All posts tagged: crypto

King of Crypto SBF jailed for 25 years in New York

King of Crypto SBF jailed for 25 years in New York

This morning we reported that disgraced crypto magnate Sam Bankman-Fried was due to be sentenced in New York this morning, with the Prosecution looking for between a 40-50 year term and SBF’s defense team arguing a five-year term would be more acceptable. The judge meanwhile had the ability to lock up Bankman-Fried and effectively throw away the key with a 110-year sentence but has just issued a 25-year sentence for his part in the collapse of the FTX cryptocurrency exchange. Bankman-Fried was found guilty by the jury after just over five hours of deliberation last November. Bankman-Frieds’ FTX had a $10 billion black hole in its accounts after money belonging to customers was used to make risky bets on crypto. A scheme that was to go horribly wrong. FTX was valued at $32bn before it went bankrupt with Sam Bankman-Fried crafting an image that drew in celebrities, politicians, and business titans, according to the BBC. Bankman-Fried’s victims remain out of pocket and while they may get some losses back, it is unlikely everybody will come …

Sam Bankman-Fried is going to prison. The crypto industry isn’t any better for it | Sam Bankman-Fried

Sam Bankman-Fried is going to prison. The crypto industry isn’t any better for it | Sam Bankman-Fried

There is a palpable feeling of relief in the cryptocurrency industry. Evangelists are preaching the good news that the industry has been purged of the Sam Bankman-Frieds, the Alex Mashinskys, the Do Kwons and the Changpeng Zhaos of the world. They proclaim that crypto can finally ascend from its purgatorial, “wild west” days to become a respectable sector of the financial world blessed by regulators and speculators alike. That exultant attitude has contributed to surging cryptocurrency prices, which surpassed previous all-time highs in the weeks leading up to Bankman-Fried’s sentencing of 25 years in prison on Thursday. This relief is unjustified, as is the faith that the cryptocurrency industry will get better and be different. Since Bankman-Fried’s conviction, there have been no changes that would prevent a new crypto mania just as devastating as the last. The fall of crypto’s king Bankman-Fried, the one-time cryptocurrency mogul behind the FTX exchange and the Alameda Research trading firm, was convicted in early November on seven charges of fraud and conspiracy. His investigation and trial, along with the …

Sam Bankman-Fried: Disgraced ‘crypto king’ jailed for 25 years after stealing billions of dollars from FTX customers | Business News

Sam Bankman-Fried: Disgraced ‘crypto king’ jailed for 25 years after stealing billions of dollars from FTX customers | Business News

Disgraced crypto entrepreneur Sam Bankman-Fried has been sentenced to 25 years in prison after being convicted of stealing billions of dollars from his customers. He was the chief executive of FTX, which suddenly went bankrupt in November 2022 – leaving millions of users frozen out of their accounts and unable to make withdrawals. The 32-year-old could have faced up to 100 years behind bars – but last month, his lawyers argued such a sentence would have been “barbaric” and a five-year term would be more appropriate. Initial reports said he had been sentenced to 20 years – but this has since been corrected to 25. Prosecutors had asked the judge to jail Bankman-Fried for 40 to 50 years, arguing the public need protecting from the fraudster and a harsh punishment would deter other criminals. “The defendant victimised tens of thousands of people and companies, across several continents, over a period of multiple years,” prosecutors said in a court filing. “He stole money from customers who entrusted it to him; he lied to investors; he sent …

Sam Bankman-Fried sentence: After years of ‘hubris, incompetence and greed’, crypto king’s jail term is end of an era | Business News

Sam Bankman-Fried sentence: After years of ‘hubris, incompetence and greed’, crypto king’s jail term is end of an era | Business News

Sam Bankman-Fried was breathlessly described as a wunderkind – a boy wonder transforming the world of finance. Renowned for his messy hair and unkempt appearance, he graced the covers of Forbes and Fortune, who pondered whether he could become the next Warren Buffett. The 32-year-old was the founder of FTX, which had quickly become the world’s second-largest cryptocurrency exchange – a place where investors could buy and sell digital assets like Bitcoin. Image: Larry David appeared in an advert for FTX during the Super Bowl in 2022 Star-studded adverts featuring the tennis player Naomi Osaka and the comedian Larry David added to its allure – with eye-watering sums spent on sponsorship deals. But in November 2022, Bankman-Fried’s crypto empire came crashing down after it emerged that customer funds worth $10bn (£7.9bn) was missing. A year later, a jury convicted the fallen entrepreneur of fraud and money laundering after just five hours of deliberations – based on evidence from close colleagues who had turned against him. Now, “SBF” is beginning a lengthy prison sentence of 25 …

SEC scores big win in lawsuit against crypto exchange Coinbase

SEC scores big win in lawsuit against crypto exchange Coinbase

A smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. Dado Ruvic | Reuters The Securities and Exchange Commission scored a major win in its lawsuit against Coinbase on Wednesday, as a judge ruled that its claim that the cryptocurrency exchange engaged in unregistered sales of securities could be heard by a jury at trial. Coinbase’s shares fell around 2.5% on news of the ruling in Manhattan federal court rejecting its bid to dismiss the SEC’s complaint. The regulator first filed suit against Coinbase in June, alleging the company was acting as an unregistered broker and exchange. The agency also demanded the company be “permanently restrained and enjoined” from continuing to do so. In her ruling Wednesday, U.S. District Judge Katherine Polk Failla wrote, “The ‘crypto’ nomenclature may be of recent vintage, but the challenged transactions fall comfortably within the framework that courts have used to identify securities for nearly eighty years.” “The Court finds that the SEC adequately alleges that Coinbase, through its …

