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According to reports, FTX founder Sam Bankman-Fried will likely plead not guilty to the alleged FTX and Alameda-related financial frauds at his arraignment on Jan 3rd before U.S. District Judge Lewis Kaplan in Manhattan. The reports cite an unnamed source familiar with the matter. However, even if SBF pleads not guilty during initial court hearings, he is allowed to change his plea in due time. https://www.wsj.com/articles/sam-bankman-fried-likely-to-enter-plea-of-not-guilty-11672431309
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In his first tweet since being arrested, former FTX CEO Sam Bankman-Fried (SBF) has denied any involvement in the recent movement of funds in wallets linked to Alameda Research. Over $684,000 in crypto has been cashed out of the Alameda-linked wallets via. an exchange in Seychelles, according to an on-chain investigation conducted by DeFi educator BowTiedIguana. SBF tweeted, "None of these are me. I'm not and couldn't be moving any of those funds; I don't have access to them anymore." https://decrypt.co/118193/sam-bankman-fried-denies-moving-alameda-linked-funds -
The Securities Commission of the Bahamas (SCB) has reportedly been holding more than $3.5 billion worth of FTX customer assets in custody since Nov. 12. The regulator stated that the assets will be held until the Bahamas Supreme Court directs the SCB to deliver them to the customers and creditors who own them. It further clarified that the assets were no longer in the control of FTX co-founders and that it had never directed them to prioritise fund withdrawals for Bahamas-based clients. https://www.theblock.co/post/198434/bahamian-regulator-holding-3-5-billion-of-ftx-customer-assets
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Sam Bankman-Fried (SBF), the former CEO of FTX, has reportedly reversed his decision to contest extradition and is expected to appear in court in the Bahamas on December 19 to seek a reversal. This means that SBF has consented to be extradited to the US. Before the U.S. courts, SBF currently faces charges of conspiracy to commit wire fraud on customers and lenders, securities fraud, commodities fraud, money laundering and conspiracy to defraud the United States and violate campaign finance law. If convicted on all counts, he could potentially face 115 years in jail. According to defence lawyer Zachary Margulis-Ohnuma, SBF will likely be held at the Metropolitan Detention Center in Brooklyn upon his arrival in the United States. He could also be held at jails just outside New York City due to overcrowding at the facility. https://www.reuters.com/world/us/sam-bankman-fried-reverse-decision-contesting-extradition-source-2022-12-17/
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According to a report by the New York Times, U.S. federal prosecutors have reached out to top members of the Democratic Party seeking more information about political donations made by former FTX CEO Sam Bankman-Fried and the two executives he worked with. A prosecutor from the U.S. Attorney’s Office for the Southern District of New York sent an email to a law firm representing prominent Democratic political groups, asking for details on donations made by SBF and colleagues. Similar emails were sent over to other members of the Democratic and Republican parties, including Rep. Hakeem Jeffries. https://www.nytimes.com/2022/12/17/us/politics/sam-bankman-fried-political-donations-doj.html
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According to reports, investors have been cautioned by the Singapore Police Force to be wary of fraudulent websites that promise to assist them with recovering money from the now-defunct crypto exchange FTX. The police reportedly warned about a phishing website asking FTX users to log in with their account credentials. The website claimed to be hosted by the U.S. Department of Justice and targeted local investors stating that they “would be able to withdraw their funds after paying legal fees.” https://cointelegraph.com/news/singapore-police-warn-investors-against-ftx-phishing-scams-report
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According to reports, FTX founder Sam Bankman-Fried cashed out $300 million in personal stakes from a $420 million funding round for FTX that occurred in October 2021. The funds were raised under the premise of using the money to help grow the business, improve user experience and allow it to engage more with regulators. SBF told investors at the time that he was withdrawing the funds to partially reimburse himself for money he’d spent to buy out Binance’s stake in FTX a few months earlier. https://www.wsj.com/articles/ftxs-sam-bankman-fried-cashed-out-300-million-during-funding-spree-11668799774 -
One of Canada's largest pension funds, Ontario Teachers' Pension Plan (OTPP), is reportedly planning to write down the entirety of its $95 million investment in FTX and FTX US after the firms filed for bankruptcy protection. According to a statement, OTPP invested $75 million in FTX International and its U.S. entity FTX.US in October 2021 and followed with another $20 million in FTX.US in January of this year. The firm stated, "The financial loss from this investment will have limited impact on the Plan, given its size relative to our total net assets and our strong financial position. However, we are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach.” https://www.coindesk.com/business/2022/11/18/pension-giant-ontario-teachers-plans-to-write-off-all-95-million-invested-in-crypto-exchange-ftx/
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Hong Kong-based crypto over-the-counter (OTC) trading firm Genesis Block HK reportedly has over $50 million worth of assets stuck in the now-bankrupt crypto exchange FTX. According to an email from Genesis Block sent to its customers and obtained by crypto news firm ‘The Block’, the impact is significant enough that Genesis Block is shutting down its OTC business on Dec. 10. The email stated, "With regret, we will be closing down the genesisblockotc.com portal website on 10 December (Fri) 2022 at 6:00 pm HKT. Withdrawals of user balances are fully functional via the OTC chat group. Please do NOT deposit any crypto assets into the portal." https://www.theblock.co/post/188335/genesis-block-hk-has-more-than-50-million-stuck-on-ftx-source
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The Financial Industry Regulatory Authority (FINRA), an American self-regulatory organisation, has launched an examination into the retail communications practices of crypto firms. This includes "video, social media, mobile applications, and websites” published by crypto firms during the period between the beginning of July and the end of September. Companies will also need to file compliance and training manuals, as well as review and approval processes. The move by the organisation comes in response to the recent FTX meltdown. https://cointelegraph.com/news/ftx-meltdown-triggers-finra-into-probing-crypto-comms
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Btw, it is just about 10% of BTC held in exchanges. There are still more than 1.8 mil on exchanges. Also, since I'm sure many have withdrawn in a hurry, including those who didn't have any prior self custody experience, I hope not many of those 220 000 got lost due to mistake or stolen in some scam
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