ftx Sam Bankman-Fried

FTX’s Sam Bankman-Fried Hires Ghislaine Maxwell Defense Lawyer

7Dec

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Technology

FTX’s Sam Bankman-Fried Hires Ghislaine Maxwell Defense Lawyer

[ad_1] Sam Bankman-Fried, the embattled co-founder of bankrupt crypto exchange FTX, has retained New York defense attorney Mark Cohen to represent him. Sam Bankman-Fried, the embattled co-founder of bankrupt crypto exchange FTX, has retained New York defense attorney Mark Cohen to represent him, according to Bankman-Fried's spokesperson Mark Botnick. Cohen was previously part of the team that represented convicted sex trafficker Ghislaine Maxwell. He also successfully defended analyst Peter Black against a Securities and Exchange Commission suit in a 2014 trial. Cohen's hiring by Bankman-Fried was first reported by Reuters. Bankman-Fried hasn't been charged with any crime, but federal prosecutors in Manhattan have begun investigating FTX's collapse due in part to an unexplained $...

FTX Chaos Prompts Reckoning on Dubai’s Embrace of Crypto Giants

27Nov

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Technology

FTX Chaos Prompts Reckoning on Dubai’s Embrace of Crypto Giants

[ad_1] On Oct. 26, days before the collapse of his crypto exchange FTX, Sam Bankman-Fried sat for lunch at an upscale Dubai restaurant... On Oct. 26, days before the collapse of his crypto exchange FTX, Sam Bankman-Fried sat for lunch at an upscale Dubai restaurant, subtly testing the waters for funding at a table of founders, bankers and financiers, including Anthony Scaramucci. It turned out to be a final hurrah before the former billionaire's troubles were exposed to the world. The implosion of FTX, which went from a $32 billion valuation to bankruptcy in the ensuing weeks, sent crypto markets into a tailspin, driving billions of dollars in outflows from some of the biggest global exchanges. The aftershocks have reverberated particularly hard in the United Arab Emirates -- especial...

FTX Mayhem Fails to Scare Futures Exchanges Away From Crypto

20Nov

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Technology

FTX Mayhem Fails to Scare Futures Exchanges Away From Crypto

[ad_1] CME Group Inc. Chief Executive Officer Terry Duffy, who has been one of Bankman-Fried’s fiercest critics, said he won’t stop crypto-futures trading just because of “one bad actor.” Even as some of Wall Street's old guard has an “I-told-you-so” moment after the collapse of Sam Bankman-Fried's FTX, futures exchanges aren't giving up on crypto.CME Group Inc. Chief Executive Officer Terry Duffy, who has been one of Bankman-Fried's fiercest critics, said he won't stop crypto-futures trading just because of “one bad actor.” Cboe Global Markets, another Chicago exchange, and software provider Trading Technologies also recommitted to digital assets in the wake of the FTX meltdown. “I'm not prepared to say I'd delist it,” Duffy, 64, said in an interview this week, in which he recalled h...

Untrue, Misleading? What FTX’s Bankman-Fried Said When We Asked Him About Red Flags

18Nov

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Technology

Untrue, Misleading? What FTX’s Bankman-Fried Said When We Asked Him About Red Flags

[ad_1] Excerpts from summer interviews with the onetime crypto mogul and his trading firm’s CEO paint a far different picture than is now being revealed in bankruptcy court documents. It was late August, and Sam Bankman-Fried appeared on a computer screen, sporting the black headphones, T-shirt and floppy bedhead that were his trademark as the ubiquitous face of crypto and the chief executive officer of FTX. Questions were building about the exchange's relationship with Alameda Research, the trading firm he started that's behind the collapse of the cryptocurrency exchange. At the time, however, Bankman-Fried appeared eager to dispel concerns and agreed to an extensive interview. Bloomberg News also spoke with Alameda CEO Caroline Ellison, who usually avoided the spotlight. Bankman-Fri...

FTX Offers a Master Class in Crypto’s Flaws

17Nov

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Technology

FTX Offers a Master Class in Crypto’s Flaws

[ad_1] Sam Bankman-Fried’s spectacular flameout illustrates just about everything that’s wrong with crypto markets. In one sense, investors and regulators should be grateful to Sam Bankman-Fried, the erstwhile head of the FTX cryptocurrency exchange. The spectacular flameout of his virtual empire has evolved from a cautionary tale into a master class on everything that's wrong with crypto markets.As customers and creditors sort through what remains of the failed exchange's holdings, and as the repercussions spread throughout the crypto realm, here are four lessons that stand out: Beware of assets denominated in crypto. FTX was vulnerable not only because it was leveraged, but also because its assets weren't really assets. Judging from the balance sheet that the company reportedly sent...

