Court greenlights FTX’s $16.5 billion bankruptcy plan to repay defrauded customers

Defunct crypto exchange FTX received court approval for its bankruptcy plan and its estate is now clear to repay customers in cash, with interest, using up to $16. 5 billion in recovered assets, Reuters reported Oct.

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Ex-FTX execs Nishad and Gary to be sentenced in October and November

Nishad Singh and Gary Wang to be sentenced for FTX fraud on Oct. 30 and Nov. 20. Their cooperation in Sam Bankman-Fried’s trial may lead to reduced sentences. Ryan Salame got 90 months for non-cooperation; Bankman-Fried got 25 years.

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FTX Gets Court Approval to Sell $873M Worth of Grayscale, Bitwise Trust Assets

FTX held shares of five Grayscale Trusts totaling $691 million and one Bitwise trust, amounting to $53 million as of Oct. 25, according to an earlier court filing.

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Sam Bankman-Fried ‘doubled down’ by buying Binance’s stake in FTX — US prosecutors

The prosecution is delivering its closing arguments at the Southern District Court of New York, where SBF’s trial has been taking place since Oct. 3.

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Sam Bankman-Fried claims to have overlooked $8B ‘bug’ in last day of testimony

Former FTX CEO Sam Bankman-Fried has concluded the testimony and cross-examination portion of his ongoing criminal case, Bloomberg reported on Oct. 31. Bankman-Fried acknowledged the existence of an $8 billion hidden debt within Alameda Research, which came to light after a bug was fixed in an account known as fiat@.

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SBF trial day 16: Judge Kaplan denies acquittal motion, closing arguments set for Nov. 1

Sam Bankman-Fried’s testimony concluded on Oct. 31 as prosecutors outlined inconsistencies in his statements and defense lawyers pointed to erroneous management decisions taken by other executives like FTX co-founder Gary Wang and ex-Alameda Research CEO Caroline Ellison.

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Bankman-Fried retakes the witness stand for cross-examination by prosecutors

FTX founder Sam Bankman-Fried once again took the stand in his ongoing criminal trial in New York on Oct. 30, this time to face cross-examination by prosecutors. Assistant U. S. Attorney Danielle Sassoon began by determining the extent to which Bankman-Fried was involved with FTX’s sister firm, Alameda Research.

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SBF Trial – Week 4 concludes with SBF telling jury he was blindsided by $8B shortfall

Sam Bankman-Fried (SBF) took the stand again on Oct. 27 — this time in front of a jury — and told the courtroom that he had been blindsided by the $8 billion shortfall that led to FTX and Alameda Research’s collapse.

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Sam Bankman-Fried takes the stand with jury present in second day of testimony

Sam Bankman-Fried, the co-founder and former CEO of FTX, continued to provide testimony in his criminal case on Oct. 27, in which he described how FTX and its sister firm, Alameda Research, began as small but ambitious operations that eventually collapsed.

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SBF Trial – SBF claims he acted in good faith as lawyers blessed his decisions at FTX

SBF’s trial resumed on Oct. 27, with the former billionaire taking the stand in the latter half of the day after the prosecution’s final witness in the case was excused. The hearing began with the prosecution bringing their witness — FBI agent Mark Troiano — to the stand to primarily provide insights into the existence, […] The post SBF Trial – SBF claims he acted in good faith as lawyers blessed his decisions at FTX appeared first on CryptoSlate.

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SBF trial day 13: FTX founder claims ignorance in mock testimony

United States v Sam Bankman-Fried continued its fourth week at trial with testimony from the FTX founder himself however, Judge Kaplan excused the jury until Oct. 27 to thrash out details of the defendants' statements.

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FTX probes $6.5m payments to Center for AI Safety

Bankrupt crypto exchange FTX seeks details about the millions of dollars it had earlier donated to the Center for AI Safety (CAIS). New details were revealed in an Oct. 25 filing in a Delaware Bankruptcy Court. FTX’s legal team stated…

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Sam Bankman-Fried will testify at his own trial

FTX founder Sam Bankman-Fried (SBF) will testify in his own criminal trial on Oct. 26, according to live coverage from Inner City Press on X (formerly Twitter). SBF’s legal team revealed their intention to present three key witnesses in their defense.

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First Mover Americas: Bitcoin Retreats Slightly; FTX Receives Bids for Restart

The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 25, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

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Huge one day candle sees Bitcoin pass key Glassnode indicator teasing potential outsized gains

Quick Take Bitcoin’s recent performance managed to capture significant attention. On Oct. 23, the digital currency appreciated by 10% in a single day, marking the best single-day performance since the FTX collapse in Nov.

