FTX to pay $12.7B to victims of Sam Bankman-Fried’s massive scheme
FTX, the bankrupt cryptocurrency exchange formerly helmed by fraudster Sam Bankman-Fried, has agreed to pay $12.7 billion to customers blindsided by Bankman-Fried's deceptions covering up FTX's flagrant misuse of customer funds. In an order yesterday, US District Judge P. Kevin Castel said that FTX must pay $8.7 billion in restitution to victims of Bankman-Fried's fraudulent…
As Ryan Salame stares down years in prison for his role...
As he awaits the start of his sentence, Salame is using his remaining weeks of freedom to post non-stop.The former FTX executive has returned to social media and reentered the public discourse, weighing in on politics and crypto policy, and joking about his future in prison.Since his May 28 sentencing, Salame has posted to X…
The rise and fall of FTX’s Sam Bankman-Fried, the onetime crypto...
Sam Bankman-Fried catapulted into a crypto billionaire. Now, his empire is in ruins, and he's been sentenced to prison. On Thursday, he was sentenced to 25 years in prison after being convicted in November on seven criminal counts. Here's the story of his rise and fall from grace. Thanks for signing up! Access your favorite…
Sam Bankman-Fried’s parents are begging a judge to keep him out...
Sam Bankman-Fried's family members begged the judge who oversaw his criminal trial to give him a light sentence, arguing that his social awkwardness could put him in "extreme danger" behind bars."I genuinely fear for Sam's life in the typical prison environment," Barbara Fried, his mother, wrote in a letter to the judge. "Sam's outward presentation,…
US dodges delay of Sam Bankman-Fried’s sentencing by dropping second trial
After FTX co-founder Sam Bankman-Fried was convicted of seven charges related to wire fraud and money laundering in 2023, the US recently decided not to proceed with a second trial over additional charges in 2024. During the second trial, Bankman-Fried could have been convicted on additional charges of conspiracy to bribe foreign officials, conspiracy to…
Sam Bankman-Fried can’t get past the fundamental flaw in his defense...
Sam Bankman-Fried is struggling to defend himself on the witness stand.He claims that Alameda Research, his crypto hedge fund, was treated the same as everyone else on FTX, his now-collapsed crypto exchange.Prosecutors have plenty of evidence that's simply not true. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized…
Sam Bankman-Fried repeatedly told to “stop talking” during rambling testimony
On Friday, Sam Bankman-Fried began his first day testifying before a jury with a loss. The FTX co-founder had intended to explain exactly how much he relied on lawyers to steer his decision-making amid the cryptocurrency exchange's rise and collapse, but US District Judge Lewis Kaplan ruled that particular part of his proposed testimony could not…
Sam Bankman-Fried takes the stand to testify — but the judge...
Sam Bankman-Fried took the witness stand on Thursday after days of testimony from his inner circle. The FTX cofounder is facing seven charges of fraud over the collapse of the cryptocurrency exchange. Bankman-Fried's testimony could be a last-ditch effort for his defense, but it could also be risky. Loading Something is loading. Thanks for signing…
Sam Bankman-Fried to testify in hopes of avoiding life in prison
Enlarge / Sam Bankman-Fried’s former flatmates (from top) Caroline Ellison, NIshad Singh, and Gary Wang have given evidence against him.FT montage/Bloomberg/AP Early last summer, Adam Yedidia took Sam Bankman-Fried to one side after a game of paddle tennis. In the shadow of a hut in the grounds of the Bahamian penthouse they and others shared,…
Will Sam Bankman-Fried take the witness stand? It would be dangerous...
Sam Bankman-Fried needs to decide soon whether he'll take the witness stand in his criminal trial. The case is going badly for SBF, so he may think he has little to lose. If the judge thinks he's lying under oath, he could get an even harsher sentence. Loading Something is loading. Thanks for signing up!…
