FTX lost $100m in Terra/UST crash
The post FTX lost $100m in Terra/UST crash appeared on BitcoinEthereumNews.com. Defense attorney Mark Cohen cross-examined former Alameda Research CEO Caroline Ellison after the witness said Sam Bankman-Fried cajoled her into making misleading social media statements and ordered loan repayments funded with stolen customer crypto. Witness testimony on day six revealed tenuous months leading to FTX’s collapse marked by subpar corporate practices and buried secrets. Not only did Bankman-Fried oversee fake financial records sent to lenders like Genesis and hide FTT’s hollow value, per Ellison’s telling, FTX and Alameda also loaned at least $5 billion to select employees for speculative investments and political donations, crypto.news reported covering SBF’s trial. Accounts of alleged bribes paid to Chinese officials to unfreeze around $1 billion, possibly belonging to FTX customers, suggested violations of the Foreign Corrupt Practices Act (FCPA) by staffers including SBF himself and Alameda co-CEO at the time, Sam Trabucco. U.S. FCPA laws bar individuals and entities from carrying out illegal actions, bribery included, involving foreign officials. According to InnerCityPress, the bribes were aided by Constance Wang, David Ma and another name only mentioned as “Handi”. Ma told FTX and Alameda to transfer $100 million in cryptocurrencies to wallets owned by Thai escorts per reports. OK – here from today’s (now yesterday’s) court exhibits in US v. SBF is the reference to the bribe to Chinese officials, also involving Sam Trabucco, as “the thing” – Inner City Press coverage, SDNY & UN, will continue : ) Support: https://t.co/u4oPsv17a8 pic.twitter.com/BMvHihOKuN — Inner City Press (@innercitypress) October 12, 2023 I told Alameda staffers that FTX borrowed customer funds – Ellison Day seven of SBF’s fraud trial in a Manhattan federal court continued with a cross-examination of Ellison’s testimony by defense lawyer Mark Cohen. District Judge Lewis A. Kaplan ruled against considering a $1 billion stake in AI company Anthropic during the hearing. Caroline Ellison,…
The post FTX lost $100m in Terra/UST crash appeared on BitcoinEthereumNews.com.
Defense attorney Mark Cohen cross-examined former Alameda Research CEO Caroline Ellison after the witness said Sam Bankman-Fried cajoled her into making misleading social media statements and ordered loan repayments funded with stolen customer crypto. Witness testimony on day six revealed tenuous months leading to FTX’s collapse marked by subpar corporate practices and buried secrets. Not only did Bankman-Fried oversee fake financial records sent to lenders like Genesis and hide FTT’s hollow value, per Ellison’s telling, FTX and Alameda also loaned at least $5 billion to select employees for speculative investments and political donations, crypto.news reported covering SBF’s trial. Accounts of alleged bribes paid to Chinese officials to unfreeze around $1 billion, possibly belonging to FTX customers, suggested violations of the Foreign Corrupt Practices Act (FCPA) by staffers including SBF himself and Alameda co-CEO at the time, Sam Trabucco. U.S. FCPA laws bar individuals and entities from carrying out illegal actions, bribery included, involving foreign officials. According to InnerCityPress, the bribes were aided by Constance Wang, David Ma and another name only mentioned as “Handi”. Ma told FTX and Alameda to transfer $100 million in cryptocurrencies to wallets owned by Thai escorts per reports. OK – here from today’s (now yesterday’s) court exhibits in US v. SBF is the reference to the bribe to Chinese officials, also involving Sam Trabucco, as “the thing” – Inner City Press coverage, SDNY & UN, will continue : ) Support: https://t.co/u4oPsv17a8 pic.twitter.com/BMvHihOKuN — Inner City Press (@innercitypress) October 12, 2023 I told Alameda staffers that FTX borrowed customer funds – Ellison Day seven of SBF’s fraud trial in a Manhattan federal court continued with a cross-examination of Ellison’s testimony by defense lawyer Mark Cohen. District Judge Lewis A. Kaplan ruled against considering a $1 billion stake in AI company Anthropic during the hearing. Caroline Ellison,…
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