Tag Archives: Sam Bankman-Fried (SBF)

In a recent interview, the former partner of Sam Bankman-Fried doubled down on his belief that the FTX founder is the crypto spin-off of Bernie Madoff. Nevertheless, Scaramucci added that he is sticking with crypto and bitcoin and provided his company’s intrinsic BTC value at the moment. The former White House Director of Communications for the Trump administration entered the cryptocurrency space shortly after the COVID-19 pandemic broke out and has become a permanent member...

Bankrupt cryptocurrency entities FTX, FTX.US, and Alameda Research have filed a lawsuit against former executives Sam Bankman-Fried (SBF), Nishad Singh, and Gary Wang for lavishly spending FTX Group’s assets on the acquisition of stock clearing firm Embed Financial Technologies. The move is the first formal action from FTX CEO John Ray against the company’s former management. The lawsuit, filed in the United States Bankruptcy Court for the District of Delaware, seeks to claw...

The Securities Commission of the Bahamas reportedly plans to strengthen the domestic cryptocurrency regulatory framework after the collapse of FTX, which was based in the island nation. One such amendment will be the prohibition of algorithmic stablecoins and privacy tokens. The Bahamas was also where Sam Bankman-Fried (SBF) – the former CEO of FTX – lived prior to his arrest. He currently resides in his parents’ house in California, awaiting a trial that will determine...

Patrick Hilmann, the Chief Strategy Officer (CSO) of leading crypto exchange Binance, alleged that Sam Bankman-Fried (SBF), the founder and former CEO of the now-defunct rival exchange FTX, consistently criticized Binance’s CEO Changpeng Zhao (CZ) before FTX’s collapse, a behavior Hilmann referred to as “shading.” In a recent tweet, the CSO disclosed that SBF was fond of spreading fake rumors about CZ and often called him an “evil Chinese.” SBF Constantly Shaded CZ A great...

Founder and former CEO of bankrupt FTX exchange, Sam Bankman-Fried, will again plead not guilty to recent charges brought against him by US prosecutors, which include unlawful political donations and alleged bribery of Chinese officials. He is scheduled to stand trial for various criminal charges in October. Bankman-Fried to Plead Not Guilty to 13-Count Charges According to Reuters on Thursday (March 30, 2023), an anonymous source said that Sam Bankman-Fried is planning to...

Buried in a mountain of charges from the Justice Department, Former FTX CEO Sam Bankman-Fried (SBF) is reportedly paying his legal fees with money gifted to his father that was initially borrowed from his trading firm, Alameda Research.  The multi-million dollar revelation comes after Bankman-Fried claimed in late November that he had just $100,000 left in his bank account.  SBF’s Legal Defense Fund In a report published on Tuesday, Forbes claimed to have received information...

Former FTX boss Sam Bankman-Fried (SBF) has been slapped with another lawsuit from the Department of Justice (DOJ) for sending millions of dollars in bribe money to Chinese government officials The department claims that the bribe, worth $40 million, was to induce the government to unfreeze accounts connected to FTX’s sister trading firm, Alameda Research.  SBF Bribing China In an updated, superseding indictment shared Tuesday, the DOJ alleged that SBF “directed and caused...

The lawyers of Sam Bankman-Fried (SBF) have reportedly shaken hands with US prosecutors on amended bail conditions.  The authorities will give the former crypto mogul a new phone with no Internet capability and prohibit him from using online messaging applications. A recent Reuters coverage informed that SBF’s attorneys and American prosecutors involved in his case had revised his bail agreement.  The former CEO of FTX will have a new laptop with limited functions. It will...

Disgraced FTX founder Sam Bankman-Fried (SBF) is under yet another layer of legal pressure after a judge unsealed a superseding 12-count indictment against him on Thursday.  The filing adds 4 new charges to an 8-count indictment introduced in December, and includes new details regarding illegal political donations made by SBF. Straw Donor Scheme As the government alleges, Bankman-Fried “corrupted” the operations of both crypto exchange FTX and its sister trading firm Alameda...

Nishad Singh, the former head of engineering at bankrupt crypto exchange FTX, is close to striking a plea deal with federal prosecutors in the ongoing case against the exchange and its execs. According to a Bloomberg report, which cited people familiar with the matter, Singh plans to plead guilty to criminal charges over his role in the FTX saga. Singh to Strike Plea Deal With US Prosecutors The report noted that Singh has been negotiating a deal with Manhattan prosecutors as...