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☆ Caroline Ellison took almost 30 seconds to recognize ex-boyfriend Sam Bankman-Fried as testimony begins
▼ + stars: | 2023-10-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

From a courthouse in downtown Manhattan, Ellison then listed her crimes: "fraud, conspiracy to commit fraud and money laundering." Ellison, who ran Alameda Research, pleaded guilty in December to two counts of wire fraud, two counts of conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering. Ellison said she was under the impression that it was FTX customer money because the sums exceeded the exchange's profits and the amount of capital it hard raised. That followed an in-person conversation between Ellison, Bankman-Fried and Sam Trabucco, Alameda's co-CEO. WATCH: Caroline Ellison testifies Sam Bankman-Fried directed her to commit crimes

Persons: Caroline Ellison, Sam Bankman, Ellison, Danielle Sassoon, Fried, Sassoon, Bankman, Sam, FTX, Binance, Sam Trabucco, Alameda's Organizations: Alameda Research, Jane, Stanford, Jane Capital, Alameda Locations: Manhattan, Alameda, New York, San Francisco Bay, Brooklyn, FTX

☆ Sam Bankman-Fried's risk appetite was so large that he would flip a coin if losing meant destroying the world, Caroline Ellison testified
▼ + stars: | 2023-10-10 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +5 min

Sam Bankman-Fried said he was willing to destroy the world with a coin flip, Caroline Ellison said. Sam Bankman-Fried said he would flip the coin — and urged everyone else to do so, too, Caroline Ellison testified in court Tuesday. Aside from customer funds, Ellison testified in federal court on Tuesday, Alameda made its crypto bets using money from loans. Ellison testified about a point in time in 2021 when Bankman-Fried wanted to spend $3 billion on venture investments. In addition, she said, Alameda Research already had around $2.7 billion in liabilities at the time.

Persons: Sam Bankman, Fried, Caroline Ellison, SBF, —, Ellison, Genesis —, Ellison —, Mark Cohen Organizations: Service, Alameda Research Locations: Alameda, FTX

"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

Eventually, the losses at the hedge fund, Alameda Research, became so large that there was no way to hide them any longer, Wang said in his second day of testimony. “FTX was not fine,” Wang said, referring to the now-infamous tweet that Bankman-Fried wrote only a few days before the exchange filed for bankruptcy in November 2022. Alameda was given these privileges initially because the hedge fund was the primary market maker for FTX's customers in the exchange's early days. The relationship was effectively a two-way street, where the exchange could help out the hedge fund and vice versa as FTX quickly grew between 2019 and 2022. Caroline Ellison, the former girlfriend of Bankman-Fried and CEO of Alameda, is expected to start testifying Tuesday after Wang.

Persons: Sam Bankman, Fried, FTX's, Gary Wang, Wang, “ FTX, ” Wang, FTX, Caroline Ellison Organizations: New, Alameda Research, Prosecutors, Bankman Locations: New York, Bahamas, Alameda

☆ Sex, Signal messages and sabotage: SBF's top execs and Bahamas roommates tell all in court
▼ + stars: | 2023-10-06 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +13 min

"Sam Bankman-Fried," he said. Wang said that in response to the reporting an emergency meeting was called between Bankman-Fried, Wang and Singh, to discuss shutting down Alameda. On Nov. 12, after FTX declared bankruptcy, Bankman-Fried asked Wang to drive with him to the Bahamas Securities Commission for a meeting. Yedidia said Bankman-Fried had told him, before he began working in the Bahamas in 2019, that he and Ellison had sex. Bankman-Fried asked Yedidia if it was a good idea for them to date, to which Yedidia said no.

