Tag Archives: Sam Bankman-Fried (SBF)

FTX’s collapse has shaken the crypto market to the very core. But this isn’t the first time the space has experienced significant turmoil related to the failure of an exchange. The fall of Mt. Gox, an exchange that oversaw 80% of all Bitcoin trades back in February 2014, did likewise. Its former chief executive officer – Mark Karpelès – was arrested in 2015 and was later acquitted on several charges four years later. While admitting that Karpelès did a “bunch of horrible...

The global investment banking firm – Jefferies Group – reportedly determined FTX creditors could retrieve as much as 40% of their lost money. In an interview for The Block, Joseph Femenia – Global Head of Distressed Debt Trading at Jefferies – said there’s light in the tunnel for FTX creditors who could recover between 20% and 40% of their assets.  The executive, who has formed a five-person team to work on issues related to the bankrupt exchange, explained that rates could...

Sam Bankman-Fried – the former CEO of defunct crypto exchange FTX – will supposedly reverse his decision to contest extradition to the US. According to a Reuters report, SBF will appear before the court in the Bahamas on Monday, December 19. Bankman-Fried is currently held at a correctional facility in the Bahamas following his arrest on December 13. He faces multiple charges, including criminal, and is being investigated by the DOJ, SEC, and the CFTC. It was previously said...

The biggest news of the past seven days is undoubtedly the arrest of the former CEO of FTX – Sam Bankman-Fried. This took place on December 13th in the Bahamas at the request of the US Government. SBF now faces multiple counts of fraud charges, including criminal charges from the US DOJ. The US Bureau of Labor Statistics also published the numbers for the Consumer Price Index, which clocked in at 7.1%. The expectations were for 7.3%, which sent the markets, including Bitcoin,...

On December 13, 2022, Bahamian authorities denied parole to Sam Bankman-Fried, also known as SBF, after he was charged by U.S. lawmakers with eight counts of financial fraud. As reported by Reuters, Bahamian Chief Magistrate JoyAnn Ferguson-Pratt denied Sam Bankman-Fried’s lawyers’ request for parole, citing a “great” risk of him becoming a fugitive. Therefore, SBF, now inmate 1472, must spend Christmas in a Bahamian correctional facility, per Magistrate Ferguson-Pratt’s...

Every day, the crypto ecosystem finds evidence of unethical practices by Sam Bankman-Fried and/or his team. However, the founder of FTX and Alameda Research denies his responsibility for the sudden failure of his businesses, stating that he was unaware of any wrongdoing. But who’s responsible? Sam already has somebody in mind. In an interview with Forbes on December 12, Sam Bankman-Fried, the former CEO of FTX, once again blamed Binance CEO Changpeng Zhao for the failure of...

The bear market has been relentless. The little upward momentum gathered last week came to halt. For the most part, the price action has been at the mercy of good and bad news. The whales are hibernating, and with little volatility, Bitcoin is, by far and large, directionless. But experts are impatiently gearing up for some movement that would change the current market dynamic. And volatility may not be very far away. In fact, this is what may put more pressure on the crypto...

But blockchain firm Ripple’s Chief Technology Officer, David Schwartz, weighed in on Sam Bankman-Fried’s sympathizers but also went on to detail what went wrong with the company. Ripple CTO’s Take on FTX Collapse The exec listed out three things that went “horribly wrong.” FTX customer fiat assets were left in Alameda accounts and used by Alameda. Customer deposits FTX was just supposed to hold were commingled with assets used in riskier ways. Alameda was supposed to be...

MicroStrategy Executive Chairman Michael Saylor spoke on Tuesday about the layers of evil and mismanagement behind FTX’s collapse last month.  The executive accused the exchange’s former CEO, Sam Bankman-Fried, of both committing securities fraud through FTT, and using the asset as collateral to gamble away his depositor’s money. Dissecting the FTX Fraud In an interview with Patrick Bet David on Monday, Saylor – a self-proclaimed “Bitcoin Maximalist” – began by naming what he...

Binance CEO Changpeng Zhao (CZ) and ex-FTX boss Sam Bankman-Fried (SBF) traded barbs over Twitter on Friday as each contested the true nature of their private business dealings. During the exchange, Bankman-Fried asked CZ why he would “lie” about their situation, given he had already “won,” post bankruptcy. CZ’s Story CZ began with reference to Kevin O’Leary’s latest comments on FTX’s fallout.  In his interview with CNBC, the Shark Tank star suggested that FTX spent much of...