Latest news with #FTT
Forbes
6 days ago
- Business
- Forbes
GENIUS Act Passage Calls For Rethink Of Sam Bankman-Fried's Conviction
NEW YORK, NY - MARCH 30: FTX founder Sam Bankman-Fried (C) departs Manhattan Federal Court after an ... More arraignment hearing on March 30, 2023 in New York City. Federal prosecutors added a foreign bribery charge to the list of crimes that Bankman-Fried is already facing. The indictment accuses the FTX founder of directing $40 million in bribes to Chinese government officials to unfreeze assets related to his cryptocurrency business. (Photo by) Sam Bankman-Fried (SBF) shouldn't be in prison. All it takes to understand this is to remember that when SBF was forced to sign bankruptcy papers for FTX, a third of the crypto exchange's assets were the FTT coins issued by FTX. Which is the point. Those coins were not 'money' in the traditional stablecoin sense, rather they were shares. As Michael Lewis clarified in Going Infinite (my review here),'The most important feature of FTT was that its holders were collectively entitled to roughly a third of the annual revenues of the FTX exchange.' This is elemental when it comes to pushing back against the notion that SBF criminally arrogated customer funds to himself for trading and investing. More realistically, that was the purpose of housing money at FTX. Evidence supporting the previous claim can be found in the fact that the all-time high for FTT coins, a high reached in September of 2021, was $84. The FTX coins were a way for individuals who didn't understand the crypto market to gain exposure to it. Crucial here is that if SBF hadn't been doing what presently has him behind bars, he wouldn't have had any money entrusted to him. See above. The customer assets at FTX were a speculation on SBF, and the view (arguably correct as evidenced by the recovery in FTX's assets after the bankruptcy) that he somewhat uniquely grasped the crypto future. Which brings us to GENIUS, CLARITY, and other Acts meant to create a stable regulatory environment for the cryptocurrency present and future. The latter precisely explains why SBF was spending so much time in Washington. While self-proclaimed purists from the various political and economic religions vilified SBF's time in Washington as evidence of cronyism on his part, in truth it was SBF seeking a regulatory imprimatur for crypto that he deemed necessary for its positive evolution. Some understandably disdain the tendency of business types to secure 'pull' in Washington, but the purists are yelling at the proverbial scoreboard. Until Washington retreats from commercial meddling, it will be necessary for those discovering a new future to make nice with the political class. The passage of GENIUS, CLARITY and others like it vindicate what SBF was doing all along. He uniquely saw that a failure to institutionalize crypto regulation would render all the spade work done by himself and others moot. And so, he waded in the swamp. Bringing it all to President Trump, it's time for him to pardon SBF. As opposed to a criminal, SBF somewhat uniquely saw a future that no one else did. What's easy to forget about those willing to risk it all in the face of endless ridicule is that there are stumbles along the way. If change were easy, or better yet, obvious, we would never have heard of SBF. We have because he did what no one else had the courage or the imagination to do. To this day those who should know better view SBF as a crook or a fraudster, while also agreeing with his prison sentence, The bigger truth is that SBF's only error wasn't even an error: for a time the various crypto concepts that he actively traded and invested in went south. Stated simply, SBF sits in prison because the market for crypto coins briefly corrected. It's time for President Trump to correct this egregious error.
