On Tuesday, the previous CEO of FTX, Sam Bankman-Fried (SBF), appeared in court docket together with his newly appointed lawyer Mark Cohen, and his authorized staff requested the Bahamian decide Joyann Ferguson-Pratt to launch SBF on bail with an ankle bracelet. Amid the prolonged court docket listening to reviews element that SBF’s dad and mom Joseph Bankman and Barbara Fried attended the proceedings. Towards the tip of the listening to, decide Ferguson-Pratt denied SBF’s request to be launched on bail and remanded Bankman-Fried to the Bahamian jail till Feb. 8, 2023.
Through the first week of November, the co-founder of FTX Sam Bankman-Fried’s (SBF) world turned the other way up. It began when Coindesk revealed an expose on SBF’s quantitative buying and selling agency Alameda Analysis and the big stability of FTT tokens the corporate held. After the report, FTX and Alameda had been underneath the highlight and Binance’s CEO Changpeng Zhao (CZ) revealed his trade can be dumping all of its FTT tokens.
These two occasions fueled hypothesis that FTX and Alameda had been bancrupt and on Nov. 8, 2022, Binance mentioned it could buy FTX after doing due diligence into the corporate’s financials. Nevertheless, the deal by no means panned out, and at 4:00 p.m. (ET) on Nov. 9, 2022, the world’s largest crypto asset trade by commerce quantity introduced it could be backing out of buying FTX.
At this cut-off date, all of the digital belongings from FTX’s coffers had been both withdrawn by clients (lots of whom had been Bahamas natives) or just disappeared. Two days after Binance backed out of the deal, SBF introduced that FTX and Alameda had filed for Chapter 11 chapter safety, alongside roughly 130 related firms.
SBF additionally revealed he had stepped down from his place as FTX’s CEO and John J. Ray III took the place as a way to take care of the chapter and restructuring course of. For the reason that chapter submitting, SBF launched into a media tour doing numerous interviews, whereas a big quantity of troubling proof was being reported by quite a few media publications.
Previous to SBF’s arrest in The Bahamas, a report revealed by the Australian Monetary Evaluation (AFR) detailed that FTX’s SBF and his internal circle used a secret chat group referred to as “Wirefraud.” AFR’s United States correspondent Matthew Cranston mentioned “[AFR] has [learned] that FTX founders Sam Bankman-Fried and Zixiao ‘Gary’ Wang, together with FTX engineer Nishad Singh and former Alameda Analysis chief govt Caroline Ellison, used a chat group on Sign within the hope that the knowledge would stay hidden.”
24 after the AFR report was revealed, Bankman-Fried was arrested. The FTX co-founder was additionally indicted by a federal grand jury in Manhattan, and charged with eight counts of monetary fraud by the Southern District of New York (SDNY) prosecutor Damian Williams. SBF was additional charged by the U.S. Securities and Change Fee (SEC) and sued by the Commodity Futures Buying and selling Fee (CFTC).
The identical day, SBF appeared in court docket and his authorized staff tried to get him launched on bail. One report notes that Joseph Bankman and Barbara Fried, SBF’s dad and mom, attended the court docket listening to. SBF’s mom allegedly laughed out loud each time her son was referred to as a “fugitive,” and his father put his fingers in his ears. His lawyer, Mark Cohen, the legal professional who represented Ghislaine Maxwell throughout her intercourse trafficking trial, tried to get SBF launched on $250,000 bail.
Cohen is quoted as saying that his shopper “suffered from despair, insomnia, and ADD for over a decade.” Through the listening to, prosecutors argued that SBF was a “flight threat” because of all of his monetary connections. Nevertheless, decide Ferguson-Pratt didn’t appear swayed by the claims that mentioned SBF suffered from alleged psychological points, and the truth that SBF had surrendered his passport.
Choose Ferguson-Pratt instructed the court docket that bail was denied and SBF was to stay in custody till his Feb. 8, 2023 court docket listening to. Following the choice, the New York Submit reviews that SBF lowered his head, and gave his dad and mom a hug earlier than being escorted out of the courthouse in handcuffs.
What do you consider SBF’s latest arrest and the accusations that say his internal circle had been a part of a secret chat group referred to as “Wirefraud?” What do you consider the Bahamian decide denying SBF’s bail? Tell us what you consider this topic within the feedback part under.
Picture Credit: Shutterstock, Pixabay, Wiki Commons, Editorial photograph credit score: New York Submit, Eyewitness Information Bahamas,
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DPD and blockchain analytics company Chainalysis co-hosted other law enforcement agencies and cryptocurrency exchanges for ‘Operation DeCloak’
A cryptocurrency fraud workshop co-hosted by the Delta Police Department last fall identified over 1,100 victims worldwide, including a ‘significant number’ in Canada.
On Sept. 16 and 17, 2024, the DPD and blockchain analytics company Chainalysis hosted “Operation DeCloak,” bringing together representatives from law enforcement agencies including the RCMP, Victoria Police Department, Vancouver Police Department, the BC Securities Commission, the BC Prosecution Service and the BC Financial Services Authority, as well as key stakeholders from cryptocurrency exchanges such as Shakepay and others.
