FTX Debtors have disclosed payments benefiting company executives leading up to the collapse of the cryptocurrency exchange, including a $2.51 million transaction to former Alameda Research co-CEO Sam Trabucco and the purchase of Robinhood shares by FTX co-founders Bankman-Fried and Wang.
Former FTX founder Sam Bankman-Fried received nearly $1 billion in cash payments from the crypto exchange before its collapse, while other ex-executives also benefited from the funds, court filings reveal.
The collapsed crypto exchange FTX has been granted permission to liquidate its digital assets to repay creditors, including Bitcoin, Ether, and Solana, amounting to around $3.4 billion. The founder of FTX, Sam Bankman-Fried, is facing charges of fraud and conspiracy, with his bail being revoked last month.
Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, is set to go on trial for fraud charges, leaving investors like Sunil Kavuri, who lost $2.1 million, hoping for justice and a chance to recover their funds.
Recent on-chain data reveals that an exploit mover transferred 2,500 ETH valued at $4 million each, potentially impacting ETH's price and smaller investors, coinciding with the launch of Ethereum-based ETFs in the United States.
A hacker responsible for the FTX exchange hack is now moving millions of dollars worth of crypto assets, including Ethereum, via the RailGun and Thorchain protocols.
Approximately $26 million worth of ETH from the $600 million attack on FTX's wallets has now been moved through privacy tools and bridges, with some funds ending up at the Thorchain bridge and Railgun privacy wallet, deepening the mystery surrounding the exchange's collapse last year.
The crypto wallet address linked to the FTX exploiter has moved $36.8 million worth of Ether in the last 24 hours amid the ongoing court trials of the defunct crypto exchange's ex-CEO, Sam Bankman-Fried.
A software bug in FTX resulted in the overstatement of Alameda's debt to FTX customers by $8 billion, according to a witness in Sam Bankman-Fried's trial. The bug was discovered and fixed after a conversation between Bankman-Fried and a former FTX developer. The trial is centered around fraud and conspiracy charges related to the collapse of Bankman-Fried's crypto empire.
Sam Bankman-Fried's former college roommate testified in court that Bankman-Fried directed him to give their hedge fund special trading privileges on FTX, including a $65 billion line of credit, which contributed to FTX's bankruptcy.
FTX staffers discovered a backdoor at sister company Alameda Research that allowed billions of dollars in customer funds to be withdrawn before the firm collapsed, and this backdoor is expected to feature prominently in the federal fraud trial against FTX founder Sam Bankman-Fried.
FTX insiders revealed that a concealed mechanism, allegedly linked to Alameda Research, allowed unauthorized withdrawal of billions in customer funds, with no corrective action taken despite being reported, leading to the ongoing trial against FTX's former head.
Matt Huang's testimony in the trial against Sam Bankman-Fried suggests that FTX may have defrauded investors by using customer funds for its own purposes and not disclosing important information, potentially resulting in financial losses for Paradigm, the crypto investment firm.
A backdoor allowing negative balances of up to $65 billion was discovered by FTX employees prior to the collapse of the crypto exchange, according to the Wall Street Journal, forming a central part of the fraud case against former FTX CEO Sam Bankman Fried who faces potential lengthy imprisonment.
The co-founder of FTX, a bankrupt digital asset exchange, revealed that its sister firm, Alameda, had been using billions of dollars of FTX customer assets for trading purposes since 2019, leading to accusations of fraud and mishandling of customer funds.
FTX, a cryptocurrency exchange that experienced a major hack last year, managed to prevent the loss of over $1 billion worth of crypto by scrambling to move funds to secure storage and transferring them to cold storage wallets.
FTX co-founder Gary Wang testified that the insurance fund balance of the crypto exchange did not match the actual funds held by the exchange, revealing it to be a fake number generated using an unconventional method, during the trial of Sam Bankman-Fried, who faces multiple charges including wire fraud and money laundering.
