Sam Bankman-Fried, Former FTX CEO, , Arrested in Bahamas.
CBS News reports that the Office of the Attorney General of the Bahamas confirmed Bankman-Fried's arrest on Dec.
12.
His arrest "followed receipt of formal notification from
the United States that it has filed criminal charges
against SBF and is likely to request his extradition.".
According to the U.S. Attorney's Office for the Southern District of New York (SDNY), the arrest
was carried out based on a sealed indictment.
.
Following news of Bankman-Fried's arrest, the
Securities and Exchange Commission (SEC) said it had , "authorized separate charges relating to [Bankman-Fried's] violations of securities laws
to be filed publicly tomorrow in SDNY.".
The SEC alleges that the former CEO used customer funds for "fraudulent" purposes such as real estate transactions and political donations.
CBS News reports that Bankman-Fried has since been taken off the witness list for the House hearing on Dec.
13 regarding FTX's collapse.
He will instead
appear in court in the
Bahamas on that day.
Prior to its collapse, FTX was one of the biggest cryptocurrency exchanges in the world.
.
New CEO John Ray III has been
tasked with salvaging the company.
Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here, John Ray III, FTX CEO, via statement
Sam Bankman-Fried , Sentenced to 25 Years , for FTX Fraud.
On March 28, Sam Bankman-Fried was sentenced to
25 years in prison after being found guilty of defrauding
users of FTX, the now-collapsed cryptocurrency exchange. .
NBC reports that Lower Manhattan federal district
Judge Lewis Kaplan found the defense's arguments
misleading, speculative and logically flawed.
The judge accused Bankman-Fried of committing
obstruction of justice and tampering with
witnesses while mounting his defense.
Kaplan reportedly said that those
factors played a role in his decision
about how to sentence Bankman-Fried.
Prosecutors had originally sought a longer sentence
of 50 years, while the defense fought for
Bankman-Fried to get no more than six and a half years.
Prosecutors had originally sought a longer sentence
of 50 years, while the defense fought for
Bankman-Fried to get no more than six and a half years.
In November, Bankman-Fried was convicted on seven
criminal counts. He has been held at Brooklyn's
Metropolitan Detention Center while awaiting sentencing.
In November, Bankman-Fried was convicted on seven
criminal counts. He has been held at Brooklyn's
Metropolitan Detention Center while awaiting sentencing.
At one time, FTX was valued at over $30 billion
but ultimately collapsed in November of
2022 after announcing a major cash shortfall.
At one time, FTX was valued at over $30 billion
but ultimately collapsed in November of
2022 after announcing a major cash shortfall.
While on trial, Bankman-Fried was accused
of robbing FTX customers of nearly $8 billion,
which was partially used to fund the extravagant
lifestyles of the exchange's executives.
While on trial, Bankman-Fried was accused
of robbing FTX customers of nearly $8 billion,
which was partially used to fund the extravagant
lifestyles of the exchange's executives.
NBC reports that Bankman-Fried's sentence
is harsher than other white-collar crimes
in recent memory, such as Theranos founder
Elizabeth Holmes who received just 11 years.
NBC reports that Bankman-Fried's sentence
is harsher than other white-collar crimes
in recent memory, such as Theranos founder
Elizabeth Holmes who received just 11 years.
The outlet also notes that the judgement is more
similar to the 25-year sentence given to former
WorldCom CEO Bernie Ebbers or the 24-year
sentence given to Enron CEO Jeff Skilling.
The outlet also notes that the judgement is more
similar to the 25-year sentence given to former
WorldCom CEO Bernie Ebbers or the 24-year
sentence given to Enron CEO Jeff Skilling
Credit: Wibbitz Top Stories Duration: 01:30Published
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Disgraced crypto entrepreneur Sam Bankman-Fried has been sentenced to 20 years in prison after being convicted of stealing billions of dollars from his.. Sky News
FTX to Liquidate Assets, to Repay Billions to Customers.
'The Guardian' reports that FTX has abandoned efforts
to restart the crypto exchange and has opted to
liquidate its assets and return funds to customers.
'The Guardian' reports that FTX has abandoned efforts
to restart the crypto exchange and has opted to
liquidate its assets and return funds to customers.
On January 31, an attorney representing FTX said
the plan to restart the exchange fell apart following
months of negotiations with potential investors.
