Sam Financial News

Cardano founder Charles Hoskinson has likened former FTX CEO Sam “SBF” Bankman-Fried to infamous American fraudster Bernie Madoff and accused the media of giving the former FTX CEO a “free pass.”

Sam Altman, the founder of Worldcoin and CEO of OpenAI, has voiced his concerns regarding the escalating efforts by the US government to regulate and exert authority over the cryptocurrency market. 

I haven’t read Michael Lewis’ The Big Short: Inside the Doomsday Machine, but I find it difficult to believe that the author expressed much sympathy for those involved in the United States housing bubble prior to the 2008 financial crisis. By contrast, his account of former FTX CEO Sam Bankman-Fried (SBF) is relatively glowing.

Former FTX CEO Sam "SBF" Bankman-Fried has been on trial since Oct. 3 in a federal court in New York, accused of seven counts of fraud and conspiracy to commit fraud on FTX investors and customers. As expected, the Department of Justice (DOJ) is employing a forceful legal approach to demonstrate his offenses, while Bankman-Fried’s defense is offering minimal resistance so far. 

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.

FTX cryptocurrency exchange resumed on Wednesday, with the judge aiming to finish selecting a jury and move on to opening statements. The 31-year-old-former billionaire's trial kicked off on Tuesday, nearly a year after FTX collapsed in a meltdown that shocked financial markets and tarnished the budding entrepreneur and philanthropist's reputation as an honest actor in a crypto sector pockmarked by scams and purported get-rich-quick schemes. U.S. District Judge Lewis Kaplan chose a pool of nearly 50 qualified jurors, after dismissing dozens who could not serve for personal or professional reasons or would not be able to reach an impartial verdict. He said the parties would likely select the panel of 12 jurors and six alternates on Wednesday. That would pave the way for prosecutors and the defense to proceed to opening statements, in which each side would lay out their case.

Prosecutors are seeking to prevent Sam Bankman-Fried from mentioning AI startup Anthropic during the proceedings. 

United States prosecutors have requested the court presiding over Sam Bankman-Fried’s trial to bar his legal team from making any arguments relating to the potential recovery of FTX customer assets invested in Anthropic.

By Luc Cohen

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.

Sam Bankman-Fried authorized the illegal use of FTX customers’ funds and assets to plug financial gaps at an affiliated hedge fund from the exchange’s earliest days, FTX’s co-founder Gary Wang told a New York jury on Friday, as prosecutors pressed thei...

FTX's co-founder has begun to tell a New York jury that he and Sam Bankman-Fried committed financial crimes and lied to the public before the cryptocurrency trading platform collapsed last year

Luxury real estate, political donations, investments, and magazine covers. A year ago, that was the life of Sam Bankman-Fried, Assistant U.S. Attorney Thane Rehn remarked during the opening statements of the world's most famous crypto trial.

Gary Wang, FTX’s co-founder and former chief technology officer, again appeared in court on the fourth day of the criminal trial of former CEO Sam “SBF” Bankman-Fried to speak on the connections between the crypto exchange and Alameda Research.

FTX co-founder Gary Wang has testified in court, admitting that he and former FTX boss Sam Bankman-Fried committed wire fraud. 

On the third day of the criminal trial for Sam “SBF” Bankman-Fried, the former CEO’s roommate at MIT and FTX developer Adam Yedidia testified about the $8-billion deficit the crypto exchange reported prior to its bankruptcy.

As the trial of the former CEO of collapsed crypto exchange FTX Sam Bankman-Fried enters its third day, the prosecution is expected to call two close associates of the defendant to the stand.

The price of Solana (SOL) has dropped to $23.26 today, with the altcoin falling by 1% in 24 hours as the market as a whole barely moves.

The jury selection process for the trial of Sam Bankman-Fried concluded on Wednesday morning, with a diverse group of individuals from various professional backgrounds chosen to serve. 

Sam Bankman-Fried’s (SBF) two multi-million dollar luxury jets are now subject to forfeiture, according to a filing from the United States Department of Justice (DOJ) on Oct. 4. 

A young entrepreneur who made mistakes while running a crypto empire or a liar who stole and used people’s money to enrich himself? In the first hours of Sam “SBF” Bankman-Fried’s six-week trial, that was the tone between his defense counsel and the prosecution.