DIRS.INFO The most relevant business & tech news

☆ Judge thrashes Sam Bankman-Fried for claiming FTX customers didn't lose any money before handing down 25-year sentence
▼ + stars: | 2024-03-28 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +7 min

Sam Bankman-Fried's lawyers claimed that FTX customers had "zero" losses when the exchange collapsed. Had Bankman-Fried held onto the company — and if Ray had listened to his advice rather than spurn him — FTX customers could have gotten their money back quickly, he claimed. In a recent proposal to be approved by the bankruptcy judge, credit would be determined by the value of each customer's assets at the time that FTX filed for bankruptcy. US District Judge Lewis Kaplan and Sam Bankman-Fried. AdvertisementKaplan said that, in any case, Bankman-Fried couldn't be credited for the bankruptcy debtors' work to get FTX customers their money back.

Persons: Sam Bankman, —, Lewis Kaplan, Bankman, Fried, Kaplan, John J, Ray III, Ray, FTX, Ray —, bitcoin, Jane Rosenberg Prosecutors, Nicolas Roos, Fried perjured Organizations: Service, Alameda Research, Alameda, —, Enron, Residential Capital, REUTERS, FTX Locations: Manhattan, FTX, Las Vegas, Delaware

NEW YORK (AP) — FTX founder Sam Bankman-Fried's orchestration of one of history's largest financial frauds in his quest to dominate the cryptocurrency world deserves a prison sentence of 40 to 50 years, federal prosecutors on Friday told a federal judge. “His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people’s money. And even now Bankman-Fried refuses to admit what he did was wrong,” prosecutors wrote. Bankman-Fried was extradited to the United States in December 2022 from the Bahamas after his companies collapsed a month earlier. “Even following FTX’s bankruptcy and his subsequent arrest, Bankman-Fried shirked responsibility, deflected blame to market events and other individuals, attempted to tamper with witnesses, and lied repeatedly under oath,” prosecutors said, citing his trial testimony.

Persons: — FTX, Sam Bankman, Prosecutors, Tom Brady, Larry David, “, Fried, ”, ” “, Judge Lewis A, Kaplan, Marc Mukasey, “ Sam, ” Mukasey, — Locations: Manhattan, ”, United States, Bahamas, Palo Alto , California

☆ Here are the emails, texts and photos that could put Sam Bankman-Fried in prison for life
▼ + stars: | 2023-11-02 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +16 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. Zoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Source: SDNYZoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Source: SDNYZoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Zoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried.

Persons: Sam Bankman, Fried, FTX, Renato Mariotti, Bryan Cave Leighton, Caroline Ellison, —, Alameda —, Ryan Pinder, Rob Creamer, didn't, Ellison, he'd, HOOD, they'll, FTX's, Sun, Bankman, Stephen Curry, Tom Brady, Giselle Bundchen, Larry David, Nishad Singh, Michael Kives, Bryan Baum, Hillary Clinton, Katy Perry, Orlando Bloom, Leonardo DiCaprio, Kris, Kylie Jenner, SDNY Singh, Baum, Drappi, Jane Rosenberg, Joe Bankman, Ramnik Arora, Ryne Miller, Constance Wang, Ryan Salame, Changpeng Zhao, Michael Lewis, Singh, Lewis Organizations: U.S . Justice Department's Securities, Commodities, Lawyers, U.S, Alameda Research, Alameda, Geneva Trading, FIA, Traders Group, Wall Street Journal, Google, shuttering, Prosecutors, NBA, Major League Baseball, K5, Federal Court Locations: Chicago, Bahamas, Bankman, Alameda, FTX, shuttering Alameda, Hong Kong, New York City, U.S, Sequoia, Alameda's

NEW YORK (AP) — FTX founder Sam Bankman-Fried testified at his New York trial on Friday, denying that he defrauded anyone but acknowledging that the innovative business he had hoped would move the cryptocurrency ecosystem forward ended up hurting customers instead. “It turned out basically the opposite of that,” and a lot of customers and others got hurt, Bankman-Fried said. After the jury was sent home Thursday, Bankman-Fried testified in front of the judge about his communications with lawyers as he built his cryptocurrency empire. The executives testified that Bankman-Fried directed them to spend billions of dollars taken from the accounts of FTX customers and funneled through Alameda Research, a hedge fund he started in 2017, two years before he created the FTX cryptocurrency exchange. ___For more AP coverage of Sam Bankman-Fried and FTX: https://apnews.com/hub/sam-bankman-fried

Persons: — FTX, Sam Bankman, Fried, Mark Cohen, “, Judge Lewis A, Kaplan, ” Kaplan Organizations: Prosecutors, Alameda Research Locations: York, Manhattan, California, Bahamas, Bankman, New York, Palo Alto , California, Alameda

