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The mother, father, and younger brother of disgraced former FTX chief Sam Bankman-Fried reportedly helped advise on and manage the firm’s finances, according to emails seen by the Wall Street Journal (WSJ). The previously undisclosed emails show Bankman-Fried’s father, Alan Joseph Bankman, introducing then-FTX exec Ryan Salame to the firm’s Fenwick & West tax lawyers in September 2022. He suggested they discuss the tens of millions of dollars Salame had previously withdrawn from Alameda Research. His younger brother, Gabriel j US RBKMqE1lkQeg, was also reveal ed to have created a ‘who’s-who’ of Democrat politicians and helped direct contributions from either Sam’s personal fortune or FTX . Salame reportedly helped with the wire transfers.  Salame was sentenced to 90 months in federal prison for conspiracy to make unlawful political contributions and conspiracy to operate an unlicensed money transmitter. The emails also detail how Gabriel requested a $5 ...

European investment firm CoinShares has managed to recoup its $33.6 million (£26.6 million) claim in FTX, selling it to a mystery buyer for a total of $39.6 million (£31.32 million). CoinShares announced the sale today, stating that the claim came with a recovery rate of 116% of broker fees and is subject to customary closing conditions. CoinShares didn’t disclose the individual or entity behind the purchasing of the claim .  The firm’s CEO Jean-Marie Mognetti said, “The resolution of the FTX situation has been highly favorable for CoinShares.”  CoinShares says the claim sale will allow it to “ reinvest in growth opportunities, ” and use the funds to “drive expansion and development within the digital asset sector.” Mt. Gox to start creditor repayments next month, asks users to ‘wait a while’ Read more: Bitcoin is worth $69,000 — unless you’re an FTX creditor Last year CoinShares revealed it had remained ‘financially robust’ during the fourth...

The native token of the FTX cryptocurrency exchange, FTT, is up more than 24% over the past 24 hours. According to CoinMarketCap, in just 24 hours the FTT token has risen by 24.5%, reaching $3.45 at the time of writing. The coin’s market capitalization also increased to $1.13 billion, with trading volumes over the past 24 hours increasing by 133% to $96 million. Source: CoinMarketCap Notably, the sharp rise came amid news that dozens of FTX clients have asked a U.S. bankruptcy judge to stop the collapsed cryptocurrency exchange from using 2022 prices to value their cryptocurrency deposits. My lawyers Moskowitz and Boies that represent FTX creditors in MDL filed an objection to Debtors motion to estimate claims at petition Fighting for FTX creditors to maximise recovery for FTX creditors We may commence our adversary proceeding for property rights as unresolved pic.twitter.com/kBx8KWyScU — Sunil (FTX Creditor Champion) (@sunil_trades) January 12, 2024 They argue t...

Bankrupt crypto exchange FTX has asked a US court if it can sell its portfolio of luxury real estate in the Bahamas, including Sam Bankman-Fried’s $40 million penthouse, as the firm seeks to liquidate assets and pay back investors. Orchid Penthouse housed the former CEO and his inner circle, many of whom went on to testify against Bankman-Fried in court. According to Nishad Singh’s testimony, no expense was spared for the headquarters because “Sam’s a fan of the views.” During their hayday, FTX and Alameda Research execs would live, work, and date under one roof. The over-12,000 square foot apartment’s marble surfaces were littered with cables, computer rigs, and pharmaceuticals, while its fridges were stocked with microwave meals flown in from the US. Sam Bankman-Fried’s most famous photo was even taken on Orchid Penthouse’s lush grounds. Photos of the FTX office/home at Orchid Penthouse, featuring stunning views and a Harry Pot...

Attorneys for the government and defense delivered their closing arguments in United States v Sam Bankman-Fried, the trial over FTX’s multi-billion dollar collapse where prosecutors allege that the founder built his crypto empire atop a “pyramid of lies”. The jury will receive the case for deliberation on Nov. 2, said Senior District Judge Lewis A. Kaplan who presides over the case. Trial bystanders postulated that a verdict could be announced sooner rather than later. Assistant United States Attorney (AUSA) Nicholas Roos summarized the government’s case into direct points – the defendant Bankman-Fried deceived and defrauded thousands of FTX customers who deposited billions in the defunct crypto exchange, said InnerCityPress. Bankman-Fried allegedly set up FTX as a feeder entity for Alameda long before Ellison joined as head of trading and was later appointed sole CEO after Sam Trabucco resigned.  The prosecutor pointed to Bankman-Fried’s evasive responses on the stand a...

Legal advocates filed a petition with the court, aiming to secure the right to interrogate prosecution witnesses based on FTX’s terms of service. Simultaneously, they sought to preclude any testimonies from what they referred to as “lay fact witnesses.” The legal representatives of the former CEO of FTX , Sam “SBF” Bankman-Fried, are actively pursuing the introduction of specific elements from the cryptocurrency exchange’s terms of service during the upcoming witness testimonies. Their efforts were officially recorded in a filing dated October 12th within the United States District Court for the Southern District of New York, underscoring their intention to address “certain evidentiary matters” pertaining to the ongoing criminal trial. The core of the dispute revolves around the competing narratives presented by the prosecution and the defense regarding the alleged misuse of FTX’s financial resources. According to Bankman-Fried...