On January 31, an attorney representing FTX said
the plan to restart the exchange fell apart following
months of negotiations with potential investors.
According to FTX attorney Andy Dietderich,
none of the potential bidders were willing to
put up enough money to rebuild the exchange.
Dietderich blamed the collapse of negotiations on
FTX founder Sam Bankman-Fried, who he claimed
never built the company to be run as a viable business.
Bankman-Fried faces decades of prison
time after being convicted of fraud
relating to his operation of FTX.
FTX was an irresponsible sham
created by a convicted felon, Andy Dietderich, FTX attorney, via 'The Guardian'.
The costs and risks of creating a viable
exchange from what Mr. Bankman-Fried
left in a dumpster were simply too high, Andy Dietderich, FTX attorney, via 'The Guardian'.
Dietderich added that the company will now focus on
liquidating assets in order to repay customers whose
deposits were locked when FTX filed for bankruptcy in 2022.
The attorney said FTX has already recovered about
$77 billion in assets meant to repay customers.
The company will reportedly pay all customers in full
but at the cryptocurrency prices from November
2022 when the assets were locked down in bankruptcy.
'The Guardian' reports that the price of
bitcoin has risen from $16,872 in November
of 2022 to about $43,000 today.
Credit: Wibbitz Top Stories Duration: 01:31Published
Travis Kelce just offered up a pretty good excuse for not showing off his most chiseled physique while out in the Bahamas ... explaining his weight's up right.. TMZ.com
Homes Linked to Diddy , Are Raided by Federal Officials.
HSI New York "executed law enforcement actions
as part of an ongoing investigation with assistance
from HSI Los Angeles, HSI Miami and our local law enforcement partners" on March 25, authorities said.
Sean "Diddy" Combs does not own the home in Los Angeles, but the mansion has ties with his company, Bad Boys Film Production.
The Miami residence, however, was bought
by Combs in 2021, NPR reports. .
Phones belonging to Combs
were seized by Homeland Security
officials in Miami prior to the 54-year-old
attempting to board a flight to the Bahamas.
The motive for the raids has not been made clear, .
but they follow a lawsuit alleging that Diddy leads an enterprise that could be considered a "widespread and dangerous criminal sex trafficking organization.".
I drive by a lot, and I see that — a lot of girls, maybe five or six girls outside, some leaving, some not, some going in. I never thought anything of it. But now, it’s crazy, Ryan Mendelsohn, 20, who used to live
in and still frequents the area, via NBC News.
The rapper and producer has also been accused
of the "solicitation and distribution of illegal narcotics and firearms," NBC News reports. .
That suit follows other claims of sexual misconduct, assault, sex trafficking and rape, most notably put forth by Combs' ex-girlfriend, Cassie Ventura. .
Producer Rodney "Lil Rod" Jones has also
sued Diddy for alleged sexual assault.
Credit: Wibbitz Top Stories Duration: 01:30Published
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SEC Permitted to Sue Coinbase , for Offering Unregistered Securities.
U.S. District Judge Katherine Polk Failla
has ruled that the Securities and Exchange Commission's (SEC) lawsuit against Coinbase
can proceed, The Verge reports. .
The SEC has sufficiently pleaded
that Coinbase operates as an exchange,
as a broker, and as a clearing agency
under the federal securities laws, , U.S. District Judge Katherine Polk Failla, via ruling.
... and, through its Staking Program,
engages in the unregistered
offer and sale of securities, U.S. District Judge Katherine Polk Failla, via ruling.
The judge rejected arguments that existing laws are inadequate when it comes to crypto. .
The judge rejected arguments that existing laws are inadequate when it comes to crypto. .
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, U.S. District Judge Katherine Polk Failla, via ruling.
Coinbase chief legal officer Paul Grewal
took to X to respond to the ruling. .
Coinbase chief legal officer Paul Grewal
took to X to respond to the ruling. .
Early motions like ours
against a government agency
are almost always denied. , Paul Grewal, Coinbase chief legal officer, via X.
But clarity is the ultimate
goal and today’s decision
continues us on that path, Paul Grewal, Coinbase chief legal officer, via X.
Looking ahead, we remain confident
in our legal arguments, we look
forward to proving we’re right, , Paul Grewal, Coinbase chief legal officer, via X.
