Sam Bankman-Fried, the former big shot of the crypto world, is not giving up. His legal team is making a big push to overturn his conviction. They say he didn't get a fair trial. The judges will listen to their arguments soon. Bankman-Fried was found guilty of some serious charges. He was accused of taking $8 billion from FTX customers. The court said he committed a...
The news about FTX creditors getting their money back isn't as straightforward as it seems. The value of crypto has gone up a lot since FTX went down, which means the payouts might not be as big as people thought. Sunil, who represents FTX creditors, said that after adjusting for the current crypto prices, creditors might only get between 9% and 46% of what they're o...
The crypto world has seen its share of dramatic ups and downs, but few stories are as striking as the recent fall of prominent figures in the industry. The former head of Celsius Network, Alexander Mashinsky, received a 12-year prison sentence. This came after he admitted to two major fraud charges. His journey from a celebrated leader to a convicted criminal highlig...
In a surprising turn of events, former FTX executive Gary Wang won't serve any jail time for his role in the crypto exchange's downfall. On Wednesday, a U. S. district judge sentenced him to three years of unsupervised release and time served for four fraud-related counts. The judge, Lewis Kaplan, praised Wang's cooperation, saying he's never seen anything like it be...
Gary Wang, a co-founder of the now-defunct cryptocurrency exchange FTX, dodged a lengthy jail term. On November 20, 2024, he was sentenced to time served and three years of supervised release for his part in the crypto fraud. He was also ordered to forfeit $11 billion. Wang faced up to 50 years in prison for his crimes, which included conspiracy to commit wire fraud ...
Ever heard of Sam Bankman-Fried? He's the guy who turned the crypto world upside down. Now, Apple and A24 are teaming up to tell his story in a new movie. Lena Dunham, the creator of "Girls, " is writing the script. It's based on Michael Lewis' book "Going Infinite, " which dives into the rise and fall of Bankman-Fried and his cryptocurrency exchange, FTX. FTX start...
In a surprising turn of events, the bankruptcy trustees of the once-mighty crypto exchange FTX have filed a lawsuit against their former rival, Binance. The lawsuit, which was filed in a US bankruptcy court in Delaware, is seeking to recover a staggering $1. 76 billion. This massive sum was allegedly transferred to Binance and its top executives, including co-founder...
Binance, one of the world's largest cryptocurrency exchanges, and its former CEO, Changpeng Zhao (CZ), are being sued by FTX for a staggering $1. 8 billion. This legal battle comes after FTX filed a lawsuit claiming that Binance and CZ played a significant role in FTX's collapse last year. The lawsuit alleges that Binance and CZ made false statements and took actions...
In a turn of events, Caroline Ellison, the former head of Alameda Research, reported to a federal prison in Connecticut on Thursday. This comes after her sentence of two years in prison last September for her role in the massive cryptocurrency fraud involving FTX. Ellison, who was a crucial witness in the case against FTX founder Sam Bankman-Fried, played a significa...
In New York, a former FTX executive named Nishad Singh was spared a prison sentence on Wednesday. The federal judge commended Singh's significant cooperation in exposing the multibillion-dollar fraud orchestrated by FTX's founder, Sam Bankman-Fried. Singh, who was the company's engineering director, only learned about the misappropriated funds two months before the s...