FTX | ForkLog - Part 7

ForkLog 10 21.03.2024

FTX CEO Criticizes Sam Bankman-Fried’s Claims

Current FTX CEO John Ray described Sam Bankman-Fried’s (SBF) arguments about his non-involvement in the company’s collapse as “reckless” and “false.” Previously, lawyers for the former CEO of the exchange claimed that in fact, the exchange’s clients did not suffer any losses, as after the bankruptcy procedure, everyone will receive full reimbursement. The defense also […]

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ForkLog 13 20.03.2024

Divergent Fates: FTX and 3AC Founders Face Potential Prison Sentences

Sam Bankman-Fried, the former head of the collapsed FTX, has rejected a prosecutor’s proposed 50-year sentence, while Kyle Davies, co-founder of the bankrupt hedge fund Three Arrows Capital (3AC), is determined to avoid prison at all costs. Supervillain On March 15, Damian Williams, the prosecutor for the Southern District of New York, requested the court […]

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ForkLog 20 16.03.2024

Prosecutors Seek 40 to 50-Year Sentence for Sam Bankman-Fried

Damian Williams, the U.S. Attorney for the Southern District of New York, has requested that the court sentence Sam Bankman-Fried (SBF), the founder of the collapsed FTX, to a prison term of 40 to 50 years. “With all the advantages of a comfortable childhood, an education at MIT, a prestigious start in finance, and a […]

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ForkLog 62 08.03.2024

Pantera Capital to Invest $250 Million in Solana from FTX

Digital asset manager Pantera Capital aimed to raise up to $250 million by the end of February to purchase Solana (SOL) from FTX, according to Bloomberg. Journalists examined materials intended for potential investors. The minimum investment threshold was set at $25 million. The annual management fee was 0.75%. Pantera Capital would waive this fee if […]

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ForkLog 25 07.03.2024

BlockFi Settles $874.5 Million Claims with FTX and Alameda Research

The lending platform BlockFi, currently undergoing bankruptcy proceedings, has reached a preliminary agreement to settle claims against FTX and Alameda Research for $874.5 million. If approved by the court, the firm will distribute funds to its clients. The amount is expected to fully satisfy creditor claims. FTX will contribute $185.2 million, while $689.3 million will […]

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ForkLog 27 29.02.2024

Family of Sam Bankman-Fried Appeals for Leniency in Court

The court has received 29 letters in support of FTX founder Sam Bankman-Fried (SBF), urging leniency in his upcoming sentencing. These include letters from his family members and a cellmate, as reported by Business Insider. “I genuinely fear for Sam’s life in a typical prison environment. His appearance and inability to read or adequately respond […]

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ForkLog 17 28.02.2024

Lawyer Seeks 6.5-Year Sentence for Sam Bankman-Fried

Mark Mukasey, the attorney for FTX founder Sam Bankman-Fried (SBF), petitioned the court to impose a sentence ranging from 63 to 78 months for his client. “A suitable method for delivering a fair decision would be to consider the adjusted offense level (intermediate result), which is 56, reduced by 30 levels, based on zero damage. […]

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ForkLog 19 24.02.2024

Former FTX Executive Ryan Salame to Be Sentenced in May

On May 1, Judge Lewis Kaplan of the Southern District of New York will sentence Ryan Salame, the former CEO of FTX’s Bahamian division. This was reported by Cointelegraph, citing court documents. In September 2023, Salame pleaded guilty to criminal charges related to the collapse of the cryptocurrency exchange. The charges include conspiracy to make […]

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ForkLog 76 02.02.2024

Larry David Regrets FTX Super Bowl Ad Participation

Actor and comedian Larry David expressed regret in an interview with the Associated Press over his decision to appear in an FTX advertisement for the Super Bowl in 2022. “I asked my friends who were knowledgeable about these things: ‘Should I do this ad?’ They said: ‘Yes, it’s on the rise.’ And like an idiot, […]

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ForkLog 14 02.02.2024

US Authorities Charge Three in FTX Hack Involving $400 Million

The US Attorney’s Office charged three individuals in connection with the $400 million hack of the cryptocurrency exchange FTX in 2022, which was carried out using SIM swapping. On January 24, a case was filed in the Washington District Court against Robert Powell, Carter Ron, and Emily Hernandez. The documents detail the attack on “Victim […]

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ForkLog 42 01.02.2024

FTX to Fully Reimburse Clients but Abandons Relaunch Plans

FTX has promised full reimbursement to clients, though the plan has not satisfied everyone. No investors were found to revive the exchange, nor were there buyers for the platform itself. Liquidators criticized FTX’s business acquisitions. The bankrupt exchange FTX intends to fully settle its obligations to clients, but a platform relaunch is not being considered. […]

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ForkLog 19 23.01.2024

FTX Offloads $908 Million in GBTC Shares Amid Bankruptcy Proceedings

FTX sold $908 million worth of GBTC shares. Outflows from GBTC have surged to $3.45 billion. Panic selling has emerged, yet the market remains relatively balanced. Amid bankruptcy proceedings, FTX has offloaded 22.3 million shares of GBTC valued at approximately $908 million as of January 11. This was reported by CoinDesk, citing informed sources. FTX’s […]

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