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

Eurovision Winners’ NFT Auction Raises $900K for Charity
Eurovision Winners’ NFT Auction Raises $900K for Charity Kalush Orchestra, the winners of the Eurovision Song Contest 2022, have successfully auctioned off an NFT for charity. Th
Former US Treasury Secretary Larry Summers: Cryptocurrency Will ‘Do Better Regulated’
Former US Treasury Secretary Larry Summers: Cryptocurrency Will "Do Better Regulated" Former U.S. treasury secretary and chief economist at the World Bank, Larry Summers, says cryp
Amid Ethereum’s Merge, Cardano Founder Charles Hoskinson Says ADA’s Vasil Fork Is Coming Soon
Amid Ethereum"s Merge, Cardano Founder Charles Hoskinson Says ADA"s Vasil Fork Is Coming Soon Cardano founder Charles Hoskinson detailed on Friday that the Vasil hard fork is comin
PancakeSwap launches AI-powered prediction market on Arbitrum
Josh O"Sullivan11 hours agoPancakeSwap launches AI-powered prediction market on ArbitrumArbitrum users can now predict Ether price movements with PancakeSwap’s AI-powered market, leveraging Allora’s machine-learning
Regulator Says UAE ‘Closer to Issuing the Regulatory and Supervisory Framework’ for VASPs
Regulator Says UAE "Closer to Issuing the Regulatory and Supervisory Framework" for VASPs The United Arab Emirates (UAE) is getting closer to issuing a regulatory and supervisory f
‘Bird Beak Sign’ Appears On Bitcoin Price Heikin Ashi Chart, Analyst Explain What This Means
Este artículo también está disponible en español. The Bitcoin price may be on the verge of hitting new all-time highsas a crypto analyst has unveiled the emergence of a n
Derek Andersen4 hours agoChina opens industrial park for digital yuan CBDC development in ShenzhenThe government is incentivizing new residents to come develop payment solutions, smart contracts, hard wallets and promoti
Malaysia Seizes 1,720 Bitcoin Mining Machines in Electricity Theft Crackdown
Malaysia Seizes 1,720 Bitcoin Mining Machines in Electricity Theft Crackdown Police in Malaysia have shut down a bitcoin mining operation and seized 1,720 bitcoin mining machines i
AMC Theatres Explores Accepting Dogecoin: CEO Fascinated by DOGE Poll Results
AMC Theatres Explores Accepting Dogecoin: CEO Fascinated by DOGE Poll Results AMC Theatres chain is exploring how to accept dogecoin alongside four other cryptocurrencies. AMC
Telegram Refutes All SEC Allegations, Asks Court to Dismiss in New Filing
Messaging app firm Telegram has made a new plea to a U.S. court to drop an action brought by the Securities and Exchange Commission (SEC) alleging its yet-to-be launched token is a security.
North Korean Lazarus Group Identified As Culprit In Bybit’s Historic $1.5 Billion Hack
In a significant blow to the cryptocurrency industry, Bybit, one of the leading crypto exchanges, has confirmed a major security breach involving its Ethereum cold wallet.  The inc
SEC Chair Gensler: Crypto Exchanges Are Trading Against Their Customers Often
SEC Chair Gensler: Crypto Exchanges Are Trading Against Their Customers Often The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, says cryptocurrency e