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In anticipation of the verdict of Sam Bankman-Fried (SBF), scheduled for March 28, 2024, the crypto community is abuzz, sharing their opinions on the trial of the disgraced founder of FTX, a defunct crypto exchange. The crypto markets fell after the verdict. However, losses were largely contained. Bitcoin (BTC), which has surged more than 100% this year following the $1.5 trillion digital asset crash in 2022, fell about 1% to $34,416 at the time of writing. You might also like: Lawyer expects around 20 years of jail time for Sam Bankman-Fried Bloomberg journalists commented on the court’s decisions, asking the question: what will happen next to crypto currency? Experts interviewed by the publication believe that the court’s decision points to the end of an era of risky and illegal practices and to a more regulated future with greater adoption of digital assets and blockchain technology. Brian Mosoff, chief executive officer of Ether Capital Corp., said the ...

Jury deliberations are to expected to begin shortly and may last until next Monday. Closing arguments for the criminal trial of Sam Bankman Fried (SBF), the disgraced founder of crypto exchange FTX, have officially concluded with U.S. Southern District of New York Judge Lewis Kaplan moving to jury instructions. As per the indictment from last December, Bankman-Fried faces a total of seven charges, including two counts of wire fraud conspiracy, two counts of wire fraud, one count of conspiracy to commit commodities fraud, one count of conspiracy to commit securities fraud, and one count of conspiracy to defraud the United States and commit campaign finance violations. In his briefing to the jury, Judge Kaplan explained that counts one and three — charges for a scheme to defraud FTX customers using interstate wires and charges for a scheme to defraud lenders to Alameda Research using interstate wires — are substantive, or alleged crimes that are not dependent of another.  "The gov...

FTX Trading Ltd. is again in talks with three bidders about reopening the bankrupt crypto exchange. According to Bloomberg, the final decision on reviving the exchange will be made by mid-December. FTX is discussing details of potentially binding offerings with investors , company investment banker Kevin M. Cofsky of Perella Weinberg Partners said during a court hearing in Wilmington, Delaware. Possible options for reviving FTX include selling the entire exchange , including its valuable list of more than 9m customers, or bringing in a partner to help relaunch the trading platform. Cofsky told US Bankruptcy Judge John Dorsey that FTX is also mulling its reboot of the crypto exchange . “We are engaging with multiple parties every day.”  Kevin M. Cofsky, investment banker FTX debts after the bankruptcy On Nov. 11, FTX declared itself bankrupt due to a large shortage of assets to cover customer obligations. This decision followed several days after an investigation into liqu...

SBF, Caroline Ellision, Alameda and FTX may have conspired to keep Bitcoin price below $20,000, but is it actually possible and worth the effort? On Oct. 11, Caroline Ellison, the former head of the now-defunct Alameda Research, informed a U.S. court that she received instructions from FTX's co-founder and CEO, Sam "SBF" Bankman-Fried, to sell Bitcoin (BTC) if its price remained above $20,000.  This admission came as a shock to the entire crypto industry, but the two conspiring to suppress BTC price, versus actually doing it are two different things. While there are no details available regarding the size and timing of these trades, the timeframe likely falls within September and October 2022, just weeks before Alameda and FTX collapsed. Determining whether Alameda effectively acted to suppress Bitcoin's price below $20,000, as alleged by some analysts and traders is challenging, if not impossible. Nevertheless, it is possible to assess the significance of FTX'...

Attorneys for the FTX founder have inquired about possibly administering extended-release ADHD medication to their client, citing his difficulties maintaining focus throughout the trial. In a letter dated Oct. 15, attorneys for Sam Bankman-Fried reached out to New York District Judge Lewis Kaplan, seeking approval for their client to take a 12-hour, 20mg extended-release dose of Adderall before his trial on Oct. 16. The legal team argues that their client has struggled to maintain his usual level of focus during the trial due to the absence of his prescribed stimulant. As the defense case looms and the decision on whether Sam Bankman-Fried will testify is pending, his lawyers express concern that he will not be able to “meaningfully participate” in his defense without the medication. The letter further elaborated that Sam Bankman-Fried has been doing his utmost to stay attentive during the proceedings despite not having access to his medication. You might also l...

Also Read: Terra And Do Kwon Cite XRP Ruling As Precedent To Dismiss US SEC Lawsuit advertisement The FTX collapse had a blanket effect on cryptocurrency prices for over a month’s time in the last quarter of 2022, as retail and institutional investors lost millions of dollars in investments. Ellison reportedly wrote in her personal notes three months before the collapse that she was “unhappy and overwhelmed” with her job as Alameda CEO. Caroline Ellison’s Personal Notes The FTX management is currently fighting several lawsuits across the world over allegations of fund mismanagement. As part of the ongoing trial of Sam Bankman-Fried , prosecutors have accessed documents and notes belonging to Ellison. According to The New York Times report, the Alameda CEO felt like going home and turning off her phone to escape from the drama around FTX and Alameda Research. Ellison reportedly wrote in an online note: “I have been feeling pr...

2022 was undoubtedly one of the most turbulent years in the history of crypto. A disastrous streak started by Terra ended with the downfall of Digital Currency Group or DCG. While these are separate entities, they were conjectured to have influenced each other. Similar theories followed suit. Now, the founder of the first company that toppled due to Terra’s collapse, 3AC’s Su Zhu has come up with his own theory. Genesis Trading, a DCG subsidiary, was severely affected by FTX ’s demise. Su Zhu accused DCG of working with FTX in the midst of the company’s dispute with cryptocurrency exchange Gemini. In a series of tweets, the 3AC co- founder suggested that DCG could have been responsible for Terra and Steth’s demise while on the run. Zhu further noted that both FTX and DCG made “a fair bit” by attacking Terra . Following this, DCG took a hit after 3AC’s bankruptcy as well as Babel’s plummet. Zhu said that DCG should have...