Former FTX CEO Sam Bankman-Fried is facing a potential sentence of 20 to 25 years in prison, according to former government prosecutors. The maximum sentence for his crimes has been estimated at 110 to 115 years. The prosecutors believe that Bankman-Fried’s fraud through FTX and alleged perjury during the trial warrant a severe sentence. However, […]
The court trial for Avraham Eisenberg, the hacker responsible for the $114 million exploit of Mango Markets, has been postponed to April 2024. Eisenberg’s lawyers argued that various factors had hindered their client’s trial preparation, leading to the judge granting a continuance. In October 2022, Eisenberg drained approximately $114 million from Mango Markets by exploiting […]
The U.S. Commodity Futures Trading Commission (CFTC) is focusing on the regulation of customer assets in the derivatives market. However, their current proposal does not fully address the unique operational model of LedgerX, a crypto platform. LedgerX operates as a direct clearing organization (DCO), which deviates from the traditional role of intermediaries. Commissioner Kristin Johnson […]
Lawyers representing Avraham Eisenberg, the individual accused of exploiting Mango Markets for $116 million, have successfully convinced a judge to postpone his fraud trial until April 8, 2023. The trial was originally scheduled to begin on December 4, but Eisenberg’s legal team argued that various circumstances had hindered their trial preparations. Despite confessing his involvement […]
In a significant move to combat sanctions evasion and illicit financial activities, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on Ekaterina Zhdanova, a Russian national allegedly involved in laundering and transferring funds using crypto on behalf of Russian elites. This action aligns with the G7’s commitment to […]
The U.S. Securities and Exchange Commission (SEC) is urging a Manhattan judge to deliver summary judgment in its legal battle with Terraform Labs and its co-founder, Do Kwon. The SEC claims that Kwon violated securities laws in the distribution of the Terra blockchain’s native cryptocurrency, LUNA, and its stablecoin TerraUSD (UST). According to the SEC, […]
The U.S. Department of the Treasury has imposed sanctions on a Russian national, Ekaterina Zhdanova, for her involvement in helping Russian oligarchs evade sanctions using cryptocurrency. Zhdanova was tasked with moving over $100 million in crypto from Russia to the United Arab Emirates (UAE) on behalf of one oligarch. She also played a role in […]
Newly-released audio has surfaced on social media featuring an interview with Sam Bankman-Fried, the disgraced founder of FTX. In the interview, conducted during his house arrest, Bankman-Fried reflects on the idea of life in prison and admits to feeling guilt and culpability for the harm he has caused. Despite not wanting to think about the […]
Sequoia Capital, a venture capital firm, has suffered a significant loss after investing nearly a quarter billion dollars into FTX, a cryptocurrency exchange. Alfred Lin, a partner at Sequoia Capital, accused FTX CEO Sam Bankman-Fried of deliberately misleading and lying to the firm. Lin reached this conclusion after conducting an extensive review of Sequoia’s due […]
Sam Bankman-Fried, the founder of FTX, has been found guilty of fraud and conspiracy to commit fraud. The jury reached their verdict quickly after a short deliberation period. Throughout the trial, questions arose about how this situation could have been prevented and what can be done to avoid similar incidents in the future. Some argue […]
