Fun

News Feed - 2023-10-09 04:10:06

Gareth Jenkinson1 hour agoSam Bankman-Fried $500M Anthropic stake irrelevant to case, prosecutors sayUnited States prosecutors argue that the potential for FTX investors to be made whole through the high valuation of Anthropic cannot be presented by Sam Bankman-Fried’s legal team.1046 Total views8 Total sharesListen to article 0:00NewsJoin us on social networksUnited States prosecutors have requested the court presiding over Sam Bankman-Fried’s trial to bar his legal team from making any arguments relating to the potential recovery of FTX customer assets invested in Anthropic.


Bankman-Fried invested $500 million in the artificial intelligence startup in April 2022; however, the U.S. government is set to present evidence that the Anthropic investment was made using misappropriated funds from FTX customer deposits.


Anthropic made headlines in recent weeks as it looks to raise fresh funds from investors, courting the likes of Amazon and Google, which could lead to a $20–$30 billion valuation.


U.S. prosecutors note that recent reports focused on the potentially high valuation of the company would also increase the value of Bankman-Fried’s investment, which could aid the potential recovery of funds for FTX customers and other creditors in the FTX bankruptcy.


Related: Sam Bankman-Fried ordered ‘special privileges’ for Alameda account on FTX — Gary Wang


According to the letter submitted to Judge Lewis Kaplan, the legal teams representing the U.S. government and Bankman-Fried conferred over various issues that could be elicited during cross-examination of witnesses.


Bankman-Fried’s legal team plans to present evidence regarding the current value of the former FTX CEO’s $500 million investment in Anthropic in 2022.


The prosecutors believe that this evidence is intended to be used to support the argument that FTX customers and other victims would be fully compensated for their losses, which the court has previously indicated as an “impermissible purpose:”“Such evidence would therefore be wholly irrelevant, and present a substantial danger of unfair prejudice, confusing the issues, misleading the jury, undue delay, and waste of time.”


The government maintains that the indictment against Bankman-Fried is centered on allegations of wire fraud using FTX customer deposits to make investments and other expenditures. The prosecutors argue that any mention of investments made that might have been profitable are ultimately immaterial and irrelevant to the charges that the jury is considering.


The government also contends that while it plans to introduce evidence of Bankman-Fried’s alleged misappropriation of customer deposits that resulted in massive losses on FTX’s balance sheet, it does not intend to offer any evidence regarding the ultimate losses of victims once the FTX bankruptcy process is complete.


Cointelegraph journalist Ana Paula Pereira is in New York covering the Bankman-Fried trial. The first week of the trial was centered on establishing how some $8 billion of FTX customer funds went missing from the collapsed cryptocurrency exchange.


Magazine: Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis# Court# Sam Bankman-Fried# FTX Token# FTX# RegulationAdd reactionAdd reactionRead moreWhat is an atomic swap, and how does it work?How are crypto firms responding to US regulators’ enforcement actions?Expect new crypto regulations to follow Bitcoin ETFs

News Feed

Dogecoin Drama Ends: Investors Drop Elon Musk Lawsuit Appeal
Este artículo también está disponible en español. A lawsuit claiming that Tesla’s Elon Musk rigged Dogecoin to benefit his company has ended. Related Reading Solana Ris
World’s Largest Ethereum Mining Pool to Drop Ether PoW Mining, Ethermine Starts Merge Countdown
World"s Largest Ethereum Mining Pool to Drop Ether PoW Mining, Ethermine Starts Merge Countdown The world’s largest ethereum mining pool, Ethermine, has announced the organi
Texas Securities Regulators and Attorney General Object to FTX Purchasing Voyager Digital
Texas Securities Regulators and Attorney General Object to FTX Purchasing Voyager Digital Regulators from the state of Texas and the state’s attorney general are objecting to FTX
Bitcoin Analyst Reveals Best On-Chain Metric For ‘Day-To-Day Trading’
Este artículo también está disponible en español. An analyst has explained how this Bitcoin on-chain indicator has been one of the best in terms of short-term trading dur
Binance US CEO Steps Down as the Crypto Exchange Faces Rising Regulatory Scrutiny
Binance US CEO Steps Down as the Crypto Exchange Faces Rising Regulatory Scrutiny Former acting Comptroller of the Currency Brian Brooks has resigned as the CEO
Fasttoken, Official Crypto of Fastex, to Launch to the Public on January 18
Fasttoken, Official Crypto of Fastex, to Launch to the Public on January 18 sponsored Developed by technology giant SoftConstruct, Fasttoken (FTN) is the official cryptocurrency in
Paypal Plans to Study Transactions That Fund Extremism, Anti-Government Groups
Paypal Plans to Study Transactions That Fund Extremism, Anti-Government Groups The payment processing giant Paypal has revealed it has partnered with the nonprof
Zhiyuan Sun6 hours agoEcosystem developers bring Bitcoin to Cosmos networknBTC will be usable across more than 50 app-chains connected to Cosmos IBC.1071 Total views4 Total sharesListen to article 0:00NewsJoin us on soci
Binance Enters Korean Market With New Business Entity
Binance may have taken another step toward launching a crypto exchange arm in South Korea. Binance’s presence the Korean market was confirmed Friday by CoinDesk Korea, after t
Biggest Movers: MATIC Climbs 25%, Re-Enters Crypto Top 20 
Biggest Movers: MATIC Climbs 25%, Re-Enters Crypto Top 20  MATIC moved back into the cryptocurrency top 20 on Thursday, as prices rose by over 25% in today’s session. The
Bitcoin 'sell-side liquidity crisis' sees BTC move for the first time since 2010
William Suberg36 minutes agoBitcoin "sell-side liquidity crisis" sees BTC move for the first time since 2010Bitcoin analysis is counting down to a BTC supply squeeze unlike any other — one which should come within the
Nigeria plans nationwide AI and blockchain research centers
Amaka Nwaokocha48 minutes agoNigeria plans nationwide AI and blockchain research centersThe research centers count as another step toward taking a leadership position in artificial intelligence (AI) development in Africa