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☆ Sam Bankman-Fried-backed Solana soars after ecosystem sees shiba inu-themed token airdrop
▼ + stars: | 2023-01-03 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Solana soared as much as 20% in the past day on news of a Bonk token airdrop. After losing nearly all its value in 2022 as Sam Bankman-Fried's crypto empire collapsed, solana ended a streak of nine consecutive losses. The Bonk airdrop is likely being used for Solana-based non-fungible tokens. After losing nearly all its value in 2022 as Sam Bankman-Fried's crypto empire collapsed, solana finally ended a streak of nine consecutive days of losses. Of the Bonk tokens being airdropped, roughly 20% could be used for an ecosystem of 297,000 Solana-based non-fungible tokens and 10% could go to Solana-based artists, according to CoinDesk.

☆ Regulators in the Bahamas back their estimate on $3.5 billion in seized FTX crypto assets, saying the exchange's counter-claim of $296 million is due to 'incomplete information'
▼ + stars: | 2023-01-03 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Regulators in the Bahamas stood by their estimate on the $3.5 billion in crypto assets they seized from FTX. They rejected FTX's claims that the assets are worth just $296 million. "Such public assertions by the Chapter 11 debtors were based on incomplete information," the SCB said. The Securities Commission of the Bahamas pushed back against FTX's own valuation of $296 million, saying "Such public assertions by the Chapter 11 debtors were based on incomplete information." Meanwhile, FTX founder and former chief executive Sam Bankman-Fried is set to be arraigned in court on Tuesday in Manhattan federal court.

☆ Judge orders Sam Bankman-Fried to be blocked from accessing or transferring any FTX or Alameda assets
▼ + stars: | 2023-01-03 | by ( Sindhu Sundar | Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried denied any role in the recently reported transfers of funds involving Alameda. A federal judge sided with prosecutors and blocked him from accessing Alameda and FTX assets. US district judge Lewis Kaplan, who presided over Bankman-Fried's arraignment on Tuesday in which the FTX and Alameda founder pleaded not guilty, granted prosecutors' request to restrain him from such transactions. Kaplan's ruling blocks Bankman-Fried from those transactions, though it allows him to come to an agreement with prosecutors about a possible different arrangement. On Tuesday, Kaplan set October 2 as a date for a trial, though Bankman-Fried could work with prosecutors to negotiate a plea deal before then.

☆ Sam Bankman-Fried pleads not guilty in the US government's criminal case over FTX crash
▼ + stars: | 2023-01-03 | by ( Sindhu Sundar | Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried entered a plea of not guilty to the fraud and conspiracy charges against him, according to reports. If Bankman-Fried doesn't reach a deal with the government, the case would head to a trial. "Just because he enters a plea of not guilty, it doesn't mean he's not working with prosecutors." How those cases proceed would also depend on the course of the criminal case. A criminal trial, for instance, could help him put civil suits against him on hold.

He is scheduled to appear at 2 p.m. EST (1900 GMT) before U.S. District Judge Lewis Kaplan in Manhattan. Bankman-Fried has admitted to making mistakes running FTX but said he did not believe he was criminally liable. The prosecution case was strengthened by last month's guilty pleas of two of Bankman-Fried's closest associates. Caroline Ellison, who was Alameda's chief executive, and Gary Wang, FTX's former chief technology officer, pleaded guilty to seven and four criminal charges, respectively, and agreed to cooperate with prosecutors. Bankman-Fried, Ellison and Wang were also sued by the U.S. Securities & Exchange Commission and Commodity Futures Trading Commission.

☆ Crypto Magnates Cameron Winklevoss and Barry Silbert Trade Barbs
▼ + stars: | 2023-01-02 | by ( Vicky Ge Huang | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

Tensions between crypto magnates Cameron Winklevoss and Barry Silbert erupted into an open dispute on Twitter at the start of the new year, with Mr. Winklevoss accusing Mr. Silbert of “bad faith stall tactics” that are hurting rank-and-file customers. The back-and-forth on Monday deals another blow to a sector struggling for credibility, especially since the collapse of FTX and its affiliated trading firm, Alameda Research. The fall of the two companies led to outflows from other crypto exchanges and the near-erasure in value of coins tied to FTX and Alameda, domino effects in a closely linked industry.

