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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto company led by former NYSE president acquires news outlet CoinDesk: 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, Chris Janczewski, head of global investigations at blockchain intelligence company TRM Labs, explains which crypto crimes were most popular in 2023.

Persons: explainers, Chris Janczewski Organizations: CNBC Crypto, CNBC, TRM Labs

☆ A timeline of Sam Bankman-Fried trial: Key moments leading up to FTX founder's conviction
▼ + stars: | 2023-11-03 | 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: +5 min

Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023. MAY 2019Bankman-Fried and former Google employee Gary Wang found FTX as a new platform to trade crypto tokens and derivatives. Bankman-Fried debuts on the Forbes billionaires list, which estimates his net worth at $22.5 billion. Alameda gives crypto lender Voyager Digital a $200 million credit facility, and FTX gives lender BlockFi a $250 million loan. In a post-arrest blog post, Bankman-Fried denies stealing funds and blames FTX's collapse on a broader downturn in crypto markets.

Persons: Sam Bankman, Fried, Amr Alfiky, Gary Wang, Larry David, CoinDesk, Binance, FTX, Changpeng Zhao, David, Tom Brady, Wang, Caroline Ellison, District Judge Lewis Kaplan, Nishad Singh, Kaplan revokes, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: United, REUTERS, Massachusetts Institute of Technology, Jane Street Capital, Alameda Research, Google, Forbes, Alameda, NFL, DEC, U.S, District, New York Times, Metropolitan Detention Center, Thomson Locations: New York City, U.S, Alameda, Bahamas, Manhattan, United States, Palo Alto , California, New York

☆ Sam Bankman-Fried was just convicted. Where does crypto go from here?
▼ + stars: | 2023-11-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at Sam Bankman-Fried's conviction and what it means for the future of crypto. Sam Bankman-Fried, the crypto industry's most recognizable face (and head of hair), was found guilty of seven counts of fraud and conspiracy on Thursday night. Charges against Bankman-Fried included wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering. The conviction came, perhaps fittingly, on the first anniversary of the CoinDesk scoop that sent FTX, the crypto exchange Bankman-Fried co-founded and led, into a tailspin. The downfall was swift, with Bankman-Fried resigning as CEO and FTX collapsing just over a week after the initial report.

Persons: —, Katie Notopoulos —, Linda Yaccarino, Sam Bankman, Chelsea Jia Feng Down, Crypto, SBF, FTX, Fried, Katie Balevic, Jacob Shamsian, Katie, Chelsea Jia Feng, Miami —, That's, Brian Snyder Jamie Dimon, Jeff Gundlach, Gundlach, Mike Blake, Jack Dorsey, Samantha Lee, Janet Yallen, Sheryl Crow, Missy Elliott, isn't, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Bankman, Alameda Research, Wall, BlackRock, PayPal, JPMorgan, Microsoft, Tech, Financial, Labor Statistics, Hall, Today Locations: FTX's, New York City, San Diego, London, New York

☆ Bitcoin may see a 'supply shock' as available tokens hit their lowest level since 2018 with a potential ETF likely to jolt demand, analyst says
▼ + stars: | 2023-10-27 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

That could set up a supply shock with potential approval of a spot bitcoin ETF looming, an analyst said. AdvertisementAdvertisementThe world's largest cryptocurrency by market capitalization might run into a shortage of liquid supply, especially with potential approval of a spot bitcoin ETF poised to boost demand. Bitcoin balance on exchanges and price of bitcoin CoinDesk, GlassnodeThe supply crunch could set up bitcoin for another price spike. Earlier this week, bitcoin hit $35,000, the highest since May 2022, on hopes that a spot bitcoin ETF would get regulatory approval soon. AdvertisementAdvertisementUnlike a regular currency, the supply of bitcoin was designed to be finite, capped at 21 million tokens.

