Sam Bankman-Fried Found Guilty on All Charges
- The New York Jurors took 4 fours of deliberating before pronouncing the former FTX CEO guilty of all seven charges of fraud and conspiracy to commit fraud.
- Bankman-Fried will now have to appear in court on 28 March, 2024, where he will face a potential maximum sentence of 115 years in prison.
November 3, 2023, 8:54 AM
Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
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FTX, Alameda Wallets Move $13M to Exchanges
- A little over $13 million in altcoins were sent to crypto exchanges Binance and Coinbase in the past 24 hours, which is in accordance with a September court order.
- The court ordered a phased liquidation process, which allows the bankruptcy estate to sell $3.4 billion worth of digital assets over a certain period of time.
November 1, 2023, 2:27 PM
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Sam Bankman-Fried’s First Expert Witness to Rebuke DoJ Witnesses
- Joseph Pimbley, a member of litigation consulting firm PF2 Securities, will try to rebuff testimonies from Caroline Ellison, Gary Wang, Nishad Singh, and Adam Yedidia.
- During his testimony Pimbley will try to establish a timeline for the FTX-Alameda line of credit, and convince the jury it fluctuated between $1 billion and $3 billion between 2021 and 2022.
October 24, 2023, 11:00 AM
Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
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NY Attorney General Sues DGC, Genesis, and Gemini for Fraud
- An investigation from the New York Attorney General’s office has allegedly found that Gemini was aware of Genesis’ weak financial position, but still lied to investors.
- The lawsuit is looking to ban DCG, Genesis, and Gemini from the New York financial industry, seek restitutions for investments, and the return of “ill-gotten gains”.
October 19, 2023, 1:57 PM
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Oct 5, 2023
Sam Bankman-Fried’s Trial Goes Into Day Two
- The prosecution tried to paint FTX’s founder as someone who deliberately deceived his customers to get rich, and noted that he directed all activities that led to the failure of the company.
- The defense’s claimed SBF was an entrepreneur whose plans simply “didn’t work out”, and tried to cast the blame for Alameda’s downfall to its former CEO Caroline Ellison.
Oct 4, 2023
DoJ Says Lack of U.S. Crypto Laws Irrelevant in SBF Lawsuit
- Sam Bankman-Fried’s legal counsel had claimed he should not be charged with any crimes involving FTX as it was not regulated in the U.S., only FTX.US was.
- The DoJ said the claim was irrelevant as SBF was charged for violating existing laws for misappropriating customer assets.
Sep 13, 2023
OneCoin Co-Founder Sentenced to 20 Years in Prison
- Karl Greenwood, co-founder of the OneCoin crypto pyramid scheme, was sentenced to 20 years in prison, and ordered to pay back the $300 million he made in commissions.
- Greenwood was the “global master distributor and the leader of the MLM (multi-level marketing) network” during his time in OneCoin, earning him 5% of all monthly sales.
Sep 8, 2023
CEO of Collapsed Turkish Exchange Sentenced to 11,000 Years in Prison
- Faruk Özer and his two siblings were sentenced to 11,196 years in prison for their involvement in the $2 billion rug pull of Turkish crypto exchange Thodex in 2021.
- Özer fled the country after the collapse of the exchange, but was detained in Albania a year later, and extradited back to Türkiye in April 2023 where he faced seven criminal charges.
Sep 7, 2023
Genesis Sues DCG and DCGI for Over $600M in Unpaid Loans
- Bankrupt crypto lender Genesis is trying to recover around $500 million from DCG, and another 4,550.5 BTC from DCGI, which it had loaned to the two companies in 2022.
- Both DCG and DCGI requested that the debts were converted to open loans on 9 May, but Genesis declined both offers and demanded the repayment of the loans with interest.
Aug 29, 2023
DoJ Requests SBF’s Expert Witnesses be Barred From Testifying
- The U.S. Department of Justice has expressed its concerns over Sam Bankman-Fried’s seven expert witnesses, and requested they be barred from testifying on the case.
- The DoJ claimed most of the proposed experts lacked the necessary foundation for their opinions, making them unqualified to be an expert witness.