TagSam Bankman-Fried
Sam Bankman-Fried Sentenced to 25 Years
The golden boy of crypto is on his way out of the pictureFormer cryptocurrency mogul Sam Bankman-Fried, who was convicted of financial fraud in late 2022, was sentenced to 25 years of prison last week. Bankman-Fried was convicted of defrauding investors and delegating monies to fund his own lavish lifestyle and to try and square away the debts of his hedge fund, Alameda Research. The scandal amounts to one of the largest in financial history, with some 11 billion dollars worth of assets lost. Bankman-Fried was once an up-and-coming favorite in the tech world. He donated millions to political campaigns, shot trailers with celebrities promoting his crypto exchange, FTX, and seemed to present to the world nothing short of the next generation’s spitting image of success. However, it all came crumbling down. Read More ›
The FTX Trial is Heating Up
Convicted for fraud, the former crypto mogul Sam Bankman-Fried is trying to offload the blame. But a key witness weakens his case.The trial of Sam Bankman-Fried, the former CEO of the cryptocurrency exchange FTX, is underway in Manhattan. Investors in FTX lost billions of dollars earlier this year, but Bankman-Fried is denying alleged fraud and misuse of funds. However, prosecutors are accusing him of systematically stealing those funds and channeling them unto personal means. A bombshell witness, Caroline Ellison, Bankman-Fried’s ex-girlfriend and a “top executive” in his business, took the stand earlier this month and supported the criticisms of the prosecution. David Gura writes for NPR, Though other former top executives at FTX businesses are testifying during the trial, Ellison was always considered the most important witness. After prosecutors first called her to the witness stand, everyone stood and faced the Read More ›