Fun

News Feed - 2023-10-31 11:10:27

Zhiyuan Sun9 hours agoSBF says spending FTX customers’ money was part of ‘risk management’: ReportAt the time of bankruptcy, FTX faced a shortfall of $8 billion owed to its customers.4010 Total views11 Total sharesListen to article 0:00NewsJoin us on social networksSam “SBF” Bankman-Fried, the founder of cryptocurrency exchange FTX, claims that spending clients’ fiat deposits was just part of “risk management” for his intertwined crypto hedge fund Alameda Research.


During the former crypto executive’s court testimony on Oct. 31, prosecutor Danielle Sassoon of the Southern District of New York asked SBF if he believed that it was permissible to spend $8 billion of FTX customers’ fiat money. “I thought it was folded into risk management,” he said. “As CEO of Alameda, I was concerned with their portfolio. At FTX, I was paying attention but not as much as I should have been.“


As told by SBF, during his tenure as both CEO of FTX and Alameda, no individuals were fired for allegedly siphoning $8 billion worth of clients’ money for speculative trading. “I don’t remember knowing anything about particular employees,” replied SBF to a question by Sassoon.


Bankman-Fried also disclosed during the proceedings that the now-defunct exchange, which was headquartered in the Bahamas, had close ties with the island country’s government. “You gave the Bahamas prime minister floor side seats at the Miami Heat Arena,” asked Sassoon. “I don’t remember that,” replied SBF. "Here’s a message where you say he is in FTX’s courtside seats with his wife,” said Sassoon.


Allegedly, SBF talked with the Bahamian Prime Minister, Philip Davis, about paying off his nation’s debt. Although the crypto executive denies it, he admits to helping Davis’ son secure a job. 


Related: Sam Bankman-Fried trial [Day 15] — latest update: Live coverage


Just before the exchange collapsed last November, FTX announced that Bahamian users would be made whole and that it would process their withdrawal requests in priority. The FTX trial is ongoing and is expected to wrap up before the end of next week. # Blockchain# Cryptocurrencies# Business# FTXAdd reactionAdd reactionRead moreBitcoin is evolving into a multiasset networkWSJ debacle fueled US lawmakers’ ill-informed crusade against cryptoCaroline Ellison: Secret recording offers trove of explosive revelations

News Feed

21M Bitcoin and the Promise of Scarcity
21M Bitcoin and the Promise of Scarcity In Bitcoin, the promise of a limited supply is great. This was one of the biggest things that initially appealed to me when I heard about Bitcoin. “No mo
Day Trader Dave Portnoy Disturbed by Bitcoin Price — Vows to Never Buy BTC Again
Day Trader Dave Portnoy Disturbed by Bitcoin Price — Vows to Never Buy BTC Again Day trader Dave Portnoy has admitted that he is an idiot when it comes to bitc
William Suberg16 hours agoBitcoin ‘full breakout’ not here yet as BTC price spends month at $30KBTC price targets extend down to $27,000 with Bitcoin in a state of “flux.”2847 Total views33 Total sharesListen to
Biggest Movers: SHIB Jumps 13% on Saturday, Hitting a 4-Month High
Biggest Movers: SHIB Jumps 13% on Saturday, Hitting a 4-Month High Shiba inu extended recent gains into the weekend, as the meme coin rose to its highest point in four months. Toda
TON users gain free access to advanced analytics
Josh O"Sullivan1 hour agoTON users gain free access to advanced analyticsThe Open Network community gains free access to over 60 advanced analytics indicators through an IntoTheBlock integration.471 Total views2 Total sh
Amaka Nwaokocha12 hours agoBinance halts trading of FDUSD stablecoin due to ‘technical issues’Ahead of the launch, Binance said it would offer zero maker fees for all FDUSD trading pairs.1611 Total views15 Total shar
More Zimbabwean Artists Pivot to NFTs as Bubble Concerns Grow
More Zimbabwean Artists Pivot to NFTs as Bubble Concerns Grow A Zimbabwean artist, Greatjoy Ndlovu, joined the growing list of African artists pivoting to the non-fungible tokens (
Anthony Clarke9 hours agoHow the actor model could enable better blockchain gaming appsCan developments in computing help fix blockchain gaming’s quality problem?325 Total views41 Total sharesListen to article 0:00Anal
In 2019, Cryptocurrency Exchanges Diversified
In 2019, Cryptocurrency Exchanges Diversified With exchanges controlling so much of the industry inflows, and accounting for more than 40% of the jobs, any review of the year has
Bitcoin ‘parabolic’ rally may start in Q4, according to historical price data
Nancy Lubale6 hours agoBitcoin ‘parabolic’ rally may start in Q4, according to historical price dataQ4 could be a blockbuster moment for Bitcoin’s price as a multi-year historical price trend holds up.4346 Total vi
Ethereum, Dogecoin Lead Large Cap Losses As Bitcoin Moves Into Bear Market Territory
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
UAE Prepares to Launch Nationwide Crypto Licensing System in Line With Global Standards
UAE Prepares to Launch Nationwide Crypto Licensing System in Line With Global Standards The United Arab Emirates (UAE) is getting ready to start issuing federal licenses to cryptoc