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Tag Archives: SBF

Report: Mercedes F1 and MLB Teams Help FTX in Conducting Fraud Vid Deals

The ongoing lawsuit has a complaint against Mercedes F1 that echoes the accusations, asserting that the team prominently featured FTX’s logo on its cars, merchandise, and marketing materials. A group of FTX users has filed twin class-action lawsuits in a Florida district court, accusing the Mercedes-AMG Petronas F1 Team and Major League Baseball (MLB) of complicity in FTX’s alleged “massive, multibillion-dollar global fraud”. The suits, filed on November 27, claim that both entities aided...

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FTX Sues Bybit in Attempt to Recover $953M Withdrawn Prior to Chapter 11 Filing

FTX management has been trying to recover funds from multiple sources including beneficiaries of donations made by the firm and its former CEO Sam Bankman-Fried. FTX bankruptcy advisors have sued cryptocurrency exchange ByBit Fintech Ltd in an attempt to recover funds withdrawn prior to its collapse. According to a Bloomberg report, FTX management filed a lawsuit in a Delaware court on Friday against Bybit’s investment branch, Mirana Corporation and two corporate affiliates.  FTX’s...

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SEC to Greenlight FTX Revival Under Compliance-Driven Leadership

SEC Chair Gary Gensler said the agency would greenlight the reboot of the exchange if “Tom or anybody else” did it within the law. In an encouraging development, the US Securities and Exchange Commission (SEC) has hinted at the possibility of approving the revival of the beleaguered cryptocurrency exchange FTX, if the incoming leadership adheres strictly to regulatory guidelines. The revelation follows reports that former New York Stock Exchange (NYSE) president Tom Farley was among a...

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FTX Claim Pricing Jumps by 57% after SBF Convicted of Seven Criminal Charges

An upswing in a claim’s valuation signals an increase in the anticipated recovery worth. SBF’s inner circle – Caroline Ellison, Gary Wang, and Nishad Singh – might have to pay heavy penalties. On Thursday, November 2, the US court finally convicted FTX co-founder Sam Bankman-Fried of seven criminal charges. The sentencing will take place next year around March 2024. Interestingly, amid this development, FTX‘s claim price also surged by a staggering 57%. Fundamentally, a claim signifies an...

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Changpeng Zhao Loses Another $12B of His Fortune amid Regulatory Scrutiny

Zhao’s woes and those that are related to his exchange have been largely a result of the ongoing lawsuits against them. Binance co-founder and CEO Changpeng Zhao continues to see his fortune slashed after he reportedly lost another $11.9 billion, according to the Bloomberg Billionaires Index. This brings his total fortune loss from the January 2022 peak of $97 billion to around $80 billion. Zhao Is Losing His Wealth, Here’s Why As of publication, Zhao’s crypto empire is now worth a measly...

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Bloomberg Publishes New Documentary as Sam Bankman-Fried Prepares for His Stand in FTX Trial

As FTX disgraced founder Sam Bankman-Fried steps to defend himself in the court on Thursday, here’s what has transpired ever since the FTX bankruptcy. Sam Bankman-Fried will testify in defense of his actions leading up to the collapse of FTX and his entire digital asset empire. His legal team confirmed during a conference call with the judge on Wednesday that Bankman-Fried will take the stand at his fraud trial following the prosecution’s case. The 31-year-old FTX founder shall testify...

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FTX SBF’s Trial Reaches Final Stages, What’s Next?

Bankman-Fried’s legal team, led by Mark Cohen and Christian Everdell, has encountered difficulties in presenting a coherent narrative to the jurors. FTX co-founder Sam Bankman-Fried‘s trial is nearing its conclusion, with the prosecution set to conclude their case on October 26 after nearly 20 testimonies. The prosecution has called upon a wide range of witnesses over the past three weeks, including former FTX employees, customers, investors, government officials, and law enforcement...

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FTX Diverted Customer Funds to Buyback Stake from Rival Company Binance

It was disclosed that FTX customers’ money was spent on business investments, political and charity donations, and real estate. Beleaguered cryptocurrency exchange FTX spent customer’s deposits for business investments, political contributions, charitable donations, real estate, and the buyback of shares from competitor exchange Binance. During a hearing on Wednesday at the ongoing Sam Bankman-Fried (SBF) trial, professor Peter Easton, an accounting officer hired by the US Department of...

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Crypto Venture Funding Hits Low in Q3 2023

While early-stage crypto companies may still find willing investors, late-stage tech investors have largely exited the space. The crypto industry, which once thrived on investor exuberance and rapid growth, has recently hit a rough patch as venture funding for crypto startups in the third quarter of this year plunged to its lowest level since 2020. According to data from research firm PitchBook, Venture Capitalists (VCs) invested just $2 billion in crypto space during the quarter, marking...

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FTX Customers Remain Bullish on Crypto despite Losing Fortunes

While FTX customers remain optimistic about the future of cryptocurrency, their battle for compensation continues. As Sam Bankman-Fried (SBF), the former CEO of the defunct FTX exchange faces criminal charges,  customers who lost significant sums in the debacle remain bullish on crypto. In a new CNBC documentary premiering later today, they share their experiences and explain why they remain optimistic about the industry, even after losing everything. The Crypto Bullishness Evan Luthra, an...

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