Highlights of day 2 of Bankman-Fried fraud trial.
Sam Bankman-Fried, accused of multiple counts of fraud and conspiracy, including wire fraud and conspiracy to commit money laundering, attended the second day of his much-awaited trial on Wednesday. On 2nd day of trial the prosecution and defense presented their opening statements. Prosecutor Thane Rehn put forth allegations that Bankman-Fried misappropriated FTX customer funds for […]
FTX’s Bankman-Fried on trial yet no word on FTT amid discussions on Dogecoin and Solana
The trial of Sam Bankman-Fried, the founder of the now-dissolved FTX exchange, has begun. The trial opened with discussions of Bitcoin, Ethereum, Dogecoin, and Solana, but notably, FTT, the exchange’s native token, was not mentioned. During the first day of trial on Tuesday, the prosecution’s opening statements in the New York district court were primarily […]
Binance CEO turned down $40 million offer to launch crypto Futures Exchange
In a surprising revelation from 2019, it has been disclosed that Binance CEO Changpeng “CZ” Zhao declined a $40 million proposal from then FTX CEO Sam Bankman-Fried to establish a cryptocurrency futures exchange. The offer from Bankman-Fried came in March 2019, as chronicled in Michael Lewis’ book “Going Infinite.” Binance at that time was operating […]
FTX founder lost millions in early days of trading, claims biographer Michael Lewis
Michael Lewis, renowned author, claimed in his biography of Bankman-Fried “Going Infinite.” that Sam Bankman-Fried, founder of Alameda Research, nearly lost millions from initial fundraising efforts. Bankman-Fried raised nearly $170 million from investors who were part of the ‘Effective Altruism’ community. With the intention to invest these funds in the growing, yet inefficient, crypto markets, […]
Kevin O’leary predicts end of ‘crypto cowboys’ era
The Canadian businessman and television star, Kevin O’Leary, has forecasted the fall of the “crypto cowboys” with the impending industry regulation. Nonetheless, O’Leary remains optimistic about the future of cryptocurrency. O’Leary, who previously served as a paid representative for the now-defunct FTX exchange, anticipates that the era of “crypto cowboys” will soon be over. “They’re […]
High-profile crypto trial ex-FTX CEO’s begins
On October 3, the trial of former CEO of FTX, Sam “SBF” Bankman-Fried, commenced, drawing significant attention and activity in a Manhattan courtroom that was filled to capacity. Bankman-Fried, who appeared noticeably slimmer and without his distinctive curly hair, was present for the trial’s opening day. He was seen in a navy suit, accompanied by […]
Rising star Solana outshines Ethereum with whopping $5M inflows
Investors have shown increased interest in the altcoin Solana, as it outshines others with $5 million inflows this year, leaving Ethereum behind with outflows of $1.5 million. Digital asset investment products witnessed inflows over the past week, registering the first inflow in the past six weeks totaling $21 million. This occurred in spite of earlier […]
Ripple’s XRP surges amid market downturn following dismissal of SEC appeal
Against an otherwise bearish crypto market, Ripple’s XRP is seeing a notable surge in its price. The price of Ripple’s XRP has increased by 3.7% within the past 24 hours, while most other cryptocurrencies are recording losses between 0.5% and 5%. The surge comes after Judge Analisa Torres dismissed an appeal by the United States […]
Key players in $100 million crypto ponzi scheme receive prison sentences
Three individuals have been jailed over their involvement in a global fraud and money laundering operation linked to the AirBit Club crypto scheme. The Department of Justice has revealed in a press release that Scott Hughes, an attorney who played a significant role in laundering around $18 million in fraudulent proceeds from AirBit Club, has […]
SEC challenges Coinbase’s attempt to dismiss lawsuit
The U.S. Securities and Exchange Commission (SEC) has urged a federal judge to reject the motion by Coinbase Inc. (NASDAQ: COIN) to dismiss the lawsuit against it. According to the regulator, the cryptocurrency exchange knew the digital assets it sold were deemed securities under the Howey Test. According to the reports, the SEC submitted a […]