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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...

While Protos usually covers Sam Altman when he’s launching Crypto currencies or scanning eyeballs, OpenAI and its CEO have recently made waves for other reasons: namely, it appears as though Altman and his team reached out to actress Scarlett Johansson, asked for her to be a voice for OpenAI, were refused permission, and chose to pursue a similar voice actor to create the voice instead. AI advocates have been quick to suggest that, because it wasn’t Johansson herself, there would be no room for a possible lawsuit against OpenAI. As it turns out, things may not be that simple. Indeed, there are many cases that suggest Johansson would not only have a case but would likely win. Statement from Scarlett Johansson on the OpenAI situation. Wow: pic.twitter.com/8ibMeLfqP8 — Bobby Allyn (@BobbyAllyn) May 20, 2024 Read more: Worldcoin has an optics problem Bette Midler v Ford Motor Company In 1985, an advertising agency made a series of commercials for the Ford Lincoln Mercury t...

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...

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...

A major crypto arbitraging fund that exceeds $600 million in market cap has told Protos that it’s not trading on Binance nor taking the current arbitrage opportunity, instead adopting a “wait and see” approach before taking the risk. At press time, crypto prices on Binance US are trading at steep discounts. Bitcoin is trading at a near-$3,000 reduction; the exchange lists the token at $27,500 while most other exchanges list for $30,000. This allows crypto traders the opportunity to make an easy buck. However, the arbitrage opportunity may only be a sign of a lack of liquidity and/or a lack of exit gateways, given that US dollar deposits to Binance US have been halted. Lacking a new flow of US dollars, users on the exchange may have problems finding buyers for their assets and thus reduce their price significantly compared with other exchanges. Crypto asset prices on exchanges have often varied drastically when liquidity drops due to the closure of its gates. Last December, Bitc...