sambankmanfried
Der wegen Betrugs verurteilte ehemalige Kryptowährungs-Unternehmer Sam Bankman-Fried soll für 25 Jahre ins Gefängnis. Der zuständige New Yorker Richter Lewis Kaplan verkündete seine Entscheidung am Donnerstag, wie US-Medien aus dem Gerichtssaal berichteten. Anwälte des 32-jährigen Gründers der Digitalgeld-Börse FTX prüfen bereits seit der Verurteilung im November eine Berufung. Kaplan blieb mit dem Strafmaß zwischen den Vorstellungen der Ankläger und der Verteidigung. Die Staatsanwaltschaft hatte 40 bis 50 Jahre Haft beantragt, Bankman-Frieds Anwälte hatten rund sechs Jahre Haft vorgeschlagen....
DPA (German)
FTX founder Sam-Bankman-Fried faces decades in jail after being found guilty on all charges. The 31-year-old former billionaire will be given his sentence on March 28 next year after he was convicted on seven counts federal counts of fraud and conspiracy in connection with losing $8 billion of customer funds in his cryptocurrency exchange - which at its peak of success was worth an estimated $32 billion - after first being arrested nearly a year ago in the Bahamas. Damian Williams, the US attorney, said: "Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history - a...
BANG Showbiz English
The former ‘King of Crypto’ Sam Bankman-Fried has insisted he acted on legal advice. The 31-year-old entrepreneur is currently on trial in a New York federal court answering on a string of charges - including fraud, money laundering and illegal and, if convicted, faces decades in prison- in relation to allegedly stealing billions of dollars from his cryptocurrency exchange FTX to fund his other company Alameda Research, among other crimes. His lawyer, Mark Cohen, asked Sam: "Did you take comfort from the fact that lawyers had structured the loans?" Sam - who pleaded not guilty to two counts of...
BANG Showbiz English
Sam Bankman-Fried’s parents are being sued for money their son is alleged to have gotten improperly from the collapsed crypto fund FTX. Barbara Fried and Allan Joseph Bankman - whose son was dubbed the ‘King of Crypto’ and are both professors at Stanford University - are being accused of possessing “fraudulently transferred” money and ignoring infringements at the firm, which lost investors an estimated $8 billion, according to a court filing. The action from FTX was submitted for those owed money by the fund’s failure - which led to Sam being arrested late last year - after federal prosecutor...
BANG Showbiz English
Temasek has cut the pay of staff who got them involved with FTX. The investment fund - which is owned by the Singapore state - issued a clampdown on those “ultimately responsible” for their decision to put some of their funds into Sam Bankman-Fried’s cryptocurrency, which US financial authorities have dubbed one of the greatest frauds in the nation’s history. They said in a statement: "The investment team and senior management, who are ultimately responsible for the investment decisions made, took collective accountability and had their compensation reduced.” The sovereign wealth fund expresse...
BANG Showbiz English
New FTX boss says he could revive the disgraced crypto business. John Ray has established a task force to look into if he could bring back the fund - which collapsed in November - after it lost $32 billion in value before it was declared bankrupt. He told the Wall Street Journal he could potentially “recover more value” for investors, who were left unable to withdraw their money, after $8 billion vanished. This suggestion comes after the ex ‘King of Crypto’ Sam Bankman-Fried, who co-founded and ran FTX, was charged with defrauding customers and investors to quell debts accrued by his hedge fun...
BANG Showbiz English
FTX has located more than $5 billion of assets. An attorney for the collapsed cryptocurrency exchange has confirmed that the assets have been found, although a court in the US has been told that the extent of losses to customers remains unknown. Andy Dietderich, the attorney for FTX, told a judge in Delaware: "We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities." Sam Bankman-Fried, the former chief executive of FTX, has been accused of organising a fraud that has cost investors and other parties billions of dollars. However, Bankman-Fried has denied ...
BANG Showbiz English
US bank Silvergate faced $8 billion in crypto withdrawals. Customers of the institution, which supplies cryptocurrency services, have removed more than $8 billion worth of assets held by the bank. In response, Silvergate have hawked over $5.2 billion to make up for the loss. The move from customers came amid three US regulating bodies warning that financial institutions trading crypto were “highly likely to be inconsistent with safe and sound banking practices”. Silvergate - which is the New York Stock Exchange - is regulated like other financial institutions, a rarity for some cryptocurrency ...
BANG Showbiz English
By Mohammed Kudrati In 2021, cryptocurrency millionaires were on the covers of magazines for all the right reasons. In 2022, they're on the cover of magazines for all the wrong reasons, joining those who realise that magazine covers are slippery slopes to doom. The state of the global crypto ecosystem in 2022 has juxtapositioned itself with its state in 2021 all too perfectly. Last year, it was thriving, as around 13 months ago, most cryptocurrencies saw their lifetime highs. Today, the prices of most benchmark cryptocurrencies are trading at prices around a third of that. These lower prices o...
BOOM Live
By The Conversation In modern capitalism, it seems as if stories of companies and managers who engage in fraud and swindle their investors occur like the changing of the seasons. In fact, these scandals can be traced back to the origins of publicly traded companies, when the first stockbrokers bought and sold company shares and government securities in the coffee houses of London's Exchange Alley during the 1700s. As a historian of 18th century finance, I am struck by the similarities between what's known as the Charitable Corporation Scandal and the recent collapse of FTX. A noble causeThe Ch...
BOOM Live
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