Persons: Adam Yedidia, Sam Bankman, Jane Rosenberg, —, Gary Wang, Nicolas Roos, Wang, FTX, Nishad Singh, Caroline Ellison, Mr, Roos, Ellison, Fried, Reuters Wang, District Judge Lewis Kaplan, Singh, Yedidia, Bankman, Sam, Christian Everdell, he's, I'm, Matt Huang, Yuki Iwamura, Huang, Dawn Giel Organizations: Federal Court, Reuters, MIT, U.S, Alameda Research, District, Prosecutors, Bahamas Securities Commission, Massachusetts Institute of Technology, Google, Alameda, United, Paradigm, FTX, Bloomberg, Getty Locations: FTX, New York City, Bahamas, Manhattan, U.S, Alameda, Bahamian, New York, China, Minnesota, FTX's Hong Kong, Nassau, Bankman

Sam Bankman-Fried watches as Assistant U.S. Attorney Thane Rehn makes his opening remark in Bankman-Fried's fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 4, 2023 in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo Acquire Licensing RightsNEW YORK, Oct 6 (Reuters) - Sam Bankman-Fried's fraud trial kicked off this week, nearly a year after the FTX cryptocurrency exchange he founded declared bankruptcy in a collapse that shocked markets and left the 31-year-old wunderkind's reputation in tatters. Bankman-Fried has pleaded not guilty to charges of stealing billions of dollars in customer funds to prop up his crypto-focused hedge fund, Alameda Research. "Sam and his colleagues were building the plane as they were flying it," Cohen said in his opening statement on Wednesday. "The conversation began with me bringing up the large debt owed by Alameda to FTX and asking something like, 'are things OK?'"

Persons: Sam Bankman, Attorney Thane Rehn, Jane Rosenberg, Fried, Rehn, Mark Cohen, Sam, Cohen, Adam Yedidia, Fried's, Yedidia, Matt Huang, Huang, Gary Huang, Wang, Luc Cohen, Matthew Lewis Organizations: U.S, Attorney, Federal Court, REUTERS, Alameda Research, Manhattan U.S, ALAMEDA, Paradigm, Thomson Locations: Bankman, FTX, New York City, U.S, Thane, Alameda, New York

☆ The same day SBF promised his hedge fund wasn't getting special treatment, FTX gave it an unlimited line of credit — which other customers didn't get
▼ + stars: | 2023-10-06 | by ( Katie Balevic | ) www.businessinsider.com time to read: +5 min

The same day, the FTX rolled out a feature allowing Alameda to get an unlimited line of credit. Those other accounts signed a line of credit agreement, but Alameda was never required to sign such an agreement, Wang testified. He increased Alameda's line of credit incrementally to a few million, a few hundred million, a billion, and eventually tens of billions. At some point in late 2019 or early 2020, Wang checked Alameda's balance and noticed it was negative. Even doing so, Wang said Alameda's balance was still negative, meaning the money was coming from FTX customers.

Persons: Sam Bankman, Fried, —, FTX, Gary Wang, SBF, Wang, Nishad Singh, Bankman, Caroline Ellison, Sam, FTX's, Adam Yedidia, Yedidia Organizations: Alameda Research, Service, Twitter, Alameda Locations: Alameda, FTX, Manhattan, Bankman, FTT

☆ Former FTX developer says he confronted an 'anxious' Sam Bankman-Fried on Bahamas paddleball court while trying to fix bug that led to $8 billion hole
▼ + stars: | 2023-10-05 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +8 min

"The numbers seemed large to me," Yedidia testified Thursday in a federal court in downtown Manhattan. In a hut between paddleball courts, Yedidia expressed his concern to Sam Bankman-Fried, the CEO of FTX, who also controlled Alameda Research. AdvertisementAdvertisementA Sam Bankman-Fried, founder and former CEO of crypto currency exchange FTX in a courtroom last year. AdvertisementAdvertisementFormer FTX developer Adam Yedidia leaves after testifying during the trial of former FTX CEO Sam Bankman-Fried at Manhattan Federal Court in New York City. In the Bahamas, top employees and their significant others in both companies shared a $35 million penthouse apartment that Alameda Research paid for.