Persons: Bitcoin, —, Matt Weller, CoinDesk, there's, bitcoin, Weller, haven't Organizations: Service

☆ Bitcoin jumps as ETF hopes drive the token to $30,000
▼ + stars: | 2023-10-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The token spiked 10% briefly on Tuesday after a false report said the SEC approved BlackRock's spot bitcoin ETF. Bullishness around a the spot bitcoin ETF is high, with calls growing for the SEC to sign off on a first-ever fund. AdvertisementAdvertisementBitcoin moved above $30,000 on Friday, spiking above the closely watched threshold before paring some gains, as a week of bullishness around a spot bitcoin ETF helps push the token higher. Hopes for a spot bitcoin exchange-traded fund have helped fuel the latest rally. The SEC has already approved bitcoin futures ETFs, though regulators have turned down bitcoin spot ETF applications repeatedly in recent years.

Persons: Bitcoin, —, Mike Novogratz, Novogratz, Gary Gensler Organizations: SEC, Service, Securities and Exchange Commission, Fidelity, Galaxy Digital, House Financial Services Locations: New York, BlackRock

☆ Crypto giant Binance's US affiliate halts direct dollar withdrawals
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 17 (Reuters) - The U.S. unit of cryptocurrency exchange Binance has halted withdrawal of dollars by its clients from the platform, its updated terms showed on Monday. In early June, Binance.US had halted dollar deposits, after the U.S. Securities and Exchange Commission (SEC) asked a court to freeze its assets. "In the event that customers wish to withdraw U.S. dollar funds from their account, they may do so by converting U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn," the terms page said. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Binance, Binance.US, Coindesk, Changpeng Zhao, Jaiveer Singh, Shweta Agarwal Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, U.S, Thomson Locations: U.S, Bengaluru

☆ 'I'd been suicidal for days': Sam Bankman-Fried lieutenant testifies about immense pressure to keep FTX crypto scam going — before it all crashed
▼ + stars: | 2023-10-17 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +13 min

He testified at the Sam Bankman-Fried trial that he was 'suicidal' over the crypto scam. AdvertisementAdvertisement"I've always been intimidated by Sam," Singh testified Monday. Before the September 2022 realization that Alameda was taking FTX customer money, Singh had participated in fraudulent activity in other ways. When he returned, the FTX CEO told Singh that he believed he could get $5 billion more in investments, Singh testified. As the chaos continued to roil FTX, Bankman-Fried, Ellison, and other executives pointed fingers at each other while employees and customers demanded answers, Singh said.

Persons: Nishad Singh, Sam Bankman, —, Singh, Gary Wang, Caroline Ellison, Wang, Fried, unsurprised, Ellison —, Ellison, FTX wouldn't, he'd, Gabe Bankman, Adam Yedidia, Singh —, Ryan Salame —, Singh's, Sam, FTX, Mary Altaffer, Anthony Scaramucci, Seth Wenig, Salame —, funneling, Coindesk, FTX —, Binance, Jane Rosenberg Bankman, Bankman, I'd, roil Organizations: Service, Alameda Research, Bankman, Alameda, AP, Democratic, Prosecutors, REUTERS Locations: Alameda, FTX, Bahamas, Manhattan, New York, Bankman

☆ Caroline Ellison appeared to have difficulty recognizing her ex-boyfriend Sam Bankman-Fried in court without his signature shaggy hair and cargo shorts
▼ + stars: | 2023-10-11 | by ( Grace Kay | Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Caroline Ellison appeared to have difficulty identifying her ex-boyfriend in court on Tuesday. Bankman-Fried sported a haircut and suit – ditching his signature shaggy hair and cargo shorts. AdvertisementAdvertisementCaroline Ellison appeared to have difficulty identifying her ex-boyfriend in court on Tuesday. For the trial, Bankman-Fried abandoned his signature cargo shorts and unruly hair in favor of a suit and a shorter hair cut. AdvertisementAdvertisementCaroline Ellison testified in the trial of her ex-boyfriend, Sam Bankman-Fried JANE ROSENBERGEllison has likely not seen Bankman-Fried in person for many months.

Persons: Caroline Ellison, Ellison, Fried, —, Sam Bankman, stiller, CoinDesk, Fried JANE ROSENBERG Ellison, FTX Organizations: Service, Alameda Research, CNBC, Street Locations: Manhattan, Brooklyn, Bahamas, FTX

☆ Inside Sam Bankman-Fried's $35 million crypto frat house in the Bahamas
▼ + stars: | 2023-10-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +11 min

Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Lawyers for the U.S. Attorney's office entered into evidence photos featuring Sam Bankman-Fried and his fellow co-workers at their shared $35 million Bahamian penthouse. In his testimony, Yedidia recalled a group Signal thread labeled "People of the House," which referred to Bankman-Fried's $35 million penthouse. Zoom In Icon Arrows pointing outwards Exhibit from the prosecution shows Signal thread called "People of the House," referring to Bankman-Fried's $35 million penthouse, where many employees lived.

