FTX co-founder Sam Bankman-Fried reportedly considered selling equity in the company to Saudi Crown Prince Mohammed bin Salman, according to testimony from former Alameda Research CEO Caroline Ellison during Bankman-Fried’s trial for alleged fraud. The testimony revealed that Bankman-Fried and Ellison discussed methods to hedge their investments in 2022, with the potential investment from the Saudi Crown Prince being one of the options. In other news, JPMorgan has launched its blockchain-based tokenization application, the Tokenized Collateral Network (TCN), which allows investors to use assets as collateral. The TCN settled its first trade for BlackRock, with shares of a money market fund being turned into digital tokens and transferred to Barclays bank as security for an over-the-counter derivatives exchange. The TCN aims to streamline and scale traditional settlements using blockchain technology. Additionally, a Brazilian congressional committee has recommended that Binance CEO Changpeng Zhao and three local Binance executives be indicted after an investigation into financial pyramid schemes. The committee accused Zhao and the executives of fraudulent management practices, operating without sufficient authorization, and illegally offering securities trading. The committee also recommended further investigation into alleged tax evasion, money laundering, financing of organized crime and terrorism, and illicit derivatives product sales by Binance. These recommendations are not legally binding but are suggestions for police and regulatory bodies to consider pursuing further action.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | South America |
| Countries | 🇧🇷 🇺🇸 🇸🇦 |
| Sentiment | neutral |
| Relevance Score | 0 |
| People | Daniel Mangabeira, Guilherme Haddad Nazar, Mohammed bin Salman, Caroline Ellison, Sam Bankman-Fried |
| Companies | FTX, Federal Public Ministry, Barclays, Securities and Exchange Commission, JPMorgan, BlackRock, Binance, Alameda Research |
| Currencies | None |
| Securities | None |
