Sam Bankman-Fried, former CEO of FTX, is on trial in New York for seven counts of conspiracy and fraud in connection with the collapse of the cryptocurrency exchange he co-founded. He has pleaded not guilty to all charges and is being heard by Judge Lewis Kaplan. Bankman-Fried was arrested in the United States on his arrival from the Bahamas on Dec. 21, 2022, after being arrested in the Bahamas on Dec. 12. Meanwhile, FTX co-founder Gary Wang and Alameda Research CEO Caroline Ellison agreed to plead guilty in the case.The troubles began on Nov. 2 when reports emerged that Alameda Research had a large holding of FTT, the FTX utility token. This led to questions about the relationship between the two entities. On Nov. 6, Changpeng Zhao, CEO of rival exchange Binance, announced that his exchange would liquidate its FTT holdings. This caused a run on FTX and the price of FTT fell from $22 to $15.40. Bankman-Fried gave reassurances on Twitter that the exchange’s “assets are fine” and accused “a competitor” of spreading rumors. On Nov. 8, Bankman-Fried announced on Twitter that he had come to an agreement with Zhang “on a strategic transaction.” However, on Nov. 9, Zhang announced that Binance would not pursue the acquisition of FTX after due diligence and more reports of mishandled funds. The price of Bitcoin plummeted to $15,600 and the FTX and Alameda Research websites went dark for a few hours. On Nov. 10, Bankman-Fried posted a 22-part Twitter thread that began with “I’m sorry.” The following day, the entire staff of Alameda Research quit, and FTX, FTX US and Alameda Research filed for bankruptcy in the United States.At the beginning of 2022, FTX had a $32 billion valuation and was thought to be in enviable financial condition. Bankman-Fried was seen as a respected business leader by much of the crypto community and the world at large. He was a philanthropist, pursuing a philosophy popular among academics known as effective altruism, and was politically active. As the crypto winter set in, Bankman-Fried spoke of FTX and Alameda Research’s “responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion.” The companies made a bid for Voyager Digital that was rebuffed and FTX made a deal with Visa to introduce its own debit card in 40 countries. Sam Bankman-Fried, former CEO of FTX, is on trial in New York for seven counts of conspiracy and fraud in connection with the collapse of the cryptocurrency exchange he co-founded. He has pleaded not guilty to all charges and is being heard by Judge Lewis Kaplan. Bankman-Fried was arrested in the United States on his arrival from the Bahamas on Dec. 21, 2022, after being arrested in the Bahamas on Dec. 12. Meanwhile, FTX co-founder Gary Wang and Alameda Research CEO Caroline Ellison agreed to plead guilty in the case.The troubles began on Nov. 2 when reports emerged that Alameda Research had a large holding of FTT, the FTX utility token. This led to questions about the relationship between the two entities. On Nov. 6, Changpeng Zhao, CEO of rival exchange Binance, announced that his exchange would liquidate its FTT holdings. This caused a run on FTX and the price of FTT fell from $22 to $15.40. Bankman-Fried gave reassurances on Twitter that the exchange’s “assets are fine” and accused “a competitor” of spreading rumors. On Nov. 8, Bankman-Fried announced on Twitter that he had come to an agreement with Zhang “on a strategic transaction.” However, on Nov. 9, Zhang announced that Binance would not pursue the acquisition of FTX after due diligence and more reports of mishandled funds. The price of Bitcoin plummeted to $15,600 and the FTX and Alameda Research websites went dark for a few hours. On Nov. 10, Bankman-Fried posted a 22-part Twitter thread that began with “I’m sorry.” The following day, the entire staff of Alameda Research quit, and FTX, FTX US and Alameda Research filed for bankruptcy in the United States.At the beginning of 2022, FTX had a $32 billion valuation and was thought to be in enviable financial condition. Bankman-Fried was seen as a respected business leader by much of the crypto community and the world at large. He was a philanthropist, pursuing a philosophy popular among academics known as effective altruism, and was politically active. As the crypto winter set in, Bankman-Fried spoke of FTX and Alameda Research’s “responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion.” The companies made a bid for Voyager Digital that was rebuffed and FTX made a deal with Visa to introduce its own debit card in 40 countries. Sam Bankman-Fried, former CEO of FTX, is on trial in New York for seven counts of conspiracy and fraud in connection with the collapse of the cryptocurrency exchange he co-founded. He has pleaded not guilty to all charges and is being heard by Judge Lewis Kaplan. Bankman-Fried was arrested in the United States on his arrival from the Bahamas on Dec. 21, 2022, after being arrested in the Bahamas on Dec. 12. Meanwhile, FTX co-founder Gary Wang and Alameda Research CEO Caroline Ellison agreed to plead guilty in the case.Troubles began for Bankman-Fried on Nov. 2 when reports emerged that Alameda Research had a large holding of FTT, the FTX utility token. This led to questions about the relationship between the two entities. On Nov. 6, Changpeng Zhao, CEO of rival exchange Binance, announced that his