Persons: Fried, Adam Yedidia, —, Yedidia, FTX, Sam Bankman, Yadidia, Bankman, Jane Rosenberg, Reuters Yedidia, Caroline Ellison, Michael M, Ellison, Gary Wang, Nishad Singh, Singh, Sam, Caroline, I'm Organizations: Alameda Research, Alameda, Service, MIT, rockstar, Reuters, Bankman, Manhattan Federal, FTX, United Arab Locations: Bahamas, Alameda, Manhattan, FTX, Alameda FTX, Bankman, New York City, Saudi Arabia, United Arab Emirates

NEW YORK, Oct 5 (Reuters) - Sam Bankman-Fried's college roommate and ex-colleague, Gary Wang, testified on Thursday at the FTX cryptocurrency exchange founder's fraud trial that Bankman-Fried told him to give a hedge fund they co-owned special trading privileges on FTX. The special privileges granted to the hedge fund, Alameda Research, included a $65 billion line of credit, several orders of magnitude bigger than the amount other users were able to borrow, he said. He added that Bankman-Fried had directed him to implement the changes giving Alameda special privileges. Wang, 30, is the first of three former close associates of Bankman-Fried to testify at the trial, which began on Tuesday. Wang said Bankman-Fried decided to name the firm Alameda Research because it "makes it easier to do business if the name doesn't mention trading or cryptocurrency."

Persons: Sam Bankman, Gary Wang, Fried, Wang, FTX, FTX's, Mark Cohen, Matt Huang, Huang, Bankman, Nishad Singh, Caroline Ellison, Alameda's, Adam Yedidia, Yedidia, Sam, Joseph Bankman, Barbara Fried, Luc Cohen, Jody Godoy, Amy Stevens, Matthew Lewis Organizations: Alameda Research, Alameda, Massachusetts Institute of Technology, Prosecutors, MIT, Stanford Law, Thomson Locations: Alameda, tatters, Manhattan, FTX, China, United States, Bahamas, Yedidia, New York

Sam Bankman-Fried Trial appears at Federal Court in New York on Oct. 4th, 2023. Two years later, Julliard stood as the prosecution's first witness in the criminal fraud trial against FTX founder Sam Bankman-Fried, who's accused of misusing billions of dollars in client money. He and thousands of other FTX customers were practically wiped out when the exchange went belly up late last year. Allan Joseph Bankman, father of FTX Co-Founder Sam Bankman-Fried, and Barbara Fried, mother of FTX Co-Founder Sam Bankman-Fried, arrive at court in New York, US, on Wednesday, Oct. 4, 2023. WATCH: Sam Bankman-Fried criminal trial begins in New York

Persons: Sam Bankman, Claudia Johnson Marc, Antoine Julliard, Julliard, who's, FTX, Gisele Bündchen, Fried, Jane Rosenberg, Sam, Mark Cohen, Cohen, Attorney Thane, Rehn, Alameda's, Caroline Ellison, Allan Joseph Bankman, Barbara Fried, Stephanie Keith, Ellison's, Sam Trabucco, Trabucco, Rein, Adam Yedidia, Bankman, Yedida, hadn't, Gary Wang Organizations: Court, FTX, Federal Court, Reuters Defense, Alameda Research, Bankman, Assistant U.S, Attorney, Capitol, U.S, Bloomberg, Getty, MIT, Massachusetts Institute of Technology, Prosecutors Locations: New York, London, Manhattan, FTX, New York City, U.S, Alameda, Attorney Thane Rehn, Rehn

☆ Caroline Ellison was 'terrified' of Sam Bankman-Fried when she started working at Alameda
▼ + stars: | 2023-10-04 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Caroline Ellison worried she'd made a huge mistake within weeks of starting at Alameda Research. She told Michael Lewis, Sam Bankman-Fried's biographer, that she was "terrified" of the CEO. AdvertisementAdvertisementBefore Caroline Ellison warmed up to dating Sam Bankman-Fried, she was afraid of him. Ellison told Lewis that SBF would say he felt conflicted about having sex with her, yet he would continue to do so before ignoring her for months. Her work at Alameda Research catapulted her into scrutiny when her boss and onetime boyfriend's trading empire imploded.

