cryptocurrency

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Judge to Sam Bankman-Fried: 'Just Answer the Question'

FTX founder is 'vague,' 'curt' under cross-examination

(Newser) - The cross-examination of Sam Bankman-Fried, founder of failed cryptocurrency exchange FTX, began Monday; it was SBF's second day on the stand after testifying in his own defense Friday. On that day, some of his answers were so lengthy and meandering the judge asked him to stop talking . On Monday,...

As SBF's Trial Plows Ahead, Questions Arise on His Parents

Bloomberg details Joe Bankman, Barbara Fried's influence and involvement in FTX crypto empire

(Newser) - Last December, FTX founder Sam Bankman-Fried insisted to the New York Times that his parents, Joseph Bankman and Barbara Fried, "weren't involved in any of the relevant parts" of his now-defunct cryptocurrency business. Writing for Bloomberg , Max Chafkin and Hannah Miller dive deeper into that murky relationship, coming...

Bitcoin Surges, Then Falls Thanks to a Bogus Tweet

Price surges 10% in minutes, then falls again, over misinformation involving the SEC

(Newser) - The world maybe didn't need another example of the volatility of cryptocurrency, but it got one anyway on Monday. The price of bitcoin jumped about 10% to nearly $30,000 in a matter of minutes, all thanks to a bogus news report, reports Insider . The price then quickly shed...

SBF's Ex Describes Final Days of FTX

Caroline Ellison says she was relieved she didn't have to lie anymore

(Newser) - Sam Bankman-Fried's former top executive, testifying in Manhattan federal court Wednesday, blamed the FTX founder for corrupting her values so she could lie and steal and got emotional when describing the cryptocurrency empire's final days, saying the collapse of his businesses resulted in a "relief that I...

Israel Police Snip 'Another String' in Hamas' 'Bow'

Authorities say they've frozen terror group's crypto accounts

(Newser) - The Israel-Hamas war is expected to only escalate , despite more than 2,100 lives on both sides already lost. Israeli police have announced one big move after Hamas' bloody attacks over the weekend, reporting on Tuesday that they'd frozen cryptocurrency accounts used by the terror group. Israeli police said...

SBF's Ex-Girlfriend: He 'Directed' Me to Break Law

Caroline Ellison, who ran his Alameda trading platform, pins the blame on Sam Bankman-Fried

(Newser) - The government's star witness in its case against alleged crypto swindler Sam Bankman-Fried took the stand on Tuesday—and she pinned the blame squarely on him. "He directed me to commit these crimes," said Caroline Ellison, 28, per the New York Times . Ellison has a singular role...

Biggest Surprise of SBF Trial? That It's Happening at All

Former poster boy for cryptocurrency is in court this week, and crypto world is rooting against him

(Newser) - This week brings a milestone in the world of cryptocurrency—the trial of accused fraudster Sam Bankman-Fried begins Tuesday in New York. Bankman-Fried, or SBF, founded the FTX exchange that famously went belly-up and cost a lot of people—many of them everyday investors swayed by celebrity endorsements—a lot...

Crypto Founder's Sentence: 11,196 Years in Prison

Faruk Fatih Ozer receives a very, very long sentence in Turkey over collapsed exchange

(Newser) - Cryptocurrency is often linked to some mind-boggling numbers . Here is one more: 11,196. That is how many years the founder of a failed cryptocurrency exchange has been sentenced to serve in a Turkish prison, reports the Wall Street Journal . Faruk Fatih Ozer received the 11-millenia term over the collapse...

Lawyer: SBF Is Living on Bread, Water, PB

Vegan is having a hard time behind bars, lawyer says

(Newser) - Sam Bankman-Fried is living entirely on bread, water, and occasionally peanut butter, according to a lawyer for the FTX founder. Bankman-Fried was earlier this month ordered to spend the time leading up to his October fraud trial in a Brooklyn jail rather than at his parents' house in Palo Alto,...

In Separate Hearings, Crypto 'Bonnie and Clyde' Plead Guilty

Ilya Lichtenstein, wife admit role in 2016 Bitfinex exchange hack

(Newser) - Hours before former President Trump's arraignment in Washington, DC, on Thursday, a couple dubbed cryptocurrency's "Bonnie and Clyde" appeared in back-to-back hearings in the same federal courthouse. New York tech entrepreneur Ilya Lichtenstein and his wife Heather Morgan both pleaded guilty to charges of money laundering conspiracy...