☆ Happy New Year! In 2023 kick out Trump, Elon Musk, Kanye and Depp
▼ + stars: | 2023-01-01 | by ( Lynn Stuart Parramore | Lynn Stuart Parramore Is A Cultural Historian Who Studies The Intersection Of Culture | Psychology | ) www.nbcnews.com time to read: +9 min

Though in far different fields, men like Ye (formerly known as Kanye West), Elon Musk, Donald Trump, Johnny Depp and Sam Bankman-Fried will forever be linked by this ignominious characteristic. Over the past 12 interminable months, America has witnessed the rantings of Hitler-loving Ye; Musk’s edgelord trolling on his new plaything, Twitter; Depp and his toxic TikTok fanboys; and Trump being Trump on any given day. While seemingly not vain like Ye or Depp or openly thuggish like Trump and Musk, he nonetheless exhibits traits that point to something sinister behind the “just-a-regular-dude” persona. Trump seems to be losing ground, and Republicans on the House Judiciary Committee finally took down their “Kanye. Musk asked Twitter users whether he should step down as CEO, and they voted “yes.”Unfortunately, until we address roots causes, there will always be another blustering bully, another Trump, another Ye.

☆ Sam Bankman-Fried offered lenders 20% returns in a scramble to rescue his crypto empire from an earlier crisis in 2018, report says
▼ + stars: | 2023-01-01 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried promised big returns when seeking emergency cash in 2018, a report said. The outlet said that Bankman-Fried's troubles long predated FTX and Alameda collapsing in 2022. The issue, the report said, led Bankman-Fried to seek out additional loans to keep Alameda going. Per The Journal, he promised annual returns as high as 20% in exchange for loans of cash or crypto, but offered few specifics. They include fraud for allegedly using FTX funds to support the endeavors of Alameda, buy real estate, and fund millions of dollars in political contributions.

☆ 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

Sam Bankman-Fried built the cryptocurrency exchange FTX on the reputation of his trading firm, Alameda Research LLC. Alameda was applying Wall Street-style wizardry to the crypto world—and outsiders thought it was winning big. But little was known beyond the firm about its trades, which included a lucrative early bet involving bitcoin in Japan. Alameda had no outside investors and didn’t disclose its performance.

☆ Sam Bankman-Fried's FTX collapse is a nightmare of shady finances - and these bizarre schemes emerged recently
▼ + stars: | 2022-12-31 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Recently, it emerged that FTX reportedly told customers to wire money to a little-known, fake electronics retailer website. One SEC complaint said FTX told customers to wire money to a subsidiary that was a little-known fake online electronics retailer. "FTX was an opaque company that was so centralized it relied entirely on one person," Andrew Yeoh, chief marketing officer of Web3 firm Nillion, told Insider. He has denied criminal liability and is due to appear in a New York federal court on January 3 for charges of wire fraud and conspiracy. "The point of crypto is that it's fully decentralized and trustless," he told Insider.

☆ From TerraUSD's meltdown to the collapse of a $32 billion crypto empire, here is a full timeline of the crypto market's year in 2022
▼ + stars: | 2022-12-31 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +7 min

Insider spoke with several crypto experts and charted the most influential events for the industry in 2022. The firm filed for insolvency in June, leading to widespread contagion. A month later, the firm filed for bankruptcy, listing $4.31 billion in assets and $5.5 billion in liabilities. The world's largest asset manager agreed to offer clients access to Coinbase's crypto trading and custody services. Radix's Epstein warned the industry must brace for more FTX contagion, but predicted crypto markets will rebound eventually.

☆ Sam Bankman-Fried is expected to plead not guilty to defrauding FTX investors, reports say
▼ + stars: | 2022-12-31 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried is likely to plead not guilty, per The Wall Street Journal and Reuters. He faces multiple criminal charges including wire fraud and conspiracy to commit money laundering. He's facing multiple criminal charges including wire fraud, conspiracy to commit money laundering, and conspiracy to violate campaign financing laws. It is not unusual for criminal defendants to initially plead not guilty and defendants can later change their plea, Reuters reported. Former Alameda Research CEO Caroline Ellison and FTX cofounder Gary Wang both pleaded guilty to criminal charges similar to those Bankman-Fried faces.

Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions. He is scheduled to appear at 2 p.m. EST (1900 GMT) on Tuesday before U.S. District Judge Lewis Kaplan in Manhattan to enter a plea. It is not unusual for criminal defendants to initially plead not guilty. Bankman-Fried has admitted to making mistakes running FTX but said he did not believe he was criminally liable. The prosecution case was strengthened by last month's guilty pleas of two of Bankman-Fried's closest associates.

☆ Bankman-Fried set to enter initial not guilty plea in FTX fraud case -source
▼ + stars: | 2022-12-30 | by ( Jack Queen | Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | ) www.reuters.com time to read: +1 min

Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions. He is scheduled to appear at 2 p.m. EST (1900 GMT) on Tuesday before U.S. District Judge Lewis Kaplan in Manhattan to enter a plea. The Massachusetts Institute of Technology graduate has been charged with two counts of wire fraud and six conspiracy counts, including to launder money and commit campaign finance violations. Bankman-Fried has admitted to making mistakes running FTX but said he did not believe he was criminally liable. Reporting by Jack Queen; Editing by Noeleen Walder and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ Bahamas regulator holds FTX assets pending delivery to customers, creditors
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

Dec 29 (Reuters) - The Securities Commission of the Bahamas said on Thursday that it is holding FTX assets worth $3.5 billion based on market pricing at the time of transfer on a temporary basis to deliver them to customers and creditors who own them. FTX's Bahamas unit's digital assets were transferred to digital wallets under the exclusive control of the commission in November soon after the company and its hedge fund Alameda Research and dozens of affiliates filed for U.S. bankruptcy. "All transferred assets were and remain under the sole control of the commission," Rolle said. The authorities in the Bahamas, where the company had its headquarters, appointed liquidators to wind down FTX's international trading business soon after the company announced bankruptcy. Reporting by Urvi Dugar and Akanksha Khushi in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks have taken a beating this year and investors feel worse than during 2008's Great Financial Crisis. Here's what that means for 2023.
▼ + stars: | 2022-12-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Now, unlike this newsletter and all you readers, the stock market is rounding out a year to forget. It's worth noting, too, that alongside slumping stocks, investor sentiment is worse than it was during the 2008 Financial Crisis. But in Fundstrat's view, that suggests a stock market bottom is near, if it hasn't happened already. In other words, overly bearish sentiment suggests stocks could be set up for a big rally in 2023. What's your stock market outlook for the new year?

☆ Sam Bankman-Fried denies moving funds out of crypto wallets following reports Alameda transferred tokens
▼ + stars: | 2022-12-30 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried denied moving funds out of wallets associated with Alameda Research. Cointelegraph said wallets associated with Alameda transferred funds just days after he was released on a $250 million bond, raising suspicions in the crypto community. The report also said several dormant Alameda wallets swapped ether for the stablecoin Tether before moving tokens into mixers. Several Twitter commentators cited public blockchain data that showed the Alameda wallets ultimately swapped the tokens for bitcoin. Alameda Research currently holds $112 million worth of cryptocurrencies, a decline from $140 million in holdings in November.

☆ Sam Bankman-Fried's Alameda Research sells $1.7 million in crypto amid bankruptcy and still holds over $112 million in tokens
▼ + stars: | 2022-12-29 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Alameda Research liquidated $1.7 million worth of cryptocurrencies over the past 24 hours. Data showed that wallets associated with Alameda unloaded Ethereum-based tokens, which were later swapped for bitcoin. The sales come amid bankruptcy proceedings for Sam Bankman-Fried's crypto empire. Arkham said in a Twitter thread that wallets linked to Alameda Research were dormant up until Wednesday, with the last prior transaction occurring on December 1. Alameda Research currently holds $112 million worth of cryptocurrencies, CoinDesk says, a decline from $140 million in holdings in November.