Persons: Sam Bankman, Fried, Gary Wang, Adam Yedidia, Caroline Ellison, She's, somethings, Lewis Kaplan, Yedidia, it's, Ryan Salame, Joseph Bankman, Barbara Fried, Bankman, John Ray, Ray, Tiger Woods, Justin Timberlake, Michael Lewis, Lewis, napping, Mark Cohen, FTX, Ellison, hadn't Organizations: U.S, Southern, of, Lawyers, Alameda Research, Massachusetts Institute of Technology, MIT, SDNY, Bankman, Alameda, New Providence, FTX, Enron, Capitol, Prosecutors Locations: Bahamas, Manhattan, He's, of New York, Bankman, FTX, Alameda, Hong Kong, Caribbean, New Providence, New, U.S, Albany, oceanside

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX co-founder Gary Wang set to wrap up testimony in SBF trial: 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, Nikhilesh De, CoinDesk's managing editor for global policy and regulation, weighs in on the SBF trial and the testimony heard so far.

Persons: Gary Wang, explainers, Nikhilesh, CoinDesk's Organizations: CNBC Crypto, CNBC

"Assets were not fine, because FTX did not have enough assets for customer withdrawals." On Friday, Wang testified that on Nov. 6, 2022, FTX executive Nishad Singh knocked on his door and told him customers were trying to withdraw their money faster than FTX could process the transactions. He said no other FTX users had those special privileges, which the exchange did not disclose to its investors or customers. After FTX declared bankruptcy on Nov. 11, 2022, Wang testified that at Bankman-Fried's direction, he turned over some remaining FTX customer assets to the Bahamas, where FTX was based. Wang said Bankman-Fried said liquidators and regulators there were more amenable to letting him stay in charge of FTX.

Persons: Sam Bankman, Fried, Nicolas Roos, Gary Wang, Jane Rosenberg, FTX, Wang, FTX's, Nishad Singh, CoinDesk, Bankman, WANG, District Judge Lewis Kaplan, Christian Everdell, Caroline Ellison, Alameda's, Mark Cohen, Sam, Jody Godoy, Luc Cohen, David Gregorio, Nick Zieminski, Matthew Lewis Organizations: U.S, Federal Court, REUTERS, Alameda Research, Washington , D.C, District, Bankman, Thomson Locations: FTX, New York City, U.S, Manhattan, Washington ,, Alameda, Bahamas, Fried, United States, New York

☆ 'Shark Tank' star Kevin O'Leary laughs off idea that institutional investors want bitcoin: 'They don't own any of it'
▼ + stars: | 2023-10-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Institutions aren't putting money into bitcoin, despite talk of rising interest, Kevin O'Leary said. A bitcoin spot ETF won't happen as the main crypto exchanges are under SEC scrutiny, he told CoinDesk. Without compliant and transparent exchanges in the US, bitcoin won't rise in value, he added. AdvertisementAdvertisementDespite optimism that top institutions on Wall Street are going to step into bitcoin investing, that's not actually happening, "Shark Tank" star Kevin O'Leary said. Meanwhile, more transparent crypto exchanges may emerge in other parts of the world, potentially sending institutional interest elsewhere.

Persons: Kevin O'Leary, CoinDesk, —, that's, O'Leary, they're, Gary, That's, Changpeng Zhao, Sam Bankman Organizations: SEC, Service, Fidelity Locations: bitcoin, BlackRock

REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsOct 3 (Reuters) - Sam Bankman-Fried's fraud trial, which is set to kick off on Tuesday, marks the culmination of a yearlong legal saga stemming from the dramatic collapse of the FTX cryptocurrency exchange he founded. Below is a timeline of key events leading up to the 31-year-old former billionaire's trial. MAY 2019Bankman-Fried and former Google employee Gary Wang found FTX as a new platform to trade crypto tokens and derivatives. Alameda gives crypto lender Voyager Digital a $200 million credit facility, and FTX gives lender BlockFi a $250 million loan. In a post-arrest blog post, Bankman-Fried denies stealing funds and blames FTX's collapse on a broader downturn in crypto markets.

