Daily Archives: April 10, 2023, 8:25 am

Elizabeth Holmes’ former partner ‘Sunny’ Balwani headed to prison after losing appeal – New York Daily News

In December, U.S. District Judge Edward Davila sentenced Balwani to a prison term of 12 years and nine months. Last month, Davila rejected Balwain’s request to remain free while he appeals his conviction. He was scheduled to begin serving his sentence on March 16. However, just hours before he was supposed to surrender, Balwani’s lawyers filed a motion that automatically…

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FTX Failure Rooted in ‘Hubris,’ ‘Greed,’ Debtors Report Says – Bloomberg

At the root of FTX’s spectacular collapse was “hubris, incompetence, and greed” on the part of Bankman-Fried and top executives, including former engineering director Nishad Singh and former chief technology officer Gary Wang, the report said. “Despite the public image it sought to create of a responsible business, the FTX Group was tightly controlled by a small group of individuals…

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Binance.US Struggles to Find Bank to Take Its Customers’ Cash – WSJ

The U.S. affiliate of global crypto exchange Binance has struggled to find a bank for its customers’ cash after the failure of Signature Bank left it without a key banking partner, people familiar with the matter said. Users’ dollar deposits were previously sent to either Signature Bank or Silvergate Capital Corp., according to Binance.US’s website. The failures of Signature and Silvergate,…

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KPMG, Goldman Sachs, Morgan Stanley and Bank of America Sued Over SVB Failure – Bloomberg

KPMG LLP was sued as Silicon Valley Bank’s auditor, along with underwriters including Goldman Sachs Group Inc., Bank of America Corp. and Morgan Stanley & Co. in an investor lawsuit based on alleged misstatements leading to the bank’s collapse. Similar to previous suits, a complaint filed Friday in the federal court in San Francisco names Silicon Valley Bank Chief Executive…

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Coinbase Asks for $470,000 To Cover Fees, Costs From Insider Trading Case – Blockworks

In a letter dated April 3, a lawyer representing Coinbase asked for restitution to cover the costs it said occurred during the investigations by the Department of Justice and the SEC. The total amount would fall under the Mandatory Victim Restitution Act which states that victims are entitled to both expenses and lost income from investigation participation of some offenses…

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U.S. Lawmaker Says SEC Chair Gary Gensler Is A Bad Faith Regulator — CoinEdition

During an episode of Unchained Podcast with Laura Shin, Congressman Emmer described SEC Chair Gary Gensler as a “Warren Disciple”, a subtle hint at his pro-fiat and anti-crypto stance. The lawmaker added that under Gensler’s leadership, the Commission was more focused on enforcing regulation outside their jurisdiction rather than cracking down on bad actors in the industry. “This guy in…

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