NEW YORK (AP) — FTX founder Sam Bankman-Fried plans to testify at his fraud trial, his lawyer told a federal judge on Wednesday, a day before the defense is set to counter testimony from former executives who say the cryptocurrency executive stole billions of dollars from his customers and investors over several years. Attorney Mark Cohen told Judge Lewis A. Kaplan that he planned to call three witnesses “and then our client is also going to be testifying” after prosecutors rest early Thursday. Even so, prosecutors and the judge later discussed the possibility that closing arguments could occur early next week if Bankman-Fried changes his mind and doesn't take the stand. That means only Bankman-Fried or other character witnesses can tell his side of the story, former prosecutors said. ___For more AP coverage of Sam Bankman-Fried and FTX: https://apnews.com/hub/sam-bankman-fried

Persons: — FTX, Sam Bankman, Fried, Mark Cohen, Judge Lewis A, Kaplan, “, ”, Cohen, Rachel Maimin, Lowenstein Sandler, Caroline Ellison, Gary Wang, Joshua Naftalis, “ It’s, Mary Organizations: Alameda Research, Pallas Partners Locations: Manhattan, Palo Alto , California, Bahamas

☆ Crypto exchange C3 aims to fix a big flaw exposed in the collapse of FTX. Its cofounders just raised $6 million from hedge fund Two Sigma's venture arm.
▼ + stars: | 2023-02-10 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

The crypto exchange C3 has raised $6 million in seed funding led by Two Sigma Ventures. A series of bankruptcies — FTX, BlockFi, Celsius, Voyager, Genesis — has exposed major flaws within several crypto financial institutions. Michel Dahdah believes his company, the crypto exchange C3, can fix one big challenge these crypto companies face: the custody question. C3 has raised $6 million in seed funding led by Two Sigma Ventures, the venture-capital arm of the hedge fund Two Sigma Investments. In the traditional finance world, custody and exchange are separate functions, and crypto needs to follow suit, he said.

☆ Judge in FTX bankruptcy case rejects motion to remove elite NYC lawyers
▼ + stars: | 2023-01-20 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —One of America’s elite white-collar law firms has emerged as a contentious figure in the complex FTX saga. A judge ruled that the bankrupt crypto platform could retain Sullivan & Cromwell as legal counsel, overruling objections from FTX customers who accused the firm of conflicts of interest. Then FTX’s former top lawyer supported the motion in a court filing, which included additional allegations that one of his former colleagues improperly funneled FTX business to Sullivan & Cromwell. Friedberg alleged that that lawyer funneled business to Sullivan & Cromwell, hoping to curry favor with the firm to which he hoped to eventually return. Earlier this month, a group of US senators also raised objections to Sullivan & Cromwell’s participation in the FTX bankruptcy.

☆ The FTX disaster has set back crypto by 'years' — here are 3 ways it could reshape the industry
▼ + stars: | 2022-12-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

It aims to reduce the risks for consumers buying crypto, making exchanges liable if they lose investors' assets. The saga has set back adoption of crypto assets by "one or two years," according to Evgeny Gaevoy, founder and CEO of crypto market maker Wintermute. ConsolidationMany new companies and projects emerged in the years that followed the 2018 crypto winter — FTX among them. Marieke Flament, Near's CEO, said the firm had limited exposure to FTX — though the collapse was still "a surprise and a shock." Fears have risen over the financial health of other major crypto exchanges after FTX's failure.

☆ A market downturn hasn't made activist investing any easier. Here's why.
▼ + stars: | 2022-12-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

But even with a market downturn, activist investors' campaigns haven't been the cakewalk some might expect. Insider's Daniel Geiger, Rebecca Ungarino, and Casey Sullivan spoke to industry insiders — including famed activist investor Carl Icahn — about why the current landscape isn't as accepting as some might think to activist campaigns. But when the going gets tough, the tough get going, and a difficult market environment doesn't mean we'll see the number of campaigns decrease. Click here to read more about why top activist investors like Carl Icahn say this line of work is riskier than ever. Here's a five-step plan to help you decide when that side gig you have should be the only gig you have.

☆ FTX collapse won't sink the crypto economy, but will change it, Blockchain.com CEO says
▼ + stars: | 2022-11-10 | by ( Barbara Collins | ) www.cnbc.com time to read: +3 min

This week's FTX collapse is "a tragedy and total failure of governance," Blockchain.com CEO and co-founder Peter Smith told CNBC's "Closing Bell" on Thursday, but it's not going to sink the crypto economy by any stretch. The FTX situation will lead more investors to focus on corporate structure in crypto moving forward. Some analysts have said crypto exchange Coinbase could be among the companies to benefit from a greater focus on regulated entities. Armstrong pushed back in his interview, saying that as a public company, concerns about crypto custody are a "non-issue." As a public company, he added, it has financial statements audited by big four accounting firms.

Search resuls for: "— FTX"

10 mentions found