Fraud Financial News

The jury overseeing the criminal trial of Sam “SBF” Bankman-Fried listened to the former FTX CEO’s testimony for the first time, which involved largely denying knowledge of fraudulent activities at the crypto exchange.

Web3 security company Blockaid said it has emerged from stealth with $33 million in funding to protect users from fraud, phishing, and hacks. 

Ayman Alsayari, Governor of the Saudi Central Bank (SAMA), has warned against the potential dangers and risks of cryptocurrencies and their brokers.

A commissioner for the United States Commodity Futures Trading Commission has slammed Voyager Digital for its mistakes that eventually led to the loss of billions of dollars in customer funds.

Voyager Digital Ltd on Thursday, saying the executive and the crypto lender misled customers about the safety of their assets while taking «excessive risks» that led to the firm's demise. The U.S. Commodity Futures Trading Commission (CFTC) accused Stephen Ehrlich, who helped launch Voyager in 2018, of committing fraud from February to July 2022. Ehrlich and Voyager promised customers a safe haven for digital assets stored on their platform — at times valued at more than $2 billion — while «recklessly» loaning to high-risk counterparties, including four firms that are also now bankrupt, the CFTC said in a lawsuit filed in federal court in New York. Voyager was one of several crypto firms to collapse in 2022, along with Celsius Network and BlockFi, after crypto prices plummeted amid interest rates and worsening macroeconomic conditions. In a statement, Ehrlich said he was «outraged and deeply dismayed» by the allegations.

Evidence presented in court as a part of the ongoing criminal trial against Sam “SBF” Bankman-Fried, former CEO of crypto exchange FTX, reveals SBF believed Binance leaked an Alameda balance sheet to the media in 2022.

FTX’s sister hedge fund, Alameda Research, lost at least $190 million of its trading funds due to arguably avoidable scams, according to a former engineer at the firm.

Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.

Day six of the trial of Sam Bankman-Fried saw the conclusion of former FTX chief technology officer Gary Wang’s testimony and the beginning of former Alameda Research CEO Caroline Ellison’s. Wang testified about his plea deal, among other things.

The second week of the criminal trial for former FTX exchange CEO Sam “SBF” Bankman-Fried continues on Oct. 10, with all eyes on the testimony from key witness Caroline Ellison. 

Hong Kong’s police force has raised the alarm after 11 Hong Kong-based Binance customers were targeted in a wave of phishing scams sent through text messages.

The hacker responsible for stealing over $400 million from FTX and FTX US in November could be using the hype around Sam Bankman-Fried’s fraud trial to further obfuscate the funds, says CertiK’s director of security operations Hugh Brooks.

The second week of the Sam “SBF” Bankman-Fried FTX fraud trial will commence its hearings again on Monday, Oct. 9, with one of the main focal points anticipated to be testimony from Caroline Ellison.

A convicted South Korean crypto fraudster has been sentenced to seven years in prison.

Nonfungible token (NFT) platform OpenSea says it is unaware of any evidence pointing to a former employee being involved in the infamous AnubisDAO rug pull in 2021 following new accusations on social media. 

Crypto exchange FTX used hidden Python code to misrepresent the value of its insurance fund — a pool of funds meant to prevent user losses during huge liquidation events — according to testimony from FTX co-founder Gary Wang. 

Attorney and crypto advocate John Deaton criticizes supporters of former FTX CEO Sam “SBF” Bankman-Fried during his ongoing trials related to the collapse of their crypto venture.

The Texas State Securities Board has stopped a decentralized lending pool from sales of securities, after the firm touted its ties with the Russian government.

Estonia has been one of the early receivers of cryptocurrency licenses in the EU, but it did not save the Baltic nation from falling victim to ‘massive-scale’ crypto-related fraud and scams, an investigation report from international journalists revealed.

Sam Bankman-Fried was “very resistant” to having investors join the board of directors at FTX, claims Matthew Huang, the co-founder and managing partner of crypto investment firm Paradigm.

Adam Yedidia, Sam Bankman-Fried’s college roommate and an early employee of FTX, continued his testimony on Oct. 5, the second day of former FTX CEO Bankman-Fried’s trial in New York. Yedidia was testifying for the prosecution with immunity.