would introduce a recording of a meeting in which Ms. Ellison told Alameda employees that she had worked with Mr. Bankman-Fried to siphon funds from FTX customers’ accounts. Mr. Bankman-Fried, a onetime crypto mogul who built FTX into one of the world’s largest virtual currency exchanges, was arrested in December and charged with orchestrating a sweeping scheme to use customer deposits to finance real estate purchases, charitable giving and donations to politicians. Ms. Ellison and two other top FTX executives, Gary Wang and Nishad Singh, have pleaded guilty to participating in the effort and agreed to cooperate with prosecutors.

Persons: Sam Bankman, Bankman, Caroline Ellison, Sam, Ellison, Gary Wang, Nishad Singh Organizations: Alameda Research, Alameda, Mr Locations: FTX

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