Crypto Founder Who Made Big Claims Charged in $1B Fraud

SEC: Richard Heart bought $4M black diamond with proceeds from Hex, the 'highest appreciating asset' ever

(Newser) - A cryptocurrency entrepreneur who paid more than $4 million for the world's largest black diamond allegedly purchased the rock with proceeds from a $1 billion crypto fraud. The SEC on Monday announced fraud charges against Hex founder Richard Heart, also known as Richard Schueler. Heart marketed the ethereum-based Hex...

Founder of Crypto Lender Arrested on Fraud Charges

Celsius Network already has filed Chapter 11

(Newser) - Alexander Mashinsky, who founded the cryptocurrency lending platform Celsius Network, was arrested Thursday on federal charges. Prosecutors say Mashinsky mispresented the financial health of the company to investors, ABC News reports. At the same time, the Securities and Exchange Commission and the Federal Trade Commission filed lawsuits saying the founder...

SEC Goes After Coinbase, Biggest US Crypto Exchange

Move comes one day after the agency's lawsuit against an even bigger player, Binance

(Newser) - The hits keep coming for the crypto industry. One day after the SEC sued Binance , the world's largest cryptocurrency exchange, the agency went after Coinbase, the biggest exchange in the US. The SEC accused Coinbase of essentially operating as a securities exchange without registering as one, reports the Wall ...

SEC Sues World's Biggest Crypto Exchange

Binance denies wrongdoing, but move rattles Bitcoin investors

(Newser) - It's another big jolt to the world of crypto: The Securities and Exchange Commission on Monday accused Binance, the world's largest cryptocurrency exchange, of engaging in a slew of shady financial practices, reports the Wall Street Journal . In all the SEC filed 13 charges against Binance and co-founder...

Feds: Twitter Hacker Left 'Impressive Trail of Destruction'

UK man pleads guilty to scheme that targeted accounts of 130-plus names, including Musk, Biden

(Newser) - A UK man arrested in Spain two summers ago and accused of hacking into the Twitter accounts of some big names—including the current owner of the platform himself—has pleaded guilty to the plot, which also involved the theft of a hefty amount of crypto. On Tuesday, the US...

Celebs: We Shouldn't Be Liable for FTX Endorsements

The idea is 'nonsense,' Tom Brady, Larry David, others claim in court docs

(Newser) - After five months of trying, lawyers for a group of FTX investors who are suing celebrity endorsers say they've finally managed to serve the last of them: Shaquille O'Neal. "Plaintiffs in the billion $ FTX class action case just served @SHAQ outside his house," the Moskowitz...

DA Condemns 'Horrific' Killing of Cash App Founder

Bob Lee was fatally stabbed in San Francisco

(Newser) - This story has been updated with new developments. San Francisco Mayor London Breed has condemned the killing of a tech luminary who was reportedly stabbed to death in the city early Tuesday. Breed described the death of Bob Lee, founder of Cash App and chief product officer of crypto startup...

More Bad News for SBF
More Bad News
for SBF
Mar 28, 2023 11:40 AM CDT

More Bad News for SBF

FTX founder has been indicted on charges of bribing Chinese officials to unlock $1B in crypto

(Newser) - If indictments were worth money, Sam Bankman-Fried might be accumulating enough of them to fix the failure of FTX . Feds on Tuesday announced that they've indicted the erstwhile 31-year-old billionaire on charges of conspiring to bribe Chinese government officials to unlock some $1 billion in cryptocurrency held by his...

Fugitive 'Cryptocrash' Boss Is Arrested in Montenegro

Do Kwon of Terraform Labs faces charges in 2 countries over $42B crash

(Newser) - A cryptocurrency boss facing fraud charges in the US and South Korea has been arrested far away from both in Montenegro. Terraform Labs founder Do Kwon, charged in connection with the $40 billion collapse of the firm's cryptocurrency, has been wanted in South Korea since September. He and another...

Lindsay Lohan Among Celebrities Charged by SEC in Crypto Scheme

Influencers didn't reveal they were being compensated for endorsements, filing says

(Newser) - The Securities and Exchange Commission announced Wednesday that it charged eight celebrities with endorsing cryptocurrencies without revealing they were being compensated. Actress Lindsay Lohan and boxer Jake Paul were among those charged with violating investor-protection laws, the Hill reports. Crypto entrepreneur Justin Sun and three of his companies also were...

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