In a wild twist of fate, the crypto world’s foundation trembled as the FTX empire crumbled last year, leaving its founder, Sam Bankman-Fried, standing trial for a fraud of epic proportions. The US government asserts that this disgraced crypto mogul orchestrated one of the grandest financial deceptions in history, while his defense paints him as a naive young enthusiast who swam too deep in the digital tides. Two weeks deep into the riveting high-stakes drama of the courtroom,...
Read More »Ex BlockFi CEO Discusses Loans to Alameda in SBF Trial
Zac Prince – former CEO of collapsed crypto lending firm BlockFi – took the stand during Sam Bankman-Fried’s trial in New York City on Friday. The CEO discussed the size of his loans to the exchange’s sister trading desk, Alameda Research, and what exactly he knew about the state of their balance sheet as one of its major creditors. How BlockFi Went Bust Per testimony summarized by Inner City Press, Prince said BlockFi lent out “five to ten billion dollars” overall, of which...
Read More »Whistleblower Alleges Alameda Research Lost $190M to Avoidable Scams
A former engineer at Alameda Research, the sister hedge fund of FTX, alleges that the firm incurred losses exceeding $190 million due to preventable scams. Aditya Baradwaj, the whistleblower, emphasized the frequent “significant security incidents” resulting from the firm’s fast-paced operations. These allegations were documented in a post titled “The Hacks” on the platform X. Baradwaj reported a significant incident where a trader at Alameda lost more than $100 million of...
Read More »Here’s What SBF’s Ex-Girlfriend Said In Court About the FTX Fraud
Former Alameda Research CEO Caroline Ellison took the stand on Tuesday to testify to the alleged crypto fraud led by her and her ex-boyfriend, Sam Bankman-Fried. Ellison claimed that Alameda took over $10 billion FTX customer to pay off its loans, all at Bankman-Fried’s order. Caroline Ellison Speaks As summarized by Inner City Press on Tuesday, Ellison confessed immediately that she committed fraud alongside Bankman-Fried and others. “He directed me to commit these crimes,”...
Read More »SBF Digs into Lawyers’ Role in Alleged $200M ‘Sham’ Alameda Loans
Sam Bankman-Fried, founder of cryptocurrency exchange FTX, is making a bold move in his ongoing legal battle. Bankman-Fried is seeking to shed light on the involvement of lawyers in what prosecutors have termed a “$200 million sham” involving Alameda Research, the hedge fund arm of FTX. Wang’s Testimony Sheds Light on Legal Structure of Alameda Loans Attorneys representing Sam Bankman-Fried are requesting permission to question FTX co-founder Gary Wang regarding the legal...
Read More »Cardano Founder Says SBF Getting a Free Pass From the Media Shows the Levels of Corruption
Charles Hoskinson, the founder of the Cardano blockchain, has slammed the mainstream media and everyone who is trying to paint the wrongdoings of Sam Bankman-Fried (SBF), the indicted founder and former CEO of the bankrupt cryptocurrency exchange FTX, as mistakes, thereby making him look like a good man. In a recent post on X, Hoskinson said it seemed “extraordinary” to him that SBF, who he tagged the “Bernie Madoff of my generation,” was getting a free pass from the media...
Read More »Tale of Caroline Ellison: One of the Few Who Know The Truth About SBF
The prosecution and defense teams in the criminal trial against Sam Bankman-Fried (SBF), the indicted founder and former CEO of the bankrupt cryptocurrency exchange FTX, seem to be hinged on the testimony of Caroline Ellison, the former CEO of FTX’s sister trading firm Alameda Research. According to a Bloomberg report, both parties are seeking to prepare the jury for Ellison’s testimony, as she is considered one of the few people who know the truth about SBF due to her...
Read More »Alameda’s Secret Backdoor Was Discovered Months Before FTX’s Collapse: Report
Amid the ongoing trial of FTX co-founder and former CEO Sam Bankman-Fried, a report has surfaced stating that some of the company’s employees based in the United States found a hidden backdoor allegedly used by Alameda Research to siphon billions worth of customer funds from FTX, six months before the crypto exchange’s eventful fall. The firm’s top management fired the leader of the FTX team, who discovered the secret backdoor for Alameda. FTX Employees Alerted Exec About...
Read More »Bankman-Fried’s Lawyers Blame His Ex-Girlfriend and CZ For FTX’s Collapse
With jury selection finished, FTX co-founder Sam Bankman-Fried’s (SBF)’s trial is officially underway, with prosecutors and defense lawyers delivering their opening statements on Wednesday. During his remarks, SBF’s lawyer Mark Cohen asserted that the former exchange tycoon “didn’t defraud anyone,” instead pointing the finger at Binance CEO Changpeng Zhao (CZ) for causing a “run on the bank at FTX.” SBF Was “Just A Math Nerd” As summarized by Inner City Press on Wednesday,...
Read More »How CZ Declined $40 Million Investment Offer from SBF
According to Michael Lewis’ book “Going Infinite,” Binance CEO Changpeng “CZ” Zhao turned down an offer in March 2019 from former FTX CEO Sam Bankman-Fried to invest $40 million in creating a cryptocurrency futures exchange. Binance, originally a spot crypto exchange, decided to develop a futures exchange internally instead of accepting an offer from Bankman-Fried. In response, SBF established FTX in May 2019. However, FTX faced financial difficulties and filed for bankruptcy...
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