The Science of Crypto Forensics Survives a Court Battle—for Now

The Science of Crypto Forensics Survives a Court Battle—for Now

On March 12, Russian-Swedish national Roman Sterlingov was found guilty of money laundering conspiracy and other violations by a federal jury in Washington, DC, for having operated Bitcoin Fog, a service criminals used to launder what authorities claim was hundreds of millions of dollars in ill-gotten gains. The conviction was heralded by the US Department of Justice as a victory over crypto-enabled criminality, but Sterlingov’s lawyers maintain the case against him was flawed and plan to appeal. They allege that the nascent science used to collect evidence against him is not fit for the purpose. The DOJ investigation used blockchain forensics, a technique whereby investigators scrutinize the public trail of crypto transactions to map the flow of funds. In a statement, Lisa Monaco, deputy attorney general for the US, described the DOJ as “painstakingly tracing bitcoin through the blockchain” to identify Sterlingov as the pseudonymous administrator behind Bitcoin Fog. Bitcoin and other cryptocurrencies have acquired an undeserved reputation for being less traceable than conventional money, but evidence collected this way has brought down many criminals …

Top Crypto Gainers This Week

Top Crypto Gainers This Week

The crypto market experienced a correction last week, with major cryptocurrencies like Bitcoin and Ethereum declining by 1.7% and 4% respectively. While the weekend was relatively flat, one meme coin stood out – Dogecoin (DOGE) surged by 16%, outperforming most other meme coins. Layergg, an crypto analyst with almost 100k followers on X, shared his insights on the best altcoins for your watchlist this week.   Top Crypto Gainers Biggest crypto gainers in the past week, source – Layergg/X Here’s a breakdown of his altcoin analysis: Dogecoin (DOGE): Coinbase International is set to launch DOGE futures trading on April 1st. Additionally, April 20th is known as ‘Doge Day,’ and meme coin prices have historically shown sensitivity to such events. Aptos (APT): Aptos is poised for a significant RWA (real-world asset) announcement in April, with potential partnership rumors involving major asset managers like BlackRock or Franklin Templeton. Details are expected to be revealed at the ‘Aptos DeFi DAYS’ event on April 2nd. Pendle (PENDLE): Mid-April may see the launch of the EigenLayer token, according to Arthur Hayes. …

Crypto: Coinbase Files to list DOGE, LTC and BCH

Crypto: Coinbase Files to list DOGE, LTC and BCH

Coinbase Exchange has filed to list Litecoin (LTC), Bitcoin Cash (BCH), and Dogecoin futures trading with the Commodity Futures Trading Commission (CFTC). The CFTC has not yet responded officially to the move and more importantly, has not opposed the filing made by Coinbase that seemed to fly under many radars until now. Coinbase goes down the self-certification route Coinbase’s letters of intent were sent to Christopher Kirkpatrick, CFTC Secretary, to go down the path of self-certification that shows the company doesn’t want to wait on official approval and can use the CFTC Regulation 40.2(a) to list these futures contracts. The letters were listed on X by community poster Summers: Coinbase Derivatives LLC quietly filed certifications with CFTC to list US regulated futures for Dogecoin, Litecoin and Bitcoin Cash. They filed them on March 7 and surprisingly nobody seemed to notice. Futures are set to start trading on April 1 if there are no objections from… pic.twitter.com/DYbWjuS6G2 — Summers (@SummersThings) March 20, 2024 As long as the Commodity Exchange Act and CFTC regulations are adhered to …

Crypto exchange OKX ceases services in India

Crypto exchange OKX ceases services in India

Crypto exchange OKX is ceasing services for users in India, it said in an email to customers Thursday, advising them to withdraw their funds by April-end. The move follows Apple and Google pulling the eponymous app of OKX in the country after an Indian government agency said many crypto exchanges were operating illegally in the South Asian market. Financial Intelligence Unit, the government agency, named Binance, Kraken, Huobi and Gate.io among apps operating “illegally” in India but hadn’t named OKX in its public statement. OKX has advised customers in India to close all their active margin positions and withdraw all funds by April 30. The crypto exchange cited “local regulations” for its action. Cryptocurrencies were brought into the ambit of anti-money laundering and counter financing of terrorism framework in India in March last year. Dozens of firms — including local exchanges CoinSwitch and CoinDCX — had registered with FIU, but several international exchanges remained in noncompliance with the law, FIU said late last year. Several traders in India had flocked to global cryptocurrency platforms in …

A Crypto Company Thinks It Can Help Fight Climate Change

A Crypto Company Thinks It Can Help Fight Climate Change

It started at a hackathon a few years ago near Trafalgar Square, in London. Raphaël Haupt and James Farrell got to talking about how to use the growing popularity of blockchain and cryptocurrencies to help combat climate change. The result was Toucan, a project founded by the duo, which aims to revolutionize carbon offsetting. To understand what that means you have to start with the voluntary carbon offsetting market. The logic behind it is quite simple. While companies and individuals need to reduce how many carbon emissions they produce, in the short-term at least there will always be a certain amount they won’t be able to get rid of straight away. Carbon credits exist as a way to balance out for that and still reach net zero – “retiring” a credit allows you to emit a tonne of carbon and still technically be carbon neutral. What that credit is created by can range from just cutting down your own emissions to planting a forest or funding the construction of a hydroelectric dam. But currently the …