Yahoo
13-06-2025
- Business
- Yahoo
Shaquille O'Neal agrees to pay $1.8M to settle FTX crypto endorsement
June 13 (UPI) -- Shaquille O'Neal, the retired basketball star and NBA analyst, has agreed to pay $1.8 million to settle claims that he misled investors by promoting the now-bankrupt crypto exchange FTX. O'Neal, who urged fans to trust the platform in a commercial, won't admit wrongdoing. He reportedly earned much less to make the commercial that aired in June 2022: around $750,000, Front Office Sports reported. The settlement Monday marks one of the first high-profile settlements over FTX's collapse, CNBC reported. The civil case in Miami federal court. O'Neal must pay the amount within 30 days. An initial settlement was reached in November. In the class-action suit, O'Neal is accused of presenting FTX as a trustworthy and legitimate investment tool while allegedly helping drive the adoption of unregistered securities. Eligible are users who deposited money into FTX or held its proprietary token, FTT, between May 2019 and late 2022. O'Neal's $1.8 million payout will cover all legal fees, notice and administration costs, and payouts to those eligible. Also, he is released from future liability and is barred from seeking reimbursement from the FTX bankruptcy estate. "We are pleased to have this matter behind us," O'Neal's attorney said in a statement. In 2022, O'Neal told CNBC he "was just a paid spokesperson for a commercial." At the time he said he didn't know much about crypto currency. "I don't understand it, so I will probably stay away from it until I get a full understanding of what it is," he told CNBS. "From my experience, it is too good to be true." Other FTX endorsers, including Tom Brady, Gisele Bündchen and Steph Curry, had claims against them largely dismissed. FTX, a company in the Bahamas, was the third-largest cryptocurrency exchange three years ago but it racked up billions of dollars or losses and filed for bankruptcy on Nov. 11, 2022. Founder Sam Bankman-Fried isserving a 25-year prison sentence for seven counts of fraud and conspiracy related to the FTX collapse. O'Neal, Charles Barkley, Kenny Smith and Ernie Johnson are moving from TNT next season when "Inside the NBA" appears on ESPN. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
UPI
13-06-2025
- Business
- UPI
Shaquille O'Neal agrees to pay $1.8M to settle FTX crypto endorsement
Shaquille O'Neal (R) sits with his son Shareef O'Neal before the start of the Eastern Conference Final Game 3 between the Indiana Pacers and the New York Knicks in Indianapolis in May. File Photo by Aaron Josefczyk/UPI | License Photo June 13 (UPI) -- Shaquille O'Neal, the retired basketball star and NBA analyst, has agreed to pay $1.8 million to settle claims that he misled investors by promoting the now-bankrupt crypto exchange FTX. O'Neal, who urged fans to trust the platform in a commercial, won't admit wrongdoing. He reportedly earned much less to make the commercial that aired in June 2022: around $750,000, Front Office Sports reported. The settlement Monday marks one of the first high-profile settlements over FTX's collapse, CNBC reported. The civil case in Miami federal court. O'Neal must pay the amount within 30 days. An initial settlement was reached in November. In the class-action suit, O'Neal is accused of presenting FTX as a trustworthy and legitimate investment tool while allegedly helping drive the adoption of unregistered securities. Eligible are users who deposited money into FTX or held its proprietary token, FTT, between May 2019 and late 2022. O'Neal's $1.8 million payout will cover all legal fees, notice and administration costs, and payouts to those eligible. Also, he is released from future liability and is barred from seeking reimbursement from the FTX bankruptcy estate. "We are pleased to have this matter behind us," O'Neal's attorney said in a statement. In 2022, O'Neal told CNBC he "was just a paid spokesperson for a commercial." At the time he said he didn't know much about crypto currency. "I don't understand it, so I will probably stay away from it until I get a full understanding of what it is," he told CNBS. "From my experience, it is too good to be true." Other FTX endorsers, including Tom Brady, Gisele Bündchen and Steph Curry, had claims against them largely dismissed. FTX, a company in the Bahamas, was the third-largest cryptocurrency exchange three years ago but it racked up billions of dollars or losses and filed for bankruptcy on Nov. 11, 2022. Founder Sam Bankman-Fried isserving a 25-year prison sentence for seven counts of fraud and conspiracy related to the FTX collapse. O'Neal, Charles Barkley, Kenny Smith and Ernie Johnson are moving from TNT next season when "Inside the NBA" appears on ESPN.