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Bankrupt FTX shifts $10M in assets to Coinbase and Binance

Addresses linked to defunct crypto exchange FTX transferred more than $10 million in digital assets to Coinbase and Binance during the early hours of today, Oct. 25, according to on-chain data. Data from the Arkham Intelligence platform indicates that the assets involved in this transfer encompass 2,904 Ethereum (equivalent to $5.

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FTX’s Sam Bankman-Fried plans to present financial expert witness in defense

Embattled FTX founder Sam Bankman-Fried (SBF) plans to call a single financial expert witness for his defense in the ongoing criminal trial. In an Oct. 23 letter, SBF lawyers proposed inviting Joseph Pimbley, a financial expert with over 30 years of experience in derivatives and securities trading, to counter testimonies provided by the government witnesses, […] The post FTX’s Sam Bankman-Fried plans to present financial expert witness in defense appeared first on CryptoSlate.

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NY sues crypto firms, FTX’s Nishad faces 75 years in jail, and Grayscale’s new BTC filing: Hodler’s Digest, Oct. 15-21

Nishad Singh testifies in Sam Bankman-Fried’s trial; New York sues Gemini, Genesis and Digital Currency Group; and Grayscale files for new spot Bitcoin ETF.

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The Sam Bankman-Fried Trial: Our Favorite Quotes, So Far

It's fall break! Thursday ended early after just two witnesses – former FTX General Counsel Can Sun and Third Point's Robert Boroujerdi – testified briefly. We won't be back in the courthouse at 500 Pearl Street until next Thursday, Oct.

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Evidence shows Bankman-Fried and associates gave $230M to friends, family, politicians, PACs, and special interests

An extensive list of donations made by FTX associates became public during the criminal trial of FTX founder Sam Bankman-Fried on Oct. 17. Bankman-Fried’s own donation list details more than $133 million in spending, primarily made up of $119 million in political donations.

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SBF trial day 10: Judge Kaplan hints at early November conclusion

United States v Sam Bankman-Fried reopened on Oct. 17 with further testimony from Nishad Singh, former Alameda and FTX's chief developer, who says he felt intimidated by the defendant and disagreed with large spending decisions funded with customer crypto.

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Nishad Singh says there is ’a lot’ he doesn’t remember about FTX in 2022 — SBF trial

Sam Bankman-Fried’s defense team cross-examined former FTX engineering director Nishad Singh following questions from the prosecution on Oct. 16.

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First Mover Americas: FTX Proposes Returning Up to 90% of Customer Funds

The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 17, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

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FTX eyes return of $9 billion in customer funds through settlement proposal

Bankrupt FTX might claw back 15% from customers with claims over $250,000 from the platform nine days before its bankruptcy by requiring them to reduce claims, per an Oct. 16 statement. FTX is proposing a settlement to customers who withdrew more money from their accounts than they deposited in the 9 days before FTX filed […] The post FTX eyes return of $9 billion in customer funds through settlement proposal appeared first on CryptoSlate.

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Nishad Singh testifies to ‘excessive’ spending at Sam Bankman-Fried’s trial

Nishad Singh, the former director of engineering at FTX, testified in the case of ex-FTX CEO Sam Bankman-Fried on Oct. 16. During his testimony, Singh confessed to committing several crimes, such as fraud and campaign finance violations, which were purportedly carried out in collaboration with Bankman-Fried and others.

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Sam Bankman Fried’s trial hindered by lack of Adderall

Attorneys for the FTX founder have inquired about possibly administering extended-release ADHD medication to their client, citing his difficulties maintaining focus throughout the trial. In a letter dated Oct.

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FTX liquidators stake $150M in Ethereum and Solana tokens during weekend

On-chain data shows that FTX liquidators staked much of their Ethereum (ETH) and Solana (SOL) holdings over the weekend. $30M in Ethereum staked. Per Etherscan data, the bankrupt crypto exchange staked around $30 million worth of ETH, approximately more than 24,000 ETH, on Oct.

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BlockFi CEO Zac Prince testifies to lending relationship with Alameda Research before its collapse

Zac Prince, the CEO of BlockFi, continued to provide testimony in the criminal trial of former FTX CEO Sam Bankman-Fried on Oct. 13. In the previous day’s testimony, Prince described his firm’s lending relationship with Alameda Research.

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Caroline Ellison’s plea deal provides extensive, but not total, immunity from future prosecutions

A plea deal reached by Alameda and FTX associate Caroline Ellison in December provides insight on whether she will be prosecuted further. During testimony on Oct. 12, Ellison was questioned by the Assistant U.

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‘I liked him; I trusted him’: Anthony Scaramucci describes being taken in by Sam Bankman-Fried

During an Oct. 13 CNBC interview, Anthony Scaramucci, the founder of SkyBridge Capital, detailed his perspectives on Sam Bankman-Fried, founder of FTX and a former business associate who now stands trial for fraud.

