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U.S. Presidential contender Robert F. Kennedy Jr. has voiced his shock and concern over the U.S. government’s decision to withdraw six charges against Sam Bankman-Fried, the embattled founder of crypto exchange FTX. Presidential hopeful Kennedy Jr. took to X to share his views on the development, highlighting that charges against Bankman-Fried for allegedly donating $100 million in stolen customer funds to various politicians have been dropped. He emphasized the lack of public surprise at this decision as indicative of a deeper problem of normalized corruption within the U.S. government. No one is even surprised. THAT is a bigger problem than the fraud itself. It shows how normalized corruption has become. https://t.co/g9QrScuCJx — Robert F. Kennedy Jr (@RobertKennedyJr) December 31, 2023 Earlier last year, crypto.news reported on the U.S. government’s campaign finance charges against Bankman-Fried, alleging that he directed two former FTX executives to chan...

Sam Bankman-Fried’s conviction may signal a turning point, ushering in stringent regulations and a new era of transparency in the crypto world. On Nov. 2, a jury found FTX founder Sam Bankman-Fried guilty of all criminal charges. Judge Lewis Kaplan of the Southern District of New York will hand down the final verdict on March 28, 2024. The trial in the case of the collapsed crypto exchange FTX has already definitely gone down in history, joining the ranks of other major crimes in the crypto industry. Against the backdrop of the guilty verdict, members of the crypto community are wondering what awaits the crypto industry and how the court’s decision will change the current rules of the game. Guilty on all counts The jury included nine women and three men. The discussion lasted for four hours and resulted in SBF being found guilty on all seven charges, including fraud and conspiracy. Each count carries a maximum penalty of 5 to 20 years in prison. Collectively, Bankman-Fried ...

A former senior FTX executive, Nishad Singh, who has already pleaded guilty in the FTX trial, testified that SBF used stolen funds as political donations. It is the third week of Bankman-Fried’s criminal trial. Singh says he knew around $8 billion of FTX customers’ money had gone missing, which is in line with previous testimony by other members of Bankman-Fried’s inner circle. “I had a lot of admiration and respect for him, but over time that eroded,” Singh said of Bankman-Fried, his friend from high school. JUST IN: FTX co-founder admits Sam Bankman-Fried used millions of stolen customer funds to donate to US politicians. — Watcher.Guru (@WatcherGuru) October 16, 2023 According to Singh, that money was apparently funneled to Bankman-Fried’s affiliated trading firm, Alameda Research. He called the financial hole left “enormous.” Also Read: FTX Bribed Chinese Govt. $100 Million, Claims Caroline Ellison Sing...

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...

BlockFi argues its creditors, not FTX’s, are the “ultimate victims” of FTX’s alleged fraud. Bankrupt cryptocurrency lender BlockFi is trying to block attempts by the similarly bankrupt FTX and Three Arrows Capital (3AC) that aim to retrieve hundreds of millions of dollars to pay back their creditors. BlockFi claimed in an Aug. 21 filing to a New Jersey bankruptcy court that its own creditors shouldn’t be pushed to the back of the line because FTX’s creditors were harmed by the exchange allegedly misappropriating $5 billion BlockFi lent it. “FTX seeks to recover on over $5 billion of claims filed against the BlockFi estates at the direct expense of the ultimate victims of FTX’s fraud: BlockFi’s clients and other legitimate creditors.” “To prevent further injustice to the creditors of BlockFi’s estates, the Court should disallow the FTX Claims under the doctrine of unclean hands,” BlockFi added. FTX also provided $400 million to BlockFi in June 2022 in addition to buying BlockFi equity ...

In November, Sam Bankman-Fried ’s FTX empire crumbled. Numerous businesses were impacted by FTX ’s collapse, which also shocked the cryptocurrency industry. Following that, FTX filed for bankruptcy, and SBF stepped down as CEO. SBF has been under scrutiny ever since. New events regarding the FTX scenario were surfacing almost every day. According to the details in the latest press release by the government of the UK, the Charity Commission has launched an inquiry into the Effective Ventures Foundation. We’ve opened an inquiry into Effective Ventures Foundation following the bankruptcy of a significant funder. Read more: https://t.co/zjH1TdysYf pic.twitter.com/Qda9I0YwVP — Charity Commission (@ChtyCommission) January 30, 2023 FTX and Sam Bankman-Fried were significant funders of the charity The investigation by the Charity Commission for England and Wales is mainly due to the fact that the charity was backed by FTX and SBF. The press...

Harrison said Bankman-Fried threatened to fire him on the spot and would destroy his professional reputation if he continued to confront the former FTX CEO. Former FTX US President Brett Harrison has lashed out at Sam Bankman-Fried for manipulating and threatening colleagues who proposed solutions to reorganize FTX US' management structure.  Harrison shared his experiences with Bankman-Fried and FTX US on Dec. 14, explaining how he was hired “casually over text” in Mar. 2021 after working together at New York-based trading firm Jane Street for a few years. But six months into Harrison's tenure at FTX US, “cracks began to form” between the two, he said. Despite recalling Bankman-Fried to be a “sensitive and intellectually curious person” at first, Harrison said he saw “total insecurity and intransigence” in Bankman-Fried when confronted with conflict, particularly when Harrison suggested FTX US establish separate branches for its executive, developer and legal teams. 16/49 I sa...

The Bahamas Attorney General, Sen. Ryan Pinder KC, has announced the arrest of former FTX CEO Sam Bankman-Fried (SBF). The Royal Bahamas Police Force arrested SBF after the US filed criminal charges against him, and likely requested his extradition. In response to the arrest, Prime Minister Davis stated that “The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.” The Bahamas will continue its own investigations into the collapse of FTX. This will be with cooperation of law enforcement and regulatory partners in the US and elsewhere. Statement from Attorney General of The Bahamas Once the US makes a formal request for extradition, The Bahamas will promptly process it according to its law and treaty obligations. SBF’s arrest is the latest development in the ongoing investigations into FTX, which collapsed earlier this year. The com...

US Representative Maxine Waters recently reminded FTX’s former chief, Sam Bankman-Fried, to testify before the US House Committee on Financial Services heading. Waters revealed that FTX had to appear before the Committee on December 13. SBF was invited to discuss “what happened” at the troubled exchange. A day back, the former FTX CEO noted that it was his duty to appear before the committee to address the situation. However, he also pointed out that he would do so only after he was done “learning and reviewing what happened.” He further suggested that he was unsure if he would be able to appear on the 13th. Read More: FTX : Will SBF testify on the 13th before US Congress? It is “imperative” For SBF To Testify Now, according to reports, Maxine Waters again took to Twitter to compel SBF to attend the House Committee hearing on the collapse of FTX. She noted that it was “clear” that the information SBF had till now w...