News Analysis The international scandal of the implosion of FTX, whose founder and former CEO, Sam Bankman-Fried, stands accused of all manner of fraudulent and reckless practices, could spur a regulatory overhaul aimed at curbing the excesses of the barely-regulated crypto space and preventing such fiascos in the future, experts on finance and law have…
Sam Bankman-Fried, FTX Promoters May Avoid Serious Consequences for Fraud, Experts Warn
December 7, 2022
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Stocks Sputter as Growth Fears Offset China COVID-19 Shift
December 7, 2022
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MILAN/SINGAPORE—World stocks eased on Wednesday and bonds remained supported after a chorus of Wall Street bankers warned about a likely recession ahead, tempering optimism about China’s major shift in its tough zero-COVID policy. Top executives at Goldman Sachs, J.P. Morgan, and Bank of America all sounded downbeat in remarks on Tuesday about the economic outlook,…
The Fall of Sam Bankman-Fried and His Crypto Empire: A Timeline
Sam Bankman-Fried, a 25-year-old MIT graduate, left the quantitative trading firm Jane Street in 2017 to start his own hedge fund, Alameda Research. At first, the crypto-centric fund focused on low-risk algorithmic trades. After two years of running the business, Bankman-Fried embarked on the ambitious goal of starting a crypto trading exchange that would become…
Sam Bankman-Fried Says He ‘Will Testify’ to Congress on FTX Collapse
December 5, 2022
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Sam Bankman-Fried, the former CEO of bankrupt crypto platform FTX, said Sunday that he “will testify” before Congress on the circumstances around the collapse, though his statement left open the possibility that it could be a while before he actually appears before lawmakers—if ever. Bankman-Fried made the remarks in a response to a Twitter post…
DOJ Watchdog Urges Probe Into FTX Collapse Amid ‘Serious Allegations of Fraud, Dishonesty, Incompetence’
December 4, 2022
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A Department of Justice (DOJ) watchdog is seeking an independent examination into the collapse of cryptoexchange FTX, according to a recent court filing. The Justice Department is already investigating the exchange. The DOJ’s U.S. Trustee for Regions Three and Nine now wants an independent examiner to be appointed by a bankruptcy court to look into…
Bankman-Fried Criticizes New FTX CEO, Questions Why US Customer Funds Still Not Returned
FTX founder Sam Bankman-Fried, who stepped down as CEO after the company’s bankruptcy, put new chief executive and veteran insolvency expert John Ray III in the spotlight with a Twitter post on Thursday. Piggybacking on comments made during The New York Times DealBook summit, Bankman-Fried publicly questioned why FTX customer funds had not been returned…
Three Crypto Billionaires Die Under Mysterious Circumstances Over the Past Month
In a strange coincidence, three prominent cryptocurrency billionaires have died under mysterious circumstances over the past month. The unfortunate end of these prominent men who made their fortunes in the crypto industry in quick succession has raised many eyebrows. One of the three had posted a tweet in which he stated that he would be…
Sam Bankman-Fried Says Fortune Has Dwindled to $100,000 After FTX Collapse
The former CEO of the failed cryptocurrency exchange FTX claims his personal wealth has dwindled to just $100,000 after a series of “mistakes” led to the company—once valued at $32 billion—collapsing. While speaking during the New York Times DealBook Summit on Nov. 30, Sam Bankman-Fried admitted that he clearly had failed “to do a good job” at following through with…
Sam Bankman-Fried Says FTX US Users Will Get 100 Percent of Their Money Back
December 1, 2022
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Sam Bankman-Fried, the former CEO of the bankrupt crypto exchange FTX, has dismissed the notion that users of the platform will not recover anything substantial from the collapsed firm. In an interview with YouTube commentator Tiffany Fong, Bankman-Fried said that FTX U.S. will get “a dollar on the dollar” and that international users can expect…
ECB Says Bitcoin Is Artificially Propped Up, Shouldn’t Be Legitimized
Bitcoin is being artificially propped up and should not be legitimized by regulators or financial companies as it is more akin to gambling, the European Central Bank (ECB) said on Wednesday. Bitcoin and other cryptocurrencies have been variously presented as an alternative form of money and a shield from the inflationary policies pursued by major…
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