Investors are spending hundreds of millions of dollars on FTX bankruptcy claims, betting that the firm’s new leaders will recover the money that Sam Bankman-Fried misappropriated.
Investors are spending hundreds of millions of dollars on FTX bankruptcy claims, betting that the firm’s new leaders will recover the money that Sam Bankman-Fried misappropriated.
A year ago, Sam Bankman-Fried and Changpeng Zhao ran two of the largest crypto companies. As they grapple with legal woes, others are jockeying to lead the industry’s next chapter.
Changpeng Zhao will pay a $50 million fine and step down as chief executive of the company he created, the latest blow to the crypto world since the implosion of FTX last year.
The case against the founder of the failed FTX exchange had come to symbolize the excesses of the volatile cryptocurrency industry.
The trial for the founder of the collapsed FTX cryptocurrency exchange has moved more speedily than anticipated.
Prosecutors said Mr. Bankman-Fried had built his FTX crypto exchange into a “pyramid of deceit” while the defense said he was simply a “math nerd” who had no intent to defraud.
The founder of the FTX crypto exchange was grilled by a federal prosecutor for a second day, just before both sides rested their case in the criminal fraud trial.
They are set to start their defense on Thursday, with the FTX founder planning to testify in his criminal fraud trial. Hurdles include what Mr. Bankman-Fried’s former associates said on the stand.
Los estafadores tienen una nueva y potente arma de inteligencia artificial con la que intentan despojar a las personas de su dinero con engaños.
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