... we are eager for the opportunity to
take discovery from the SEC for the first
time, and we appreciate the Court’s
continued consideration of our case. , Paul Grewal, Coinbase chief legal officer, via X
Credit: Wibbitz Top Stories Duration: 01:31Published
SEC's New , Climate Disclosure Rules , Facing Multiple Lawsuits.
'Newsweek' reports that both industry and
environmental groups have legally challenged the
Securities and Exchange Commission over new rules. .
The new rules require some businesses to disclose
information about climate risks, including direct
greenhouse gas emissions and risks from extreme weather.
The SEC rules, which were approved on March 6 by a 3-2 vote,
also require companies to provide investors with context
on how those companies plan on managing those risks.
Some requirements were pared back prior to the rules
being approved. Those rules include reporting on Scope 3
emissions which relate to the company's supply chain.
In response to the new rules, two fossil fuel producing
companies filed lawsuits accusing the SEC of burdening
companies and exposing them to potential litigation.
19 state attorney generals have also
filed lawsuits claiming that the new rules
exceed the SEC's legal authority.
On the other side, environmental groups the Sierra Club
Foundation and Earthjustice announced their own lawsuits
accusing the SEC of watering down rules to protect investors.
Sierra Club has millions of members
and supporters who have investments
in the market. It's really critical that
we have access to information about
climate risks that may be faced
by the kinds of entities that
we would hope to invest in, Andres Restrepo, Sierra Club Senior Attorney, via Newsweek.
'Newsweek' reports that the SEC rules were
meant to take effect in 2026, however, the
legal challenges are likely to result in delays.
The new rules come as the U.S. Supreme Court
has indicated plans to restrict the regulatory
authority of environmental enforcement agencies.
Credit: Wibbitz Top Stories Duration: 01:31Published
Bitcoin Rallies, on Hopes of Renewed Interest , Among Mainstream Investors.
On March 4, the price of Bitcoin broke $65,000,
bringing it closer to returning to an all-time
high reached in November 2021.
NBC reports that the latest rally has been driven
by hopes that the launch of bitcoin exchange-
traded funds will expand bitcoin's pool of buyers. .
In 2024, the cryptocurrency has
gained over 48%, rapidly approaching its
record intra-day all-time high of over $68,000.
In January, Bitcoin ETFs were first approved by
the Securities and Exchange Commission (SEC). .
The SEC said the approval of the ETFs were meant
to make it easier for investors to gain exposure to
Bitcoin without having to actually own the digital coins.
NBC reports that the world of crypto is also banking
on a potential rally following a technical event
known as "halving" scheduled to occur in April.
This event will see the rate of supply for new bitcoin
to decline, which could cause the value of the
cryptocurrency to increase if demand remains unchanged.
Some mainstream investment experts have
still urged caution when it comes to investing
in the controversial cryptocurrency.
With equities, you own a share
of a company that produces goods
or services, and many also pay
dividends. With bonds, you get
a stream of interest payments, Vanguard statement, via NBC.
Commodities are real assets that meet
consumption needs, have inflation-
hedging properties, and can play
a role in certain portfolios, Vanguard statement, via NBC.
While crypto has been classified
as a commodity, it’s an immature
asset class that has little history,
no inherent economic value,
no cash flow, and can create
havoc within a portfolio, Vanguard statement, via NBC
Credit: Wibbitz Top Stories Duration: 01:32Published
Bitcoin Regains , $1 Trillion Market Cap.
On Feb. 14, the cryptocurrency's market capitalization exceeded $1 trillion for the
first time since 2021, CNBC reports. .
Bitcoin also surpassed the
$51,000 level during day trading.
It hasn't reached that price since
December 2021, CNBC reports. .
The price increase comes on the heels
of a 150% rally that occurred in 2023.
The 2023 rally was in anticipation of
the SEC's approval of bitcoin ETFs,
which came to fruition in January 2024.
However, the cost of bitcoin slumped after the ETF approval, and a new rally kicked off shortly after.
That rally is currently happening as
investors look toward bitcoin's "halving." .
"Halving" is written into bitcoin's code and reduces the supply of the cryptocurrency every four years.
The "halving" is set to take place in April. .
Just this year, bitcoin is up over 21%.
Credit: Wibbitz Top Stories Duration: 01:30Published
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