Page 23 - Cryptocurrency

Bankman-Fried stole customer funds from start of FTX: Co-founder to jury

Sam Bankman-Fried authorised the illegal use of FTX customers' funds and assets to plug financial gaps at an affiliated hedge fund from the exchange's earliest days, FTX's co-founder Gary Wang told a New York jury on Friday, as prosecutors pressed their case that Bankman-Fried was the mastermind behind one of the biggest frauds in US history. Eventually, the losses at the hedge fund, Alameda Research, became so large that there was no way to hide them any longer, Wang said in his second day of testimony. FTX was not fine, Wang said, referring to the now-infamous tweet that Bankman-Fried wrote only a few days before the exchange filed for bankruptcy in November 2022. Prosecutors allege that Bankman-Fried, 31, stole billions of dollars from investors and customers in order to fund a lavish lifestyle in The Bahamas and buy the influence of politicians, celebrities and the public. Wang was FTX's chief technology officer and is part of what has been referred to as the inner circle of FT

Bankman-Fried lied to the world as he built crypto empire: Prosecutors

Prosecutors included several references to former Alameda Research co-chief executive officer Caroline Ellison in their opening statements

Jury selection resumes at fraud trial for FTX founder Sam Bankman-Fried

The final stages of jury selection resumed on Wednesday at the fraud trial of FTX founder Sam Bankman-Fried in New York City. Opening statements were expected to begin by the early afternoon in Manhattan federal court, where Bankman-Fried has entered not guilty pleas to seven charges. Prosecutors say the California man defrauded thousands of investors and customers in his businesses by siphoning off their money for his own uses. Defense lawyers insist that their client had no criminal intent as he became famous in the crypto world while growing FTX and a related business, Alameda Research, into multibillion dollar heavyweights in the cryptocurrency industry. Attorneys and Judge Lewis A. Kaplan were reducing a pool of 45 prospective jurors to a jury of 12 with six alternates, who would sit through the duration of a trial projected to last up to six weeks. Bankman-Fried, 31, became a target of investigators when FTX collapsed last November amid a rush of customers seeking to recover

FTX Founder Sam Bankman's fraud trial gets under way with jury selection

US District Judge told group of 50 prospective jurors gathered in courtroom on top floor of a federal courthouse in lower Manhattan that he would ask them questions to try to seat a 12-member panel

FIU likely to launch global crypto exchange database by March next year

The exchange will also have information on the exchanges which are operating on the dark web

Thousands lose over Rs 200 cr in series of crypto rug-pulls in Himachal

Police are yet to nab the cryptocurrency fraud kingpin who may have swindled thousands of people across Himachal Pradesh of more than Rs 200 crore since 2018, the year the crypto fever reached its peak. The gang lured people by promising high returns in a short span of time in crypto investments and created a network of investors. The initial investors then were baited to reel in other people in a ponzi-style scheme. The matter was raised in the Vidhan Sabha by Independent MLA Hoshyar Singh who pegged the amount of money swindled from people in Kangra and Hamirpur alone to be upwards of Rs 200 crore. In the wake of Singh's assembly speech, a special investigation team was formed to probe into the matter. The exact amount defrauded is yet to be ascertained, Deputy Inspector General of Police, Northern Range, Abhishek Dhullar, who is heading the SIT, told PTI on Monday. The frauds used a combination of misinformation, deception, and threats to maintain control over their scheme and

Inside Crypto Revolution: Meet the Best Crypto Leaders in India

.

Crypto wrap: Ethereum outperforms Bitcoin as investors tread with caution

Apart from Ethereum, almost all the major crypto coins traded range bound in the last one week

Judge rejects bid to free FTX founder Sam Bankman-Fried during his trial

A judge on Thursday closed the door on FTX founder Sam Bankman-Fried's hopes to be free during his trial, although he extended the hours that the cryptocurrency peddler can meet with his lawyers in a federal courthouse. At a hearing, Judge Lewis A. Kaplan rejected a request by Bankman-Fried's lawyers to free their client so he could better prepare his defence against charges that he defrauded cryptocurrency investors. Bankman-Fried, 31, faces the start of his trial Tuesday in Manhattan. He has pleaded not guilty. His lawyer, Mark Cohen, told Kaplan that he cannot meaningfully confer with his client as long as Bankman-Fried is jailed at the Metropolitan Detention Centre in Brooklyn. And he insisted that there was no risk that Bankman-Fried would flee, prompting Kaplan to interrupt him. The closer we get to trial, the more I'm wondering about that, Kaplan said. "Your client, if there is conviction, could be looking at a very long sentence. If things begin to look bleak maybe he fee

