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Caroline Ellison was sentenced to two years in prison for her role in the $11 billion collapse of the FTX cryptocurrency exchange that was co-founded by boyfriend Sam Bankman-Fried. The sentence came despite what Judge Lewis Kaplan called her ”remarkable” cooperation with prosecutors in testifying against Bankman-Fried, who was earlier jailed for 25 years after being convicted on seven counts of fraud and conspiracy for his role in the exchange’s collapse. “I’ve seen a lot of cooperators in 30 years here, I’ve never seen one quite like Miss Ellison,” the Judge said. Still, her sentence was necessary because of the scale of the fraud, he added. “For it to be a case this serious, to be a literal get-out-of-jail-free card — I cannot see a way to it,” he said Ellison had faced a maximum sentence of 110 years in prison, but her defense attorneys called for leniency based on her cooperation, saying it was a ”cornerstone...

The recent surge in FTX claims is being attributed to its early investment in AI companies whose valuation has jumped in recent times. The current claim pricing of FTX has reached a maximum of 57%, according to data from Claims Market. The increase in FTX’s claim pricing is attributed to the valuation of the Artificial intelligence (AI) companies that the now-bankrupt crypto exchange previously invested in.  Creditors stake their claims to try to recoup some of their investment when businesses experience financial difficulties or bankruptcy. Based on their estimates of the total amount recovered, investors frequently trade these claims. There is an increase in the estimated recovery value when the pricing of a claim rises. FTX claims. Source: Claims Market As the value of FTX investment in these AI companies jumped, so did the potential amount that could be recovered from its bankruptcy procedure. A claim is a legal assertion of a certain monetary amount. The claim percentage value...

Sam Bankman-Fried’s trial enters into its seventh day, with witnesses testifying Alameda and FTX’s mishaps led to an industry-wide cascading effect. The 7th day of FTX founder Sam Bankman-Fried’s historic trial continues, as former Alameda CEO, Caroline Ellison is cross-examined by the defendant’s lawyers. Two other witnesses also testified today, which included Christian Drappi, a software engineer at Alameda, and Zac Prince from bankrupt crypto exchange BlockFi. Cross-examination of Caroline Ellison, former CEO of Alameda Research Ellison admits that he found SBF correct in some of his statements and also saw him as ambitious. Ellison admits that SBF was willing to take on more business risk than her. After former Alameda Research co-CEO Sam Trabucco resigned in 2022, SBF wanted to appoint another co-CEO. However, Ellison wanted to remain the sole CEO. Even as a CEO, Caroline Ellison handled most of the core tasks at Alameda, including HR, accounting, and ...

Week 2 of Sam Bankman-Fried’s trial in New York continued after premiere witness accounts from SBF’s inner circle as federal prosecutors pointed the jury to alleged fraudulent schemes masterminded by the FTX founder himself. Day 4 of SBF’s trial ended a few minutes ahead of schedule, but not before Gary Wang dealt potentially heavy blows to the founder’s defense. Wang, former Alameda and FTX CTO, told the court of special code written to allow SBF’s hedge fund withdraw without limits, adding that SBF lied to the public about how FTX treated customer cash and assets, per InnerCityPress. OK – SBF trial restart, Gary Wang still on cross examination, Bankman-Fried's lawyer want to ask him about other lawyers' role in his real estate purchases. On desk (and photogs waiting outside for) Caroline Ellison. Inner City Press will live tweet, thread below pic.twitter.com/qDvMDZberR — Inner City Press (@innercitypress) October 10, 2023 Before that, another childhood fr...

Day one of Sam Bankman-Fried’s criminal trial on charges of wire fraud, money laundering, and conspiracy was officially scheduled to begin at 9:30am. For unclear reasons, Bankman-Fried arrived, dressed in a court-allowed grey business suit, at 9:55am. The first two orders of business in the courtroom may also have been the most significant news of the day. In statements before Judge Lewis Kaplan, both government prosecutors and Bankman-Fried’s defense team affirmed that he had received no offer of a plea deal from the government. The lack of any plea offer whatsoever explains the biggest mystery of the trial: why there’s a trial at all. Various statements by Bankman-Fried and his parents have made the trio seem borderline delusional in their insistence that Sam is innocent, despite his own executives already having confessed to numerous crimes. But if confessing your guilt gets you little or nothing, why not pretend you’re innocent for as long as you can? The second opening note s...

Ryan Salame plans to plead the Fifth if he is asked to testify at Sam Bankman-Fried's criminal trial, according to United States prosecutors. Former FTX executive Ryan Salame will reportedly avoid testify ing about his role in FTX’s alleged illegal campaign donation scheme if he is subpoenaed in Sam Bankman-Fried’s criminal trial. Lawyers representing the former FTX co-CEO said that Salame will be unavailable as a witness to the case, according to an Aug. 14 motion filed by United States federal prosecutors. “Salame’s attorney has represented that if subpoenaed, Salame would invoke his Fifth Amendment right against self-incrimination,” the prosecutor’s motion states, adding that Salame would be “unavailable as a witness.” From the US government's motion in limine in the Sam Bankman-Fried criminal trial: "[Ryan] Salame is unavailable as a witness... Salame’s attorney has represented that if subpoenaed, Salame would invoke his Fifth Amendment right against self-incrimin...

In a superseding indictment revealed today, FTX founder Sam Bankman-Fried is facing four new criminal charges. Now, after the eight charges made public during his initial arrest, the former CEO of the collapsed crypto exchange has a total of 12 criminal charges placed against him. Bloomberg reported that the charges were unsealed today and could be used to add a defendant to the case. Specifically, the additional charges are focused on fraudulent activity and conspiratorial political donations. JUST IN: SBF charged with conspiracy to make unlawful political donations and defraud the Federal Election Commission. — Watcher.Guru (@WatcherGuru) February 23, 2023 SBF Now Facing 12 Criminal Charges At the time of his arrest in November, Sam Bankman-Fried was facing an abundant eight criminal charges. Those offenses ranged from fraud to conspiracy and were connected to the collapse of his crypto exchange, FTX . Now, with a superseding indictment unveiled today, those ch...