Category: Sam Bankman-Fried

Coinbase CEO slams Sam Bankman-Fried: ‘This guy just committed a $10 billion fraud, and why is he getting treated with...

Steven Ferdman/Getty Images; Tom Williams/CQ-Roll Call, Inc through Getty Images; Insider The CEO of Coinbase mentioned that it is “bizarre” Sam Bankman-Fried is “getting treated with kid gloves.” He pointed to Bankman-Fried’s tweets with Rep. Maxine Waters, the place she requested him to attend a listening to. Brian Armstrong mentioned he feels the “mainstream media” has given Bankman-Fried “softball interviews.” Sam Bankman-Fried is getting treated…

FTX’s former US president is reportedly raising money for a new crypto startup after the crypto exchange’s collapse

Former FTX President Brett Harrison Kelly Sullivan / Stringer Brett Harrison, FTX US’s former president, is reportedly raising money for a new crypto startup. Harrison left FTX simply weeks earlier than it slid out of business amid allegations of misused buyer funds.  Harrison’s try to lift money comes when many buyers are weary of wading deeper into the crypto trade. One former high-ranking FTX government…

Sam Bankman-Fried said he doesn’t think he’s criminally liable for FTX’s implosion, but that his lawyers don’t want him speaking...

Sam Bankman-Fried, founding father of FTX and Alameda Research FTX Sam Bankman-Fried said he doesn’t think he is criminally liable for FTX’s collapse. Under his management, the corporate misplaced billions and now faces allegations of misuse of buyer funds.  Bankman-Fried has remained within the Bahamas but said he has “thought about” returning to the US.  Sam Bankman-Fried said he doesn’t think he’s legally accountable for…

FTX’s estimate of its cash holdings more than doubles to $1.24 billion as bankruptcy hearing set to begin

Getty Images FTX’s new administration estimates of cash holdings have almost doubled, in accordance to courtroom filings.  The discovery of a further $564 million brings the whole to $1.24 billion.  FTX begins its bankruptcy proceedings in courtroom on Tuesday  The estimate of cash held by FTX has almost doubled forward of the corporate’s first courtroom hearing on Tuesday, in accordance to a Saturday submitting first…

Cathie Wood is buying the dip in Coinbase, adding $53 million this month as the FTX collapse pressures the crypto...

Photo by PATRICK T. FALLON/AFP by way of Getty Images Cathie Wood’s ARK Invest purchased over 1.3 million shares of Coinbase this month, per Bloomberg.  Coinbase is buying and selling close to file lows of about $41 per share, down from a excessive of $429 in April 2021.  In whole, Wood’s Ark holds about 8.7 million shares of Coinbase, or about 4.7% of the firm’s…

Crypto brokerage Genesis is reportedly warning of bankruptcy without new funding, following liquidity crunch triggered by FTX collapse

(Photo illustration by Jonathan Raa/NurPhoto by way of Getty Images) Genesis is warning potential traders it could must file for bankruptcy if it is unable to lift funding for its lending unit, Bloomberg reported.  The crypto brokerage has been in search of no less than $1 billion in contemporary capital, mentioned the report that cited unnamed sources.  “We have no plans to file bankruptcy imminently,”…

Staff at a Bahamian restaurant said Sam Bankman-Fried often spent $2,500-a-day on luxury lunches for FTX employees, report says

Jabin Botsford/Getty Images Sam Bankman-Fried used to spend 1000’s of {dollars} on employees lunches, Fox Business reported. Since FTX collapsed, stories have revealed the complete extent of Bankman-Fried’s lavish life-style. The disgraced crypto mogul beforehand said he deliberate to present nearly all of his fortune away. Sam Bankman-Fried, the previous CEO of crypto trade FTX, used to spend 1000’s of {dollars} at a time at…

Ether falls as the FTX hacker dumps $74 million worth of the token and swaps it for bitcoin