Persons: Caroline Ellison, she'd, Michael Lewis, Sam Bankman, Ellison, SBF, —, Jane, Lewis, Tara Mac Aulay, Mac Aulay, Fried Organizations: Alameda Research, Service, Bankman, Jane Street, Wall Locations: Alameda

In his opening statement, Rehn said Bankman-Fried used more than $10 billion in FTX customer funds to amass his own wealth, power and influence. But Rehn said FTX collapsed because of Bankman-Fried's plundering of FTX customer cash. According to prosecutors, Bankman-Fried installed Ellison, his sometime romantic partner, as a "front" to lead Alameda in 2021. "In reality he was still calling the shots at Alameda," Rehn said. But Bankman-Fried's lawyer said that handing over the reins was normal as FTX grew and took up his time.

Persons: Sam Bankman, Attorney Thane Rehn, Jane Rosenberg REFILE, Fried, Thane Rehn, Mark Cohen, Rehn, Cohen, Zhao, FTX, duping, Caroline Ellison, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Matthew Lewis Organizations: U.S, Attorney, Federal Court, REUTERS, Alameda Research, Alameda, Bankman, Thomson Locations: Bankman, FTX, New York City, U.S, Bahamas, Alameda, New York

☆ 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

☆ FTX cofounder Gary Wang is set to testify against his childhood friend Sam Bankman-Fried. Here's what we know.
▼ + stars: | 2023-10-03 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

FTX cofounder Gary Wang was a critical player during the rise and fall of SBF's crypto empire . AdvertisementAdvertisementWhen Bankman-Fried cofounded Alameda Research in 2017, Wang reportedly left his role at Google. The tight group of executives reportedly included Wang, Bankman-Fried, Caroline Ellison, who was formerly Alameda's CEO, and Nishad Singh, FTX's former director of engineering. But at FTX, Wang was a somewhat reclusive figure, per reports. "All of the sudden that snapped into he was leaving that day, back to the US and implicitly mostly stopped working," Bankman-Fried told the news outlet.

Persons: Gary Wang, Wang, Sam Bankman, —, Bankman, MIT Wang, Wang's, Cherry Hill, Hector, Fried, Caroline Ellison, Nishad Singh, FTX's, Nishad, Gary, Singh, FTX, Ellison, Damian Williams, Ilan Graff, Sundar Organizations: Service, MIT, Bloomberg, Eastside, Epsilon Theta, Google, Forbes, Alameda Research, Court, District of, Sydney Morning Herald, Street Journal, Southern, of New York, Securities and Exchange Commission Locations: Oregon, Cherry Hill, New Jersey, China, Bahamas, Alameda, District of Delaware, FTX

Law Firms Michael R. Becker FollowNEW YORK, Oct 2 (Reuters) - Sam Bankman-Fried will likely defend himself at his fraud trial, due to begin on Tuesday, by arguing he did not think the use by his FTX cryptocurrency exchange of customer funds was improper and by challenging the credibility of those who say otherwise. He has long acknowledged failing to manage risk at FTX, but denied prosecutors' claims he stole billions of dollars in FTX customer deposits to plug Alameda's losses. In September court papers, Bankman-Fried's lawyers said he had a "good faith belief" that the manner in which FTX and Alameda handled customer funds was permissible. 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. Prosecutors are seeking to play jurors a recording of an Alameda meeting in which Ellison told colleagues that Bankman-Fried approved the use of customer funds.

