Incarcerated former FTX executive Ryan Salame appears to have already slashed a year off his prison sentence. Data from the U.S. Federal Bureau of Prisons indicates Salame’s release date is now March 1st, 2031. The former co-chief executive of FTX Digital Markets reported to prison in October after being sentenced to 7.5 years behind bars, […]
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Wang was the final FTX executive awaiting sentencing over the 2022 exchange collapse and subsequent fraud charges.
FTX co-founder Zixiao “Gary” Wang was sentenced to time served plus forfeiture of assets in a United States district court in New York on Nov. 20, making him the fifth and final executive sentenced over the exchange’s 2022 collapse.
Wang pleaded guilty to fraud charges in December 2022 alongside former Alameda Research CEO Caroline Ellison. For her part in the scheme, in which she admitted to conspiring with FTX co-founder Sam Bankman-Fried to steal $8 billion, Ellison received a two-year sentence.
Judge Lewis Kaplan oversaw all five cases and issued prison time in Ellison’s case as well as Bankman-Fried’s (25 years) and former FTX Digital Markets co-CEO Ryan Salame (7.5 years).
The former chief technology officer of disgraced crypto exchange FTX is dodging prison time by cooperating with the US government. According to a report from Reuters, Wang – a computer programmer who unwittingly wrote the code that allowed former FTX CEO Sam Bankman-Fried to steal billions of dollars from customers – is being spared prison […]
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Prosecutors suggested that the FTX co-founder would be better able to develop a tool to detect “potential illegal activity” in crypto markets if sentenced to time served.
FTX co-founder Gary Wang, scheduled to be sentenced for his role in the criminal misuse of funds at the defunct cryptocurrency exchange, could receive time served after a sentencing memo filed by the United States government.
In a Nov. 13 filing in the US District Court for the Southern District of New York, prosecutors penned a sentencing memo to highlight Wang’s “substantial assistance in the investigation of wrongdoing at FTX, the prosecution and trial of Bankman-Fried, and in other matters.” The FTX co-founder is scheduled to be sentenced on Nov. 20, following a December 2022 guilty plea for wire fraud, commodities fraud, and securities fraud.
Source: SDNY
Apple and A24 are in the early stages of developing a film adaptation of Michael Lewis’s book “Going Infinite: The Rise and Fall of a New Tycoon,” with Lena Dunham attached to write the script, Variety has reported. The film will co-develop and co-produce by Apple Studios and A24, exploring the dramatic rise and fall […]
Apple Studios and A24 are reportedly planning to adapt Michael Lewis’ book on the rise and fall of the former FTX CEO into a feature film.
Sam “SBF” Bankman-Fried may still be looking at 25 years in prison, but production companies are reportedly developing a film based on the former FTX CEO’s rise and fall from grace.
According to a Nov. 12 Variety report, Apple Studios and A24 are co-developing and co-producing a feature film about Bankman-Fried based on Michael Lewis’ book Going Infinite: The Rise and Fall of a New Tycoon. Lewis released the book in October 2023, on the day the former CEO’s criminal trial began in New York.
Some critics of Lewis’ book claimed that the Big Short author downplayed the impact of Bankman-Fried’s actions on millions of investors, who were locked out of their accounts and could not access a combined billions of dollars. A portion of the book focused on SBF’s effective altruism and how it may have influenced events leading to his misuse of customer funds.
The exchange’s creditors haven’t been made whole despite a judge approving a plan, and sentencing for former executives is nearing an end.
On Nov. 11, 2022, then-FTX CEO Sam Bankman-Fried resigned, handing the company’s reins over to John Ray, who immediately filed for Chapter 11 bankruptcy protection in the United States. The day marked the beginning of the end of what was once one of the world’s most prominent and influential cryptocurrency exchanges.
US authorities charged Bankman-Fried and four of his associates with fraud. FTX users and creditors saw billions of dollars worth of funds locked out of their reach in an exchange they weren’t sure would ever be able to repay them. Ray reported that the firm represented an “utter failure of corporate controls at every level of an organization,” later comparing its operations to a “dumpster fire.”
In addition to FTX’s impact on millions of users and its employees, many lawmakers and business leaders often seemed to use the exchange as a punchline when discussing crypto, having it represent one of the most egregious examples of illicit practices. The company declared bankruptcy amid a crypto market downturn that turned a lot of public opinion away from the industry as token prices crashed and many firms filed for Chapter 11.
Bankrupt crypto exchange FTX is reportedly suing Binance and its former CEO Changpeng Zhao over alleged fraudulent transfers initiated by Sam Bankman-Fried. The estate of FTX, which collapsed in 2022 when Bankman-Fried mismanaged customer funds, is trying to retrieve $1.8 billion from Binance that it says was sent to Zhao in a stock repurchase deal, […]
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FTX and Alameda Research collapsed in November 2022, causing approximately $8 billion in losses to customers of the now-bankrupt exchange.
The FTX bankruptcy estate seeks to recover over $100 million from SkyBridge Capital and founder Anthony Scaramucci to recoup funds spent by former FTX CEO Sam Bankman-Fried (SBF) on sponsorship and investment deals with Scaramucci and SkyBridge dating back to 2022.
According to the November 8 legal filing, Bankman-Fried made a series of investments and collaborative partnerships with SkyBridge Capital and Scaramucci before the collapse of FTX — beginning with a $12 million sponsorship of Scaracmucci's SALT conference in January 2022. Shortly after, in March 2022, SBF directed Alameda Research to invest $10 million in the SkyBridge Coin Fund.
FTX lawsuit against SkyBridge and Scaramucci. Source: Kroll
Former FTX executive Caroline Ellison is set to start her two-year prison term in Connecticut. According to a new report by CNBC, a Bureau of Prison (BOP) spokesperson said that Caroline Ellison – the former CEO of FTX’s sister company Alameda Research – will begin her two-year sentence after serving as the prosecution’s star witness. […]
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