FTX

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SBF: 'I'm Haunted, Every Day, by What Was Lost'

'I never thought that what I was doing was illegal,' says FTX founder Sam Bankman-Fried

(Newser) - Held up in Brooklyn's Metropolitan Detention Center, Sam Bankman-Fried at least has access to email, which he used to communicate with ABC News over the weekend, detailing his remorse for defrauding investors out of $8 billion. "I'm haunted, every day, by what was lost," said the...

SBF Gets 25 Years: 'My Useful Life Is Probably Over'

Sam Bankman-Fried is sentenced over cryptocurrency fraud

(Newser) - Sam Bankman-Fried is going to federal prison for a long time over his fraud conviction in the world of crypto, though not as long as prosecutors wanted. Judge Lewis Kaplan on Thursday sentenced the 32-year-old former wunderkind to 25 years related to the collapse of his FTX crypto exchange, which...

SBF Will Learn His Fate Today
SBF Will Learn His Fate Today
THE RUNDOWN
Mar 28, 2024 6:52 AM CDT

SBF Will Learn His Fate Today

Prosecutors are seeking up to 50 years

(Newser) - Former cryptocurrency kingpin Sam Bankman-Fried will be sentenced Thursday for crimes including wire fraud and conspiracy to commit wire fraud. There's no question that the 32-year-old will face years in federal prison but there's a big gap between recommendations from prosecutors and those from his defense lawyers, the...

Bitcoin Surges to a Record High
Bitcoin Defies Expectations
as It Hits a Record High
the rundown
Mar 5, 2024 10:10 AM CST

Bitcoin Defies Expectations as It Hits a Record High

Cryptocurrency reaches $69K

(Newser) - The roller coaster of bitcoin continues, this time with a high: The cryptocurrency reached a record-high price of $69,000 on Tuesday, reports the Wall Street Journal . The outlet cites Dow Jones Market Data, but the high mark differs slightly depending on the outlet. The New York Times , for example,...

Lawyer's Argument: SBF Suffers From Anhedonia

His lawyers, parents, and others argue he should serve no more than 6.5 years in prison

(Newser) - Probation officers recommended that Sam Bankman-Fried spend 100 years in prison—and his lawyers, family, and others on Tuesday argued that was "barbaric," that the 31-year-old risks being in "extreme danger," and that a sentence of 63 to 78 months (that's 6.5 years on...

Prosecutors: No Need for 2nd Trial of FTX Founder

Prosecutors say there would be harm, no benefit, in trying SBF again

(Newser) - A second trial of FTX founder Sam Bankman-Fried on charges not in the cryptocurrency fraud case presented to a jury that convicted him in November is not necessary, prosecutors told a judge Friday. Prosecutors told US District Judge Lewis A. Kaplan in a letter that evidence at a second trial...

Jury Convicts Bankman-Fried of All Fraud, Conspiracy Counts

FTX founder faces 115 years in prison

(Newser) - Sam Bankman-Fried, whose FTX cryptocurrency exchange collapsed and cost his customers billions of their savings, was convicted Thursday on all seven criminal counts he faced in a federal fraud trial. He could be sentenced to as long as 115 years in prison, the Washington Post reports. The federal jury in...

Judge to Sam Bankman-Fried: 'Just Answer the Question'

FTX founder is 'vague,' 'curt' under cross-examination

(Newser) - The cross-examination of Sam Bankman-Fried, founder of failed cryptocurrency exchange FTX, began Monday; it was SBF's second day on the stand after testifying in his own defense Friday. On that day, some of his answers were so lengthy and meandering the judge asked him to stop talking . On Monday,...

Judge Hears Partial Testimony From SBF First, Without Jury
SBF Runs
Testimony By
Judge First
Oct 26, 2023 4:20 PM CDT

SBF Runs Testimony By Judge First

Jurors are sent home before decision is made on what defendant can tell them

(Newser) - Sam Bankman-Fried took a test run at testifying at his New York fraud trial Thursday when a judge sent jurors home so he could hear snippets of testimony and decide what the FTX founder will be allowed to tell them, the AP reports. Bankman-Fried has decided to testify Friday to...

Sam Bankman-Fried Will Roll the Dice, Take the Stand

Legal experts say it could be the Hail Mary he needs

(Newser) - In what's being categorized as a legal Hail Mary, a lawyer for Sam Bankman-Fried on Wednesday confirmed the FTX founder plans to take the stand in his defense. With federal prosecutors poised to rest their case Thursday morning, the AP reports Judge Lewis A. Kaplan put it like so...

