Judge Lewis Kaplan Announced the Formation of a 12-Member Panel to Hear SBF’s Criminal Case
U.S. Judge Lewis Kaplan announced the establishment of a 12-person panel that will hear the criminal case against the former CEO of FTX on Wednesday in the U.S. Southern District Court in New York, thus ending the jury selection process earlier on the second day of the trial. During the pre-trial period, nearly 50 people told the court their age, profession, education background, and other details.
FTX Attackers Have Transferred a Total of 37,500 ETH in the Past Three Days
According to Spot On Chain monitoring, the FTX attacker has transferred a total of 37,500 ETH in the past three days, of which 35,000 ETH was sent to the Thorchain router and Railgun contract, possibly for money laundering, and 2,500 ETH was exchanged for 153.4 BTC.
Binance CEO and Exchange Face Lawsuit for Alleged Market Manipulation and Monopolization Tactics
Binance.US and its CEO, Changpeng Zhao, are facing a collective lawsuit in the Northern California District Court. The suit accuses the cryptocurrency exchange of unfair competition and attempts to monopolize the market, specifically by undermining its rival, FTX.
Former SEC Attorney Predicts Low Chance of Acquittal for FTX Founder Sam Bankman-Fried in Fraud Trial
Former SEC attorney John Reed Stark has predicted that Sam Bankman-Fried, the founder of defunct crypto exchange FTX, is unlikely to be acquitted of sweeping fraud charges that could result in a lifetime in prison. Stark cited the unprecedented level of access to witnesses and evidence possessed by the DOJ team, as well as the many high-profile executives close to Bankman-Fried who have already pled guilty to reduce their criminal sentences.
FTX Founder Sam Bankman-Fried Faces Trial and Potential Life Sentence for Alleged Involvement in Crypto Exchange Collapse
Sam Bankman-Fried, the founder of FTX, is set to stand trial next week over his alleged role in the collapse of his $32 billion cryptocurrency exchange. He faces seven charges and could potentially receive a sentence of up to 115 years in prison if found guilty on all counts. Legal experts suggest that a fraud conviction could result in a life sentence. Bankman-Fried has pleaded not guilty to all charges. The defense may argue that he was a scapegoat or incompetent, but this may not be persuasive to a jury.
Former FTX CEO Sam Bankman-Fried Faces 21-Day Criminal Trial on Fraud Charges
Sam Bankman-Fried, the former CEO of FTX, will face a criminal trial starting on October 4 and lasting until November 9. The trial will consist of 15 full days in October and six in November, with breaks on weekends and public holidays. Bankman-Fried has been denied temporary release from pre-trial detention due to concerns that he may be a flight risk, and could face a maximum of 110 years in prison if convicted of the seven fraud and conspiracy charges against him.
Judge allows SBF lawyers to question DOJ witnesses about drug use
Judge Lewis Kaplan of the Southern District of New York ruled that Sam Bankman-Fried's lawyers can question witnesses from the Department of Justice about their use of recreational drugs during the fraud trial in October. Kaplan also denied the DOJ's motion to prevent the defense team from cross-examining witnesses on privilege issues and rejected the SBF team's motion to prevent any evidence related to the bankruptcy of a cryptocurrency exchange. The trial is set to begin on October 3.
Former FTX Spokesperson Files Motion To Dismiss Class Action Lawsuit Against Them
September 25th, Tom Brady, Gisele Bundchen, Stephen Curry, Larry David, Shaquille O'Neal, David Ortiz, and Naomi Osaka, former endorsers of FTX, filed a separate motion to dismiss a lawsuit against them, which accuses the defendants of participating in FTX fraud as part of a secret FTX plan carefully planned by a few FTX insiders. The motion argues that the plaintiffs "have not provided any factual support for their claims" that celebrities were involved in the secret FTX plan.
FTX’s Former Law Firm Fenwick & West Files To Dismiss FTX Class Action Lawsuit
Fenwick & West, FTX's former law firm, denied allegations of assisting the bankrupt cryptocurrency exchange FTX in setting up multiple "shadow entities" that allowed FTX co-founder SBF and other executives to engage in creative but illegal strategies to continue fraudulent activities. The law firm has filed a motion to dismiss the lawsuit, claiming that the services it provided to FTX were standard legal services and that it had no knowledge of any fraudulent activity.
Former FTX Executive Donated More Than $80 Million to Political Groups
Coingecko stated that in the year before FTX's bankruptcy, FTX CEO SBF donated at least $46 million to political groups, with 89.2% of his donations going to the Democratic Political Action Committee (POF PAC), the House Majority PAC, and other liberal groups such as Future America. SBF had previously pledged to donate up to $1 billion during the 2024 election cycle.
