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The trial of Sam Bankman-Fried, the founder of FTX, has presented a slew of astonishing revelations, ranging from SBF’s involvement in Washington to the purpose of the FTT token. Bankman-Fried stands accused of embezzling billions from FTX customers and investors, all while allegedly manipulating both the cryptocurrency market and the political system. The prosecution’s case has taken an unexpected turn with the introduction of fresh evidence that sheds light on Bankman-Fried’s alleged criminal intent and deceptive practices.  In court, previously undisclosed posts emerged, revealing Bankman-Fried’s intentions to shutter his crypto hedge fund, Alameda Research, in 2022 and redirect his focus toward FTX. These revelations suggest he employed his former girlfriend, Caroline Ellison, as a front to conceal his involvement in both enterprises. You might also like: OKX to replace Okcoin brand in comprehensive rebranding effort Ellison’s damnin...

The approval is seen as a milestone moment for BlockFi's over 100,000 creditors, who have been long awaiting repayment. The customers of bankrupt cryptocurrency lending platform BlockFi are one step closer to being paid out after a United States Bankruptcy Court in New Jersey approved its liquidation plan. Bankruptcy Judge Michael A. Kaplan approved BlockFi's third amended Chapter 11 plan in a Sept. 26 court hearing, a filing on the same day shows. Sept. 26 court filing in the bankruptcy case of BlockFi. Source: Kroll The amount of repayment received by BlockFi's unsecured creditors will largely depend on whether BlockFi succeeds in its legal battle against FTX and other bankrupt cryptocurrency firms. BlockFi's liquidation plan was approved after the firm settled a long-fought dispute with the creditors committee over the company’s senior management. The now bankrupt lending platform blamed FTX's collapse for its own failure despite the creditor's committee c...

Despite a blanket ban on cryptocurrencies imposed by Beijing in 2021, many Chinese courts over the years have established that virtual asset holders have property rights. People’s courts in China exercise judicial power independently and are not subject to interference by an administrative or public organization. These courts try criminal, civil, administrative, and cases that involve economic disputes. The report titled "Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case," acknowledged that virtual assets have economic attributes and thus can be classified as property, reported a local daily. Although China has deemed all foreign digital assets illegal by imposing a blanket ban, the report argued that virtual assets held by individuals should be considered legal and protected by law under the current policy framework. The report also added suggestions to deal with crimes involving virtual asset s and noted that sinc...

The new class action lawsuit aims to help BAYC and APE buyers get compensation from Yuga Labs due to the firm allegedly misleading investors. Troubled cryptocurrency fintech Yuga Labs is about to face more lawsuits in relation to its nonfungible tokens (NFT) collection, Bored Ape Yacht Club (BAYC) and other projects. Rosen Law Firm, a global law firm focused on investor rights’ protection, announced on Jan. 30 that it’s planning to file a class action lawsuit against Yuga Labs.  Rosen invited purchasers of Yuga securities — including BAYC NFTs and the native token ApeCoin (APE) — to join the class action against Yuga by the lead plaintiff deadline set for Feb. 7. The Law firm emphasized that Yuga securities’ investor s that bought BAYC and APE between April 23, 2021, and Dec. 8, 2022, may be entitled to compensation without payment of any additional costs through a contingency fee arrangement. The new case targets a large number of defendants, including Yuga Labs co-founder Wylie Ar...

The CEO of Terraform Labs’ affiliate firm Kernel Labs reportedly held the largest amount in illegal proceeds from Terra. More than six months after the collapse of the Terra ecosystem, South Korean authorities continue to investigate and freeze the funds of persons involved in Terra. After seizing 140 billion won ($108 million) from Terra co-founder Shin Hyun-Seong in November, the Seoul Southern District Court has recently ruled to confiscate more assets related to Terra. The South Korean court has ordered to freeze of 120 billion won ($92 million) in assets of former and incumbent CEOs of Terraform Labs’ affiliate firm Kernel Labs, The Korea Economic Daily reported on Dec. 20. Founded in 2018, Kernel Labs is a blockchain consultancy firm focused on decentralized applications and blockchain payment systems. Kernel Labs is believed to have close ties with Terraform Labs, as CEO Kim Hyun-joong once reportedly served as vice president of engineering at Terraform Labs. According to some...

The bankruptcy judge has given approvals to subpoenas aimed at Three Arrows Capital’s leadership, while a new Terra Luna conspiracy has been floated. A federal judge overseeing Three Arrows Capital’s (3AC’s) Bankruptcy proceedings has signed an order approving subpoenas to be delivered to 3AC’s former leadership, including co-founders Su Zhu and Kyle Davies. The subpoenas require the founders to give up any “recorded information, including books, documents, records, and papers” in their custody that relates to the firm’s property or financial affairs. The infamous hedge fund, worth $10 billion at its peak, filed for Chapter 15 bankruptcy on Jul. 1 with its troubles tied up in too much leverage and the collapse of Terra Luna (LUNA), known now as Terra Classic (LUNC), and its algorithmic stablecoin formerly known as TerraUSD (UST). Since then, the liquidators — advisory firm Teneo — have been trying to hunt down the firm’s assets and pin down the 3AC's co-founders. The latest order...