☆ Premarket stocks: Wall Street's biggest winners and losers in 2022
▼ + stars: | 2022-12-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

The S&P 500 is down nearly 20% and with two trading days left in the year, investors’ hopes of a miraculous recovery have been dashed. The energy sector has so far returned more than 60% this year, significantly outperforming every other S&P 500 sector. Occidental Petroleum has been the biggest gainer of the year in the S&P 500, up 122% year-to-date. The energy sector reported the highest year-over-year earnings growth of all 11 sectors, at 137.3%. Elon Musk’s Tesla (TSLA) is also down about 70%, making the auto tech company the third worst performer this year.

☆ The 5 biggest market losers in 2022: Elon Musk and Sam Bankman-Fried lead turbulent year
▼ + stars: | 2022-12-29 | by ( Brian Evans | ) www.businessinsider.com time to read: +4 min

Elon Musk saw a massive chunk of his wealth disappear in 2022, while Sam Bankman-Fried faces federal fraud charges. But other sectors of the market suffered major setbacks amid a turbulent year, such as housing. Here are the five biggest market losers of 2022. But other sectors of the market suffered major setbacks amid a turbulent macro environment that included red-hot inflation, 425 basis points in Fed rate hikes, and Russia's war on Ukraine. Here's a list of the five biggest market losers in 2022.

☆ Inside the relationship between Sam Bankman-Fried's FTX and Solana, the blockchain he championed whose token is down 96% from its highs
▼ + stars: | 2022-12-29 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried was a big supporter of Solana, the layer-1 blockchain that bills itself as a faster alternative to Ethereum's network. He backed projects on its ecosystem, and his firms amassed huge sums of the blockchain's native token, also called Solana (SOL). The disgraced former crypto mogul backed projects in its ecosystem, and his firms amassed huge sums of the blockchain's native token, also called Solana (SOL). Meanwhile, Bankman-Fried's hedge fund Alameda Research and crypto exchange FTX purchased large sums of SOL tokens from the Solana Foundation, the nonprofit that supports the blockchain, and Solana Labs, the blockchain's developer. That's despite the fact that around 80% of projects on Solana's blockchain had zero exposure to FTX, Yakovenko told Bloomberg.

☆ Here are the most shocking details of how FTX misused funds and treated customer money as its own private ATM, according to CFTC findings
▼ + stars: | 2022-12-29 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

FTX customer funds were comingled with Alameda since the beginning of the exchange's inception, according to a recent CFTC complaint. When Alameda's external loans were called in, FTX customer funds were used to cover the debts. The complaint also alleges Bankman-Fried, his parents, and some employees used customer funds for personal purchases and loans. Under the direction of Bankman-Fried, FTX customer funds were further used to cover the debt. It has also become clear that the flashy ad and sports campaigns were funded by customer deposits.

☆ Solana crypto token loses most of its value in 2022, FTX collapse weighs
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Dec 28 (Reuters) - The price of Solana, a cryptocurrency token that had been lauded by FTX founder Sam Bankman-Fried, fell 10.36% on Wednesday, and is down 94.2% so far in 2022. The collapse of FTX has rippled across the industry, hobbling liquidity at firms with exposure to what was once one of the world's biggest crypto exchanges. Solana , or SOL, is the token behind the upstart Solana blockchain, which supports smart contracts, including non-fungible tokens, and has emerged as a rival to the ethereum blockchain. FTX and Alameda, Bankman-Fried's trading firm, held Solana tokens on their balance sheets. While Solana has no direct relation to FTX, and had limited exposure to the failed exchange, its association with Bankman-Fried has been a drag.

☆ Accused California serial killer faces new charges in four other deaths, bringing total number of victims to seven
▼ + stars: | 2022-12-28 | by ( The Associated Press | ) www.nbcnews.com time to read: +2 min

STOCKTON, Calif. — A man suspected in Northern California serial killings has been charged in four additional slayings this week, bringing the total to seven deaths since April 2021, authorities said. He was also tied violence in Alameda County. Tuesday’s fourth case, an April 2021 slaying that brings the total to seven killings, was previously unreported. Brownlee was arrested in October when he “was out hunting” for another possible victim in Stockton, police said at the time. Brownlee was again convicted in Alameda County in December 2001 and sentenced to three years for the same crime.

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