FTX’s Bankman-Fried Is Allegedly Using Alameda Funds to Pay for Legal Defense

According to two sources close to FTX, Sam Bankman-Fried, the disgraced co-founder, gave his father, Stanford Law professor Joseph Bankman, millions of dollars. The funds are reportedly being used to pay for legal costs. The sources said that Bankman-Fried allegedly gave “at least $10 million” from the now-defunct quantitative trading firm Alameda Research to his [...]

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Judge Considers Dismissing Shaquille ONeal and Naomi Osaka from FTX Lawsuit

A federal judge in Florida is considering dismissing Shaquille O’Neal and Naomi Osaka from the FTX lawsuit due to uncertainty about whether they were served. The judge reprimanded other celebrity defendants for not following proper procedure in requesting a conference extension. A consolidation request by some plaintiffs against FTX was denied, and lawyers for former FTX CEO Sam Bankman-Fried noted the possibility of pushing back the criminal trial scheduled for October 2023. (Read More)

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SBF Was ‘Delusional,’ Will ‘Spend Time in Jail’ Says Galaxy’s Mike Novogratz — ‘He Needs to Be Prosecuted’

Galaxy Digital’s CEO Mike Novogratz talked to Andrew Ross Sorkin on CNBC’s Squawk Box and gave his reaction to Sam Bankman-Fried’s (SBF) recent New York Times (NYT) Dealbook Summit interview. Novogratz said that SBF was “delusional” and insisted that the former FTX CEO needs to be prosecuted and further said, “he will spend time in

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Legal professionals astonished as SBF admits failures, apologizes 12 times in interview

The former FTX CEO has offered multiple apologies and admitted failings at least a dozen times during the one-hour interview.

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Bahamian Attorney General Insists FTX Is the Subject of an ‘Active and Ongoing Investigation’

The troubled and now-bankrupt crypto exchange FTX is the subject of “an active and ongoing investigation,” Bahamian attorney general Ryan Pinder told the press on Sunday. Pinder also stressed that putting the blame on the Bahamas “because FTX is headquartered here would be a gross oversimplification of reality.” Bahamian Attorney General Says the ‘Bahamas Will

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FTX CEO Bankman-Fried is okay with being called the ‘JP Morgan of crypto’

Sam Bankman-Fried, the CEO and co-founder of major crypto exchange platform FTX, says he doesn’t mind being referred to as the “JP Morgan of crypto” for his role in bailing out other crypto companies.

During a recent interview with Bloomberg, Bankman-Fried also talked about where his company got funds to complete deals amid a crypto winter that saw Bitcoin (BTC/USD) fall to lows of $17,600 in June.

As many crypto companies struggled amid the bear market crash, FTX had the money to splash on acquisitions and offer rescue facilities to embattled firms. Where did the exchange get the money to do these deals?

The FTX boss explained:

“So, there were a few different versions of it. And you know one piece of this was basically the FTX balance sheet – like we keep our corporate cash just in dollars. And so we’d raised a few billion dollars over the course of the last couple of years. And we’re a profitable business.”

Even as it spent on deals, FTX was able to “partially” balance its balance sheet via earlier acquisitions. Also, some of the deals, like that with crypto lender BlockFi, was handled by FTX.US – which incidentally had also raised $400 million from investors earlier in the year.

Akin to J.P Morgan’s when Wall Street’s hit turmoil in the early 20th century, Bankman-Fried has earned comparison and even called the ‘JP Morgan of crypto’ for his firm’s role in bailing out some crypto companies. He says this doesn’t bother him that much.

On why he felt he needed to do something, he said that he thought it was “the right thing for the industry.” 

He said that his company had a team of people working on the deals, who had a “very explicit mandate” – not to seek deals that would make a fortune for FTX, but ones that were “okay”.

The team’s goal, he noted, was however to ensure the company didn’t get its face “ripped off.” The higher goal was to bail out rather than maximising on deals. And if someone else would have done, FTX would have supported that, he added.

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