NBC News
12-06-2025
- Business
- NBC News
Shaquille O'Neal to pay $1.8 million to settle FTX investor lawsuit
Shaquille O'Neal has agreed to pay $1.8 million to settle claims that he misled investors by promoting the now-bankrupt crypto exchange FTX. The retired NBA superstar, who once urged fans to trust the platform, will resolve the allegations without admitting wrongdoing. But the deal marks one of the first high-profile settlements in the legal reckoning over FTX's collapse. The proposed settlement, filed in Florida federal court, would end a class action lawsuit accusing O'Neal of presenting FTX as a trustworthy and legitimate investment tool — particularly at live events and in social media content — while allegedly helping drive adoption of unregistered securities. The class includes anyone who deposited money into FTX or held its proprietary token, FTT, between May 2019 and late 2022. If the overseeing judge approves the deal, O'Neal's $1.8 million payout will cover all legal fees, notice and administration costs and payouts to eligible investors. The arrangement also includes a sweeping release from future liability, and a provision barring him from seeking reimbursement from the FTX bankruptcy estate. In short: The check he's writing is final — and all-inclusive. 'We are pleased to have this matter behind us,' counsel for O'Neal said in a statement. Unlike other celebrity defendants and former FTX endorsers — including Tom Brady, Gisele Bündchen and Steph Curry — whose cases were largely dismissed, O'Neal remained entangled after a lengthy effort to serve him legal papers. Front Office Sports reported in February that O'Neal inked a $15 million deal to remain with TNT's 'Inside the NBA.' O'Neal told CNBC in 2022 that, regarding FTX, he 'was just a paid spokesperson for a commercial.' O'Neal was named in a class action lawsuit alleging that FTX's spokespeople 'either controlled, promoted, assisted in [or] actively participated' in a plot to 'aggressively market' the company. In earlier interviews with CNBC Make It, O'Neal said he was actively avoiding cryptocurrency. 'I don't understand it, so I will probably stay away from it until I get a full understanding of what it is,' he said at the time, adding: 'From my experience, it is too good to be true.'
CNBC
11-06-2025
- Business
- CNBC
Shaquille O'Neal to pay $1.8 million to settle FTX investor lawsuit
Shaquille O'Neal has agreed to pay $1.8 million to settle claims that he misled investors by promoting the now-bankrupt crypto exchange FTX. The retired NBA superstar, who once urged fans to trust the platform, will resolve the allegations without admitting wrongdoing — but the deal marks one of the first high-profile settlements in the legal reckoning over FTX's collapse. The proposed settlement, filed in Florida federal court, would end a class action lawsuit accusing O'Neal of presenting FTX as a trustworthy and legitimate investment tool — particularly at live events and in social media content — while allegedly helping drive adoption of unregistered securities. The class includes anyone who deposited money into FTX or held its proprietary token, FTT, between May 2019 and late 2022. If the overseeing judge approves the deal, O'Neal's $1.8 million payout will cover all legal fees, notice and administration costs, and payouts to eligible investors. The arrangement also includes a sweeping release from future liability, and a provision barring him from seeking reimbursement from the FTX bankruptcy estate. In short: the check he's writing is final — and all-inclusive. "We are pleased to have this matter behind us," counsel for O'Neal said in a statement. Unlike other celebrity defendants and former FTX endorsers — including Tom Brady, Gisele Bündchen, and Steph Curry — whose cases were largely dismissed, O'Neal remained entangled after a lengthy effort to serve him legal papers. Front Office Sports reported in February that O'Neal inked a $15 million deal to remain with TNT's "Inside the NBA." O'Neal told CNBC in 2022 that, regarding FTX, he "was just a paid spokesperson for a commercial." O'Neal was named in a class-action lawsuit alleging that FTX's spokespeople "either controlled, promoted, assisted in [or] actively participated" in a plot to "aggressively market" the company. In earlier interviews with CNBC Make It, O'Neal said he was actively avoiding cryptocurrency. "I don't understand it, so I will probably stay away from it until I get a full understanding of what it is," he said at the time, adding: "From my experience, it is too good to be true."