exchange would liquidate its FTT holdings, causing a run on FTX and the price of FTT to fall from $22 to $15.40. Bankman-Fried gave reassurances on Twitter that the exchange’s “assets are fine” and accused “a competitor” of spreading rumors. On Nov. 8, Bankman-Fried announced on Twitter that he had come to an agreement with Zhang “on a strategic transaction.” However, on Nov. 9, Zhang announced that Binance would not pursue the acquisition of FTX after due diligence and more reports of mishandled funds. The price of Bitcoin plummeted to $15,600 and the FTX and Alameda Research websites went dark for a few hours. On Nov. 10, Bankman-Fried posted a 22-part Twitter thread that began with “I’m sorry.” The following day, the entire staff of Alameda Research quit, and FTX, FTX US and Alameda Research filed for bankruptcy in the United States.At the beginning of 2022, FTX had a $32 billion valuation and was thought to be in enviable financial condition. Bankman-Fried was seen as a respected business leader by much of the crypto community and the world at large. He was a philanthropist, pursuing a philosophy popular among academics known as effective altruism, and was politically active. As the crypto winter set in, Bankman-Fried spoke of FTX and Alameda Research’s “responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion.” The companies made a bid for Voyager Digital that was rebuffed and FTX made a deal with Visa to introduce its own debit card in 40 countries. Sam Bankman-Fried, former CEO of FTX, is on trial in New York for seven counts of conspiracy and fraud in connection with the collapse of the cryptocurrency exchange he co-founded. He has pleaded not guilty to all charges and is being heard by Judge Lewis Kaplan. Bankman-Fried was arrested in the United States on his arrival from the Bahamas on Dec. 21, 2022, after being arrested in the Bahamas on Dec. 12. Meanwhile, FTX co-founder Gary Wang and Alameda Research CEO Caroline Ellison agreed to plead guilty in the case.Troubles began for Bankman-Fried on Nov. 2 when reports emerged that Alameda Research had a large holding of FTT, the FTX utility token. This led to questions about the relationship between the two entities. On Nov. 6, Changpeng Zhao, CEO of rival exchange Binance, announced that his exchange would liquidate its FTT holdings, causing a run on FTX and the price of FTT to fall from $22 to $15.40. Bankman-Fried gave reassurances on Twitter that the exchange’s “assets are fine” and accused “a competitor” of spreading rumors. On Nov. 8, Bankman-Fried announced on Twitter that he had come to an agreement with Zhang “on a strategic transaction.” However, on Nov. 9, Zhang announced that Binance would not pursue the acquisition of FTX after due diligence and more reports of mishandled funds. The price of Bitcoin plummeted to $15,600 and the FTX and Alameda Research websites went dark for a few hours. On Nov. 10, Bankman-Fried posted a 22-part Twitter thread that began with “I’m sorry.” The following day, the entire staff of Alameda Research quit, and FTX, FTX US and Alameda Research filed for bankruptcy in the United States.Sam Bankman-Fried, former CEO of FTX, is on trial in New York for seven counts of conspiracy and fraud in connection with the collapse of the cryptocurrency exchange he co-founded. He had a $32 billion valuation at the beginning of 2022 and was seen as a respected business leader by much of the crypto community and the world at large. He was a philanthropist, pursuing a philosophy popular among academics known as effective altruism, and was politically active. Troubles began on Nov. 2 when reports emerged that Alameda Research had a large holding of FTT, the FTX utility token. This led to questions about the relationship between the two entities. On Nov. 6, Changpeng Zhao, CEO of rival exchange Binance, announced that his exchange would liquidate its FTT holdings, causing a run on FTX and the price of FTT to fall from $22 to $15.40. Bankman-Fried gave reassurances on Twitter that the exchange’s “assets are fine” and accused “a competitor” of spreading rumors. On Nov. 8, Bankman-Fried announced on Twitter that he had come to an agreement with Zhang “on a strategic transaction.” However, on Nov. 9, Zhang announced that Binance would not pursue the acquisition of FTX after due diligence and more reports of mishandled funds. The price of Bitcoin plummeted to $15,600 and the FTX and Alameda Research websites went dark for a few hours. On Nov. 10, Bankman-Fried posted a 22-part Twitter thread that began with “I’m sorry.” The following day, the entire staff of Alameda Research quit, and FTX, FTX US and Alameda Research filed for bankruptcy in the United States. Bankman-Fried was arrested in the United States on his arrival from the Bahamas on Dec. 21, 2022, after being arrested in the Bahamas on Dec. 12. Meanwhile, FTX co-founder Gary Wang and Alameda Research CEO Caroline Ellison agreed to plead guilty in the case.
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 | North America |
| Countries | 🇺🇸 🇧🇸 |
| Sentiment | negative |
| Relevance Score | 8 |
| People | Sam Bankman-Fried, Changpeng Zhao, Gary Wang, Caroline Ellison, Lewis Kaplan |
| Companies | Visa, Voyager Digital, Jane Street Capital, FTX, Alameda Research |
| Currencies | US Dollar, Ethereum, COIN, Bitcoin, FTX |
| Securities | None |
