FTX

Former FTX CEO Sam Bankman-Fried (aka SBF) now faces a total of 13 criminal charges. , a newly unsealed indictment accuses the disgraced entrepreneur of conspiring to pay a $40 million bribe to Chinese government officials. Federal prosecutors allege Bankman-Fried ordered Alameda Research, FTX’s sister company, to transfer the funds to a private wallet, in hopes of convincing Chinese authorities to unfreeze Alameda accounts with more than $1 billion in crypto assets. It is to bribe foreign government officials in order…

The US Securities and Exchange Commission (SEC) has threatened to sue Coinbase Global Inc over some of the crypto exchange's products, turning up the heat on the largely unregulated sector. Shares of Coinbase dropped nearly 13% to $67.33 in extended trading after the company said on Wednesday that the regulator had issued it a Wells notice - a formal declaration that SEC staff intend to recommend an enforcement action. The potential enforcement actions would be tied to aspects of Coinbase's spot market as well as its…

The US Securities and Exchange Commission (SEC) has threatened to sue Coinbase Global Inc over some of the crypto exchange's products, turning up the heat on the largely unregulated sector. Shares of Coinbase dropped nearly 13% to $67.33 in extended trading after the company said on Wednesday that the regulator had issued it a Wells notice - a formal declaration that SEC staff intend to recommend an enforcement action.The potential enforcement actions would be tied to aspects of Coinbase's spot market as well as its Earn,…

Lawyers for Sam Bankman-Fried are nearing an agreement with U.S. prosecutors on revised bail conditions for the indicted FTX cryptocurrency exchange founder, who is trying to convince a skeptical judge he should remain free.In a letter filed on Friday night in Manhattan federal court, Bankman-Fried's lawyer Christian Everdell said both sides believed they were "close to a resolution", and expect to formally propose new restrictions by next week.Bankman-Fried, 31, faces a trial set for Oct. 2 on charges of stealing…

FTX, the defunct cryptocurrency exchange, is finally being forced to publicly detail its spending habits in the company’s ongoing Chapter 11 bankruptcy proceedings. And the resulting documents are illuminating.The crypto exchange, founded and formerly owned by fallen blockchain golden boy, Sam Bankman-Fried, spent hundreds of thousands of dollars on extraneous food and fun purchases over the course of just a couple of months—presumably for employees. Previously unsealed court filings have shown that the debtors owed by…

The demise of FTX, the crypto exchange run by Sam Bankman-Fried,…

Bankrupt cryptocurrency exchange FTX made transfers of about $2.2 billion to company founder Sam Bankman-Fried through related entities, the company's new management said. Overall more than $3.2 billion was transferred through payments and loans to company founders and key employees, FTX said in a statement on Wednesday. These payments were made chiefly from Alameda Research hedge fund, FTX said, adding that it made these disclosures by filing schedules and statements of financial affairs with the bankruptcy court. The…

Bitcoin is having its worst week since November as an equity selloff, fear over higher interest rates and an escalating US regulatory crackdown on crypto combine to hurt investor sentiment.The largest token fell as much 3.2% on Friday, breaking below $20,000 for the first time since January, after falling more than 8% on Thursday. Smaller coins like Ether, Solana and Cardano also added to losses. A rout in US bank stocks on Thursday stoked concerns that rising borrowing costs are creating a treacherous economic and…

A federal judge doesn’t think proposed changes to Sam Bankman-Fried’s bail conditions will be enough to address the disgraced FTX founder’s messy online behavior while awaiting trial, according to a Friday Reuters report.Per the outlet, Judge Lewis Kaplan said he had continuing concerns about Bankman-Fried’s access to technology and communication devices as the former crypto golden boy is out on bond and residing at his parent’s multi-million dollar California home. Recently suggested, additional tech restrictions…

A US judge is expected on Friday to consider what restrictions Sam Bankman-Fried should face while free on bail, and whether the FTX cryptocurrency exchange founder's Oct. 2 fraud trial should be pushed back.Bankman-Fried is fighting to stay out of jail after US District Judge Lewis Kaplan raised concerns last month that the 31-year-old former billionaire wunderkind was testing the limits of his $250 million bail package by communicating in ways that could not be monitored. Federal prosecutors in Manhattan have charged…