Persons: Sam Bankman, Eduardo Munoz, Gary Wang, Larry David, Fried, CoinDesk, Binance, FTX, Changpeng Zhao, David, Tom Brady, Wang, Caroline Ellison, District Judge Lewis Kaplan, Nishad Singh, Kaplan revokes, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: REUTERS, Massachusetts Institute of Technology, Jane Street Capital, Alameda Research, Google, Forbes, Alameda, NFL, DEC, U.S, District, New York Times, Metropolitan Detention Center, Thomson Locations: New York, U.S, Alameda, Bahamas, Manhattan, United States, Palo Alto , California

☆ Sam Bankman-Fried’s trial has started. Here’s what you need to know
▼ + stars: | 2023-10-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —The trial of Sam Bankman-Fried, a onetime crypto billionaire who stands accused of orchestrating a multibillion-dollar fraud, kicked off Tuesday in federal court in Manhattan. Here are the key things to know about the case, and what we might see over the next several weeks at the trial. Prosecutors opted in June to sever five other charges that were brought after Bankman-Fried’s extradition from the Bahamas, where FTX was based. Sam Bankman-Fried leaving the Bahamas on December 21, 2022, being extradited to the US to face charges. He was arrested in December in the Bahamas on charges including fraud and conspiracy and extradited to the United States in January.

Persons: Sam Bankman, Judge Lewis Kaplan, ”, “, ” Kaplan, SFB, SBF, Caroline Ellison, Bernie Madoff, FTX, Tom Brady, Larry David, Fried, Bankman, Ellison, Howard Fischer, Moses Singer, Fischer, Lewis Kaplan, he’s Organizations: New, New York CNN, Prosecutors, Alameda Research, Super, Royal Bahamas Police Force, Investors, Bankman, Coindesk, Alameda, New York Times, Securities and Exchange, Enron, Metropolitan Detention Locations: New York, Manhattan, FTX, Bahamas, Miami, Alameda, United States, Brooklyn

☆ The $8 billion Sam Bankman-Fried criminal trial starts today — here's what's at stake and how we got here
▼ + stars: | 2023-10-03 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

In the first trial, Bankman-Fried faces seven criminal counts related to the collapse of the crypto empire he built, including wire fraud, securities fraud and money laundering. Alameda, FTX and a host of subsidiaries Bankman-Fried founded filed for bankruptcy protection in Delaware. FTX's own terms of use specifically forbade him, or Alameda, from using customer money for anything — unless the customer allowed it. And from FTX's inception, there was a lot of customer money. Bankman-Fried and other executives admitted to each other that "FTX customer funds were irrevocably lost because Alameda had appropriated them."

Persons: Sam Bankman, Fried, Caroline Ellison, Gary Wang, Ellison, FTX, Wang, Judge Lewis Kaplan, Samuel Bankman, MacKenzie Sigalos, San Francisco —, SBF, Wang —, Nishad Singh —, Goldman Sachs, Binance, Damian Williams, Rehypothecation, —, Crypto, Solana, Zhao, he'd, Cromwell, John J, Ray, John Ray's, — CNBC's Rohan Goswami Organizations: Alameda Research, Southern, of, Stanford, MIT, U.S, New York Times, Bankman, That's, CNBC, Jane, Capital, University of California, Formula, Democratic, Twitter, Securities Exchange Commission, SEC, Futures Trading, United States Attorney's Office, CFTC, Alameda, Alameda didn't, Voyager, BlockFi, FTX, Industry, Investors, Zhao, Publicly, Sullivan, Enron Locations: Bahamas, Manhattan, New York, Alameda, of New York, FTX, Brooklyn , New York, San Francisco, South Korea, Alameda , California, Fried's Alameda, Berkeley, Miami, Washington, Delaware, California, Federal, Solana, Fried

☆ Sam Bankman-Fried’s fraud trial is about to start. Here’s what you need to know
▼ + stars: | 2023-10-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

This week, he will stand trial in what federal prosecutors have called one of the biggest frauds in US history. The 31-year-old Bankman-Fried, known as SBF, has pleaded not guilty to seven counts of fraud and conspiracy in connection with the collapse of FTX, his crypto-trading platform. Here are the key things to know about the case, and what we might see over the next several weeks at the trial. SBF faces seven counts, including wire fraud and securities fraud. FTX founder Sam Bankman-Fried was a crypto celebrity until November last year, when his business empire collapsed.

