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Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. In the world of technology and cryptocurrency, a world where everyone seems to be a “founder”, “leader” or “entrepreneur”,  one word that seems to persistently hover in the atmosphere is “arrogance.” It’s as if the very essence of innovation and disruption is interwoven with an air of invincibility, a sense that the old rules don’t apply to the new kids on the block. This arrogance often leads to the downfall of promising companies, and FTX, a once-prominent player in the crypto space, serves as a stark reminder of the perils of hubris. You might also like: ‘The end of the Wild West’: What awaits crypto after the Bankman-Fried’s case FTX, a cryptocurrency exchange founded by Sam Bankman-Fried and Gary Wang in 2017, rapidly rose to prominence within the crypto community. With its sleek user interface, diverse r...

FTX seeks to sell $744 million in Grayscale and Bitwise assets amid its bankruptcy proceedings. The asset sale aims to prepare for creditor payouts and minimize price volatility risks. FTX founder Sam Bankman-Fried was recently found guilty of all the charges that had been levelled against him. In a move to address its financial obligations and recover from bankruptcy, the troubled crypto exchange FTX , along with its debtors, has submitted a proposal to the US bankruptcy court in Delaware seeking to sell trust assets. The proposal outlines the sale of trust assets, consisting of funds from Grayscale and Bitwise, with a combined estimated value of $744 million. Upcoming creditor payouts FTX , once a major player in the crypto exchange industry, filed for bankruptcy in November the previous year after reports revealed the misappropriation of customer funds . The proposed sale of “trust assets” is aimed at preparing the estates for forthcoming di...

After 17 days, the fate of Sam Bankman-Fried, the founder and former CEO of FTX, hangs in the balance as his trial continues. The case has attracted a lot of attention from legal experts and observers, who have shared their varying opinions on the possible outcome. One such legal commenter is David Lesperance, managing director at Lesperance & Associates and a lawyer with over three decades of experience in finance. Lesperance told crypto.news in an interview that the prosecution has presented a strong case against Bankman-Fried. The charges against Bankman-Fried include fraud, misappropriation of customer funds, and other violations related to his role in FTX and Alameda Research.  Moreover, Bankman-Fried’s defense has adopted a novel approach, which Lesperance regards as a last-ditch effort. Arguments aiming to put the blame on Caroline Ellison, Bankman-Fried’s ex-girlfriend, and Bitcoin’s volatility have not sounded as convincing. In his testimony, Bankman-Fried ...

Crypto assets totaling $13.6m were transferred from the accounts of FTX and Alameda Research to the Coinbase and Binance exchanges. As Spot On Chain analysts reported, there were two large tranches in total. The amount of the first was $8.12 million. It included 46.5 million GRT, 972,073 RNDR, and 708,100 MKR. #FTX deposited $8.12M worth of 3 assets to #Coinbase ~3hrs ago, including: 46.5M $GRT ($4.85M) 972,073 $RNDR ($2.3M) 708.1 $MKR ($967K) As of Nov 1, 2023, #FTX and #Alameda Research have deposited a total of ~$78.1M worth of 22 #EVM tokens to exchanges. They still hold… https://t.co/9CNMobYsWW pic.twitter.com/VccnXjB6ab — Spot On Chain (@spotonchain) November 1, 2023 A few hours later, the companies conducted the second tranche in the amount of $5.49 million. It included 1.14 million DYDX, 192,888 AXS, 5858 AAVE. #FTX and #Alameda Research further deposited $5.49M worth of 6 assets $AAVE, $ALICE $AXS, #C98, $DYDX, $ZRX, to #Binance and #Coinbase ~30 mins ago. To...

Bankman-Fried pleaded not guilty to all seven counts of fraud charges related to the collapse of crypto exchange FTX. The ongoing criminal trial involving FTX founder Sam Bankman-Fried (SBF) will move into closing arguments on November 1.  On Day 15 of the SBF trial , lead defense attorney Mark Cohen's request for acquittal was denied by presiding judge Lewis Kaplan. Instead, the case will move to closing arguments from both sides at 9:30 a.m. ET (1:30 p.m. UTC) on Nov. 1, with all evidence discovery concluded. Attornies from both sides declined to call any further witnesses.  SBF has pleaded not guilty to all seven fraud-related charges in his criminal case, but is expected to face five more counts in a second trial scheduled to start in March 2024, including the alleged $150 million bribe of a Chinese government official. During discovery, prosecutor Danielle Sassoon presented documents, tweets, and corporate messages attesting that the crypto executive siphoned $8 billion ...

Sam Bankman-Fried’s trial has entered its third day, as the FTX founder is facing seven different charges of wire fraud and money laundering. After jury selection ended on day 2, both sides geared up with key witnesses to present their case.  Senior District Judge Lewis A. Kaplan is presiding over the case, and Assistant U.S. Attorney Nicolas Roos is leading the prosecution. The defense is being led by Mark Cohen.  So far, three witnesses have been questioned and cross-examined. However, more than 22 key witnesses are set to appear throughout this trial, and some of them are close friends and colleagues of Bankman-Fried.  Let’s take a brief look at who these witnesses are and how they are related to this historic trial .  Adam Yedidia A close college friend of Sam Bankman-Fried from their MIT days, Adam Yedidia took roles at both FTX and Alameda Research. Yedidia has been granted immunity by prosecutors, signaling his likely importance as a witness in the u...

The founder of collapsed crypto exchange FTX , Sam Bankman-Fried , has been dealt another blow in court after prosecutors revealed they had obtained a recording and several notes wherein Caroline Ellison blames him for misusing customer funds. During a company-wide meeting right before the exchange went bankrupt, Ellison told employees of FTX sister firm Alameda Research that “Alameda will likely wind down once we can, like, repay all of our creditors and sort of wind down a bunch of our, like, whatever remaining obligations we have.” “I guess, mostly I wanna say, like, I’m sorry. This really sucks.” “Definitely feel free to take a break,” she told the team, explaining that anyone was free to leave. “I guess for people who do stick around, I think it’s, like, possible that there might be some kind of future thing. “ According to federal prosecutors, one employee asked Ellison who was responsible for using FTX customer de...

An independent examiner has revealed shocking details surrounding the inner workings of Celsius – a crypto lender that filed for bankruptcy in July 2022. The examiner claimed that Celsius did not operate by the business model that it presented to customers. He likened it to a Ponzi scheme, much like FTX – a company that happened to have used the same accounting software: QuickBooks.  The Truth About CEL Token Per a filing from examiner Shoba Pillay on Tuesday, Celsius had abandoned its commitment to transparency the moment its ICO for CEL token was completed in 2018. When the company only raised $32 million of its target $50 million from the sale, it declined to reveal its failure to the community. Furthermore, then-CEO Alex Mashinsky did not follow through on his promise to purchase any unclaimed tokens from the sale, amounting to 117 million CEL.  CEL’s value was also largely propped up by the firm. Its price increase throughout 2020 and 2021 was “significantly greater tha...