Sam Bankman-Fried, the former crypto billionaire who was convicted of fraud and sentenced to 25 years in prison, has formally appealed his conviction and requested a new trial. In the 102-page appeal, the legal representatives of the FTX founder accused Judge Lewis Kaplan of being unfairly biased in the previous trial. A Biased Judge? Bankman-Fried,…
Sam Bankman-Fried, the co-founder of failed cryptocurrency exchange FTX, is appealing his conviction, seeking a new trial and accusing the presiding judge of bias. According to a Bloomberg report, Bankman-Fried’s legal team has filed an appeal with the 2nd Circuit US Court of Appeals, asserting that US District Judge Lewis Kaplan showed favoritism toward the…
New court documents reveal that former FTX executive Caroline Ellison is set to be sentenced later this month for her role in the multi-billion-dollar downfall of the crypto exchange in 2022. According to new court filings, Ellison – who once was the girlfriend of jailed FTX co-founder Sam Bankman-Fried and the CEO of FTX’s sister…
The U.S. Securities and Exchange Commission (SEC) is signaling potential objection to FTX’s proposed plan to repay creditors with stablecoins. In a new official court filing, the SEC acknowledges that FTX’s Chapter 11 repayment plan may not be illegal while maintaining that the regulatory agency has the right to challenge any transactions involving crypto. “The…
Ryan Salame, FTX’s former executive serving a 7.5-year sentence, has retracted his legal motion to compel the government to honor his plea deal. The decision comes as his long-time partner, Michelle Bond, now faces federal charges, prompting a strategic shift in their legal approach. Salame initially filed the motion last week, claiming that prosecutors had…
In the fall of 2021, the FTX exchange moved operations to the Bahamas, a move the Prime Minister described as “proof that we are headed in the right direction.” However, the island nation’s laws were found wanting as the exchange stole billions from investors. Its new law seeks to prevent another FTX implosion. Known as…
FTX has reached a settlement with its largest creditor, the Internal Revenue Service (IRS). This agreement resolves a significant $24 billion tax dispute that has been looming over the exchange’s restructuring process. Initially, the IRS claimed FTX owed over $44 billion in taxes, but this amount has been substantially reduced as part of the settlement….
Ryan Salame, once a high-ranking executive at the cryptocurrency exchange FTX, has been sentenced to more than seven years in prison for fraud charges and conspiracy to operate unlicensed money-transmitting business, the Financial Times reported. Ryan Salame, aged 30, pled guilty to election fraud charges and conspiracy to operate an unlicensed money-transmitting business. His crimes…
According to the Wall Street Journal, the convicted FTX co-founder Sam Bankman-Fried (SBF) is being transferred from the Metropolitan Detention Center in Brooklyn to an undisclosed location. Sources speculate that SBF might be headed to the Federal Correctional Institution in Mendota, California (FCI Mendota). SBF’s Potential Transfer to FCI Mendota Speculated A Wall Street Journal…
Ten days ago, the FTX estate overseeing the bankrupt company’s proceedings informed customers they would receive more than 100% repayment. Following this announcement, the exchange token FTT from the defunct trading platform rose above $2 per unit. Astonishingly, despite being tied to a failed crypto exchange, this token still holds a market valuation of $535…