As SBF's Trial Plows Ahead, Questions Arise on His Parents

Bloomberg details Joe Bankman, Barbara Fried's influence and involvement in FTX crypto empire

(Newser) - Last December, FTX founder Sam Bankman-Fried insisted to the New York Times that his parents, Joseph Bankman and Barbara Fried, "weren't involved in any of the relevant parts" of his now-defunct cryptocurrency business. Writing for Bloomberg , Max Chafkin and Hannah Miller dive deeper into that murky relationship, coming...

His Trial Is Halfway Over, and SBF May Be in Trouble

Observers say prosecutors keep scoring, as the defense struggles

(Newser) - The high-profile trial of former crypto superstar Sam Bankman-Friedman is halfway through its expected six-week duration—and an analysis at the Washington Post suggests SBF might be in serious trouble. "The case has turned out to be not only as strong as it was expected to be but, if...

SBF 'Scoffed, Laughed' as His Ex Testified: Prosecutor

Caroline Ellison's testimony concluded Thursday

(Newser) - As his ex-girlfriend and the former CEO of one of his companies testified against him in his fraud trial, Sam Bankman-Fried "laughed, visibly [shook] his head, and scoffed" multiple times, according to the prosecutor who was questioning Caroline Ellison. During a sidebar between lawyers and the judge in the...

SBF's Ex Describes Final Days of FTX

Caroline Ellison says she was relieved she didn't have to lie anymore

(Newser) - Sam Bankman-Fried's former top executive, testifying in Manhattan federal court Wednesday, blamed the FTX founder for corrupting her values so she could lie and steal and got emotional when describing the cryptocurrency empire's final days, saying the collapse of his businesses resulted in a "relief that I...

SBF's Ex-Girlfriend: He 'Directed' Me to Break Law

Caroline Ellison, who ran his Alameda trading platform, pins the blame on Sam Bankman-Fried

(Newser) - The government's star witness in its case against alleged crypto swindler Sam Bankman-Fried took the stand on Tuesday—and she pinned the blame squarely on him. "He directed me to commit these crimes," said Caroline Ellison, 28, per the New York Times . Ellison has a singular role...

SBF Made the Decisions, Former Executive Testifies

Gary Wang says FTX founder was behind the misuse of customers' $8B

(Newser) - There was no doubt about who made the major calls at FTX, a former top executive has testified in the federal fraud trial of Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange. "In the end, it was Sam's decision," Gary Wang, who took the stand for six...

One Journalist Was Beside SBF as FTX Boomed and Collapsed
His Access to
SBF Was Wild.
This Is the Result
longform
Oct 4, 2023 3:23 PM CDT

His Access to SBF Was Wild. This Is the Result

Michael Lewis' latest is 'Going Infinite: The Rise and Fall of a New Tycoon'

(Newser) - "Michael's got a horseshoe in his underwear," is how Billy Beane put it to the Guardian . He's talking about Michael Lewis, the acclaimed journalist of Moneyball (Beane was a "character" in that one), Big Short, and Liar's Poker fame. He also happened to have...

SBF Shows Up in Court With Very Different Hair

FTX founder Sam Bankman-Fried boasted surprising new coif during Tuesday court showing

(Newser) - Sam Bankman-Fried's wild mane of hair has earned almost as much notice as his alleged crimes, but we'll now have to get used to seeing him without it. The Guardian reports that the FTX founder, accused of fraud and money laundering, showed up for the first day of...

Biggest Surprise of SBF Trial? That It's Happening at All

Former poster boy for cryptocurrency is in court this week, and crypto world is rooting against him

(Newser) - This week brings a milestone in the world of cryptocurrency—the trial of accused fraudster Sam Bankman-Fried begins Tuesday in New York. Bankman-Fried, or SBF, founded the FTX exchange that famously went belly-up and cost a lot of people—many of them everyday investors swayed by celebrity endorsements—a lot...

FTX Is Taking Bankman-Fried's Parents to Court

Lawsuit seeking to claw back funds alleges Bankman, Fried 'ignored bright red flags'

(Newser) - Joe Bankman and Barbara Fried are being sued by the company their son used to run. FTX filed a lawsuit against the couple late Monday, seeking to reclaim funds it claims were "fraudulently transferred and misappropriated" by Sam Bankman-Fried's parents, CNN reports. The lawsuit filed in a Delaware...

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