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.
Crypto executive Sam Bankman-Fried, founder of the collapsed FTX exchange, is fighting with prosecutors over his access to a laptop as he faces criminal charges, with the U.S. Department of Justice stating that he has sufficient access to a laptop and hard drives for his defense.
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.
Bitcoin holds above $27,000 as U.S. rates traders predict that the Federal Reserve will maintain borrowing costs, Solana's SOL and ether experience slight gains, FTX sues founder's parents for fraudulent transfers and misappropriated funds, and a new $60 million fund called Oak Grove Ventures focuses on Web3, AI, and biotech.
FTX cryptocurrency empire, led by Sam Bankman-Fried, faced financial turmoil and bankruptcy, leading to Bankman-Fried's arrest on charges of stealing billions in customer funds.
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.
Bitcoin has rebounded by over 42% following the collapse of FTX last November, reaching its highest mark in almost two months at $28,933.51, while FTX founder Sam Bankman-Fried faces trial for federal charges of fraud and conspiracy.
Millions of dollars raised by Sam Bankman-Fried were at risk of being lost due to poor fund management and unsuccessful trading strategies, but the tides turned when new team members joined and implemented successful trading systems, leading to the creation of the crypto exchange FTX.
Crypto hedge fund Alameda Research had exclusive privileges on FTX exchange that allowed them to use $8 billion of customers' funds, according to testimony from a former top executive, Gary Wang, who co-founded both companies with Sam Bankman-Fried.
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.
Sam Bankman-Fried, the founder of FTX, lived with employees in a $35 million apartment in the Bahamas, allegedly paid for with customer and investor money, according to testimony in his ongoing criminal trial related to the collapse of the crypto-exchange.
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.
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.
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.
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."
Summary: FTX founder Sam Bankman-Fried allegedly paid $150 million in bribes to Chinese officials to unfreeze accounts, Binance clarified that it only freezes accounts of users suspected of violating international sanctions, a second Chinese court ruled that crypto lending contracts are not protected by law, and Huobi hacker returned all stolen assets.
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.
Collapsed crypto exchange FTX is transferring $8.6 million in Ethereum, Chainlink, Aave, and Maker to Binance, indicating the beginning of a sale to repay creditors after going bankrupt, according to analysts.
The debtor group controlling wallets associated with the bankrupt crypto exchange FTX moved over $19 million worth of tokens to various crypto exchange addresses, including Binance and Coinbase.
Sam Bankman-Fried, founder of FTX cryptocurrency exchange, is expected to take the stand in his criminal fraud case, where he faces seven counts of fraud, conspiracy, and money laundering; his defense claims that his decisions were made in "good faith," but legal experts believe he faces an uphill battle.
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.
