Caroline Ellison Apologizes for Misconduct in FTX Collapse

Caroline Ellison Apologizes for Misconduct in FTX Collapse

Caroline Ellison, a close associate of FTX founder Sam Bankman-Fried, apologized in court this week as she pleaded guilty to fraud and other offenses, telling a judge that she and others conspired to steal billions of dollars from customers of the doomed crypto exchange while misleading investors and lenders. “I am truly sorry for what … Read more

How the market got it wrong

How the market got it wrong

The crypto market has been battered this year, with more than $2 trillion wiped off its value since its peak in Nov. 2021. Cryptocurrencies have been under pressure after the collapse of major exchange FTX. Jonathan Raa | Nurphoto | Getty Images 2022 marked the start of a new “crypto winter,” with high-profile companies collapsing … Read more

Sam Bankman-Fried Released on $250 Million Bond

Sam Bankman-Fried Released on $250 Million Bond

FTX founder Sam Bankman-Fried was released on a $250 million bond Thursday and ordered to detention in his parents’ Palo Alto, Calif., home, after the former executive’s first appearance in a New York federal court following his extradition from the Bahamas. Mr. Bankman-Fried left the courthouse in a black SUV. At a later date he … Read more

Crypto’s Onetime Fans Are Calling It Quits After FTX Collapse

Crypto’s Onetime Fans Are Calling It Quits After FTX Collapse

Buying crypto was so much fun when it was going up. Now, many onetime fans are getting out. This year has brought crisis after crisis, raising questions about the industry’s long-term prospects. Two major lenders, Voyager Digital VYGVQ -1.52% and Celsius Network, filed for bankruptcy this summer. The price of bitcoin has plunged some 75% … Read more

Sam Bankman-Fried will now surrender himself for extradition before Bahamian court Monday: Source

Sam Bankman-Fried will now surrender himself for extradition before Bahamian court Monday: Source

FTX founder Sam Bankman-Fried (2nd L) is led away handcuffed by officers of the Royal Bahamas Police Force in Nassau, Bahamas on December 13, 2022.  Mario Duncanson | AFP | Getty Images FTX founder and former CEO Sam Bankman-Fried will no longer contest extradition to the U.S., an about-face just days after he was remanded … Read more

FTX’s Sam Bankman-Fried Charged With Criminal Fraud, Conspiracy

FTX’s Sam Bankman-Fried Charged With Criminal Fraud, Conspiracy

FTX founder Sam Bankman-Fried oversaw one of the biggest financial frauds in American history, a top federal prosecutor said in charging that the former chief executive stole billions of dollars from the crypto exchange’s customers while misleading investors and lenders. An indictment by the U.S. attorney’s office for the Southern District of New York, unsealed … Read more

Crypto exchange Binance temporarily halts USDC stablecoin withdrawals

Crypto exchange Binance temporarily halts USDC stablecoin withdrawals

Binance, the world’s largest cryptocurrency exchange, said Tuesday it is pausing withdrawals of the stablecoin USDC while it carries out a “token swap.” The move comes as investor concerns grow about Binance’s stability following the collapse of rival exchange FTX as well as a report of a potential criminal investigation from the U.S. government. Binance … Read more

FTX executives spent $256 million on Bahamas real estate

FTX executives spent $256 million on Bahamas real estate

The Bahamas has more than 700 islands and cays; remote workers and students can live on 16 of them, including Eleuthera (shown here). Sylvain Sonnet | The Image Bank | Getty Images Bahhamian lawyers say FTX executives Sam Bankman-Fried and Ryan Salame spent $256.3 million spent to buy and maintain 35 different properties across New … Read more

Supreme Court takes Coinbase crypto lawsuits appeal

Supreme Court takes Coinbase crypto lawsuits appeal

The Supreme Court on Friday agreed to hear an appeal by the major crypto exchange Coinbase, which is seeking to have two customer lawsuits against the company resolved by private arbitration, not by a federal court. “We are gratified the Supreme Court agreed to hear our appeal, and we look forward to its resolution of … Read more

Crypto exchange Kraken lays off 1,100 employees

Crypto exchange Kraken lays off 1,100 employees

Jesse Powell, CEO of cryptocurrency exchange Kraken, sits for a photograph at the company’s San Francisco office in 2014. David Paul Morris | Bloomberg via Getty Images Kraken, one of the world’s largest crypto exchanges, is laying off about 30% of its headcount, or 1,100 people, “in order to adapt to current market conditions,” co-founder … Read more