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Now defunct cryptocurrency exchange FTX and its former CEO Sam Bankman Fried (SBF) were the talk of the town throughout 2022 and 2023. After SBF was jailed, the chatter around the exchange had slowed down. But the jailed founder made a comeback with a new post on X. This post has made headlines as SBF was posting through his account for the first time in two years. While the community wasn’t impacted by this tweet, the FTT token which is associated with the exchange recorded a massive uptick. Also Read: Shiba Inu: Here’s When SHIB Could Recover The $0.00004 Level A Look Into SBF’s Tweet Source: AM730 SBF created a 10-tweet thread on X. This thread primarily discussed layoffs. perhaps in reference to Elon Musk’s demand that government workers email their job activities from the previous week or face termination. He started the thread by saying, “I have a lot of sympathy for gov’t employees: I, too, have not checked my email for the past few (hundred) days. And I can con...

When FTX supremo Sam Bankman-Fried was sentenced to 25 years behind bars back in March, he joined a long list of crypto figureheads who have been handed stiff punishments for being caught with either their fingers in the cash register or using blockchain technology to facilitate equally unscrupulous deeds. Also on the list, there are dark web administrators (Silk Road mastermind Ross Ulbricht and Dream Market’s Gal Vallerius), price manipulators (Mango Markets’ Avraham Eisenberg), and insider traders (NFT swindler Nathaniel Chastain). And, as you’d expect from some of the most powerful players in a fledgling industry that’s been referred to as both ‘the future of finance’ and the ‘Wild West,’ the amounts they’ve been convicted of stealing, misappropriating, or earning are far from insignificant. In some cases, we’re talking tens of billions . As such, regulators, governments, and law enforcement — particularly those ...

The cryptocurrency sector is one of the most dynamic industries. The market is filled with big movements, hacks, court hearings, and major price fluctuations on a daily basis. Aligning with this trend, now defunct cryptocurrency exchange, FTX and its sister firm, Alameda Research have once again made headlines. PeckShieldAlert has identified an array of substantial transactions related to these entities. According to the X account, these addresses transferred a staggering $12 million in cryptocurrency. This included a total of 5 wrapped Bitcoin [vBTC] valued at around $7 million. Along with this, about 10 wrapped XRP [WXRP] worth about $5.2 million were also moved into Binance, a prominent cryptocurrency exchange. #PeckShieldAlert #FTX/#Alameda labeled addresses transferred ~$12m worth of cryptos out ~5 $vBTC (worth ~$7m) were transferred to #wintermute, ~10m $WXRP (worth ~$5.2m) were transferred to #Binance pic.twitter.com/rV04yuyQsI — PeckShieldAlert (@PeckSh...

Convicted ex-billionaire Sam Bankman-Fried will be sentenced this Thursday for the seven counts related to wire fraud and money laundering that he committed at crypto exchange FTX. Prosecutors have asked the judge to issue a sentence of 40 to 50 years but Bankman-Fried’s attorneys have counterargued, calling such a timespan excessive and pointing out that he is not a supervillain. John J. Ray III, the post-bankruptcy cleanup executive who has been working to return funds to harmed FTX victims, rebutted most of Bankman-Fried’s arguments in a scathing reality check. Here are some highlights from Ray’s letter to sentencing judge, Lewis Kaplan. “One must first start at the total dollar amount of claims filed. That number is $23.6 quintillion dollars. One quintillion is one billion billion. It is the number 1 followed by 18 zeros.” “Vast sums of money were stolen by Mr. Bankman-Fried, and he was rightly convicted by a jury of his peers.” “Bankman-Fried’s victims will...

Sullivan & Cromwell, the law firm involved with the ongoing FTX bankruptcy case, is reportedly set to be appointed as Binance ’s independent monitor , following its $4.3 billion settlement with the US government.  As reported by Bloomberg, anonymous sources close to the matter claim that Sullivan & Cromwell is the US Justice Department’s number-one pick, and its approval is close.  Sullivan & Cromwell reportedly beat out an array of rival legal firms for the position and firm partner Sharon Cohen Levin is likely to lead the monitorship team.  The role will give Sullivan & Cromwell access to Binance records, including details on past and present employers, and its facilities. The firm will then update the government at least six times over the coming years on any potential misconduct from Binance.  US gov’t will probe Binance at least six times in three years Read more: Did Binance ex-chief CZ really come to the US voluntarily? If there’s misconduc...

