The attempts of mainstream media to water down the frauds committed by FTX CEO Sam Bankman-Fried (SBF) did not fare well in convincing the crypto community and entrepreneurs. Instead, the misinformation campaign collided with Tesla CEO Elon Musk’s drive to position Twitter as "the most accurate source of information." The world is yet to overcome the shock after witnessing the legal leniency awarded to SBF for misappropriating users’ funds and shady investment practices via trading firms Alameda Research and FTX. Will Manidis, the CEO of ScienceIO, a healthcare data platform, pointed out that SBF made the “highest ROI trade of …

The Former CEO of FTX, Sam Bankman-Fried, known also as SBF, has seemingly begun to embark on an apology tour to redeem his image a month after the sudden implosion of FTX, which revealed the exchange’s improper use of customer and investor funds. OnNov 30, Bankman-Fried made his first live public appearance since the collapse of FTX — answering a number of questions during the DealBook Summit in New York. In the interview, Bankman-Fried claimed to have “unknowingly commingled funds” between Alameda and customer funds at FTX. He shared: “I unknowingly commingled funds. [...] I was frankly surprised by how …

Former FTX CEO Sam Bankman-Fried (SBF) has been lambasted this week following a series of controversial public appearances, with Galaxy Digital’s Mike Novogratz one of the latest to dish out a lashing to the former kingpin of crypto. On Dec. 1, Galaxy Digital CEO Mike Novogratz unleashed a tirade of criticism towards SBF concerning his interview with Andrew Ross Sorkin at the New York Times annual DealBook Summit on Nov. 30. Speaking to Bloomberg, Novogratz characterized SBF as “delusional” following his declaration in the live interview that he never tried to commit fraud. “It’s kind of surprising that his lawyers …

An interview between the Former FTX CEO Sam Bankman-Fried ‘SBF’ and George Stephanopoulos aired on Good Morning America on Dec. 1. In the interview, SBF was insistent that FTX was not a “Ponzi scheme” but was “a real business.” The former CEO also denied any knowledge of FTX customer deposits being used to pay Alameda Research’s creditors, as reportedly claimed by Alameda’s CEO Caroline Ellison. According to him, he had no knowledge of “any improper use of customer funds”. Bankman-Fried also admitted to not spending any time and effort trying to manage risk on FTX. He shared: "There is something …

Hackers who drained FTX and FTX USA of over $450 million worth of assets just moments after the doomed crypto exchange filed for bankruptcy on Nov. 11, continue to move assets around in an attempt to launder the money. A crypto analyst who goes by ZachXBT on Twitter alleged that the FTX hackers have transferred a portion of the stolen funds to the OKX exchange, after using the Bitcoin mixer ChipMixer. The analyst reported that at least 225 BTC — worth $4.1 million USD — has been sent to OKX so far. 1/ Myself and @bax1337 spent this past weekend …

The fallout from the collapse of FTX spans beyond the Web3 and crypto ecosystem. Reports gathered by the Financial Times suggest that nightclubs in Miami have been negatively affected by the collapse of the once-reputable cryptocurrency exchange. According to nightclub owners, young, nerdy crypto bros went from lavishly spending on champagne showers and buying $50,000 tables at clubs to completely vanishing from the nightlife scene. Andrea Vimercati, director of food and beverage at the Moxy Hotel group, told the Financial Times: “They were ordering 12 or 24 bottles of the most expensive champagne and just showering themselves without even drinking.” …

Three Arrows Capital co-founder Su Zhu looks like he may be attempting a comeback amid the fallout over FTX and Sam Bankman-Fried — seen by some as the crypto industry’s newest supervillain. After months of radio silence, Su Zhu remerged on Twitter on Nov. 9, the day after FTX revealed it was suffering from a “liquidity crunch.” As the FTX saga has unfolded, Zhu has continued to post on Twitter, offering sage advice through poetic metaphors, while tweeting veiled criticism of Sam Bankman-Fried and his handling of FTX. That being a better swimmer led to her death felt bizarre yet …

Billionaire investor and hedge fund manager Bill Ackman says he remains bullish about cryptocurrencies, despite the recent collapse of the FTX cryptocurrency exchange and the market turmoil that’s followed it. In a Nov. 20 Twitter thread, the CEO and founder of hedge fund management firm Pershing Square Capital Management said he believes “crypto is here to stay” despite recent challenges, though there’s a need to increase oversight and remove “fraudulent actors” in the space. Bill Ackman is a billionaire American investor most recently calling for the removal of regulatory barriers and easing regulations in New York in order to make …

As part of the recent bankruptcy filing, the defunct crypto exchange FTX, along with 101 of the 130 affiliated companies, announced the launch of a strategic review of their global assets. The review is an attempt to maximize recoverable value for stakeholders. FTX, at the time led by CEO Sam Bankman-Fried (SBF), filed for Chapter 11 bankruptcy on Nov. 11 after being caught misappropriating user funds. The bankruptcy filing sought to cushion the losses of stakeholders connected to FTX and affiliated companies, a.k.a FTX debtors. 1/ Sharing a Press Release issued early today - FTX launches strategic review of its …

Paul, Weiss, the law firm backing FTX CEO Sam Bankman-Fried (SBF) amid bankruptcy, renounced representing the entrepreneur, citing a conflict of interest. The decision to withdraw from representation after SBF’s tweets were found to disrupt the law firm’s reorganization efforts. Starting Nov. 14, SBF published a series of tweets that amassed extensive attention across Crypto Twitter. The move, however, sparked speculations that the cryptic tweets were used to distract bots from noticing concurrently deleted tweets. While no ill-intent could be concluded, Paul, Weiss attorney Martin Flumenbaum believed that SBF’s “incessant and disruptive tweeting” was negatively impacting the reorganization efforts: “We …

Crypto scammers have been accessing a “cheap and easy” black market of individuals willing to put their name and face on fraudulent projects — all for the low price of $8, blockchain security firm CertiK has uncovered. These individuals, described by CertiK as “Professional KYC actors” would, in some cases, voluntarily become the verified face of a crypto project, gaining trust in the crypto community prior to an “insider hack or exit scam.” Other uses of these KYC actors include using their identities to open up bank or exchange accounts on behalf of the bad actors. According to a Nov. …

The Luna Foundation Guard (LFG) and Terraform Labs (TFL) commissioned a technical audit of their efforts to defend the price of TerraUSD (UST) between May 8 and 12, 2022. The audit was intended to answer “allegations posed in social media” about the fate of funds transferred during efforts to defend the UST dollar peg, according to the LFG blog. The audit found that LFG spent 80,081 Bitcoins (BTC) and $49.8 million in stablecoins (about $2.8 billion at the time) to defend the UST peg. That was consistent with what LFG indicated in its tweets on May 16. In addition, TFL …