Persons: Sam Bankman, Fried, SBF, FTX, Tom Brady, Larry David, Amr Alfiky, Bankman, Caroline Ellison, Ellison, “, ”, Howard Fischer, Moses Singer, Fischer, Lewis Kaplan, he’s Organizations: New, New York CNN, Prosecutors, Alameda Research, Super, Reuters, Investors, Bankman, Coindesk, Alameda, New York Times, Securities and Exchange, Enron, Metropolitan Detention Locations: New York, Bahamas, FTX, Miami, Alameda, United States, Manhattan, Brooklyn

☆ Short seller Jim Chanos slams Michael Lewis' defense of FTX and compares the failed crypto exchange to Enron
▼ + stars: | 2023-10-02 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Jim Chanos called Michael Lewis' defense of FTX "nonsense" on Sunday. Lewis had told CBS's "60 Minutes" that the crypto exchange failed because of a bank run. AdvertisementAdvertisementJim Chanos has slammed Michael Lewis' defense of FTX, flatly dismissing the idea that the failed crypto exchange would have been fine without a wave of withdrawals. Lewis appeared on CBS's "60 Minutes" Sunday to discuss his upcoming book about Sam Bankman-Fried, "Going Infinite". AdvertisementAdvertisement"This is nonsense, as both FTX and Enron were both massively insolvent, not illiquid," the short seller added.

Persons: Jim Chanos, Michael Lewis, Lewis, CBS's, —, FTX, Sam Bankman, Chanos, CoinDesk, Fried, Donald Trump Organizations: Service, Enron, Alameda Research, New York City Locations: New York

☆ Sam Bankman-Fried talked crypto with Jerome Powell the same month that the Fed chair met with JPMorgan and Goldman Sachs CEOs
▼ + stars: | 2023-09-28 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried met with Jerome Powell last year to discuss crypto, per the NYT. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementJerome Powell, the chair of the Federal Reserve, once met with Sam Bankman-Fried to discuss crypto, The New York Times reported. Prior to the meeting, Wetjen sent the Fed chair some policy papers that FTX had recently published, according to the NYT. The FDIC and a spokesperson for Bankman-Fried did not immediately respond to Insider's request for comment, sent outside US working hours.

Persons: Sam Bankman, Fried, Jerome Powell, SBF, Martin Gruenberg, —, Mark Wetjen, Wetjen, FTX, Powell, stablecoins, cryptocurrencies, Goldman Sachs, David Solomon, Jamie Dimon, Morgan Stanley, James Gorman, Lael Brainard Organizations: Wall Street, Service, Federal Reserve, The New York Times, Commodity Futures Trading Commission, JPMorgan Chase, Times, Fed, National Economic Council, Federal Deposit Insurance Corporation, FDIC, Customers Locations: Alameda

JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin Ochs/File Photo Acquire Licensing RightsLONDON, Sept 26 (Reuters) - JPMorgan's (JPM.N) British retail bank Chase will ban crypto transactions made by customers from Oct. 16 due to an increase in fraud and scams, the company said on Tuesday. "We've seen an increase in the number of crypto scams targeting UK consumers, so we have taken the decision to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account," a spokesperson for the bank said. JPMorgan has attracted more than 1.6 million customers to its Chase retail bank since launching the mobile app-based service in Britain two years ago, and plans to roll out the consumer bank in other international markets over time. Spain's Santander said last year it would block UK customers from sending real-time payments to crypto exchanges as part of measures to protect customers from scams.