SOPA Images / Contributor/ Getty Images Ether fell as a lot as 7% Monday as the hacker who looted FTX started dumping tokens.  Over the final week, the hacker step by step transformed the stolen FTX funds to ether, CoinDesk reported.   About $74 million of ether has been laundered into bitcoin utilizing RenBridge, CNBC studies. The value of ether dropped as a lot as 7%…

Binance drops new ad with Cristiano Ronaldo as FTX celeb endorsers like Tom Brady and Steph Curry face a lawsuit

Cristiano Ronaldo. Getty/Alessandro Sabattini Binance launched its first world advertising and marketing marketing campaign, and it options soccer star Cristiano Ronaldo.  As the World Cup begins, Ronaldo is launching is first NFT assortment beneath the Binance partnership. Meanwhile, FTX superstar endorsers like Steph Curry and Tom Brady are going through a lawsuit for selling the fallen crypto change. Crypto change Binance launched its world ad…

Here are the top 4 business stories right now — take a listen

Bob Chapek at D23 Expo 2017 in Anaheim, California. Image Group LA/Disney by way of Getty Images In this version: Disney boots CEO Bob Chapek, FTX owes billions, China studies COVID deaths, and the “leap second” is voted out. Market News from Insider briefs you on the most essential business stories of the day, up to date as information occurs. Follow our newscast all through…

FTX collapse shows why crypto must be regulated before it threatens stability of financial system, says Bank of England official

The Bank of England and Sam Bankman-Fried, founder of FTX. Dinendra Haria/Anadolu Agency by way of Getty Images; Craig Barritt/Getty Images for CARE For Special Children The Bank of England’s deputy governor for financial stability spoke at a convention on Monday. He dubbed the collapse of FTX “the most spectacular failure to date in the crypto ecosystem.” Crypto must be regulated before it’s massive sufficient…

A crypto exec shares details of his phone calls with Sam Bankman-Fried days before FTX imploded

Good morning to my favourite nook of the web. Senior reporter Phil Rosen right here. It’s good to see you.  Today, we’re zooming in on the revealing calls that occurred simply before the autumn of FTX, between Sam Bankman-Fried and a rival exec.  I caught up with that exec to listen to about Bankman-Fried’s eleventh-hour scramble for a billion-dollar deal. But before we get to…

Bankrupt crypto exchange FTX owes its top 50 creditors about $3 billion

FTX filed for chapter on November 11 after per week in a liquidity disaster. Marco Bello/Reuters Bankrupt crypto exchange FTX owes its 50 greatest creditors almost $3.1 billion. All 50 of FTX’s largest creditors are clients. The greatest creditor is owed greater than $226 million. Collectively, FTX owes about $1.45 billion to its top 10 creditors. Bankrupt crypto exchange FTX owes its 50 greatest creditors…

FTX founder Sam Bankman-Fried donated $40 million to political campaigns leading into the midterms, leaving some concerned about crypto’s place...

Sam Bankman-Fried. FTX Sam Bankman-Fried and FTX execs donated a complete of $70 million to political campaigns in 18 months, in accordance to OpenSecrets.  Bankman-Fried himself donated $40 million to principally liberal efforts, whereas fellow exec Ryan Salame gave $23 million primarily to Republicans.  Critics are actually scrutinizing the function of cryptocurrency in politics after FTX’s dramatic demise.  FTX founder Sam Bankman-Fried and fellow firm…

The unbelievably fast world of Caroline Ellison where ‘somebody suggests one thing’ then ‘an hour later and it’s already occurred’

Caroline Ellison. Screenshot from Caroline Ellison’s Twitter, @carolinecapital In a 2020 FTX podcast, former Alameda Research CEO mentioned she “took a blind leap into the unknown” when she joined Sam Bankman-Fried. WSJ first reported on the remarks, after Ellison has drawn elevated scrutiny for her function within the demise of FTX.  On Friday, bankrupt FTX-linked Alameda fired Ellison and different execs. Caroline Ellison mentioned she…

Caroline Ellison, one of the central figures behind FTX’s collapse, previously tweeted that regularly using amphetamines made the ‘non-medicated’ life...

