China News Daily Official TheBitTimes.com

On Friday, Sam Bankman-Fried’s bankrupt trading company Alameda Research deposited over $30 million into Binance. Given that Bankman-Fried is currently serving a 25-year prison sentence for orchestrating fraudulent schemes at FTX related to Alameda Research, the transfer immediately raised questions about Alameda’s assets. Specifically why, if almost all of these bankruptcy estate assets are supposed to be returned to victims of Bankman-Fried’s schemes, does it have any money left? Unfortunately, the finances of FTX and its sister trading company have been a mess since the conglomerate filed for bankruptcy in November 2022. As a result, figuring out how much money FTX and Alameda Research still leads to a bit of a rabbit hole. A bankruptcy mess worse than Enron John J. Ray III, who cleaned up the mess of Enron and other massive bankruptcies like Nortel Networks, described the state of accounting at FTX as far worse . Executives like Bankman-Fried...

The U.S. Department of Justice has filed motions to disqualify all seven expert witnesses put forward by former FTX CEO Sam Bankman-Fried for his forthcoming October trial, citing various inadequacies in their qualifications and methodologies. The U.S. Department of Justice (DOJ) submitted filings on Aug. 29 to preclude all seven expert witnesses put forward by Sam Bankman-Fried, the founder and former CEO of FTX, in his forthcoming trial scheduled for October. In the legal documents, the DOJ argues that the defense’s roster of expert s is rife with inadequacies that should disqualify them from testifying. The prosecution contends that the proposed expert s are not in compliance with the requisite standards for criminal proceedings. Specifically, they maintain that the expert opinions are unreliable and could introduce bias or confusion into the deliberations of the jury. “The court should exercise its gatekeeping function to prevent the admissibility of such flawed expert...

A recent report revealed that Terraform Labs has sought permission from a Judge to subpoena information from the bankrupt FTX crypto exchange. The data requested is said to be crucial in Terraform Labs ’ defense against fraud charges brought forth by the U.S. Securities and Exchange Commission (SEC).  advertisement Blaming Short Sellers and Alameda Research The SEC’s lawsuit, filed in February, alleged that Terraform Labs conducted an unregistered securities offering by issuing TerraUSD and Luna tokens without proper compliance with securities regulations.  The SEC contended that these tokens were, in essence, investment contracts subject to federal securities laws, but Terraform Labs failed to register them accordingly. Do Kwon, co-founder and former CEO of Terraform Labs , was named as a defendant in the lawsuit due to his prominent role in the company’s operations and alleged involvement in the issuance of the tokens. ...