Persons: Caitlin Ochs, Chase, Spain's Santander, Iain Withers, Tom Wilson, Susan Fenton, Christina Fincher Organizations: JPMorgan Chase Bank, REUTERS, Chase, JPMorgan, NatWest, Thomson Locations: New York City, U.S, Chase, Britain

☆ Sam Bankman-Fried's trial to test dueling explanations for FTX’s collapse
▼ + stars: | 2023-09-26 | 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: +6 min

He plastered FTX's logo on a basketball arena in Miami and on MLB baseball umpires' uniforms. Prosecutors say Bankman-Fried directed Wang to change FTX's computer code to allow Alameda to borrow unlimited sums of money, a privilege other exchange users lacked. Bankman-Fried's defense lawyers have indicated in court papers that they plan to challenge the credibility of all three witnesses. "The question is, when did Bankman-Fried know that there wouldn't be enough money?" Reporting by Luc Cohen in New York; Editing by Amy Stevens and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Fried, Jane Street, FTX, Damian Williams, Forbes, Bankman, It's, Mark Kasten, Buchanan Ingersoll, Rooney, Caroline Ellison, Gary Wang, Nishad Singh, Wang, Singh, Ellison, District Judge Lewis Kaplan, Paul Tuchmann, Wiggin, Dana, Luc Cohen, Amy Stevens, Daniel Wallis Organizations: REUTERS, U.S, Wall, Alameda Research, MLB, Prosecutors, Attorney, Bankman, Alameda, District, New York Times, Thomson Locations: New York, U.S, Manhattan, Miami, Alameda, Bahamas

☆ See the private jets a Bahamian aviation firm says Sam Bankman-Fried and FTX funded with a $28 million handshake deal, and are now at the center of a 3-way ownership battle
▼ + stars: | 2023-09-22 | by ( Pete Syme | Taylor Rains | ) www.businessinsider.com time to read: +5 min

FTX loaned $28 million to a private jet company to finance its purchase of two jets, a court filing says. One of them has been in government custody since February, while the FTX Debtors claimed ownership of the planes in August. AdvertisementAdvertisementThursday's court filing says IAC received the loan after a "handshake deal" between Aranha and Bankman-Fried. It wasn't until August 7 that the FTX Debtors claimed ownership of the planes, the filing says. This is not the first time FTX Debtors have tried to get back assets.

Persons: FTX, SBF's, Sam Bankman, Fried's FTX, Paul Aranha, Fried, Aranha, Shaquille O'Neal, Stephen Curry, Naomi Osaka Organizations: Service, Bahamian, Court, Bombardier Global, Embraer, Island Air, IAC, Trans Island Airways, FTX Ventures, Trans, Airways, TIA, Bombardier, Global, US Marshals Service, Bradley International Locations: Wall, Silicon, Delaware, Connecticut

☆ See the private jets a Bahamian aviation firm says Sam Bankman-Fried and FTX funded with a $28 million handshake deal, which are now at the center of a 3-way ownership battle
▼ + stars: | 2023-09-22 | by ( Pete Syme | Taylor Rains | ) www.businessinsider.com time to read: +5 min

☆ 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

☆ Ripple buys crypto infrastructure startup in its second acquisition of 2023
▼ + stars: | 2023-09-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Founded in 2021 by Scott Purcell, an entrepreneur with a background in equity and debt crowdfunding, Fortress Trust aims to help large enterprises interact with digital currencies. The company uses a blockchain-based messaging system, akin to SWIFT, to approve speedy transactions between a network of banks and other financial institutions. A Ripple spokesperson declined to comment on the size of the deal but said that it is less than the sum Ripple paid to buy Metaco. Ripple also obtained a Nevada trust with its acquisition of Fortress Trust, adding to its growing list of regulatory permits globally. The company told CNBC previously it was also looking to get an e-money license with the Irish central bank.

Persons: Brad Garlinghouse, Ripple, Scott Purcell, Purcell, BitGo, SWIFT, Britain's, Singapore's, XRP, Stu Alderoty Organizations: Trust, Prime Trust, SBI, U.S . Securities, Exchange Commission, MoneyGram, CNBC, Monetary Authority of, Fortress Trust Locations: Austin , Texas, Nevada, U.S, Swiss, Fortress Trust's, York, New York, Monetary Authority of Singapore, Irish

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

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