Reading Time: < 1 min Cryptocurrency exchange FTX is seeking clawbacks from Bybit, alleging that the exchange facilitated illegal trades by FTX customers. Bybit has denied any wrongdoing, but Coinbase has warned its customers that they may be subpoenaed by the CFTC as part of an investigation into Bybit.
Reading Time: 3 min Sam Bankman-Fried and Bernie Madoff are two of the most notorious financial criminals of all time. Both men ran Ponzi schemes, which are fraudulent investment operations that pay early investors with money from new investors. However, there are some key differences between the two cases.
Madoff’s Ponzi scheme was more overt, as he promised investors unrealistic returns and fabricated account statements. Bankman-Fried’s scheme was more complex, as he used his cryptocurrency exchange FTX to funnel customer funds to his hedge fund, Alameda Research.
Reading Time: 4 min Sam Bankman-Fried’s conviction on fraud and money laundering charges is a watershed moment for the cryptocurrency industry. It could lead to a more regulated industry, the prosecution of other executives and companies, and further erosion of public trust in cryptocurrency. The industry must learn from its mistakes and implement effective reforms to emerge from this crisis stronger than before.
Reading Time: 3 min Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, is facing eight charges of wire fraud, securities fraud, and money laundering. He is accused of mismanaging customer funds and using them to fund his own businesses and lavish lifestyle. If convicted, Bankman-Fried faces a maximum sentence of 150 years in prison.
Reading Time: < 1 min Worldcoin, a cryptocurrency project that uses iris scanning technology to create a global identity system, launched its mainnet on July 24, 2023. The native WLD token was listed on major exchanges, and its price surged on its first day of trading. The rise in price of WLD could be seen as a positive sign for FTX creditors, as Sam Bankman-Fried, the CEO of FTX, is one of the angel investors in Worldcoin.