FTT, the native token of beleaguered crypto exchange FTX, has seen its value grow by at least 13.3% over the last 14 days. The growth came against the backdrop of the trial of former FTX CEO Sam Bankman-Fried. A 12-person jury found the FTT creator guilty of all charges proffered against him, with sentencing scheduled for March 28, 2024. However, follow ing the verdict, FTT lost some momentum, recording a 0.2% drop in the last 24 hours and a 5.9% loss over seven days. FTT 14-day price chart | Source: CoinGecko The token’s total supply of 328,895,103 is currently valued at more than $389 million, with each price d at $1.18. Exchange relaunch plans nudge up FTT prices In June, rumors of a potential FTX reboot fanned investor confidence, leading many to believe FTT was undervalued. The speculation propelled a fresh wave of capital investment into the token, causing its price to increase by more than 20%. Efforts to resurrect the platform are underway. FTX’s current managemen...

The second week of Sam Bankman-Fried’s criminal trial concluded with BlockFi CEO blaming FTX and Alameda for its bankruptcy.  FTX founder Sam Bankman-Fried’s historical trial saw the end of its second week today. Throughout this week, the major key witness was Caroline Ellison, former CEO of Alameda Research and ex-girlfriend of SBF.  Ellison testified how Alameda was allowed to take unlimited loans from FTX’s customer funds, how Bankman-Fried used funds for political donations, his failed pursuit of Saudi investment and how he bribed Chinese officials.  Yesterday, Zac Prince, former CEO of bankrupt crypto exchange BlockFi, took the stand and stated that his company was forced into bankruptcy by FTX and Alameda. Today he continued to share the details in his testimony to the prosecutor.  You might also like: SBF trial day 8: BlockFi’s Zac Prince blames FTX and Alameda for lender’s downfall Testimony of Zac Prince, Founder and CEO at BlockFi  BlockFi was lend...

“At the outset, the exploiter possessed a substantial sum of 175,496 ETH, amounting to an impressive $294 million . However, as a result of a sequence of intricate transactions, the current balance within their portfolio has dwindled to a still noteworthy $196.014 million . The crypto wallet address linked to the FTX exploiter was in motion, transferring approximately $36.8 million worth of Ether within the last 24 hours. This occurred against the backdrop of ongoing court proceedings surrounding the former CEO of the now-defunct crypto exchange, Sam Bankman-Fried (SBF). It was on November 11, 2022, that accounts affiliated with FTX and FTX.US found themselves substantially depleted, to the tune of $600 million. This unfortunate event unfolded mere hours after the crypto exchange had filed for Chapter 11 bankruptcy. In the wake of this security breach, FTX’s General Counsel, Ryne Miller, promptly alerted traders to the situation, attributing the hack to malicious software...

FTX, the defunct crypto exchange, has been consolidating coins as part of efforts to settle over $8 billion in debt owed to customers and creditors following its bankruptcy in November 2022. The bankrupt exchange is in the process of bridging several digital assets to their native blockchain networks, FTX shared in an update via X (formerly Twitter) on Sep. 6. Additionally, they plan to move their holdings of Solana (SOL) and other virtual currencies from their reserves to BitGo. FTX has been actively bridging tokens from various blockchains back to their native blockchains. FTX also has been in the process of migrating SOL and other tokens from existing wallets to BitGo, FTX’s qualified custodian. — FTX (@FTX_Official) September 6, 2023 A court appointed BitGo as FTX’s official custodian following a filing on Nov. 24, 13 days after the crypto exchange declared bankruptcy and founder Sam Bankman-Fried (SBF) resigned as chief executive officer (CEO). You might also l...

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. ...

