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FTX founder Sam Bankman-Fried testified before Judge Kaplan and a jury in a New York federal court claiming his team sometimes made decisions out of his purview and against his instructions. Following a fraught mock testimony for Bankman-Fried, Judge Lewis A. Kaplan of the Southern District of New York ruled to allow FTX’s data retention policy during cross-examination.  The policy was supposedly drafted by the defendant’s general counsel Daniel Friedberg and speaks to the Signal auto-delete feature used by Bankman-Fried’s companies for internal communications, per InnerCityPress. The FTX founder fielded an advice-of-counsel defense built around shifting blame to his legal representatives at the time. It’s unclear if this strategy will ultimately yield Bankman-Fried a not guilty verdict. VLOG III Oct 27: After Sam Bankman-Fried on stand from 9:30 to 4:30, passing the buck to Caroline and dissing the (KC) Royals. Inner City Presss live tweeted, here: https://t.co/1xkZg...

Bloomberg is set to debut a documentary called “Ruin” on Oct. 25 via Bloomberg Television. The film delves into the story of FTX, a cryptocurrency exchange founded by disgraced Sam Bankman-Fried. It explores FTX’s journey to prominence, showcasing its innovative strategies, tactics, and eventual downfall.  FTX’s rise and downfall “Ruin,” a feature documentary produced and narrated by Bloomberg journalists, recounts the events leading to FTX’s downfall and Bankman-Fried’s role in the crisis. When Bankman-Fried left the Wall Street firm Jane Street Capital to launch FTX in 2019, he grew the cryptocurrency exchange into one of the world’s largest. However, in late 2022, FTX and its sister firm, Alameda, faced a major crisis. Both companies went bankrupt due to a significant shortfall in customer funds.  Last December, Bankman-Fried was arrested in the Bahamas over allegations of wire fraud and conspiracy to commit money laundering. C...

FTX Estate stakes $122 million worth of Solana (SOL) tokens. The FTX Estate has strategically delegated 5.5 million SOL with a Solana network validator. The move alleviates concerns about the estate’s potential liquidation of SOL holdings. In a significant move within the cryptocurrency landscape, the FTX estate has staked over 5.5 million Solana (SOL) tokens , amounting to a substantial $122 million, with Figment, a prominent validator on the Solana network as reported by on-chain data from SolanaFM. This development comes amid ongoing discussions and speculations within the crypto community regarding the estate’s handling of its substantial Solana holdings. Here’s an overview of the recent events and implications. FTX Estate’s strategic staking of Solana tokens The move of staking such a huge amount of Solana tokens with Figment has captured the attention of industry observers, particularly in light of concerns regarding potenti...

Despite releasing Going Infinite , a book that will inevitably sell more copies than most could dream of in a lifetime, Michael Lewis seems to be having a pretty bad week — and he’s doing it to himself. First, the renowned author called FTX “a great real business” during a 60 Minutes interview to promote the book, which concerns the crypto exchange’s ex-CEO Sam Bankman-Fried . It was an odd point that seemed to stick in the public’s craw, but actually, most of the interview was hard to watch. It’s unclear why anyone who witnessed the collapse of FTX and Alameda Research would consider Bankman-Fried’s blunders “a great real business.” The entities were less business and almost exclusively criminal enterprises. It wasn’t successful at much more than wire fraud, bank fraud, and gambling with customer funds — poorly. So it’s fair to say that when Lewis made the comment, expectations for the book on the eve of publication were tempered — if not completely dashed...

The breach has resulted in the exposure of non-sensitive customer data from specific claimants linked to the ongoing bankruptcy case. Defunct crypto exchange FTX has announced a cybersecurity breach involving its bankruptcy case claims agent , Kroll, in which limited, non-sensitive customer data of specific claimants was exposed. FTX said it is actively overseeing the situation, assuring that account passwords, systems and funds remain unaffected. The struggling crypto exchange utilized the X platform on Aug. 25 to notify its customers, creditors and the public about a cybersecurity breach involving its claims agent Kroll. The breach has resulted in the exposure of non-sensitive customer data from specific claimants linked to the ongoing bankruptcy case. FTX has stated that Kroll is presently informing the individuals impacted by the cybersecurity event about the steps they can take for their protection. The crypto exchange in bankruptcy clarified that its account passwords and s...

Mantle DAO community member proposed restricting FTX from converting $43 million in BitDAO tokens to MNT amid ongoing token migration. A community member within the Mantle decentralized autonomous organization (DAO) has initiated a discussion proposing to restrict the collapsed FTX exchange and Alameda Research from convert ing their BitDAO (BIT) token s, worth $43 million, to Mantle (MNT) token s. The background of this proposal dates back to Nov. 2, 2021, when BitDAO swapped 100 million BIT with Alameda for over 3.3 million FTX tokens (FTT). The trade was accompanied by a mutual commitment to retain each other’s tokens until Nov. 2, 2024. However, following the FTX fallout in 2022, BitDAO suspected Alameda of offloading the token s, leading to a sharp decline in BIT’s value. Caroline Ellison, former Alameda CEO, refuted any involvement in the token ’s depreciation. You might also like: US Fed takes action against bank linked to FTX’s Alameda Research Mo...

Earlier this month, the Securities and Exchange Commission (SEC) filed charges against the parent companies of Binance.com and Binance US, plus their founder, Changpeng Zhao (CZ). The charge is similar to the SEC’s December 2022 civil action against the parent companies of FTX and its founder Sam Bankman-Fried (SBF). In both lawsuits, the SEC alleges the unregistered offering of securities to US residents. Binance never registered its namesake tokens — BNB and BUSD — nor its various interest-earning products with the SEC. FTX never registered various crypto asset securities that it listed for US trading, including Solana (SOL), Algorand (ALGO), Cardano (ADA), and many others. The SEC also alleges that Binance.com secretly controlled some assets and operations of Binance US. FTX.com also secretly controlled the wallets used to hold FTX.US customers’ digital assets. Binance and FTX both borrowed the banking relationships of non- exchange entities controlled by the ...