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The collapse of the FTX cryptocurrency exchange in 2022 remains one of the significant moments in the digital assets space, considering its impact on assets such as Bitcoin (BTC). Notably, several involved parties have been found liable for the collapse, with founder and former CEO Sam Bankman-Fried taking the greatest responsibility. He was found liable for fraud and other charges related to the platform’s downfall. His sentencing on March 28, 2024, coincided with a period when Bitcoin was taking off, hitting a new record high driven by general market optimism regarding the possibility of institutional capital inflow through spot exchange-traded funds (ETF). Picks for you SONEX launches on Soneium’s mainnet  36 mins ago Bracket DeFi ...

FTX co-founder Gary Wang was sentenced to no prison time by a judge Wednesday, following his cooperation with prosecutors. Wang helped the prosecution’s case against Sam Bankman-Fried, testifying in one of the biggest cases of fraud in US history. Wang served as FTX’s chief technology officer during its peak. Judge Lewis A. Kaplan, who is overseeing the case, praised Wang’s cooperation. Wang was the first person to cooperate after FTX collapsed in November 2022. Additionally, he provided key information to Assistant U.S. Attorney Nicolas Roos that enabled prosecutors to quickly extradite Bankman-Fried from the Bahamas. Roos described Wang’s work since the fraud in heroic terms, saying he was “the first FTX cooperator to come in the door.” Wang’s role in the fraud was minimal according to Roos, and he “did not” create the complicated computer code that enabled the fraud. Gary Wang, co-founder and former chief technology officer of FTX Cryptocurrency De...

Sam Bankman-Fried , founder of bankrupt crypto exchange FTX and former crypto entrepreneur, has issued his first statement since his sentencing. In a statement to ABC News, SBF shared that he is remorseful for his actions, and that “It’s most of what I think about each day.” Sam Bankman-Fried is currently being held at the Metropolitan Detention Center in Brooklyn, NY. Speaking to ABC via email, SBF says the fall of FTX was a result of “several bad decisions” he made in 2022. Furthermore, despite showing remorse, Bankman-Fried revealed that he didn’t know at the time he was committing illegal acts or fraud.  “I never thought that what I was doing was illegal. But I tried to hold myself to a high standard, and I certainly didn’t meet that standard,” he says.  Source – MorningStar Also Read: FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison Sam Bankman-Fried was sentenced to 25 years in prison on Thursday for fraud. Spe...

A former New York cop and alleged pedophile has described Sam Bankman-fried as the “least physically intimidating person,” in a letter pleading for the disgraced former FTX chief to be handed a light sentence. Writing to US district judge Lewis Kaplan, who is overseeing SBF’s sentencing, Carmine Simpson, who is currently incarcerated alongside Bankman-Fried, claimed, “I have had the honor to have gotten to know Sam over the past six months.” He added, “Sam is the most selfless person that I have ever had the privilege to meet,” and claims that “the world would be better with Bankman-Fried out of jail.” He then reasons that “incarceration would serve no benefit.” According to Simpson, one of the biggest “examples of Sam’s character” is that he has remained committed to his vegan diet of “ undercooked rice, a scoop of disgusting-looking beans, and week-old brown lettuce .” The letter also details how he has become a ta...

Gary Wang told prosecutors that Alameda Research withdrew more value from FTX than the exchange made from fees, owing $20 billion once, while Judge Kaplan reprimanded defense attorneys for repetitive questioning on SBF’s trial day 4. Former FTX CTO Gary Wang named founder Sam Bankman-Fried as a co-conspirator of fraud on day 3 of SBF’s trial. Paradigm’s Matt Huang said his VC marked down $278 million invested in Sam’s crypto exchange and Adam Yedidia detailed a “code error” that fostered Alameda’s unusual overcast on customer assets. Amid caches of overruled defense objections and the prosecution’s search for smoking guns, curtains closed on the third day of Sam Bankman-Fried’s trial for fraud. The former FTX CTO testified to acts of wire fraud, securities fraud, and commodities fraud. Wang, who worked for both FTX and Alameda, said Caroline Ellison, Nishad Singh, and Sam Bankman-Fried were in on it too. SBF has denied criminal wrongdoing, but the other three pled guilt...

