Former FTX CEO Sam Bankman-Fried (SBF), currently free on a $250 million bail bond, will reportedly plead not guilty to the alleged FTX and Alameda-related financial frauds in court on Jan. 3. SBF was arrested in the Bahamas at the request of the U.S. government under suspicion of defrauding investors and misappropriation of funds held on the FTX crypto exchange. Following a court hearing on Dec. 22, SBF was released on bail and is slated to appear on court on Jan.3 before U.S. District Judge Lewis Kaplan in Manhattan. During the hearing, SBF is expected to enter a plea of …

Sam Bankman-Fried, the former CEO of the now-defunct FTX exchange, has denied moving funds tied to Alameda wallets, days after he was released on a $250 million bond. On Dec. 30, Fried tweeted to his 1.1 million followers, denying any involvement in the movement of funds from Alameda wallets. In response to the allegations that he may have been responsible for moving funds out of Alameda wallets, he shared: “None of these are me. I'm not and couldn't be moving any of those funds; I don't have access to them anymore.” None of these are me. I'm not and couldn't …

Mr. Park Mo, the vice president of Vidente, the largest shareholder of South Korean Cryptocurrency exchange Bithumb,was reportedly found dead in front of his home at 4 am, on the morning of Dec. 30. Prior to his death, Mr. Mo had been named as a primary suspect in an investigation launched by South Korean prosecutors for his alleged involvement in the embezzling funds at Bithumb-related companies, as well as, manipulating stock prices. In October 2021, the Financial Investigation Division of the Seoul Southern District Prosecutor's Office launched an investigation into allegations made against Mr. Park Mo, which led to the …

Business intelligence firm MicroStrategy is showing no signs of backing down on its Bitcoin gambit. Right around the time that Sam Bankman-Fried was being exposed as a fraud, MicroStrategy was scooping up more Bitcoin (BTC) — this time, the firm bought as close to the bottom as it’s ever gotten. While Bitcoin can always go lower, seeing a MicroStrategy buy around $17K is refreshing. Interestingly, MicroStrategy also sold some BTC earlier this month — but not for the reason you think (more on that below.) The final Crypto Biz newsletter of 2022 discusses MicroStrategy’s Bitcoin buy, Fidelity Investments’ foray into …

The collapse of FTX Group may not yet be the end of its contagious spread, as clawback provisions could force business and investors to return billions of dollars paid in the months leading up to the crypto exchange's collapse, an insolvency attorney told Cointelegraph. In short, a clawback refers to money paid out that is required to be returned due to special circumstances or events, such as an insolvent company that needs to recover funds paid within 90 days before filing for Chapter 11. If the creditor is an insider, the 90-day period is extended to one year. As a …

To put it lightly, it has been a wild year for the crypto sector. In the span of less than 12 months, the third-most valuable stablecoin imploded, leading to a domino effect that saw crypto lender Celsius go bankrupt, Three Arrows Capital’s founders go runabout and one of crypto’s most “altruistic” executives flown home in cuffs. In this article, Cointelegraph has selected 10 crypto-related tweets that have aged like spoilt milk. Do Kwon — “Steady lads” On May 10, just as the algo-stablecoin formerly known as TerraUSD started to fall below its dollar peg, the Terraform Labs founder attempted to …

As the malpractices of the FTX continue to pop up and be uncovered by the prosecution, it turns out the disgraced crypto exchange’s customers were sending money to a fake electronic online shop, which was reportedly opened by Sam Bankman-Fried. In its complaint, filed on Dec. 13, the United States Securities and Exchange Commission (SEC) mentioned North Dimension Inc, an Alameda subsidiary that was a vital part of the FTX financial malpractice. According to the complaint, Bankman-Fried directed FTX to have customers send funds to North Dimension bank accounts in an effort to hide the fact that the funds were …

Instead of waiting for a lengthy bankruptcy process, some investors, who have claims on FTX exchange, Celsius Network, BlockFi and Voyager Digital, are looking to pass on their claims to others. Data from crypto claims trading startup Xclaim shows that there are at least hundreds of investors who have been affected by the recent collapses of crypto platforms FTX, Celsius, BlockFi and Voyager who do not want to wait for the lengthy bankruptcy process that doesn’t guarantee that they will even be able to get something. The investors have listed their claims for sale to get something out of it …

Former FTX CEO Sam Bankman-Fried met with government officials at the White House on at least four separate occasions in 2022, and reportedly a meeting just two months before the fall of his crypto empire. Most of the meetings were disclosed in visitor logs which are posted by the White House every month, showing that Bankman-Fried had met with Counselor to the President Steve Ricchetti on Apr. 22, 2022 and May. 12, 2022 along with another meeting on May 13 meeting with policy advisor Charlotte Butash However, according to a Dec. 29 Bloomberg report, the former FTX CEO also met …

A group of non-U.S. FTX customers are pushing to have their names and private information redacted from court documents as part of the crypto exchange’s Chapter 11 bankruptcy process. In a Dec. 28 joinder filing, the “The Ad Hoc Committee of Non-US Customers of FTX.com” (Ad Hoc Committee) stressed that publicly revealing the names and private information of customers runs the potential risk of identity theft, targeted attacks and “other injury.” “Requiring the Debtors to disclose the FTX.com customers’ names and other identifying information to the general public would cause irreparable harm, further victimizing the FTX.com customers whose assets were …

2022 appears to have been a torrid year for investors, and not just those in crypto, with United States (U.S.) bonds experiencing their worst year in centuries and U.S. stocks pulling back nearly 20% since the year began. As of Nov. 30, a Financial Times report noted that a traditional portfolio consisting of 60% stocks and 40% bonds will have seen its worst performance since 1932 when the U.S. was in the midst of the Great Depression. Meanwhile, tech stocks, which some theorize have a correlation with cryptocurrency prices, haven’t had a great year either. An index tracking the performance …

Galaxy Digital Holdings CEO Mike Novogratz has called the Helios mining deal a “transformative acquisition” for the firm as it works to increase its exposure to the Bitcoin mining sector. The crypto investment firm’s $65 million acquisition of Argo Blockchain’s flagship mining facility was announced on Dec. 28 as part of Argo’s drastic action to stave off bankruptcy. Tweeting about the deal on Dec. 29, Novogratz emphasized that Galaxy is a “strong believer” on the long-term future of Bitcoin (BTC) and the the company will continue to ramp up its mining initiatives: “Bear markets are for building. We’re long-term believers …