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FTX has received court approval for a significant repayment plan, allowing it to return funds to approximately 98% of its customers worldwide.
Sam bankman-fried RSS
Sam Bankman-Fried has been given a 25-year jail sentence by Judge Lewis Kaplan for defrauding customers and investors. The sentence is seen as lenient as he had faced 40 or 50 years behind bars.
Sam Bankman-Fried has been sent to jail until October for tampering with a witness. His ex-girlfriend Caroline Ellison is assisting the government and he has been trying to discredit her with leaks.
Nishad Singh, former FTX exec and part of the "inner circle" has pleaded guilty to criminal charges in the SBF probe. Singh was involved in code writing, political donations, and fund transfers.
The US Department of Justice has launched a website with contact details so that FTX victims can reach out. It could help Sam Bankman-Fried's victims recover the funds they lost access to on FTX.
Sam Bankman-Fried is unlikely to get a favourable deal from prosecutors, lawyer Mark Kasten has said. SBF would have to help in the prosecution of another bad actor but that's unlikely to happen.
Sam Bankman-Fried has been arrested in The Bahamas at the request of the United States. It's likely that the U.S. will ask for him to be extradited to face charges related to FTX's mismanagement.
Jim Cramer, from CNBC's Mad Money, called former FTX CEO Sam Bankman-Fried a "pathological liar" and "con man" following the CEO's first interview since FTX filed for bankruptcy last month.
The Singapore state-owned investment firm Temasek Holdings has decided to write down its investment of $275 million in the collapsed crypto exchange FTX. It said that its belief in SBF was misplaced.
FTX has filed for Chapter 11 bankruptcy and Sam Bankman-Fried has stepped down as CEO. The firm will now try to monetize its assets to pay back stakeholders, including those who lost their assets.
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