Sam Bankman-Fried has been sentenced to 25 years in prison for the criminal fraud that led to the downfall of his FTX exchange and the theft of billions of dollars from his former customers.
Crypto's former wonder boy Sam Bankman-Fried could see himself landing in jail for 115 years after being found guilty of seven counts of fraud and conspiracy, with his sentencing set in March 2024.
Under the U.S. bipartisan bill PROOF Act, the results of monthly PoR inspections would be submitted to the Department of the Treasury, which would then be required to post the information publicly.
Testifying before the court, former Alameda CEO Caroline Ellison claims Sam Bankman-Fried "directed" her into committing the crimes, which include siphoning "several billions of dollars" from FTX customers.
SBF pleaded not guilty to charges that include wire fraud, commodities fraud, securities fraud, conspiracy to commit said frauds, and campaign finance violations.
As per U.S. securities regulator, Caroline Ellison had misappropriated customer funds from FTX to use in Alameda's trading activity, while Wang had created the software that allowed this to happen.
Akihisa Shiozaki, a Japanese lawmaker, noted that the failure to conduct due diligence led to losses of thousands of Japanese investors as the FTT token's value tumbled overnight.
The bankruptcy of digital asset lending/custodial platform BlockFi is the latest casualty of the FTX exchange’s collapse, while FTX’s founder continues his carefree existence in his alternative reality.
No matter the price, everyone building on BSV at the moment will still build on it despite the price action because BSV blockchain offers functions that are still there if the price goes up or down.
Its decision to help sink FTX was merely the latest in a string of moves aimed at consolidating power within the industry, taking Binance ever closer to becoming monopolistic power.
Both class action lawsuits seek to represent transnational/global people outside the United States who purchased or enrolled in a YBA and, in Lam’s case, “otherwise invested in one or more FTX Entities.”
South Korea’s Financial Services Commission is investigating exchanges that have listed their native tokens, with Flata exchange as the main target, following FTX’s FTT collapse this month.