The defense team of Sam Bankman-Fried, the founder of FTX, has raised concerns over the U.S. Department of Justice’s (DOJ) proposed juror questions in a late Friday filing. They argue that some of these questions could potentially bias jurors or predispose them to view Bankman-Fried as guilty before the trial begins. Attorney Mark Cohen, representing the defense, criticized the government’s proposed voir dire, asserting that it discourages full disclosure from potential jurors and fails to uncover potential biases adequately. Cohen noted that omitting the word “allegedly” when describing the crimes Bankman-Fried is accused of could improperly suggest guilt. He also highlighted that certain questions may not reveal if jurors have preconceived notions about the case, such as a predisposition to agree with prosecutors due to their federal government affiliation or financial losses in cryptocurrency. Furthermore, Cohen objected to a question that sought irrelevant ...

Sam Bankman-Fried’s lawyers made a third attempt to secure his temporary release from prison, but a New York court denied their request just days before his trial begins in October. District Court Judge Lewis Kaplan ruled that Bankman-Fried must stay at the Brooklyn Metropolitan Detention Center (MDC) since his defense attorneys were unable to provide sufficient reasons for his release. With the trial slated to start Oct. 3, SBF lawyers argued that his release would be crucial in preparing an adequate defense against seven criminal charges including wire fraud. Judge Kaplan found the bid for Bankman-Fried’s release insufficient, siding with government prosecutors who wrote that the court already approved several considerations for SBF that are not accorded to most individuals facing federal prosecution. The fallen crypto tycoon is reportedly allowed to review documents on an air-gapped laptop and meet with his lawyers frequently in jail. Docketed: Sam Bankman-Fried will NO...

Bankrupt FTX exchange has accused Sam Bankman-Fried’s parents of improperly diverting million s through alleged manipulation. The complaint filed on Sept. 18 accuses Joseph Bankman and Barbara Fried, both professors at Stanford Law School, of exploiting their positions within the company to amass wealth illicitly, actions that allegedly played a significant role in the company’s downfall. The plaintiffs claim that contrary to SBF’s earlier statements, his parents were deeply involved in the business operations since its inception. SBF’s parents alleged misuse of authority The lawsuit documents reveal that Joseph Bankman held significant sway in the decision-making processes at FTX, functioning as a “de facto officer.” His involvement supposedly included a stint in executive roles within the company’s management team. Meanwhile, Barbara Fried, who co-founded the political action committee Mind the Gap (MTG), is accused of being a major in...

FTX’s lawyers have at last published a comprehensive, 116-page list of all creditors to the now defunct crypto exchange.  Though roughly 9.7 million customer names are left redacted, the filing shows that FTX’s connections spanned from airlines to universities, to media giants.  FTX’s Creditors The list, filed on Wednesday, shines a light on institutions invested in the company, per the request of Judge John Dorsey, who is overseeing the proceedings. During a meeting in early January, he allowed for the names of individual creditors to be kept private for another 3 months.  Some of the named creditors include household names in tech and other areas: Netflix, Apple, and the Wall Street Journal to name a few. The nature of FTX’s debt to such companies is not disclosed in the document, nor is the size of that debt. KYC & Audit Solutions! SolidProof Apple is yet to announce a corporate investment in cryptocurrencies, though its CEO Tim Cook confirmed in November ...

Following the collapse of FTX, the company has decided to rebrand and exit the crypto space. Moonstone Bank, a rural Washington state bank that received an estimated $11.5 million investment from FTX’s sister company, Alameda Research, has announced today that it will be exiting the crypto space and returning to its "original mission" as a community bank.  In a statement released by the bank — now known as Farmington State Bank — on Jan. 19, it cited that the change in strategy comes as a result of “recent events in the crypto assets industry and the changing regulatory environment surrounding crypto asset businesses.”  As part of the bank’s initiative to "return to its roots," it shared that said it will no longer use the name Moonstone Bank and will be rebranding and adopting the well-known Farmington State Bank name, which has been a part of the local community for 135 years. According to the bank, the change is estimated to take effect in the coming weeks...

Parties associated with FTX have been making new filings almost every day. Via the latest one made on Thursday, FTX asked a US bankruptcy judge to stop crypto lender BlockFi from getting its hands on Robinhood shares. FTX lawyers revealed in the court papers that BlockFi and an individual FTX creditor filed for separate court proceedings in New Jersey and Antigua laying claim on the 56 million shares worth $440-$450 million. At press time, three parties are trying to get control of those shares. One, BlockFi—the lender that dodged bankruptcy earlier this year when FTX was solvent. Post FTX’s collapse, however, even BlockFi followed suit. Two, Yonathan Ben Shimon—an FTX creditor designated as a receiver in Antigua. He has the authority to sell the shares under the supervision of a court in Antigua. Three, Sam Bankman-Fried. In the filing, FTX said that SBF looked to claim the shares as “a source of payment for legal expenses.”  ...