Crypto
FTX’s Bankman-Fried admits ‘mistakes’, denies fraud at trial
Sam Bankman-Fried says he never set out to steal from people while testifying in his own defence in Manhattan court.
FTX founder Sam Bankman-Fried has admitted to making mistakes but denied defrauding customers while testifying in his own defence at his high-profile fraud trial in New York.
Bankman-Fried said on Friday that a “lot of people got hurt” when FTX collapsed last year, but he had never set out to steal from people.
“We thought that we might be able to build the best product on the market,” Bankman-Fried said during six hours of testimony in a Manhattan federal court. “It turned out basically the opposite of that.”
Under questioning from his lawyer, Bankman-Fried depicted himself as a bumbling visionary who was swamped with work and knew little about the cryptocurrency industry before founding FTX in 2019.
“I made a number of small mistakes and a number of large mistakes,” he said. “By far, the biggest mistake was that we didn’t have a team dedicated to risk management.”
Bankman-Fried, once one of the most feted figures in cryptocurrency, is alleged to have used FTX funds for risky trading by his hedge fund Alameda Research.
The former billionaire has been charged with seven counts of fraud, embezzlement and criminal conspiracy, and could face decades in prison if convicted.
He has pleaded not guilty to all charges.
On Friday, Bankman-Fried, who has blamed ex-colleagues for FTX’s sudden implosion, took aim at his ex-business partner and former girlfriend Caroline Ellison, who testified on behalf of the prosecution.
Bankman-Fried said he had instructed Ellison to ensure that Alameda hedge itself financially against a possible plunge in the cryptocurrency market, but she was “less enthusiastic than I was” and never put safeguards in place.
Ellison, who has pleaded guilty to fraud charges and is cooperating with the prosecution, has testified that Bankman-Fried was involved in all major decisions.
Bankman-Fried is expected to face cross-examination by government prosecutors on Monday.
His decision to testify in his own defence is unusual in the United States, where suspects are typically advised against taking the stand due to the risk of self-incrimination.
Crypto
Bitcoin, Ethereum, Dogecoin Trade Mixed After Turbulent Week: Analyst Says King Crypto Can Rise To $76K Level If It Reclaims This Crucial Support
Leading cryptocurrencies remained range-bound over the weekend, with bears continuing to provide tough resistance to the market’s drive for sustained gains.
Cryptocurrency
Gains +/-
Price (Recorded 8:30 p.m. EDT)
Bitcoin BTC/USD
+1.24%
$61,759
Ethereum ETH/USD
+0.72%
$2,941.17
Dogecoin DOGE/USD
-1.06%
$0.1424
What Happened: Bitcoin, the largest cryptocurrency by market cap, meandered in the $61,000 zone, after witnessing a sharp correction from $63,000 last Friday. The apex crypto finished last week with losses of more than 4%.
The sideways movement was reflected in the speculative interest for the coin, as Open Interest (OI) in Bitcoin futures saw a tepid 0.32% increase in the 24-hour period.
About $56 million in positions was wiped out in the last 24 hours, with nearly equal amounts of longs and shorts liquidated.
Ethereum and king of memecoins, Dogecoin, had a more difficult time, shedding 6% and 12% over the week.
The Cryptocurrency Fear & Greed Index flashed “Greed” ahead of a new trading week, suggesting that investor sentiment remained unchanged from the last week.
Top Gainers (24 Hour)
Cryptocurrency
Gains +/-
Price (Recorded 8:30 p.m. EDT)
Core (CORE)
+10.47%
$1.75
Arweave (AR)
+4.68%
$42.53
THORChain (RUNE)
+4.60%
$6.14
The global cryptocurrency market cap stands at $2.27 trillion, expanding marginally by 0.6% over the past 24 hours.
Like the crypto market, stock market futures traded sideways on Sunday. The Dow Jones Industrial Average Futures fell 12 points, or 0.03%, as of 9 p.m. EDT. Futures tied to the S&P 500 dipped 0.02%, while Nasdaq 100 Futures added 0.03%.
Investors await the key April’s consumer price index data on Wednesday for cues regarding the Federal Reserve’s next moves. In addition, the market will look for insights from Fed Chair Jerome Powell and Fed Vice Chair Philip Jefferson’s speeches due this week.
See More: Best Cryptocurrency Scanners
Analyst Notes: Noted cryptocurrency analyst and trader, Ali Martinez flagged the importance of $64,290 as a support level for Bitcoin.
“If Bitcoin can reclaim $64,290 as support, it is likely to rise towards $76,610,” Martinez forecasted. “However, if it fails to surpass $64,290, BTC might retest support at $51,970.”
Prominent on-chain analytics firm Santiment noted that the bearish sentiment in the market was high, as negative commentary on most coins trumped positive chatter.
