Tag Archives: Sam Bankman-Fried (SBF)

Following Sam Bankman-Frieds’ speedy exit, authorities in the Bahamas began investigating the collapse of the collapsed crypto exchange. One measure taken was to freeze the assets of FTX Digital Markets – the Bahamian subsidiary of the company. Speculation Not Welcome In an address to the nation conducted via Facebook Live, Bahamas Attorney General and Minister of Legal Affairs Ryan Pinder praised the swift actions taken by the local regulators. He also cautioned would-be...

The Financial Crimes Investigation Board of Turkey (MASAK) seeks to seize “suspicious” assets linked to the battered cryptocurrency exchange FTX.  The authorities also plan to open an investigation against the trading venue’s former CEO – Sam Bankman-Fried (SBF). Going After SBF The Turkish agency sought a greenglight from the Istanbul Chief Public Prosecutor’s Office to launch a thorough inspection on FTX and its dubious activities over the years. The entity vowed to...

Tom Emmer – the U.S. congressional representative for Minnesota – recently spoke on the political meetings and failures surrounding Sam Bankman-Fried (SBF), prior to his exchange’s collapse.  The Republican suggested that Bankman-Fried tried currying “special treatment” from the Securities and Exchange Commission (SEC) through meetings with the agency, and attempted to push legislation to the same effect.  Bankman-Fried’s Political Relationships In an interview with FOX on...

The first twelve days of November were perhaps the darkest for 30-year-old Sam Bankman-Fried (SBF), as he not only lost his crypto empire but went from being a Bitcoin billionaire and crypto’s white knight to filing for bankruptcy and owing customers at least $3 billion. The next eight days revealed that SBF’s once-powerful crypto exchange FTX was not what everyone believed it to be. Here’s the timeline of the events that led to the fall of FTX in the last 20 days. The...

Despite the ultimate crash of FTX, the Japanese subsidiary of the company reportedly plans to allow client withdrawals by the year’s end. The fiasco of Sam Bankman-Fried’s exchange became one of the major events in crypto’s history. Once valued at approximately $32 billion, it recently failed to honor users’ withdrawal requests and reported severe liquidity issues. FTX filed for bankruptcy a few days later to “develop a process to maximize recoveries.” FTX Japan With a...

A new report by the Wall Street Journal claimed that the disgraced founder and former CEO of FTX took over 70% of the funds gathered from a funding round in October last year. He used the Binance buyback deal to justify his actions. CryptoPotato reported the fundraising round in October 2021 when FTX closed a $420.69 million Series B-1, bringing its total valuation to $25 billion at the time. Aside from the unusual and meme amount, the round saw the participation of exactly...

As the public opinion of former crypto hotshot Sam Bankman-Fried continues to wane, criticism aimed at him and his business is only growing fiercer. Jesse Powell, Kraken’s current CEO, who will be stepping down shortly, already criticized Sam Bankman-Fried for his attitude and hubris. According to Powell, SBF acted like he knew everything despite being late to the party and spent far too much money currying political favor. Although Powell will be retiring from the position...

One week after the implosion, legal woes for FTX have only intensified. According to the latest court filings from the company’s Bahamian liquidators, there are signs of “serious fraud and mismanagement” on the bankrupt crypto exchange’s part. The document filed in the US Bankruptcy Court of the Southern District of New York revealed that the Joint Provisional Liquidators’ findings to date indicate that FTX may have committed serious fraud and mismanagement. The filing seeks...

Changpeng Zhao – CEO of the world’s leading crypto exchange Binance – advised Sam Bankman-Fried to refrain from dropping misleading messages on Twitter and instead focus on his colossal problems with FTX. In one of his announcements, SBF referred to a mysterious “sparring partner” who could have played a role in the exchange’s collapse, and some estimated this might be Zhao. The latter said only a “psychopath” could come up with such a tweet, claiming the industry is not a...

John J. Ray III may have unwounded major corporate failures, but in over four decades of legal and restructuring experience, he claims to have never seen such “unprecedented” management failures as in the case of the bankrupt FTX cryptocurrency exchange under Sam Bankman-Fried’s tenure. In the latest filing to federal bankruptcy court, FTX’s new chief restructuring officer said, “Never in my career have I seen such a complete failure of corporate controls and such a complete...