Caroline Ellison. Screenshot from Caroline Ellison’s Twitter, @carolinecapital FTX-linked Caroline Ellison’s previous tweets about ‘common amphetamine use’ have resurfaced on-line. Ellison is the CEO of Alameda Research, the hedge fund FTX reportedly used to borrow cash for bets. Amphetamines are sometimes prescribed to deal with ADHD. Old drug-related tweets posted by Caroline Ellison — the 28-year-old CEO of Alameda Research, the hedge fund linked to…

A top exec at OKX explains his call with Sam Bankman-Fried as FTX scrambled for a rescue – and why...

Sam Bankman-Fried. Photo by Alex Wong/Getty Images In an interview with Insider, the director of monetary markets for OKX recounted two cellphone calls he had with Sam Bankman-Fried earlier than FTX collapsed. Bankman-Fried initially requested for $1 billion to $2 billion from OKX, however known as again hours later asking for extra. The exec suggested Bankman-Fried to seek the advice of the CEO of Binance…

Warren Buffett’s right-hand man blasted crypto, praised Elon Musk and Tesla, and defended the Fed in a rare interview this...

Warren Buffett, CEO of Berkshire Hathaway, and vice chairman Charlie Munger. JOHANNES EISELE/AFP by way of Getty Images Charlie Munger referred to as out fraud and delusion in crypto, days after Sam Bankman-Fried’s FTX imploded. Warren Buffett’s right-hand man stated bitcoin and different crypto ought to by no means have been authorized. Munger praised Elon Musk and Tesla’s unlikely success, and the Fed’s give attention…

FTX’s collapse could be crypto’s dot-com crash moment – with the industry struggling to ever regain traders’ trust

FTX’s collapse could make crypto’s bear market final even longer, specialists say. FTX/Insider FTX’s spectacular implosion reminds some analysts of the dot-com bubble bursting in 2000. Tech corporations struggled to win again traders’ trust twenty years in the past. The collapse of FTX could weigh on cryptocurrencies for years, specialists informed Insider. FTX’s collapse this week has left the crypto industry bracing for a bear…

Nobel laureate Paul Krugman calls for a crypto crackdown after the FTX fiasco – and warns regulation could wipe out...

Paul Krugman. Arun Sharma/Hindustan Times through Getty Images Plunging costs and collapsing corporations present crypto must be regulated, Paul Krugman says. The Nobel Prize-winning economist warned stricter guidelines could spell the finish of the crypto industry. Krugman advised conventional banks could dominate the crypto area if regulators crack down. The cryptocurrency sector is reeling from a dramatic crash in coin costs and the domino-like collapse…

Bitcoin is headed for a weekly gain despite growing concerns over FTX’s sudden collapse

Bitcoin is headed for a weekly gain despite FTX’s implosion hitting the embattled crypto sector. REUTERS/Jim Urquhart Bitcoin has climbed over 4% since Monday. It’s held regular this week despite investor fears that FTX’s implosion would set off a sell-off. Speculation that the Federal Reserve may begin easing up on its tightening marketing campaign subsequent month is supporting bitcoin’s value, an analyst instructed Insider. Bitcoin…

This is what kind of legal trouble FTX and Sam Bankman-Fried could now face, based on details from the crypto...

Getty Images FTX’s bankruptcy filing shed new gentle on potential legal trouble for the crypto alternate and its former execs. New CEO John J. Ray III delivered a blistering evaluation, calling FTX’s implosion “a complete failure of corporate controls.” Read some of the most incendiary components of the bankruptcy filing and what specialists say all of it may imply. FTX’s explosive new bankruptcy court filing…

US inflation has peaked, a recession is coming, and the FTX fiasco has shaken faith in markets, Ken Griffin says....

