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

SEC has given ‘preliminary approval’ to at least 3 ETH ETF issuers: Report
Brayden Lindrea7 hours agoSEC has given ‘preliminary approval’ to at least 3 ETH ETF issuers: ReportBlackRock, Franklin Templeton, and VanEck have reportedly received preliminary approval from the US securities regul
US House Representative Ro Khanna Lauds BTC Which ‘Cannot Be Devalued’- Calls for Less Carbon Intensive Mining
US House Representative Ro Khanna Lauds BTC Which "Cannot Be Devalued"- Calls for Less Carbon Intensive Mining After Elizabeth Warren, the U.S. Senator for Massa
Team Trump Buys $54M Crypto Before Inauguration: Crypto Airdrops Like Best Wallet Surge to New Heights
Donald Trump just bought over $54M worth of crypto. According to the blockchain intelligence platform Arkham, World Liberty Financial ($WLFI), a crypto project owned by Donald Trump, made the purchase just as he was swor
India’s Central Bank Chief: Cryptocurrencies Will Cause Next Financial Crisis if They’re Not Banned
India"s Central Bank Chief: Cryptocurrencies Will Cause Next Financial Crisis if They"re Not Banned The governor of India’s central bank, the Reserve Bank of India (RBI), has
Rakesh Upadhyay3 hours agoPrice analysis 7/3: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTCThe bulls are trying to nudge Bitcoin above the critical resistance of $31,000, which may start a broad-based crypto rally.18
Helen Partz13 hours agoTelegram trading bot Maestro refunds users 610 ETH after router exploitMaestrobots, a group of crypto bots on Telegram, has refunded users 610 ETH in the aftermath of a 280 ETH smart contract explo
2nd highest weekly close ever — 5 things to know in Bitcoin this week
William Suberg14 hours ago2nd highest weekly close ever — 5 things to know in Bitcoin this weekBTC price action is busy making impressive achievements despite staying rangebound below all-time highs — but Bitcoin vol
Nvidia outperforms Apple by 25x, ahead of 10-to-1 stock split
Zoltan Vardai11 hours agoNvidia outperforms Apple by 25x, ahead of 10-to-1 stock splitWhile stock splits are a sign of confidence in a company’s future performance, they could introduce significant price volatility aft
Axie Infinity Loses $620 Million After Hacker Compromised Ronin Validators
Axie Infinity Loses $620 Million After Hacker Compromised Ronin Validators According to Sky Mavis, the creators of the blockchain NFT game Axie Infinity, the Ronin network has been
Trader Survey Respondents Predict Bitcoin Price Will Surpass $22K in 2020
Trader Survey Respondents Predict Bitcoin Price Will Surpass $22K in 2020 San Francisco-based exchange Kraken conducted a poll that stems from the responses of 400 “VIP&rdq
Crypto Hardware Wallet Maker Ledger Raises $100M Amid Growing Demand for Secure Storage Solutions 
Crypto Hardware Wallet Maker Ledger Raises $100M Amid Growing Demand for Secure Storage Solutions  The cryptocurrency hardware wallet manufacturer Ledger has raised €100 million
Vitalik Buterin Becomes Citizen of Crypto-Friendly Montenegro
Vitalik Buterin Becomes Citizen of Crypto-Friendly Montenegro Ethereum co-founder Vitalik Buterin has been granted Montenegrin citizenship. Buterin joins other members of the crypt