Bitcoin rose above $100,000 for the first time on Thursday as the election of Republican Donald Trump as president of the United States spurred expectations that his administration will create a friendly regulatory environment for cryptocurrencies. Bitcoin has more than doubled in value this year and is up about 45% in the four weeks since Trump’s sweeping … Read more
Former cryptocurrency executive Gary Wang, who unwittingly wrote the computer code that helped FTX founder Sam Bankman-Fried steal about US$8 billion from customers of the now-bankrupt exchange, was spared prison time by a judge on Wednesday. US District Judge Lewis Kaplan announced he would be imposing no prison time at a hearing in federal court … Read more
US tech executive Ryan Salame has made headlines again, this time for an ironic LinkedIn update. Known for his involvement in the cryptocurrency industry, particularly with FTX Digital Markets, Salame’s latest announcement is not about a new business venture but rather his incarceration. After pleading guilty to charges related to illegal political contributions and operating … Read more
Convicted cryptocurrency fraudster Sam Bankman-Fried’s former girlfriend was sentenced Tuesday to two years in prison for her role in the $11 billion collapse of his FTX exchange and Alameda Research hedge fund. Caroline Ellison, who struck a plea deal with prosecutors and served as the star witness at Bankman-Fried’s trial, grew teary while apologizing in … Read more
The jury that convicted Sam Bankman-Fried of stealing billions of dollars from customers of his FTX cryptocurrency exchange only saw “half the picture” because the judge did not allow in critical evidence, his lawyer argued in their appeal on Friday. In a 102-page brief filed with the 2nd US Circuit Court of Appeals, Bankman-Fried’s lawyer wrote that … Read more
A US agency said it won a court order for a $12.7 billion judgment against FTX and affiliate in the wake of the scandal involving former chief Sam Bankman-Fried, shown in December 2022 AFP Failed cryptocurrency platform FTX Trading and affiliate Alameda Research must pay $12.7 billion to compensate customers and fraud victims under a … Read more
Yes, Larry Fink really stepped in it when he started messaging woke Environmental Social Governance as the savior of mankind. But this column has always sought to put his career into the context it deserves. Fink is one of the most knowledgeable financiers on the planet, and it’s worth paying attention to what he says … Read more
San Francisco: Sam Bankman-Fried, the co-founder and CEO of collapsed crypto exchange FTX, was on Thursday sentenced to 25 years in prison in the US for seven counts of conspiracy and fraud charges. Judge Lewis Kaplan ordered a 240-month sentence and a 60-month sentence to be served consecutively, reports The Verge. “On obstruction of justice, … Read more
US prosecutors said Friday they do not plan to proceed with a second trial against Sam Bankman-Fried, who was convicted last month of stealing from customers of his now-bankrupt FTX cryptocurrency exchange. In a letter filed in federal court in Manhattan, prosecutors said the strong public interest in a prompt resolution of the case outweighed the … Read more
KEY POINTS Since May 2023, the IRS has been trying to collect tax arrears from the now-bankrupt crypto firm and its sister company Alameda Research IRS had initially claimed $44 billion across more than 40 claims against FTX and its subsidiaries FTX filed a lawsuit against SBF’s parents in September accusing them of exploiting “their … Read more
