Latest news with #SamBankman-Fried
Yahoo
6 days ago
- Business
- Yahoo
Chapter 11 bankruptcy firm to pay $1.9 billion to creditors
Chapter 11 bankruptcy firm to pay $1.9 billion to creditors originally appeared on TheStreet. FTX, the crypto exchange that went bankrupt in November 2022, announced on July 23 that the record date for claim holders is Aug. 15 and it will begin the next round of creditor claim distribution on Sep. 30. The exchange also said that the bankruptcy court has lowered the disputed claims reserve from $6.5 billion to $4.3 billion — a reduction of $1.9 billion. It means these funds, not considered disputed claims anymore, can be distributed among claim holders in the upcoming batch. FTX is required to distribute $14.7 billion to $16.5 billion among the claimants out of which it has already paid $6.2 billion in two previous batches: $1.2 billion in February and $5 billion in May. The third batch of distribution is expected to be overseen by BitGo, Kraken, and Payoneer. Notably, the FTX Recovery Trust requested the court in early July to dispute claims from 49 restricted jurisdictions, including China, Russia, North Korea, and Saudi Arabia, on the ground that crypto trading is allegedly illegal in these countries. The move drew intense criticism from former FTX users residing in these jurisdictions. Founded in 2019, FTX was the third-largest cryptocurrency exchange by volume at its peak in July 2021. However, as depositors got a whiff of potential fraud at the exchange, they began withdrawing their funds. The exchange filed for Chapter 11 bankruptcy in November 2022. The court found the firm's founder Sam Bankman-Fried guilty of seven counts of fraud and sentenced him to 25 years in prison and penalized him $11 billion in forfeiture. Chapter 11 bankruptcy firm to pay $1.9 billion to creditors first appeared on TheStreet on Jul 24, 2025 This story was originally reported by TheStreet on Jul 24, 2025, where it first appeared. Sign in to access your portfolio
News18
22-07-2025
- Business
- News18
10 Largest Crypto Heists In History
Bybit- $1.4 Billion Of ETH stolen in 2025 hack: One of the largest single thefts of cryptocurrencies in the industry's history, the Bybit hack occurred on February 21, 2025. The Dubai-based crypto exchange lost 400,000 ETH worth $1.4B within minutes when hackers exploited a private key in Bybit's hot wallet system to siphon off the funds. (Image : Pexels) Coincheck- $534 million in NEM (XEM) stolen in 2018 hack: Hackers managed to break into the exchange and steal crypto worth $534m in January 2018. The hackers reportedly used a phishing attack to access hot wallets. (Image: Pexels) FTX- $477 million of multiple cryptocurrencies stolen in 2022 post-collapse hack: The FTX CEX, founded in 2019 by Sam Bankman-Fried (SBF) and Gary Wang collapsed in November 2022, wiping out a grand total of $8.9 billion of its customers saving and investments. Nearly $477 million in various cryptocurrencies were drained in the suspected hack on November 11. (Image: Pexels) Mt. Gox- $460 million in BTC stolen in 2014 hack: The Japan-based crypto exchange launched in 2010 was hacked and bitcoin worth $8.75 million was stolen in 2011. It suffered another attack in 2014, when nearly $460 million in Bitcoins were siphoned off.(Image: Pexels) DMM Bitcoin: $308 million in Bitcoin stolen in 2024 hack: In May 2024, a massive hack resulted in the loss of 4,502.9 BTC, worth about $308 million at the time.(Image: Pexels) KuCoin- $281 million in various cryptocurrencies stolen in 2020 hack: Founded in 2013, KuCoin is a crypto exchange based in Singapore. It deals in several cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ardor. In September 2020, it was targeted, and the criminals managed to steal over $281m worth of coins and tokens.(Image : pexels) Wazir X- $230 million of several cryptocurrencies stolen in 2024 hack: Founded in 2018 to cater to the growing Indian cryptocurrency market. On July 18, 2024, a significant security breach occurred at WazirX. Approximately 50% of its assets worth $230 million (INR 1900 crores) was stolen from one of its main trading wallets by hackers, despite its robust security measures.(Image: Pexels) BitMart- $196 million of several cryptocurrencies stolen in 2021 hack: In December 2021, hackers were able to drain $196 million of crypto from the global centralised cryptocurrency exchange by stealing a private key that opened two hot wallets, consisting of $100 million in ETH and $96 million on the Binance Smart Chain.(Image: Pexels) BitGrail- $170 million in Nano tokens stolen in 2018 hack: BitGrail was hacked in February 2018, and 17 million Nano worth about $170 million was stolen. (Image: Pexels) 10/10
Time of India
04-07-2025
- Business
- Time of India
All in a day: Buy stocks, bet against them in options market, then cash out