The initiative was a localized “sprint” of Chainalysis’ “Operation Spincaster,” a series of public-private collaborations designed to disrupt and prevent cryptocurrency scams. Spincaster itself spun out from “Operation Disruption,” a collaboration between Chainalysis and the Calgary Police Service in March 2024.
“Leveraging the transparency of the blockchain, Chainalysis proactively identified thousands of compromised wallets. This actionable intelligence formed the basis of a series of operational sprints across six countries (U.S., U.K., Canada, Spain, Netherlands and Australia) with over 100 attendees, including 12 public sector agencies and 17 crypto exchanges,” the company said in a press release.
“Over 7,000 leads were disseminated during these sprints, relating to approximately US$162 million of losses. These leads were used to close accounts, seize funds and build intelligence to prevent future scams.”
During last fall’s Operation DeCloak, Chainalysis led training sessions in investigating leads, tracing stolen funds and identifying compromised wallets using the company’s proprietary “Crypto Investigations Solution.”
According to a DPD press release, 240 crypto addresses were closely examined, revealing an estimated collective loss of C$35 million.
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The event also promoted proactive policing and disruption strategies aimed at combating fraud, with particular emphasis on a growing tactic known as “approval phishing” used by romance and investment scammers targeting cryptocurrency transactions.
The method involves scammers gaining their victim’s trust by promoting false investment opportunities with the promise of high returns, thereby convincing victims to unknowingly approve malicious blockchain transactions.
The initial transaction gives the scammer access to tokens in the victim’s digital wallet without the victim’s knowledge, resulting in unauthorized withdrawals.
Police say scammers typically connect with their victims through social media, or via apps or pop-up ads.
During Operation DeCloak, police say immediate steps were taken to notify identified victims of these scams.
“With the co-operation of the exchange companies, affected individuals were promptly contacted with the goal of preventing further harm,” the DPD said in its press release.
Since the workshop, the department has successfully deployed the techniques learned through Operation DeCloak.
“The technique was applied to a previous investigation which identified stolen cryptocurrency funds in a blacklisted address containing US$1.2 million. This address was in the process of being seized by an overseas police agency,” the department said.
Using the DeCloak techniques, the DPD’s Cybercrime Unit has identified an additional 70 transactions worth US$800,000 sent from Canadian exchanges. Investigators are identifying those victims and seizing the funds from the blacklisted address so they can be returned.
“This collaboration with Chainalysis and cryptocurrency exchanges is a testament to the DPD’s focus on innovation and commitment to community safety and well-being.”
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Cryptocurrency exchange Coinbase said Tuesday (Jan. 14) that it is investigating a problem with delayed sends of Ripple (XRP) on its platform.
“We are aware that some users may be experiencing delayed sends for Ripple (XRP),” Coinbase said in an incident report on its status page. “Buys, Sells and Fiat withdrawals/deposits are not affected. We are investigating this issue and will provide an update shortly.”
In an earlier, separate report on its status page, Coinbase said some users experienced delayed sends and receives for Stellar (XLM) on Friday (Jan. 10). That incident was resolved within 90 minutes.
On Thursday (Jan. 9), some users experienced latency or degraded performance with buys, sells, sends, Coinbase Onramp and Advanced Trade. That issue was resolved within two hours, according to the page.
In other, separate news about the company, it was reported Thursday (Jan. 9) that Coinbase told customers that it may have to share data demanded by the Commodity Futures Trading Commission (CFTC).
The regulator sent a subpoena to the firm that seeks information about Coinbase customers’ interactions with prediction market firm Polymarket, and Coinbase emailed some customers saying it may have to share that data with the CFTC.
“When we receive requests for information from a government, each request is carefully reviewed by a team of trained experts using established procedures to determine its legal sufficiency,” a Coinbase spokesperson told CoinDesk.
On Dec. 9, cryptocurrency payments solution firm Triple-A announced an integration with Coinbase that it said it designed to let Coinbase users make payments to select merchants in the Triple-A network.
“Triple-A’s integration with Coinbase Commerce will empower merchants to offer a Coinbase-specific payment option, enhancing the convenience for Coinbase users and allowing Coinbase to connect with a wider network of merchants, to drive the broader adoption of cryptocurrency payments,” the company said in a press release.
Coinbase upgraded its Coinbase One subscription program and launched a new tier called Coinbase One Premium on Dec. 4, saying that with these new offerings, “Coinbase One now truly benefits all types of traders.”
Coinbase One membership has reached 600,000 across 42 countries, the company added.
An update from Axiom Capital Advisors, Inc. ( (TSE:WHIP) ) is now available.
Credissential Inc. announced a new Cryptocurrency Acquisition Policy aimed at enhancing shareholder value by purchasing digital assets like XRP and XLM. This move aligns with the company’s cryptocurrency initiatives and allows investors exposure to the growing digital asset market. The policy is also seen as a strategy to navigate inflationary pressures while diversifying the company’s treasury holdings, indicating a proactive approach to adapting to market trends and delivering long-term shareholder value.
More about Axiom Capital Advisors, Inc.
Credissential Inc. is a vertically integrated AI software development company focusing on advancing financial technology solutions. The company is committed to developing innovative products such as Antenna, a payment platform enhanced with AI and quantum encryption technologies, and DealerFlow, an AI-driven dealer management system designed to streamline operations and enhance efficiency.
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