Persons: Michael R, Becker, Sam Bankman, Fried, FTX, Alameda, Jordan Estes, Estes, Kramer Levin, Eduardo Munoz, District Judge Lewis Kaplan, Caroline Ellison, Gary Wang, Nishad Singh, Tim Howard, Freshfields, Ellison, Wang, Kaplan, Luc Cohen, Amy Stevens, Daniel Wallis Organizations: Alameda Research, New York Times, REUTERS, U.S, Attorney's, District, Alameda, Prosecutors, Thomson Locations: Brooklyn, Bankman, FTX, Alameda, New York, U.S, Manhattan

☆ Who is Caroline Ellison, a key witness set to testify against Sam Bankman-Fried?
▼ + stars: | 2023-09-28 | 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: +5 min

Now, a year after Alameda collapsed, Ellison is preparing to testify as a key witness at the Oct. 3 criminal fraud trial against its founder, another budding young philanthropist who also owned the now-bankrupt FTX cryptocurrency exchange: Sam Bankman-Fried. She told the FTX podcast she decided to join Bankman-Fried at Alameda despite lacking experience with cryptocurrencies to "maximize my impact." ELLISON MAY TESTIFY ABOUT ENCRYPTED MESSAGESProsecutors may ask Ellison about whether Bankman-Fried directed employees to use encrypted messaging platforms and ensure their messages automatically deleted. She has told prosecutors that Bankman-Fried said it is hard to build a case if information is not written down or preserved, court records show. Days before FTX declared bankruptcy, Ellison told Bankman-Fried her "increasing dread of this day" had been weighing on her for a long time, according to prosecutors.

Persons: Sam Bankman, Eduardo Munoz, Caroline Ellison, Ellison, Bankman, Alameda's, Sam, ELLISON, Jane Street, Harry Potter, Fried, Jane, FTX, Kaplan, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: REUTERS, Stanford, Alameda Research, Alameda, Prosecutors, Massachusetts Institute of Technology, New York Times, Thomson Locations: New York, U.S, Alameda, Bahamas, Manhattan, Boston, Fried, FTX

☆ Who is Sam Bankman-Fried, the onetime crypto mogul set to testify in his own defense?
▼ + stars: | 2023-09-27 | 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

NEW YORK, Oct 26 (Reuters) - A few years after graduating from college, Sam Bankman-Fried grew worried he was not taking enough risks. Two years after launching a hedge fund, Alameda Research, Bankman-Fried founded FTX, an exchange that let users buy and sell digital assets such as bitcoin. Based in the Bahamas, Bankman-Fried became known for his mop of unkempt curly hair and for wearing rumpled shorts, even when entertaining dignitaries like Bill Clinton. They contend the theft came to a head in 2022, when crypto prices swooned and he used FTX funds to plug losses at Alameda. Defense lawyers have argued that their cooperation agreements with prosecutors encourage them to implicate Bankman-Fried in the hopes of receiving lenient sentences.

Persons: Sam Bankman, Fried, Bill Clinton, Tom Brady, Larry David, FTX, Caroline Ellison, Alameda's, Forbes, Bankman, Jane Street, Gary Wang, Ellison, Nishad Singh, Wang, Singh, District Judge Lewis Kaplan, FTX's, influencer, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: Stanford Law School, Alameda Research, Forbes, Democratic, NFL, Alameda, Massachusetts Institute of Technology, Bankman, Prison, MIT, Jane, U.S, District, New York Times, Times, Thomson Locations: Bahamas, Manhattan, Alameda, United States, Asia, New York

☆ 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

☆ Some Alameda Research staff realised FTX had gone down when they tried to order takeout on a company card and it was declined, ex-employee says
▼ + stars: | 2023-09-25 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Alameda Research staff tried to order takeout whilst waiting for news about FTX on November 9, 2022. "We ordered our lunch in the afternoon, same as usual," Baradwaj told The Post about what happened on the day. AdvertisementAdvertisementAccording to Baradwaj's account, Ellison apologized to staff, told them of plans to wind the company down, and told them "this really sucks." FTX, Alameda Research, and 130 other affiliated companies filed for Chapter 11 bankruptcy two days later on November 11. The companies' collapse revealed that its cofounder and CEO Sam Bankman-Fried had secretly funneled FTX's customer funds to prop up Alameda Research.