Sam Bankman-Fried Tells His Side of the Story of FTX Collapse in Tweets

17Nov

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Technology

Sam Bankman-Fried Tells His Side of the Story of FTX Collapse in Tweets

[ad_1] Confronted by a crypto crisis he helped spark, former FTX.com Chief Executive Officer Sam Bankman-Fried is tweeting through it. Confronted by a crypto crisis he helped spark, former FTX.com Chief Executive Officer Sam Bankman-Fried is tweeting through it.On Wednesday, he added a further 18 tweets to a meandering thread he started at the beginning of the week. The posts, published at sporadic intervals, have combined apologies for his failings with his perspective on what went wrong at the companies he founded and ran. They add to a previous series of cryptic posts that eventually spelled out the message “What HAPPENED,” followed by a hint that there were revelations to come With the wisdom of hindsight, he stated how he would do his best to save customers' cash, mused on how ...

Sam Bankman-Fried says filing for FTX bankruptcy was a mistake – Vox

17Nov

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Sam Bankman-Fried says filing for FTX bankruptcy was a mistake – Vox

[ad_1] The founder of collapsed crypto exchange FTX, Sam Bankman-Fried, said he regretted his decision to file for bankruptcy and, in an interview published by Vox, criticized regulators. The founder of collapsed crypto exchange FTX, Sam Bankman-Fried, said he regretted his decision to file for bankruptcy and, in an interview published by Vox, criticized regulators.Bankman-Fried said later on Twitter that the basis of the interview, an exchange of messages on the same platform, was not supposed to be public. The collapsed company, which filed for bankruptcy last week, has appointed five new independent directors at each of its main affiliated companies, including Alameda research. The five new directors and newly appointed Chief Executive John J. Ray are working to navigate through th...

EXPLAINER: What’s happening at bankrupt crypto exchange FTX?

14Nov

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Technology

EXPLAINER: What’s happening at bankrupt crypto exchange FTX?

[ad_1] The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run.The exchange, formerly one of the world's largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been “unauthorised access” and that funds had disappeared. Analysts say hundreds of millions of dollars may have vanished. The unravelling of the once-giant exchange is sending shockwaves through the industry. Here's a look at the company's collapse so far:WHY DID FTX GO BANKRUPT?Customers fled the exchange over fears about whether FTX had suffici...

Sam Bankman-Fried: From Crypto King to King of Tech Bubble’s Losers

13Nov

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Technology

Sam Bankman-Fried: From Crypto King to King of Tech Bubble’s Losers

[ad_1] For all the potboiler twists, stunning revelations and anguished Twitter threads, it’s a fall from grace with an unmistakable ring of familiarity. Few could have anticipated the breathtaking collapse of Sam Bankman-Fried's multibillion-dollar crypto empire.Yet for all the potboiler twists, stunning revelations and anguished Twitter threads, it's a fall from grace with an unmistakable ring of familiarity. The whirlwind week that began with two crypto CEOs tweeting barbs ended with the bankruptcy of FTX, one of the largest and most prominent crypto exchanges, along with around 130 other companies that it owned. The business had been desperately trying to cover a shortfall of as much as $8 billion, with the specifics of its failure -- now subject to multiple investigations -- yet ...

Sam Bankman-Fried’s Apology Is as Hollow as His Empire

12Nov

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Technology

Sam Bankman-Fried’s Apology Is as Hollow as His Empire

[ad_1] The downfall of FTX isn’t just about a frothy market coming undone. It looks more like the combination of a financial bubble and murky accounting with a dash of charisma thrown in. Apologies from tech chief executive officers are in vogue, as years of easy money and pandemic profits come to an end. “I got this wrong,” Mark Zuckerberg said after the Facebook billionaire's pivot to a more Meta world decimated its stock price and led to 11,000 layoffs. Charismatic leaders are learning humility.But in the league of weak-sauce apologies, the one from cryptocurrency exchange boss Sam Bankman-Fried stands head and shoulders above the rest. After his digital-asset empire FTX filed for bankruptcy on Friday, the onetime billionaire — who's now lost it all — tweeted that he was “really so...