"If you think about a poker site, if all the top executives entered the tournaments, wouldn't they be tempted to cheat?" theFor more expert insight and the latest market action,What's fascinating to me is that there are still diehards, there are still believers in the crypto verse, right? And I think when you talk to many of these people, even when the prices were going up and up and up, there was this sense that maybe something wasn't always right.
But the process of sending my money into the crypto world-- sending my real US dollars into MetaMask to purchase this ape-- was so convoluted, so hard to do, so scary. What I found out was like, essentially, I had to send my money to like this random 32 digit string of numbers and characters. And if I made any typo, it would be gone. And everyone was warning me it was going to get stolen. And then I found out my money lived in a tiny little icon next to the URL bar in my browser.
So this was a conflict of interest that was out there in the open. And it turned out that, yes, Alameda did have special privileges at FTX and that Alameda dipped into the customer funds, borrowed $8 billion of them, and vaporized them pretty much. And that's why Sam's facing fraud charges now, something that should have paid more attention to at the time.
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FTX founder SBF faces up to 110 years in federal prisonFormer FTX CEO Sam Bankman-Fried is scheduled to begin his criminal trial on October 4, 2023. Bankman-Fried faces a total of seven charges related to alleged fraud and embezzlement of customer funds through the company's crypto exchanges. If convicted, Bankman-Fried could potentially face up to 110 years in federal prison. Yahoo Finance Legal Reporter Alexis Keenan breaks down the trial details and all charges brought against Bankman-Fried. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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Bankman-Fried trial poses biggest test to date for crypto's top copSam Bankman-Fried's upcoming trial on fraud charges marks a major test for a broader crackdown on white collar crime led by Manhattan's top federal prosecutor: Damian Williams. Upon taking office in late 2021 as the U.S. Attorney for the Southern District of New York, Williams said 'rooting out corruption in our financial markets' would be one of his top priorities - a familiar role for an office known as the main enforcer on Wall Street. The Yale Law School graduate has since brought several indictments against former executives in the rough-and-tumble cryptocurrency space, as well as high-profile fraud charges against executives such as Charlie Javice of college financial aid platform Frank, Bill Hwang of Archegos Capital Management, and Joe Lewis, the billionaire former owner of an English soccer team.
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FTX founder Sam Bankman-Fried loses bid to be released from jail during fraud trialSam Bankman-Fried’s lawyers had asked the judge to grant Bankman-Fried temporary release, arguing they would not otherwise be able to properly represent him
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Bankman-Fried loses bid for release from jail during trialNEW YORK (Reuters) - Sam Bankman-Fried, the indicted founder of now-bankrupt cryptocurrency exchange FTX, on Thursday lost his bid to be released from ...
Source: SaltWire Network - 🏆 45. / 63 Read more »
Bankman-Fried loses bid for release from jail during trialNEW YORK (Reuters) - Sam Bankman-Fried, the indicted founder of now-bankrupt cryptocurrency exchange FTX, on Thursday lost his bid to be released from ...
Source: SaltWire Network - 🏆 45. / 63 Read more »
Bankman-Fried loses bid for release from jail during trialSam Bankman-Fried, the indicted founder of now-bankrupt cryptocurrency exchange FTX, on Thursday lost his bid to be released from jail during his fraud trial starting next week. Bankman-Fried's lawyers on Sept. 25 asked U.S. Judge Lewis Kaplan in Manhattan to grant him temporary release, arguing they would not otherwise be able to properly represent him. They said they would need to speak with him after each trial day to prepare for the next day's witnesses and testimony, which they could not do if he were taken back to the Metropolitan Detention Center in Brooklyn at the end of each trial day.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »