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SBF's Lawyers Say Parents Are Now Targets

Lawyers want names redacted on court documents related to FTX founder's bail

(Newser) - FTX founder Sam Bankman-Fried pleaded not guilty in Manhattan federal court Tuesday to charges that he cheated investors and looted customer deposits on his cryptocurrency trading platform. Bankman-Fried, 30, is accused of illegally diverting massive sums of customer money from FTX to make lavish real estate purchases, donate money to...

Former SBF Partner in Court: 'I Knew It Was Wrong'

Caroline Ellison is cooperating in case against former business and romantic partner

(Newser) - One of the key parts of the case against disgraced crypto entrepreneur Sam Bankman-Fried may come from a former business and romantic partner. Caroline Ellison, 28, told a federal judge this week that she knew the way they were shifting money around was illegal, reports the Wall Street Journal . SBF...

With Parents' Help, SBF Will Be Freed on $250M Bond

Bankman-Fried must remain at home of parents in California

(Newser) - Sam Brinkman-Fried will be able to prep for his fraud trial from his parents' home in California rather than a jail cell. A judge in New York on Thursday agreed to let the 30-year-old go free on $250 million bond, reports the Wall Street Journal . Parents Joseph Bankman and Barbara...

2 of SBF's Pals Secretly Pleaded Guilty

Meanwhile, Sam Bankman-Fried has been extradited to US

(Newser) - Two of Sam Bankman-Fried's top associates secretly pleaded guilty to criminal charges in the collapse of the cryptocurrency exchange FTX and are cooperating with investigators, a federal prosecutor announced Wednesday as the digital coin entrepreneur was being flown in FBI custody to the US from the Bahamas, the AP...

After Chaotic Day, Lawyer Says SBF Won't Fight Extradition
Sam Bankman-Fried Says
He Consents to Extradition

Sam Bankman-Fried Says He Consents to Extradition

He could be taken from Bahamas to NYC as soon as Wednesday afternoon

(Newser) - Sam Bankman-Fried has agreed to be extradited from the Bahamas to face federal charges and could be in New York as soon as Wednesday afternoon. "Yes, I do wish to waive my right to such formal extradition proceedings," the FTX founder told a judge in Nassau Wednesday, per...

Bankman-Fried Charged in 'One of the Biggest Frauds' in US History

Charges could send FTX founder to prison for decades

(Newser) - "This is one of the biggest financial frauds in American history," Damian Williams, US Attorney for the Southern District of New York, said Tuesday, announcing multiple charges against FTX founder Sam Bankman-Fried. The former CEO of the cryptocurrency exchange faces eight charges including fraud, conspiracy to commit money...

Demise of Bankman-Fried Is Dragging Down Parents, Too

Joseph Bankman and Barbara Fried taught for years at Stanford Law

(Newser) - The last month has brought a stunning reversal of fortune for 30-year-old Sam Bankman-Fried . And as the New York Times and the Wall Street Journal report, his renowned parents are very much caught up in the downward spiral. SBF, of course, is the former CEO of the collapsed crypto exchange...

Before Arrest, SBF Had Epic First Line Prepped for Congress

Bankman-Fried of collapsed FTX fund planned to use an f-bomb in his mea culpa

(Newser) - In an interview on Monday, Sam Bankman-Fried declared, "I don't think I will be arrested." Hours later, the former CEO of the collapsed crypto exchange FTX was proved wrong . Authorities in the Bahamas took the 30-year-old into custody at the request of US officials. The details:
  • Timing:

Bankman-Fried Arrested in Bahamas
FTX Founder
Arrested in

FTX Founder Arrested in Bahamas

Sam Bankman-Fried was picked up at US request after prosecutors filed an indictment

(Newser) - Sam Bankman-Fried, who is under criminal investigation in both places over the collapse of the crypto firm he founded, was arrested Monday in the Bahamas after an indictment was filed against him in the US. The announcement was made by US Attorney Damian Williams, who said the US government had...

Sam Bankman-Fried: OK, I'll Talk to Congress

Ex-CEO of failed FTX set to appear Tuesday in front of House Committee on Financial Services

(Newser) - Sam Bankman-Fried has been talking to the media about the collapse of his FTX cryptocurrency firm, and now he says he's willing to talk to Congress, too. CNBC reports that Bankman-Fried announced as much Friday in a series of tweets , writing that he'll be at the Tuesday morning...