Chase UK will soon bar customers from making cryptocurrency transactions

Chase UK, JP Morgan's British digital bank, says it will bar customers from making cryptocurrency transactions starting next month citing an uptick in scams and fraud. From October 16 onward, Chase customers will no longer be able to make crypto transactions using their debit card or through an outgoing bank transfer, the bank said Tuesday. If we think you're making a payment related to crypto assets, we'll decline it, Chase said in an email to customers. If you'd still like to invest in crypto assets, you can try using a different bank or provider instead but please be cautious, as you may not be able to get the money back if the payment ends up being related to fraud or a scam. In an email to The Associated Press, Chase said that Tuesday's decision was made to help keep customers and their money safe. The bank also pointed to increases in crypto fraud-related losses reported by UK regulators in the last year. According to London-based law firm RPC, data from Britain's fraud ...

Y-Combinator-backed Mudrex becomes FIU-registered crypto platform

Mudrex has become the third crypto platform to be registered with the FIU after WazirX and CoinDCX

Crypto wrap: Market flat as US Fed's comments keep investors cautious

US Federal Reserve's this week comments suggested that the interest rates may remain high for some time to come

GanderCoin :India's First Digital Coin

.

India likely to keep door shut on crypto for two years, says WazirX

India has called for a globally coordinated approach to crypto rules with the help of institutions such as the International Monetary Fund

FTX managers sue Sam Bankman's parents to recover 'misappropriated funds'

FTX owed customers approximately $8.7 billion when it filed for bankruptcy and about $7 billion in liquid assets have been recovered so far

22-year-old calls it his biggest mistake after losing Rs 67 lakh in crypto

A 22-year-old Google employee, whose aim was to resign at age 35 with Rs 41 crore savings, lost Rs 67 lakh post investing into crypto. He called it his 'biggest financial mistake'

ED attaches Rs 6.47 crore of six companies, 9 individuals in job fraud case

The Enforcement Directorate has attached Rs 6.47 crore, including Rs 71.3 lakh in the form of cryptocurrency, in connection with a part-time job fraud case allegedly involving Chinese persons, officials said on Thursday. According to the federal agency, many people were cheated by some Chinese persons through mobile app 'Keepsharer' by promising them part-time jobs. This app was linked to an investment application. The Rs 6.47 crore attached pertains to six companies -- Toningworld International Private Limited, Ansol Technology Private Limited, Redraccoon Services India Private Limited, Energico Digital Private Limited, Bridge Tera Technologies Private Limited, Ashenfallous Technologies Private Limited -- and nine individuals, it said in a statement. The ED registered the case based on an FIR by the Bengaluru Police. It has been alleged that the accused Chinese persons set up companies in the country and recruited Indians as directors, translators, human resources managers and ...

Binance US CEO departs as crypto company cuts third of its workforce

The CEO of Binance's US affiliate has departed the crypto trading platform amid another round of job cuts. Binance US CEO Brian Shroder is no longer with the company, a spokesperson confirmed to The Associated Press Wednesday. The cryptocurrency exchange did not specify when or why Shroder departed, but said that chief legal officer Norman Reed is now serving as interim CEO. Shroder joined the Binance.US as president in September 2021 and was named CEO the following month. Shroder's departure coincides with the elimination of about one-third of Binance.US's workforce, with layoffs impacting more than 100 employees. The actions we are taking provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange," the spokesperson said in a statement. Binance.US also pointed to action taken by the US Securities and Exchange Commission earlier this year, arguing that the agency's aggressive attemp

Coinbase to halt exchange services in India amid regulatory challenges

Global cryptocurrency exchange Coinbase advises Indian users to withdraw funds by September 25

G20 New Delhi declaration set to give India's crypto regulation a fillip

India would, however, follow the global consensus on crypto assets, which goes beyond G20