FTX co-founder Gary Wang testified in court that the “Insurance Fund” listed by the exchange was actually a fake amount generated using a random number generator. During the trial of former FTX CEO Sam Bankman-Fried, Wang revealed that the fund, which was supposed to contain $5.5 million and 5 million FTT tokens, did not actually […]
Day 6 of the trial of Sam Bankman-Fried concluded with the testimony of former FTX chief technology officer Gary Wang and the beginning of former Alameda Research CEO Caroline Ellison’s testimony. Wang revealed that he admitted to committing crimes with the defendant during his first meeting with the government. He also mentioned that he was […]
Tensions ran high in court as lawyers representing BlockFi and 3AC clashed over the handling of the legal proceedings. BlockFi’s lawyer accused 3AC of prolonging the case and accumulating a hefty $16 million in legal fees. In response, 3AC’s lawyer deemed these comments inappropriate and reckless. He reminded the court that the founders of 3AC […]
The Hong Kong Police Force has issued a warning after 11 customers of cryptocurrency exchange Binance fell victim to text message phishing scams. The fraudsters posed as Binance and sent malicious messages to users, convincing them to click on a link to verify their identity details. Unfortunately, by doing so, the users unknowingly gave the […]
Binance, the world’s largest cryptocurrency exchange, has announced its plans to list a new altcoin called Neutron (NTRN) on its platform. Neutron is a project built within the interoperable blockchain ecosystem Cosmos and aims to be a cross-chain smart-contracting platform. It allows developers to easily build cross-chain applications using the Inter-Blockchain Communication Protocol (IBC) and […]
Former FTX CEO Sam “SBF” Bankman-Fried is currently on trial for fraud, and his former business associate and girlfriend, Caroline Ellison, recently testified against him. Ellison admitted to fraud during her time at Alameda under Bankman-Fried’s direction, claiming that he set up the systems that allowed Alameda to take roughly $14 billion from FTX user […]
Caroline Ellison, the former CEO of crypto trading firm Alameda Research, testified in the trial of Sam Bankman-Fried, accusing the FTX founder of directing her to commit crimes. Ellison, who has pleaded guilty to fraud charges, claimed that Bankman-Fried instructed her to siphon billions of dollars from FTX to make high-risk investments and repay loans. […]
3Commas, a popular crypto trading bot, recently experienced a security incident where unauthorized trades were made on users’ accounts. The incident was limited in scope, but it highlights the vulnerability of the tool to bad actors. The trades occurred shortly after affected users had reset their passwords, indicating a data breach. However, the users’ API […]
He Jinbi, the founder of Chinese company Maike Metals International, has been arrested by Chinese authorities. This comes as part of President Xi Jinping’s ongoing crackdown on founders and executives of large firms. Maike Metals International, once China’s largest copper importer, has faced a liquidity crisis and filed for preliminary restructuring earlier this year. The […]
In recent developments, the portrayal of Sam Bankman-Fried (SBF), the indicted founder and former CEO of the now-defunct cryptocurrency exchange FTX, has sparked a contentious debate. Influential figures like Charles Hoskinson and Nassim Nicholas Taleb have weighed in, igniting a discussion about SBF’s character and accountability.The controversy centers around SBF’s depiction in Michael Lewis’s book […]