Citadel CEO Ken Griffin. Mike Blake/Reuters Ken Griffin stated US inflation has in all probability peaked, however the Fed must squash the menace fully. Citadel’s billionaire CEO expects about 4.5% unemployment and a recession subsequent 12 months. Griffin warned the collapse of Sam Bankman-Fried’s FTX has shaken buyers’ confidence in markets. US inflation has seemingly peaked, however the Federal Reserve ought to hold elevating rates…

Treat investing in crypto like a trip to Las Vegas after FTX’s collapse, says billionaire investor David Rubenstein

Investors ought to strategy the unregulated crypto business like it is a trip to the on line casino, billionaire investor David Rubenstein mentioned. Ruben Sprich/Reuters David Rubenstein warned buyers to tread fastidiously round crypto after FTX’s collapse. Crypto investing is like playing as a result of “you know you’re probably going to lose,” he mentioned. Digital belongings are in a brutal bear market this 12…

Binance CEO downplays his influence in the FTX blow-up, says ‘we don’t focus on smaller exchanges’ when asked about Twitter...

Binance CEO Changpeng Zhao mentioned he was by no means in a battle with FTX founder and former CEO Sam Bankman-Fried. Antonio Masiello/Getty Images Binance CEO Changpeng Zhao mentioned he wasn’t sparring with former FTX head Sam Bankman-Fried.  But days after a public spat, FTX filed for chapter and Bankman-Fried resigned as CEO. “I still don’t think I have that much influence,” Zhao informed TechCrunch, whereas…

FTX employees were claiming expenses through online chat and random managers used emojis to approve them, new CEO says in...

FTX emblem with crypto cash with 100 Dollar invoice are displayed for illustration. FTX has filed for bankruptcy in the US, in search of courtroom safety because it appears for a manner to return cash to customers. Jonathan Raa/NurPhoto through Getty Images FTX employees claimed expenses through chat messages, its new CEO mentioned. Random managers would then approve the official claims by utilizing customized emojis,…

A Winklevoss-run crypto operation has frozen $700 million in client withdrawals as it becomes ensnared in the FTX disaster

Tyler Winklevoss. Joe Raedle/Getty Images Gemini, a cryptocurrency platform run by the Winklevoss brothers, halted client withdrawals for its Earn progam. Bloomberg reported Thursday that the Gemini Earn has $700 million in client funds. Genesis Global Capital additionally halted withdrawals and is the lending accomplice of Gemini Earn. The collapse of Sam Bankman-Fried’s FTX is continuous to ship repercussions by means of the crypto sector,…

The Bahamas could not have prevented FTX’s implosion and the country hasn’t found deficiencies in its crypto regulation, prime minister...

FTX founder Sam Bankman-Fried. FTX Official/YouTube The prime minister of the Bahamas reportedly says the country could not have prevented the collapse of FTX.  “[We] have not identified any deficiencies in our regulatory framework that could have avoided this.” FTX is searching for chapter safety in the US, submitting final week after failing to safe a rescue from rivals.  The prime minister of the Bahamas,…

FTX Group has secured just $740 million in crypto that it hopes to recover in bankruptcy after holding more than...

Sam Bankman-Fried. Photo by SAUL LOEB/AFP through Getty Images FTX Group has secured in new chilly wallets roughly $740 million of cryptocurrency, a brand new submitting mentioned.  But that’s just a fraction of the digital property that FTX hopes to recover in bankruptcy. Sam Bankman-Fried’s crypto empire listed crypto and stablecoin property that topped $5 billion before the Chapter 11 submitting. FTX Group has a…

FTX and Alameda Research didn’t have their own accounting department – and it’s impossible to rely on any of their...

Sam Bankman-Fried’s crypto trade FTX didn’t have an in-home accounting department, in accordance to a Chapter 11 bankruptcy filing. Craig Barritt/Getty Images for CARE For Special Children FTX didn’t have an in-home accounting department, in accordance to a current bankruptcy filing. The group is now struggling to receive correct monetary statements, new CEO John Ray III stated. FTX’s accounts have been audited by a agency…