Two weeks after this email, SBF granted his parents $10 million from Alameda funds (aka FTX customer funds) while Bankman also received lucrative stock options in the parent companies of both FTX and FTX.US.Bankman shared FTX’s wealth with other family members, including his sister, who was...
Backpack Exchange is committed to returning FTX EU customers’ funds as fast and as safely as possible, according to its CEO, Armani Ferrante. “Customer restitution is a crucial step to rebuild trust and confidence in the industry,” Ferrante added. Source:Armani Ferrante After a forthcoming lic...
Facing an $8 billion shortfall in customer funds, FTXfiledfor bankruptcy in November last year. The exchange’s former CEO and co-founder Sam Bankman-Fried is facing charges from the Department of Justice including wire fraud, securities fraud and conspiracy to commit money laundering in relation...
FTX entered bankruptcy in November when the global exchange ran out of money after the equivalent of a bank run. Bankman-Fried has pleaded not guilty to charges that he cheated investors and looted customer deposits to make lavish real estate purchases, campaign contributions to p...
SBF, who claimed to be a minimalist philanthropist, had used customer funds to prop up his failing crypto empire and fund his lavish lifestyle. Amid the revelations and the broader retrenchment of the crypto industry, FTX and its web of investments-which included SBF’s trading business, ...
FTX said it "vigorously dispute[s]" the IRS's $24 billion figure, which it said includes things the collapsed biz itself isn't liable for, such as "misappropriation income" stemming from former CEO Sam Bankman-Fried stealing and spending customer funds, a crime that led to the business's...
That made it an island of stability, a place where traders and investors could stash their funds in between forays into the otherwise frenzied crypto market. This week TerraUSD became part of the frenzy too, slumping by more than a third on Monday and then tumbling as low as...
SBF, who claimed to be a minimalist philanthropist, had used customer funds to prop up his failing crypto empire and fund his lavish lifestyle. Amid the revelations and the broader retrenchment of the crypto industry, FTX and its web of investments-which included SBF’s trading business, ...