Bankman-Fried, FTX execs received billions in hidden loans, ex-Alameda CEO says

Bankman-Fried, FTX execs received billions in hidden loans, ex-Alameda CEO says

NEW YORK, Dec 23 (Reuters) – Sam Bankman-Fried and other FTX executives received billions of dollars in secret loans from the crypto mogul’s Alameda Research, the hedge fund’s former chief told a judge when she pleaded guilty to her role in the exchange’s collapse. Caroline Ellison, former chief executive of Alameda Research, said she agreed … Read more

Core Scientific files for bankruptcy as crypto winter bites

Core Scientific files for bankruptcy as crypto winter bites

Dec 21 (Reuters) – Core Scientific Inc (CORZ.O), one of the biggest publicly traded cryptocurrency mining companies in the United States, said on Wednesday it filed for Chapter 11 bankruptcy protection, the latest in a string of failures to hit the sector. Austin, Texas-based Core Scientific attributed its bankruptcy to slumping bitcoin prices, rising energy … Read more

Insurers shun FTX-linked crypto firms as contagion risk mounts

Insurers shun FTX-linked crypto firms as contagion risk mounts

Dec 19 (Reuters) – Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses from hacks, theft or lawsuits, several market participants said. Insurers were already reluctant to underwrite asset and directors and officers (D&O) protection policies for crypto companies … Read more

Exclusive: Sam Bankman-Fried to reverse decision on contesting extradition

Exclusive: Sam Bankman-Fried to reverse decision on contesting extradition

Dec 17 (Reuters) – Former FTX Chief Executive Sam Bankman-Fried is expected to appear in court in the Bahamas on Monday to reverse his decision to contest extradition to the United States, where he faces fraud charges, a person familiar with the matter said on Saturday. The 30-year-old cryptocurrency mogul was indicted in federal court … Read more

In sweltering Bahamas courtroom, Bankman-Fried fights incarceration

In sweltering Bahamas courtroom, Bankman-Fried fights incarceration

NASSAU, Dec 13 (Reuters) – Cordoned-off roads, a sweltering courtroom and numerous delays marked Sam Bankman-Fried’s first in-person public appearance since his crypto company collapsed. The Bahamas courtroom hearing, conducted over the course of six hours, saw Bankman-Fried, dressed in a suit rather than his typical t-shirt attire, seeking bail to dispute his extradition to … Read more

FTX founder Sam Bankman-Fried charged with fraud, denied bail

FTX founder Sam Bankman-Fried charged with fraud, denied bail

NASSAU, Bahamas/NEW YORK, Dec 13 (Reuters) – U.S. prosecutors on Tuesday accused Sam Bankman-Fried, the founder of crypto currency exchange FTX, of fraud and violating campaign finance laws and a judge in the Bahamas denied him bail, sending him to a local correctional facility instead. The former FTX CEO, who was arrested in the Bahamas … Read more

Options traders brace for big swings as U.S. CPI data, Fed meeting loom

Options traders brace for big swings as U.S. CPI data, Fed meeting loom

NEW YORK, Dec 12 (Reuters) – Options traders are bracing for a week of swings in U.S. stocks ahead of key inflation data, the Federal Reserve’s last policy meeting of 2022 and the final monthly options expiration of the year. Inflation data and the Fed’s outlook on monetary policy could give traders more clarity on … Read more

Cryptoverse: Jump or slump? $30k or $5k? Play the bitcoin roulette

Cryptoverse: Jump or slump? $30k or $5k? Play the bitcoin roulette

Dec 13 (Reuters) – Plucky bitcoin’s been holding steady since seeing off the chaos of the FTX collapse, gathering its strength to rally towards the dizzy heights of $30,000 in 2023. Battered bitcoin’s been unresponsive since being clobbered by the FTX collapse, taking in a deep ragged breath before plunging towards the depths of $5,000. … Read more

Former FTX CEO Bankman-Fried arrested in Bahamas after U.S. files charges

Former FTX CEO Bankman-Fried arrested in Bahamas after U.S. files charges

Dec 12 (Reuters) – (Editor’s note: This story contains language in paragraph 18 that some readers may find offensive) FTX founder Sam Bankman-Fried was arrested in the Bahamas at the behest of U.S. prosecutors on Monday, the day before he was due to testify before Congress about the abrupt failure last month of one of … Read more

Exclusive: Goldman Sachs on hunt for bargain crypto firms after FTX fiasco

Exclusive: Goldman Sachs on hunt for bargain crypto firms after FTX fiasco

LONDON, Dec 6 (Reuters) – Goldman Sachs (GS.N) plans to spend tens of millions of dollars to buy or invest in crypto companies after the collapse of the FTX exchange hit valuations and dampened investor interest. FTX’s implosion has heightened the need for more trustworthy, regulated cryptocurrency players, and big banks see an opportunity to … Read more