Fun

News Feed - 2023-11-02 05:11:40

Ana Paula Pereira3 hours agoSam Bankman-Fried ‘doubled down’ by buying Binance’s stake in FTX — US prosecutorsThe prosecution is delivering its closing arguments at the Southern District Court of New York, where SBF’s trial has been taking place since Oct. 3.2364 Total views9 Total sharesListen to article 0:00NewsJoin us on social networksFederal prosecutors claimed Sam “SBF” Bankman-Fried “doubled down” on using customers’ funds when he purchased Binance’s $2 billion stake in FTX in 2021. According to United States government attorneys, Bankman-Fried paid for the buyout with funds from FTX customers.


The prosecution is delivering its closing arguments on Nov. 1 at the Southern District Court of New York, where Bankman-Fried’s trial has been taking place since Oct. 3. Jurors in the case reportedly heard from ​​Assistant U.S. Attorney Nicolas Roos:“The defendant had a choice: Come clear or double down? He doubled down. Here’s when he doubled down. He used customer money to buy back FTX’s stock from Binance. [...] It cost $2 billion.”


In 2019, Binance invested in FTX through a strategic partnership. Two years later, in 2021, Bankman-Fried sought to buy back FTX’s shares, paying its competitor $2.1 billion in Binance’s BUSD stablecoin and FTX Token (FTT).


Additionally, prosecutors went through other payments and purchases allegedly made by FTX with customer funds, including millions of dollars in political donations, luxury real estate in the Bahamas, and venture capital investments.


“He spends on K5 — here is the payment document, signed by the defendant. Nishad Singh said it was a bad idea. The guy who ran K5 hung around with celebrities,” Roos said in reference to K5 Ventures, a venture capital fund focused on early-stage startups.


K5 entities received $700 million in investment from FTX in 2022. Alameda Research, FTX’s sister company, also invested $300 million in K5 Global. According to prosecutors, FTX’s customer deposits were the source of the funds. Roos continued:“The defendant knows Alameda can’t repay the debt. Nishad sees the giant hole and freaks out. The defendant, not so much. He has come to terms with it. He wanted to use the money. He did use the money. He had the arrogance to think he’d get away with it.”


Bankman-Fried’s defense has argued that FTX’s own funds — whose revenue swelled from $89 million in 2020 to $1.02 billion in 2021 — were used for venture investments, political contributions and property purchases. According to his defense team, the $8 billion gap between FTX and Alameda Research was caused by a lack of risk management and trading mistakes by Alameda.


Bankman-Fried faces seven counts of fraud and conspiracy to commit fraud and could spend up to 115 years in prison if found guilty. The defense is expected to begin its closing arguments on Nov. 1, just before the jury renders its final verdict.


Magazine: Beyond crypto — Zero-knowledge proofs show potential from voting to finance# Business# United States# Sam Bankman-Fried# FTXAdd reactionAdd reactionRead moreWSJ debacle fueled US lawmakers’ ill-informed crusade against crypto3 things we might see from crypto as 2023 winds to an endFTX-SBF charges valid despite lack of US crypto laws, DOJ says

News Feed

Queen of Pop Becomes a Metaverse Material Girl — Madonna Buys Bored Ape for $564K
Queen of Pop Becomes a Metaverse Material Girl — Madonna Buys Bored Ape for $564K The ‘Queen of Pop,’ Madonna has revealed she has “entered the metaverse
Biden Slammed for Claiming US Economy Had 0% Inflation in July — One Lawmaker Calls It ‘Sad and Dangerous’
Biden Slammed for Claiming US Economy Had 0% Inflation in July — One Lawmaker Calls It "Sad and Dangerous" President Joe Biden stated Wednesday that the U.S. economy had zero per
Court Dismisses Former Monero Developer’s Bid to Have His Extradition to South Africa Declared Illegal
Court Dismisses Former Monero Developer"s Bid to Have His Extradition to South Africa Declared Illegal The Supreme Court of Appeal (SCA) in South Africa has rejected former Monero
Talent Giant UTA Signs Prominent NFT Projects Cryptopunks, Autoglyphs, and Meebits
Talent Giant UTA Signs Prominent NFT Projects Cryptopunks, Autoglyphs, and Meebits On Tuesday, the global talent, sports, and entertainment agency, United Talent Agency (UTA), anno
Risk of ‘Significant Drawdowns’ Pushes Cypherpunk Holdings to Sell Entire Stash of Bitcoin and Ethereum
Risk of "Significant Drawdowns" Pushes Cypherpunk Holdings to Sell Entire Stash of Bitcoin and Ethereum On Tuesday, the Canada-based investment firm Cypherpunk Holdings Inc. announ
Macro Investor Dan Tapiero on Crypto Adoption: Emerging Economies Ahead of Developed States
Macro Investor Dan Tapiero on Crypto Adoption: Emerging Economies Ahead of Developed States Bitcoin and gold holder Dan Tapiero, says it is still early to talk o
Litecoin Holds Bullish Outlook As the MVRV Ratio Signals Strength – Analyst
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
MEXC’s Changing for You | The 1st Exchange to Launch a Zero Maker Fee Event for Futures Orders
MEXC"s Changing for You | The 1st Exchange to Launch a Zero Maker Fee Event for Futures Orders press release PRESS RELEASE. In September of this year, blockchain media outlet, Coint
Bitcoin reaches new US dollar high: From top to bottom and back in 846 days
Tristan Greene6 hours agoBitcoin reaches new US dollar high: From top to bottom and back in 846 daysBTC briefly crossed its 2021 U.S. dollar all-time-high to reach $69,000.1791 Total views4 Total sharesListen to article
Researcher Publishes Never Before Seen Emails Between Satoshi Nakamoto and Hal Finney
Researcher Publishes Never Before Seen Emails Between Satoshi Nakamoto and Hal Finney Just recently three previously unpublished emails from Bitcoin’s inve
William Suberg37 minutes agoUS gov’t shutdown looms — 5 things to know in Bitcoin this weekBitcoin starts the week with a trip to $26,000 — can BTC price strength overcome sellers and a weekly “death cross?”45
Polygon Enters Into Africa With Quidax. Quidax to Launch Self-Service Listing, Celebrates 3 Years
Polygon Enters Into Africa With Quidax. Quidax to Launch Self-Service Listing, Celebrates 3 Years press release PRESS RELEASE. Lagos –African-founded crypto