Photo by Fernando Cortes on Shutterstock
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David Schwartz, the Chief Technology Officer of Ripple Labs, recently shared details about his investment in Ethereum during the project’s initial coin offering (ICO) in 2014.
The disclosure came in response to a community inquiry regarding Schwartz’s past involvement with Ethereum. Schwartz clarified that his decision to participate in the ICO stemmed primarily from his friendship with Vitalik Buterin, a co-founder of Ethereum. He explained that Buterin invited him to contribute to the ICO, and Schwartz, wanting to support his friend’s venture, sent 20 BTC.
Schwartz emphasized that his investment was made without extensive research or a focus on potential financial returns. His primary motivation was to support Buterin’s vision for Ethereum, a project he believed held promise for the future of blockchain technology. In exchange for his 20 BTC, Schwartz received 40,000 ETH tokens.
A Look Back at the Ethereum ICO
Public records support Schwartz’s account. The Ethereum ICO took place over 42 days in mid-2014. Early investors were able to acquire 2,000 ETH for 1 BTC, which at the time translated to roughly $0.31 per ETH. However, the exchange rate between ETH and BTC fluctuated throughout the ICO, with the price per ETH increasing as the token sale progressed.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
A Missed Opportunity, But Still a Profitable Investment
Schwartz ultimately sold his 40,000 ETH tokens when their combined value reached $40,000. This transaction represented a successful 222.58% return on his initial investment after a two-year holding period.
However, the story could have been significantly different. Had Schwartz held onto his ETH tokens for an additional year, they would have appreciated considerably. By 2015, the value of Ethereum had skyrocketed, and Schwartz’s initial investment of $12,400 could have been worth a staggering $4 million.
Schwartz’s experience serves as a reminder of the unpredictable nature and inherent volatility of cryptocurrency investments. While his early involvement in Ethereum proved to be profitable, it also highlights the potential for significant missed gains. The story he shared also underscores the role that personal relationships can play in investment decisions.
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Crypto
If You Bought Your Mom $100 In Bitcoin, Dogecoin And Ethereum Last Mother's Day, Here's How Much She'd Have Today
Roses are red, violets are blue, flowers are overrated, does Mom want crypto from you?
If you’re struggling with what to get your mom for Mother’s Day, a gift of cryptocurrency is an option.
Here’s a look back at the historical returns of several cryptocurrencies on Mother’s Day last year.
What Happened: The approval of Bitcoin ETFs by the SEC earlier this year has brought more attention to the cryptocurrency sector and led to rebounding prices.
This means that, if you bought you mom crypto for Mother’s Day last year, she might be extra happy to see you this year.
Certainly, flowers and a card are always a thoughtful option for Mother’s Day and offer a more stable gift choice compared to the periods of high volatility often seen in the cryptocurrency market.
Mother’s Day was designated an official holiday by President Woodrow Wilson in 1914 and is celebrated on the second Sunday of May. Last year, Mother’s Day was celebrated on May 14, 2023. Here’s a look at how an investment and gift in three leading cryptocurrencies at that time would be worth now.
Related Link: Mother’s Day 2024: Heartfelt Ways To Make Mom’s Day Special, No Matter The Distance
Investing $100 in Bitcoin, Dogecoin, Ethereum: Here’s how much a $100 investment in each of Bitcoin BTC/USD, Dogecoin DOGE/USD and Ethereum ETH/USD could have bought on May 14, 2023.
Bitcoin: 0.0037 BTC
Dogecoin: 1,377.75 DOGE
Ethereum: 0.0548 ETH
Investing $100 in each cryptocurrency last Mother’s Day would be worth the following based on prices at the time of writing:
Bitcoin: $226.33
Dogecoin: $199.60
Ethereum: $160.67
A $300 gift consisting of the three well-known cryptocurrencies would be worth $586.60 today, a gain of 95.5%.
Compare that return to a loss of 33.4% from Mother’s Day 2022 to Mother’s Day 2023 and a loss of 51% from Mother’s Day 2021 to Mother’s Day 2022.
Of course those who bought their moms cryptocurrency back on Mother’s Day 2020 would have a different story to tell.
A $100 investment each in Bitcoin, Dogecoin and Ethereum on Mother’s Day 2020 would have been able to buy the following amounts and now would be worth the following:
Bitcoin: 0.0104 BTC, $636.16
Dogecoin: 38,270.19 DOGE, $5,544.28
Ethereum: 0.4727 ETH, $1,385.89
The $300 investment or gift to mom on Mother’s Day 2020 would be worth $7,566.33 today and up 2,422.1%.
This article was previously published by Benzinga and has been updated.
Read Next: If You Invested $1,000 In Bitcoin When Donald Trump Said The Crypto’s Value Was ‘Based On Thin Air,’ Here’s How Much You’d Have Now
Photo: Shutterstock
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