Tag: FTX

FTX bankruptcy lawyers were not complicit in fraud, report finds | Reuters

FTX’s bankruptcy lawyers at Sullivan & Cromwell were not complicit in the fraud that caused the crypto company to collapse, a court-appointed examiner concluded on Thursday. Former FTX CEO Sam Bankman-Fried was convicted in November of stealing $8 billion from FTX customers. FTX creditors and investors had accused the company’s lawyers at Sullivan & Cromwell of failing to stop the…

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Sam Bankman-Fried says rice is ‘one of the currencies’ behind bars

Sam Bankman-Fried has swapped crypto for a new kind of currency behind bars: bags of rice. The disgraced FTX founder has been jailed at Brooklyn’s Metropolitan Detention Center as he waits to be transferred to a federal prison to serve a 25-year sentence. Bankman-Fried was convicted for wire fraud, money laundering and conspiracy last year. The 32-year-old fallen crypto king…

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FTX Found the Money – Bloomberg

That is not the whole story: FTX has also recovered money by selling off businesses, by selling some of its venture capital portfolio, by seizing real estate and Robinhood Markets Inc. stock that Bankman-Fried and other had bought, by clawing back donations and investments. But the basic form of “FTX made long-term investments with customer money, which was stupid, and…

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Sam Bankman-Fried agrees to help FTX investors in lawsuits against Tom Brady, Larry David

Investors in Sam Bankman-Fried’s bankrupt crypto firm FTX agreed to drop their claims against the convicted fraudster in exchange for his cooperation in lawsuits against other defendants — including celebrities Tom Brady, Gisele Bundchen and Larry David who promoted the company before its stunning collapse. According to the settlement — filed by a group of FTX investors in Miami federal…

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Is the Sam Bankman-Fried Story Over?

“I did not think it a fruitful use of time to spell out every time I thought Mr. Bankman-Fried testified willfully and knowingly falsely at trial. There are more than the ones I’ve articulated, but that suffices,” the judge said. “And when he wasn’t outright lying, he was often evasive, hairsplitting, dodging questions and trying to get the prosecutor to…

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Sam Bankman-Fried Is Going to Prison, but the Fight Over Money at FTX Drags On – WSJ

Spring has brought a measure of justice for FTX’s victims: Sam Bankman-Fried, the crypto exchange’s founder, was sentenced last month to 25 years in prison for what prosecutors called one of the largest financial frauds in U.S. history. But for many onetime FTX customers, the exchange’s collapse is still a source of anger and frustration. Some are fighting to recover…

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Sam Bankman-Fried prosecutor says coder’s cooperation sped up case | Reuters

U.S. prosecutors were able to charge FTX founder Sam Bankman-Fried shortly after the cryptocurrency exchange’s collapse in part because they secured the cooperation of its chief software engineer, one of the prosecutors said on Tuesday. Speaking five days after Bankman-Fried was sentenced to 25 years in prison, Assistant U.S. Attorney Thane Rehn said former FTX Chief Technology Officer Gary Wang’s…

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