Persons: Aditya Baradwaj, takeout, Baradwaj, Caroline Ellison, Ellison, Sam Bankman, Fried, Caroline, I'm Organizations: Alameda Research, FTX, Service, New York Post Locations: Alameda, FTX, Wall, Silicon, Hong Kong

☆ Sam Bankman-Fried said he was one of the 'most hated people in the world' in an unpublished Twitter thread written after he was arrested, report says
▼ + stars: | 2023-09-15 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Documents revealed by the New York Times shed light on Sam Bankman-Fried's mindset after his arrest. In a Twitter thread he never published, SBF called himself "one of the most hated people in the world." The documents also show Bankman-Fried blaming a lack of hedging by Caroline Ellison for Alameda's collapse. "I'm broke and wearing an ankle monitor and one of the most hated people in the world," Bankman-Fried wrote in an unpublished draft of a Twitter thread written after he was arrested late last year. The 250-pages of documents were shared with the New York Times by crypto influencer Tiffany Fong.

Persons: Sam Bankman, SBF, Caroline Ellison, Fried, I'm, Tiffany Fong, Katy Perry, Rihanna, Sam Trabucco, Trabucco, FTX, Ellison Organizations: New York Times, Service, Alameda Hedge Fund, Times, Alameda, Bankman Locations: Wall, Silicon, Alameda, Brooklyn

☆ 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

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

☆ US judge tightens Sam Bankman-Fried's bail, will consider jailing him
▼ + stars: | 2023-07-26 | 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: +2 min

[1/2] Indicted FTX founder Sam Bankman-Fried walks outside at the United States Courthouse in New York City, U.S., July 26, 2023. REUTERS/Amr Alfiky/File PhotoNEW YORK, July 26 (Reuters) - A U.S. judge on Wednesday tightened Sam Bankman-Fried's bail conditions, restricting his ability to communicate publicly, and will consider jailing him ahead of his trial over the collapse of his FTX cryptocurrency exchange. "I'm very mindful of the government's interest in this issue, which I take seriously," Kaplan said at a hearing in Manhattan federal court. Ellison, also Alameda's former chief executive, has pleaded guilty to fraud charges and agreed to cooperate with prosecutors. Reporting by Luc Cohen in New York; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Amr Alfiky, District Judge Lewis Kaplan, Fried, Caroline Ellison's, Kaplan, Mark Cohen, FTX, Ellison, Luc Cohen, Daniel Wallis Organizations: FTX, United, REUTERS, U.S, District, Alameda Research, Thomson Locations: New York City, U.S, Manhattan, Palo Alto , California, Bahamas, New York

☆ FTX managed to get $400 million in funding after Sam Bankman-Fried and an attorney invented a 'sham' agreement to explain close ties with Alameda, new CEO says
▼ + stars: | 2023-06-27 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried and an FTX attorney created a false document to explain close relations with Alameda, its CEO said. The false agreement was then shown to investors as part of FTX's $400 million Series C fundraising, the CEO said. FTX managed to raise $400 million in funding while showing false documents to investors, according to the crypto exchange's new CEO. This is a particularly interesting detail because the crypto exchange's implosion last November was provoked by the apparent commingling of funds between FTX and Alameda. for the benefit of the FTX customers,'" the document says.

Persons: Sam Bankman, FTX, John J Ray III, Fried, Ray Organizations: Morning, Alameda Locations: Alameda, FTX's, Delaware, FTX

June 26 (Reuters) - Certain banks working with FTX founder Sam Bankman-Fried's trading firm Alameda Research raised questions about the firm's wire activity as early as 2020, according to a report released by FTX on Monday. Federal prosecutors have alleged that Bankman-Fried stole billions of dollars in customer funds to plug losses at Alameda. He has previously said that when FTX did not have a bank account, some customers wired money to Alameda and were credited on FTX. In 2020, certain banks working with Alameda pressed the firm on its wire transfers, according to the report. One bank representative wrote to Alameda about references to FTX in the company's wire activity and asked whether the account was being used to settle trades on FTX.

Persons: Sam Bankman, FTX, Fried, Hannah Lang, Matthew Lewis Organizations: Alameda Research, Federal, Alameda, Thomson Locations: Alameda, FTX, An Alameda, Washington

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