Cryptocurrency News Official TheBitTimes.com

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...

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...