Hackers responsible for stealing over $400 million from FTX and FTX.US are using the media attention around Sam Bankman-Fried's fraud trial to further obfuscate the movement of stolen funds.
Sam Bankman-Fried, founder of cryptocurrency exchange FTX, faces charges of fraud and potential lifelong imprisonment for his alleged involvement in financial crimes, including the misuse of customer funds to finance his extravagant lifestyle and purchase luxury properties.
Sam Bankman-Fried, founder of cryptocurrency exchange FTX, is facing federal fraud charges and a potential lifetime in prison for financial crimes related to the collapse of FTX, while evidence has been presented in court showcasing the $35 million luxury penthouse where Bankman-Fried and his colleagues resided.
FTX co-founder Sam Bankman-Fried has been accused by Caroline Ellison of instructing her to steal money from FTX's customers in order to repay loans made to Alameda Research, with Ellison testifying that Bankman-Fried directed her to commit fraud; Bankman-Fried, who faces multiple federal charges including wire fraud and money laundering, has pleaded not guilty to all charges.
FTX founder and CEO Sam Bankman-Fried is on trial for allegedly orchestrating a scheme to steal billions of dollars from customer accounts, as his former partner testifies against him for fraud and money laundering.
Hackers stole millions of dollars of cryptocurrency from FTX after the company declared bankruptcy, with FTX employees scrambling to protect assets, including holding $500 million on a USB drive.
FTX's hedge fund, Alameda Research, reportedly lost over $190 million due to avoidable scams and security incidents, including phishing attacks and questionable yield farming on dubious blockchains, as a result of the firm's focus on speed over security, according to a former engineer turned whistleblower. These revelations come amidst the ongoing fraud trial of FTX founder, Sam Bankman-Fried.
The thieves who stole more than $400 million from FTX may have ties to Russian cybercriminals, according to cryptocurrency tracing firm Elliptic, as they have used services that commingle funds with cryptocurrency from Russia-linked ransomware hackers and dark web markets.
Blockchain analytics firm Elliptic has raised the possibility that the $477 million hack of FTX could be an inside job, as stolen assets are being moved by anonymous hackers just as the trial of FTX founder Sam Bankman-Fried begins.
FTX founder Sam Bankman-Fried's trial continues with former Alameda CEO Caroline Ellison testifying that she was directed by Bankman-Fried to commit fraud and money laundering crimes, taking several billion dollars from customers and using an "unlimited line of credit."
Former FTX executive, Nishad Singh, testifies that he felt "betrayed" and realized the extent of FTX's wrongdoing when he confronted CEO Sam Bankman-Fried on the balcony of a penthouse in the Bahamas, where they lived with other staffers, and learned that Alameda Research owed $13 billion to FTX, much of which was customers' money.
Former FTX executive Nishad Singh testified in Sam Bankman-Fried's trial, revealing that $8 billion worth of customer funds were spent on real estate, venture capital investments, campaign donations, endorsement deals, and even a sports stadium, supporting previous witnesses' claims of fraud and money laundering orchestrated by Bankman-Fried.
FTX founder Sam Bankman-Fried is on trial for allegedly stealing over $8 billion from FTX customers, and prosecutors have presented witness testimonies and evidence to reveal the intricate details of the cryptocurrency exchange's downfall and collapse.
FTX founder, Sam Bankman-Fried, plans to testify at his criminal fraud trial in Manhattan, where he faces charges of orchestrating a $10 billion scheme to steal customer deposits.
Bankrupt crypto exchange FTX transferred millions of dollars worth of crypto assets, including LINK, MATIC, and AGLD, to Coinbase and an intermediary address, as its founder was set to testify at his criminal trial.
FTX founder Sam Bankman-Fried testified in his own defense, admitting to mistakes but denying fraud or theft in the collapse of the cryptocurrency exchange, stating that a "lot of people got hurt" and the company went bankrupt due to oversight and not intentional wrongdoing.