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SBF Trial Day 7 – Audio recordings reveal Ellison told Alameda employees about misuse of customer funds days before collapse

After an intense three days on the witness stand, Caroline Ellison, a former top deputy to FTX founder Sam Bankman-Fried (SBF), wrapped up her testimony on Oct. 12. The day was characterized by emotional revelations, critical audio recordings, and frequent judicial interventions.

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Judge Kaplan allows charitable contributions to be admitted while denying SBF’s other pre-trial requests

Judge Lewis Kaplan largely upheld his pretrial evidentiary rulings in the case against FTX founder Sam Bankman-Fried, according to an Oct. 11 court filing. Kaplan granted reconsideration on certain issues challenged by Bankman-Fried’s defense but maintained his decisions to preclude arguments about FTX’s lack of regulation and evidence related to the firm’s bankruptcy proceedings.

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Judge Kaplan allows charitable contributions to be admitted while denying other pre-trial requests

Judge Lewis Kaplan largely upheld his pretrial evidentiary rulings in the case against FTX founder Sam Bankman-Fried, according to an Oct. 11 court filing. Kaplan granted reconsideration on certain issues challenged by Bankman-Fried’s defense but maintained his decisions to preclude arguments about FTX’s lack of regulation and evidence related to the firm’s bankruptcy proceedings.

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What is going on with Sam Bankman-Fried’s defense?

Former FTX CEO Sam "SBF" Bankman-Fried has been on trial since Oct. 3, but his legal counsel has yet to present a compelling narrative to support his defense.

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FTX hacker switches strategy after THORSwap suspends service

According to reports, the FTX attacker had previously preferred THORSwap, but it entered maintenance mode on Oct. 6 in order to stop any additional potential illegal activities.

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Sam Bankman-Fried goes on trial: A week in review

The trial of former FTX CEO Sam Bankman-Fried started on Oct. 3. Four witnesses explained to jurors how $8 billion in customer funds went missing.

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Gary Wang faced up to 50 years in prison before plea deal and is still not guaranteed leniency

Gary Wang, co-founder and former CTO of FTX, appeared as a witness for the prosecution in the criminal trial of his fellow co-founder Sam Bankman-Fried on Oct. 6. One fact that emerged during testimony concerns a December 2022 plea deal in which Wang pleaded guilty.

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FTX backdoor reportedly discovered by US-based employees: WSJ

Some U. S. -based employees of FTX reportedly knew that the exchange had a backdoor that allowed Alameda to withdraw customers’ funds, The Wall Street Journal (WSJ) reported on Oct. 5. According to the report, the employees stumbled upon this backdoor while examining the feasibility of replicating the code used by FTX International for FTX US.

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SBF Trial: Jury selection concludes despite impartiality challenges, with one potential juror having already ‘reached verdict’

Jury selection for the criminal trial of former FTX CEO Sam Bankman-Fried was completed on the morning of Oct. 4 with opening arguments set for later in the day. New York independent news outlet Inner City Press reported from inside the courtroom that 12 jurors and six alternates had been agreed upon, on the second […] The post SBF Trial: Jury selection concludes despite impartiality challenges, with one potential juror having already ‘reached verdict’ appeared first on CryptoSlate.

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SBF lawyers request to block Ukrainian user’s testimony via video, calling circumstances not ‘exceptional’

Lawyers representing Sam Bankman-Fried have rejected a request from prosecutors to let a Ukrainian client of FTX testify via video link in a trial set to commence today, on Oct. 3.

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SBF to appeal for jail release ahead of Oct. 3 trial

Former FTX CEO Sam Bankman-Fried, is scheduled to ask a 2nd U.S. Circuit Court of Appeals to order his release from a New York prison weeks before the start of a trial where he faces seven criminal charges. Bankman-Fried and…

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Apple secures rights to book on Sam Bankman-Fried for $5M: Report

“Big Short” author Michael Lewis’ book on the former FTX CEO is scheduled to be released on Oct. 3, the day SBF’s criminal trial in New York begins.

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Can you trust crypto exchanges after the collapse of FTX?

On Oct. 25, 2022 — about two weeks before the collapse of the world’s third-largest cryptocurrency exchange, FTX — prominent DeFi architect Andre Cronje published a foreboding article with a chilling warning on the state of centralized cryptocurrency exchanges: “Remedies under the current regulatory regime are ineffective.

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FTX Has Made $34M in Trading Fees Since Recent FTT Token Burn Despite Withdrawal Freeze

Cryptocurrency exchange FTX has made $34 million in trading fees since the last time it burned its native FTT token on Oct. 31.

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FTX partners with Visa, BNB Chain suffers exploit and Elon Musk returns to $44B Twitter deal: Hodler’s Digest, Oct. 2-8

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