FTX CEO John Ray III has started soliciting interested parties to restart the FTX exchange. Discussions on renaming the exchange, compensation to some existing customers, and team building and recruitment are also underway. Blockchain technology company Figure has expressed interest in helping FTX reboot, according to sources. The firm was also part of an investment group that bid for Celsius Network, but lost to another consortium. advertisement Chief Executive John Ray III said he is setting up a task force to look into the crypto exchange’s restart. “The company has begun the process of soliciting interested parties to the reboot of the FTX.com exchange.” CoinGape Media earlier reported that FTX released the names of parties under the 363 Sale section of the US Bankruptcy Code that allows the selling of a company’s assets. Nasdaq, Ripple Labs, Galaxy Digital, BlackRock, Tribe Capital, Robinhood, NYDIG, and OKCoin are t...

The new algorithmic currency system aims to provide a more “stable, efficient and scalable” asset than common coins like Bitcoin. Singapore’s government-owned investment firm Temasek continues investing in cryptocurrency projects even after losing hundreds of millions of dollars to the collapsed FTX crypto exchange. Temasek has invested $10 million in Array, the developer of an algorithmic currency system based on smart contracts and artificial intelligence. Announcing the news on May 1, Array said that the raise is its second funding round, which is believed to bring the firm’s valuation to more than $100 million. The new Temasek-backed algorithm ic currency system aims to provide a more “stable, efficient and scalable” asset than traditional Cryptocurrencies like Bitcoin (BTC). The system is expected to have a variety of use cases, including payments, remittances as well as investments. Array’s smart contract platform, ArrayFi, is designed to enable decentralized applications bui...

According to The Hollywood Reporter, Fortune, and Mark Wahlberg’s media production company, Unrealistic Ideas are planning a documentary on crypto exchange FTX and Binance. The documentary will focus on the relationship between the founders of the two firms. FTX chief Sam Bankman-Fried ( SBF ) is currently in US custody, undergoing trial for his role in the exchange’s collapse. JUST IN: Mark Wahlberg to produce a documentary on the relationship between Sam Bankman-Fried and #Binance CEO. — Watcher.Guru (@WatcherGuru) February 1, 2023 The documentary will look into the personal relationship between SBF and Binance founder Changpeng Zhao (CZ). The project mentions that the two established themselves as leading personalities in the cryptocurrency industry. They formed distinctive alliances that simultaneously positioned them as rivals and partners. Zhao focused on a more austere strategy for establishing Binance. Meanwhile, SBF sought a high profile...

The media’s lawyers argued the public’s right to know Bankman-Fried's sureties outweighed their privacy and safety rights, but Bankman-Fried’s lawyers strongly disagreed. Eight major media companies including Bloomberg, The Financial Times and Reuters have demanded public disclosure of the two individuals responsible for guaranteeing FTX former CEO Sam Bankman-Fried's $250 million bond.  In a Jan. 12 letter addressed to New York District Court Judge Lewis Kaplan, attorneys from Davis Wright Tremaine LLP — acting on behalf of the Media giants — argued that “the public’s right to know Bankman-Fried's guarantors outweighed their privacy and safety rights.” Media organizations looking to persuade the judge to unseal the identities of Bankman-Fried's guarantors include the Associated Press, Bloomberg, CNBC, Dow Jones, The Financial Times, Insider and the Washington Post. Cast your vote now! In making their case, the media’s lawyers used case precedent from Ghislaine Maxw...

In mid-November, the Securities Commission of The Bahamas announced that it ordered all contents of FTX ’s crypto wallets to be transferred to a wallet controlled by it. Per the commission, “urgent interim regulatory action” was important to “protect the interests of clients and creditors.” The securities regulator also stated that it will engage with other regulators and authorities in multiple jurisdictions going forward to address matters affecting the creditors, clients, and stakeholders of FTX Digital Markets [FDM] globally to obtain “the best” possible outcome. Read More: Bahamas Securities Regulator Takes Full Control of FTX’s Digital Assets Regulator Looking To Deliver FTX Assets To Customers, Creditors The regulator reaffirmed on Thursday that it is holding the company’s assets worth $3.5 billion on a temporary basis. Specifically, the pricing is based on the market rate at the time of transfer. The commission ...