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
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
South Korean authorities are seeking the arrest of Do Kwon, co-founder and chief executive officer of Terraform Labs. His company is behind the now-collapsed terraUSD and luna cryptocurrencies. South Korean prosecutors are now seeking to freeze bitcoin linked to Kwon. Woohae Cho | Bloomberg | Getty Images Months before Sam Bankman-Fried and the FTX fraud … Read more
Former Binance CEO Changpeng Zhao, center, departs federal court in Seattle on April 30, 2024. Jason Redmond | AFP | Getty Images Binance’s billionaire founder Changpeng Zhao has reported to a low-security federal prison in Lompoc, California. CNBC reached out to Zhao’s defense team at Latham & Watkins to confirm that the former crypto chief is … Read more
Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. Mike Segar | Reuters | Benjamin Girette | Bloomberg | Getty Images An arch rivalry between one-time crypto titans was brought to a close at a federal courthouse in Seattle on Tuesday when Binance founder Changpeng … Read more
Fremont Alameda County city, the fourth most populous in the Bay Area, is named “Happiest City in the U.S.” in a study by personal finance firm WalletHub that included rates of divorce, income, parks, depression and other factors. Sam Bankman-Fried Former Silicon Valley billionaire and CEO of the failed crypto exchange FTX … 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
FTX founder Sam Bankman-Fried was sentenced to 25 years in prison on Thursday for the massive fraud and conspiracy that doomed his cryptocurrency exchange and a related hedge fund, Alameda Research. The sentence in Manhattan federal court was significantly less than the 40 to 50 years in prison that federal prosecutors wanted for Bankman-Fried, but … Read more