Bankman-Fried Talks His Net Worth, 'Biggest Single' Mistake

Ex-FTX CEO, who notes he had $100K last he checked, says he shouldn't have filed Chapter 11

(Newser) - It's not clear if FTX founder Sam Bankman-Fried has a legal team or anyone else advising him to stay tight-lipped after the collapse of his crytocurrency exchange, costing him his entire fortune—but if he does, he's ignoring that advice. As part of what critics are calling a...

Crypto Lender With 'Significant Exposure' to FTX Goes Bankrupt

BlockFi signed deal with exchange earlier this year

(Newser) - A cryptocurrency lender that struck a deal with FTX when the market soured earlier this year has followed the crypto exchange into bankruptcy. BlockFi said Monday that it had filed for bankruptcy protection and would use the process to "focus on recovering all obligations owed to BlockFi by its...

The Weird Connection Between FTX and a Tiny Rural Bank

It raises more questions about failed cryptocurrency exchange

(Newser) - There is no shortage of questions swirling around the imploded cryptocurrency exchange FTX, but the New York Times raises a particularly unusual one: Why did FTX invest a huge sum in a rural Washington bank so small it didn't even provide online banking? As the paper explains, the revelation...

FTX Lawyers: 'Substantial Amount' of Assets Stolen
FTX Bankruptcy Mess
Gets Even Worse

FTX Bankruptcy Mess Gets Even Worse

Lawyers say 'substantial amount' of assets has been stolen

(Newser) - Lawyers for FTX disclosed Tuesday that a “substantial amount" of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back. The admission came during FTX's first court appearance since the company filed for...

Latest FTX Bankruptcy Filing Is Brutally Frank

'Never in my career have I seen such a complete failure of corporate controls,' says new CEO

(Newser) - So just how bad are the books at FTX, the crypto exchange whose implosion has rocked the entire field? A filing in bankruptcy court by the CEO newly appointed to oversee the company's restructuring laid things out in remarkably stark language:
  • “Never in my career have I seen

Stars Sued Over Ads for FTX 'Ponzi Scheme'

Class-action filing says celebrities deceptively encouraged investments in failing crypto exchange

(Newser) - The pain felt by investors in FTX might at some point be shared by the celebrities who made ads promoting it. A new class-action lawsuit names a raft of celebrities who promoted the now-bankrupt cryptocurrency exchange, saying the deceptive endorsements were designed to prompt "unsophisticated investors" to put their...

Billionaires: You're Not as Genius as We Think You Are

Fall of FTX's Sam Bankman-Fried anchors 'WaPo' op-ed on rich-person idolization

(Newser) - Up until recent weeks, Sam Bankman-Fried, founder of the cryptocurrency exchange FTX, was a media darling, appearing on the cover of Fortune magazine and interviewed for his thoughts on everything from the crypto landscape in general to "how to save humanity from extinction." Now, with the collapse of...

Sam Bankman-Fried: I Didn't Flee to Argentina

Speculation had swirled that he left the Bahamas

(Newser) - Sam Bankman-Fried, once the wealthiest person in the world under 30 and now reportedly worth nearly nothing following the collapse of FTX , the cryptocurrency exchange he co-founded and ran, says he has not fled to Argentina. There was speculation that he had, and FlightRadar24 tweeted as much, but when Reuters...

FTX Looks for Missing $400M, Asks Customers to Stay Away

Exchange's name is coming off Miami arena after bankruptcy filing

(Newser) - FTX has asked its customers to not go onto its website while it investigates what it said could be an expensive hack. A crypto analytics firm said more than $400 million worth of crypto funds seems to be missing, the Wall Street Journal reports. The US counsel for FTX, Ryne...

His $16B Net Worth Just Went Poof
His $16B Net Worth
Just Went Poof

His $16B Net Worth Just Went Poof

Sam Bankman-Fried's billions vanished with collapse of FTX crypto exchange

(Newser) - Last year, Forbes described Sam Bankman-Fried, then-CEO of cryptocurrency exchange FTX, as the richest person in the world under 30, with an estimated net worth of more than $20 billion. Bankman-Fried is no longer under 30, no longer the CEO of FTX, and according to Bloomberg , his net worth might...

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