🌙 Sam Bankman-Fried is Convicted

Seven counts of fraud related to the FTX collapse, with a possible sentence of up to 115 years in prison.

Author

Mike Gavela
November 03, 2023

Crypto Roundup - Nov 3

Sam Bankman-Fried, the co-founder of the now-defunct cryptocurrency exchange FTX, has been found guilty on all charges of fraud brought against him, signaling a major verdict in one of the most significant financial fraud cases in U.S. history. As the crypto community reacts to this conviction, there is a mix of relief and anticipation for what it may mean for the industry's future. Many see it as a step towards accountability and integrity, essential for attracting future investment and building a more mature market. Meanwhile, FTX’s advisers have been cooperating with the FBI, disclosing customers' transaction data in response to subpoenas, revealing a thorough investigation across multiple FBI field offices. These legal actions, costing nearly $100 million in consultancy fees, could potentially be offset by a proposed settlement that may return over 90% of assets to FTX customers by the end of 2024.

Top Stories:

  • Sam Bankman-Fried is Convicted: Seven counts of fraud related to the FTX collapse, with a possible sentence of up to 115 years in prison.

  • Industry Leaders Expresses Cautious Optimism: Post-verdict, hoping for a renewed sense of trust and integrity within the market.

  • Advisers to FTX Have Been Supplying the FBI: with data on customer transactions, with consultancy fees possibly impacting the recoveries for FTX customers, despite a potential settlement on the horizon.

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TOP STORIES

SBF is guilty on all counts as jury rules he defrauded investors

Sam Bankman-Fried was convicted on seven out of seven criminal counts of defrauding the customers, lenders, and investors of FTX.

www.theblock.co/post/261240/sam-bankman-fried-convicted-on-all-counts-report

Sam Bankman-Fried Verdict: The Crypto Industry Reacts

Long-time watchers of the crypto space are mostly positive on what SBF’s conviction means for the future. But long-time critics in Congress are readying to crack down further on the industry.

www.coindesk.com/consensus-magazine/2023/11/03/sam-bankman-fried-verdict-the-crypto-industry-reacts

FTX advisers sharing customers’ data with FBI: Report

FTX advisers have been disclosing data from customers’ trades with the Federal Bureau of Investigation, according to a court filing.

cointelegraph.com/news/ftx-advisers-sharing-customers-data-with-fbi-report

FUNDRAISES

OTHER HEADLINES

US Supreme Court agrees to take up Coinbase case involving arbitration jurisdiction

The U.S. Supreme Court will grant a petition for review of a case involving Coinbase and Dogecoin sweepstakes.

www.theblock.co/post/261516/us-supreme-court-agrees-to-take-up-coinbase-case-involving-arbitration-jurisdiction

Coinbase short sellers lose $2.2bn as Bitcoin ETF euphoria reaches fever pitch

Despite being down $210 million in the last 30 days alone, Coinbase bears remain undeterred.

www.dlnews.com/articles/markets/coinbase-shorts-lose-over-2bn-amid-bitcoin-etf-euphoria

Bitcoin Stalls at $35K as Gains Flow to Altcoins in Crypto's 'Early Bull Market Rotation,' Analyst Says

Layer 1 cryptocurrencies and DeFi tokens soared this week as bitcoin and ether chopped sideways.

www.coindesk.com/markets/2023/11/03/bitcoin-stalls-at-35k-as-gains-flow-to-altcoins-in-cryptos-early-bull-market-rotation-analyst-says

US authorities seize $54 million in crypto from darknet narcotics scheme

Convicted drug trafficker Christopher Castelluzzo's crypto holdings, including 30,000 ether, could now be heading to the U.S. Treasury.

www.theblock.co/post/261366/us-strikes-blow-to-darknet-narcotics-with-54-million-crypto-seizure

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