Established in Aug 1999, The New York-headquartered Jane Street has offices across the world. In June 2025, one of its co-founders was alleged to have financed a coup to topple the govt in South Sudan. Tired of too many ads? go ad free now The person then said he was duped into funding the coup. Sam Bankman-Fried, once the poster boy of the crypto world and now a convicted fraudster, once worked at Jane St. What led to Sebi's actions? Four Jane St entities operated in India as registered foreign portfolio investors. The regulator banned the four entities from the market. Sebi also asked the entities to jointly disgorge illegal gains worth nearly Rs 4,850 crore. Sebi said Jane St had used two key strategies to manipulate the domestic stocks and futures & options (F&O) markets to make illegal gains over several years. How did Jane St manipulate stocks? One of the strategies was to aggressively buy Bank Nifty's constituent stocks and futures in the morning. At the same time, it would buy put options on the index. In the afternoon, it would sell stocks bought in the morning. This selling pushed up prices of options on Bank Nifty, which the fund had bought in the morning. Once put option prices rose, those were sold to make huge profits. The other strategy was concentrated selling or buying of Nifty index options in the last two hours of the expiry day to swing index levels to profit from such trades. So, what happens next? The fund has been asked to present its side of the case to Sebi within 21 days. Sebi is expected to expand the scope of its investigations into the trading operations of Jane St in India. The interim order focuses on the Jan 2023 to March 2025 period. The regulator is also expected to investigate if manipulative strategies were used in other indices and in BSE's segments.
NDTV
19-05-2025
- Business
- NDTV
220 Biggest Buyers Of $TRUMP, Crypto Memecoin Invited For Exclusive Dinner
More than two hundred guests on Thursday will make their way to a ritzy country club just up the Potomac River from Washington, ready for a sumptuous dinner hosted by the president of the United States. The lucky few are not top officials or visiting heads of state but the 220 biggest buyers of $TRUMP, a crypto memecoin launched by the US president in January. The top 25 investors will enjoy even more special access: a private session with Trump before dinner -- which is set at the Trump National Golf Club in Potomac Falls, Virginia -- and a White House tour. "The most EXCLUSIVE INVITATION in the World," a website dedicated to the event said. "The question YOU IN?" This dinner represents perhaps the boldest commercial venture of Trump's presidency, further blurring already hazy boundaries between politics and profit. Launched hours before his January inauguration, the $TRUMP memecoin is only one example of the Trump family's ever-expanding moves into cryptocurrency. Much of the crypto industry frowns upon these coins or tokens, fearing they tarnish the sector's credibility, amid reports of quick pump-and-dump schemes that leave unwitting buyers paying for assets that end up worthless. $TRUMP saw a spike in value when it announced the dinner, but reports said that many of the winners of the offer, which closed on May 12, are now selling their memecoins. Critics, including the typically Trump-friendly Wall Street Journal editorial board, point out that Trump and his allies, as the creators of the memecoin, have made $320 million in trading fees, citing Chainalysis, a data analytic firm. They also point out that the dinner allows foreign actors who otherwise can't influence the White House to try to use the memecoin to buy favor with the government. The crypto industry, which massively contributed to his campaign, has welcomed Trump's return to the White House, praising his promise for a clear departure from the skepticism of the previous Democratic administration toward digital currencies. Those years were marked by major scandal, including the collapse of FTX, the crypto giant founded by CEO Sam Bankman-Fried, who is now serving a 25-year sentence for committing massive fraud. But the controversy surrounding the dinner is complicating efforts to pass crucial legislation that would provide clearer legal framework in stablecoins, digital assets that are considered safer and more established than more speculative corners of the sector. "The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President's own financial gain," US Senators Adam Schiff and Elizabeth Warren wrote in a letter to the Office of Government Ethics. Trump, despite previous hostility toward cryptocurrency, has already taken significant steps to reduce regulatory barriers, including an executive order establishing a "Strategic Bitcoin Reserve" that would maintain government holdings of the world's leading digital currency. However, key Democrats in Congress are blocking other legislative advancements, frustrated by the dinner and other Trump family ventures into cryptocurrency. Win the 'race' These expanding connections include investment in Binance, whose founder is seeking a presidential pardon to re-enter the US market. The investment is being made through World Liberty Financial, a cryptocurrency venture backed by the Trumps that launched in September and has made major deals in the Middle East. The company founders feature Trump's sons Donald Jr. and Eric alongside Zach Witkoff, son of Trump's diplomatic adviser Steve Witkoff. At an April crypto conference in Dubai, Eric Trump and Zach Witkoff announced that the state-backed Emirati fund MGX would use USD1, their firm's cryptocurrency, to invest $2 billion in Binance. Additionally, American Bitcoin, another venture backed by Trump's eldest sons, recently announced plans to list on the New York Stock Exchange. That company will ride lower energy costs and environmental norms to lower the cost of bitcoin mining in the United States. "The US won the space race. We better win the crypto race," Eric Trump recently told CNBC.