The  Wall Street Journal  has confirmed that Alameda Research used a secret backdoor in FTX, the defunct exchange, to withdraw billions of dollars of customer funds, and some of the exchange’s U.S.-based employees were aware of it. In spring 2022, a group of employees at LedgerX discovered a backdoor in the system that allowed Alameda Research, a third-party company, to transfer customer funds.  Although concerns were raised about the “special code,” it was not addressed, and a senior manager was later fired.  You might also like: FTX scandal: court selects 12 jurors for high-profile SBF fraud case FTX staff became aware of the situation after LedgerX employees reported the “special Features ” they had uncovered. Once the issue was brought to the attention of LedgerX’s chief risk officer, Julie Schoening, she notified her boss, Zach Dexter, who discussed the backdoor with Nishad Singh, the co-lead engineer of FTX ...

Apple reportedly acquired the rights to a book by author Michael Lewis based on FTX founder Sam Bankman-Fried’s bio. Tech giant and iPhone maker Apple scooped up the rights to an upcoming book centered around Sam Bankman-Fried (SBF), the founder of bankrupt crypto exchange FTX, currently facing criminal charges. Apple paid $5 million for rights to the book titled Going Infinite: The Rise and Fall of a New Tycoon written by best-selling author Michael Lewis, according to media outlet The Ankler. Lewis is popular for written works like The Big Short and The Blind Side, which boast Hollywood film adaptations. The report said that Lewis witnessed the rise and downfall of SBF in real time after embedding himself with the former crypto billionaire for 12 months. You might also like: Former FTX executive will reportedly plead guilty to criminal charges In addition to Lewis’ book, there are reportedly eight projects in Hollywood based on SBF, including a profile documen...

Bitcoin SLRV Ratio data performs a moving average crossover absent since before the FTX implosion hit the market. Bitcoin (BTC) could have dropped much more last week after one on-chain metric repeated its move from the FTX crash. As noted on Sep. 5 by James Straten, research and data analyst at crypto insights firm CryptoSlate, the SLRV Ratio has “flipped” for the first time since November 2022. Bitcoin SLRV Ratio channels FTX warning BTC price weakness is getting market observers ready for a drop toward $23,000, but the fallout from Bitcoin’s August comedown could have been much worse. According to the Short to Long-Term Realized Value (SLRV) Ratio, a spike in sales of “older” bitcoins occurred in mid-August. Devised by famed analyst David Puell and ARK Invest, SLRV uses the popular HODL Waves metric to track Bitcoin on-chain velocity. HODL Waves split up the circulating BTC supply by the age of coins used in transactions. SLRV takes coins that previously moved within the past 24 h...

FTX Releases List of “363 Sales Parties” According to a court filing on June 22 in the Delaware Bankruptcy Court, FTX’s consultant Alvarez & Marsal released a list of “363 Sales Parties”. It means entities interested in part or whole for the restart of FTX 2.0 and were contacted and signed a non-disclosure agreement seeking more details about the restructuring and reboot of the exchange. advertisement Notable names in the 363 Sales Parties include Nasdaq , Ripple Labs, Galaxy Digital, BlackRock, Tribe Capital, Robinhood, NYDIG, and OKCoin. However, this won’t be the exclusive list of potential buyers or investors, but parties interested in the crypto exchange. FTX Debtors plan to conduct the sale process in Q3 or Q4 of this year and select a “stalking-horse bidder.” One among these companies will likely be the staking-horse bidder. Companies are also looking to invest in FTX 2.0 as the team under CEO John Ray ...

With a score of 17 out of 100, online interest in crypto has taken a big hit from its highest levels reached in May 2021. A two-month-long lull in cryptocurrency optimism has seen online search interest for “crypto” and other common cryptocurrency terms stumble down to late 2020 levels. According to data from Google Trends, the term “crypto” currently has a score of 17, which is well off its reference point of 100 in May 2021. Bitcoin (BTC) and Ethereum have followed a similar downward trajectory. However, search interest for these terms has been in a relatively consistent decline since May 2022, about a month after much of the Terra Luna ecosystem collapsed. A small spike in interest came in early November when the crypto exchange FTX collapsed. Search interest over time for the word "crypto" Source: Google Trends The fall in interest comes as Bitcoin (BTC) has held steady around $28,000 for 10 weeks now — something which Galaxy Digital CEO Mike Novogratz recently describ...