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Tag Archives: FTX Exchange

US DOJ Seeks Dismissal of SBF’s Proposed Expert Witnesses for Upcoming Trial

The United States Department of Justice (DOJ) has filed a motion to dismiss seven expert witnesses proposed by the legal team of Sam Bankman-Fried (SBF), the disgraced founder and former CEO of the bankrupt cryptocurrency exchange FTX. According to a Monday filing with the United States District Court for the Southern District of New York, the DOJ insisted on precluding all the witnesses because their opinions are inappropriate subjects for expert testimony, irrelevant to the...

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SBF Lawyers Seek Temporary Release, Object to 4 Million Pages of New Evidence

Sam Bankman-Fried’s trial is one of the biggest cases of white-collar securities fraud in Manhattan, with billions of dollars having gone astray from the defunct cryptocurrency platform FTX, causing significant financial distress to former users (and employees). In the latest development, the lawyers representing the disgraced founder objected to the four million pages of discovery notes provided by the US Department of Justice (DOJ), claiming that the move is “fundamentally...

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Former Alameda Engineer Explains How SBF Stole His Savings

A former engineer at Alameda Research has come forward with claims on X that his entire life savings were stolen by Sam Bankman-Fried (SBF), his former boss. Aditya Baradwaj paints a vivid picture of the rise and fall of FTX, exposing the contradictions, grand visions, and heartbreaking consequences that ensued. As an engineer at Alameda Research, I had my entire life savings stolen from me by my former boss: Sam Bankman-Fried. Now, after months of recuperation from the...

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FTX Ropes in Mike Novogratz, Galaxy Digital to Manage it Crypto Holdings

FTX intends to initiate the sale, staking, and hedging of its crypto assets. For this purpose, the bankrupt crypto exchange is seeking to rope in Mike Novogratz and Galaxy Digital as its investment advisers as part of its ‘Digital Asset Management and Monetization Program.’ Implementing hedging strategies for Bitcoin and Ether will serve as a method to mitigate FTX’s exposure to unfavorable price fluctuations prior to their sale, according to the petition filed on August...

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SBF Pleads Not Guilty Again, Complains About Lack of Vegan Food in Prison (Report)

The founder of FTX – Sam Bankman-Fried (SBF) – has reportedly pleaded not guilty in a Manhattan federal court to seven criminal charges in a new indictment. This was his first appearance since his bond was revoked earlier this month, leading to his imprisonment. SBF is expected to spend the days until his trial in MDC Brooklyn: a jail located in New York City notorious for its unpleasant living conditions. The lawyer of the 31-year-old American – Mark Cohen – claimed that his...

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Bankrupt Crypto Entities Genesis and FTX Reach Agreement on $175 Million Claim

FTX’s sister trading firm, Alameda Research, will be allowed a general unsecured claim of $175 million against Genesis. The disgraced crypto exchange led by Sam Bankman-Fried previously sought to claw back $4 billion from DCG-owned lender Genesis which also filed for Chapter 11 bankruptcy. However, the latest court filing suggests that FTX and Genesis have reached an agreement, with the former having to settle for $3.825 billion less than originally demanded. The deal also...

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Sam Bankman-Fried Sent to Jail for Witness Tampering: Report

Sam Bankman-Fried was reportedly sent to jail on Friday as US Judge Lewis Kaplan denied his lawyers’ request to delay detention. The former crypto mogul’s court date is set for October 2nd, and he could sit in a jail cell until then if the appeal is unsuccessful. CryptoPotato reported last month the allegations presented by the New York Times that SBF had tried to intimidate one of the key witnesses in his legal battle against US authorities – the former leader of Alameda...

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FTX Clients Sue Law Firm for Aiding SBF’s Alleged Fraud (Report)

A group of customers of the once-prominent cryptocurrency exchange FTX has reportedly filed a lawsuit against the law firm Fenwick & West, insisting that it contributed to the alleged scam orchestrated by Sam Bankman-Fried (SBF) and the subsequent multi-billion losses it brought.  The former leader of the exchange has pleaded not guilty to the fraud charges against him. He currently lives with his family, awaiting the trial at the beginning of October, which will...

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BlockFi’s Disclosure Statement Receives Conditional Approval By US Bankruptcy Court

Bankrupt crypto lender, BlockFi revealed that the US Bankruptcy Court for the District of New Jersey has conditionally approved its disclosure statement. The development essentially demonstrated that the reorganization process of BlockFi continues to make gradual progress eight months after filing the voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. In an official statement on August 2nd, Mark Renzi – BlockFi’s Chief Restructuring Officer,...

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FTX Seeks to Exclude Dubai Unit From U.S. Bankruptcy Proceedings

Bankrupt cryptocurrency exchange FTX has filed a motion to remove its Dubai unit from the ongoing bankruptcy proceedings in the United States. According to a document submitted to the U.S. Bankruptcy Court for the District of Delaware, FTX Dubai did not conduct any business activities in the United Arab Emirates (UAE) before the global entity filed for bankruptcy and is unlikely to resume its operations. Dismissing FTX Dubai From Bankruptcy Proceedings FTX Europe established...

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