Time of India
19-05-2025
- Business
- Time of India
Crypto memecoin $TRUMP dinner blurs lines between profit and politics
More than two hundred guests on Thursday will make their way to a ritzy country club just up the Potomac River from Washington, ready for a sumptuous dinner hosted by the president of the United States. The lucky few are not top officials or visiting heads of state but the 220 biggest buyers of $TRUMP, a crypto memecoin launched by the US president in January. The top 25 investors will enjoy even more special access: a private session with Trump before dinner -- which is set at the Trump National Golf Club in Potomac Falls, Virginia -- and a White House tour. "The most EXCLUSIVE INVITATION in the World," a website dedicated to the event said. "The question YOU IN?" This dinner represents perhaps the boldest commercial venture of Trump's presidency, further blurring already hazy boundaries between politics and profit. Live Events Launched hours before his January inauguration, the $TRUMP memecoin is only one example of the Trump family's ever-expanding moves into cryptocurrency . Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Much of the crypto industry frowns upon these coins or tokens, fearing they tarnish the sector's credibility, amid reports of quick pump-and-dump schemes that leave unwitting buyers paying for assets that end up worthless. $TRUMP saw a spike in value when it announced the dinner, but reports said that many of the winners of the offer, which closed on May 12, are now selling their memecoins. Critics, including the typically Trump-friendly Wall Street Journal editorial board, point out that Trump and his allies, as the creators of the memecoin, have made $320 million in trading fees, citing Chainalysis, a data analytic firm. They also point out that the dinner allows foreign actors who otherwise can't influence the White House to try to use the memecoin to buy favor with the government. The crypto industry, which massively contributed to his campaign, has welcomed Trump's return to the White House, praising his promise for a clear departure from the skepticism of the previous Democratic administration toward digital currencies. Those years were marked by major scandal, including the collapse of FTX, the crypto giant founded by CEO Sam Bankman-Fried, who is now serving a 25-year sentence for committing massive fraud. But the controversy surrounding the dinner is complicating efforts to pass crucial legislation that would provide clearer legal framework in stablecoins, digital assets that are considered safer and more established than more speculative corners of the sector. "The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President's own financial gain," US Senators Adam Schiff and Elizabeth Warren wrote in a letter to the Office of Government Ethics. Trump, despite previous hostility toward cryptocurrency, has already taken significant steps to reduce regulatory barriers, including an executive order establishing a "Strategic Bitcoin Reserve" that would maintain government holdings of the world's leading digital currency. However, key Democrats in Congress are blocking other legislative advancements, frustrated by the dinner and other Trump family ventures into cryptocurrency. - Win the 'race' - These expanding connections include investment in Binance, whose founder is seeking a presidential pardon to re-enter the US market. The investment is being made through World Liberty Financial, a cryptocurrency venture backed by the Trumps that launched in September and has made major deals in the Middle East. The company founders feature Trump's sons Donald Jr. and Eric alongside Zach Witkoff, son of Trump's diplomatic adviser Steve Witkoff. At an April crypto conference in Dubai, Eric Trump and Zach Witkoff announced that the state-backed Emirati fund MGX would use USD1, their firm's cryptocurrency, to invest $2 billion in Binance. Additionally, American Bitcoin, another venture backed by Trump's eldest sons, recently announced plans to list on the New York Stock Exchange. That company will ride lower energy costs and environmental norms to lower the cost of bitcoin mining in the United States. "The US won the space race. We better win the crypto race," Eric Trump recently told CNBC. arp/bfm
