Sam Bankman-Fried’s Supersized Bet: $1 Billion for a Bitcoin Miner on the Kazakh Steppe

Sam Bankman-Fried’s Supersized Bet: $1 Billion for a Bitcoin Miner on the Kazakh Steppe

Caroline Ellison says she’s ‘truly sorry for what I did,’ as she pleads guilty

Caroline Ellison has apologized for stealing billions in customer deposits at crypto exchange platform FTX to make bets at Alameda Research, the hedge fund she ran. “‘I am truly sorry for what I did.’” — Caroline Ellison, former head of Alameda Research Ellison made her comments in front of a judge in New York federal … Read more

Sam Bankman-Fried to reverse decision to fight extradition: Report

Sam Bankman-Fried could soon be headed for a U.S. prison to face fraud charges. The former CEO of FTX—the cryptocurrency exchange that went abruptly bankrupt last month—is currently being held in a jail in the Bahamas. Bahamian authorities arrested him on Monday following a formal notification by the U.S. government that it had filed criminal … Read more

Roblox Has 57 Million Daily Users, Half Under 12. What Could Go Wrong?

My kids sat me down for slide presentations on their school-issued Chromebooks detailing what they want for Christmas. Appalling, sure, but I figure they’re building IPO roadshow skills that could pay off in a future easy-credit cycle. Both lists included Robux, the digital currency of Roblox (ticker: RBLX). Since its first day of trading in … Read more

The Crypto Ice Age Is Here. It Could Get Even Worse.

For crypto investors, the only thing to celebrate about 2022 is that it is almost over. The industry is fighting for its life amid a cascade of scandals, bankruptcies, and fury in Washington over its freewheeling, if not fraudulent, ways. Bitcoin has lost 67%  since late 2021. The token market is down by $2 trillion … Read more

Bankman-Fried’s ‘I screwed up’ script about penalties vs. jail: Lawyer

FTX founder Sam Bankman-Fried went on an “I screwed up” media blitz this week, highlighted by his video appearance at the New York Times DealBook summit on Wednesday and continuing into the Sunday talk shows. U.S. securities lawyer James Murphy, speaking to CNN’s Quest Means Business on Thursday, said Bankman-Fried “did a very good job … Read more

FTX fiasco one of the most egregious cases of ‘gross negligence,’ says Ackman

Hedge-fund titan Bill Ackman appears to be walking back comments he made via Twitter last week about Sam Bankman-Fried that some interpreted as implicit support for the 30-something who presided over one of the most epic bankruptcies in financial markets in recent memory. Last week, Ackman tweeted that Bankman-Fried’s statements made during a widely watched … Read more

FTX Founder Sam Bankman-Fried Says He Can’t Account for Billions Sent to Alameda

Markets Currencies Cryptocurrency Entrepreneur says he had little insight into workings of trading firm even though he owned 90% of it

Bitcoin Booster Peter Thiel Takes a Hit in BlockFi Bankruptcy

Markets Currencies Cryptocurrency Thiel’s Valar Ventures had a 19% stake in the crypto lender, according to documents filed with the bankruptcy court

They Lived Together, Worked Together and Lost Billions Together: Inside Sam Bankman-Fried’s Doomed FTX Empire

NASSAU, Bahamas—Sam Bankman-Fried’s $32 billion crypto-trading empire collapsed in an incandescent bankruptcy last week, prompting irate customers, crypto acolytes and Silicon Valley bigwigs to ask how something that seemed so promising could have imploded so fast. The emerging picture suggests FTX wasn’t simply felled by a rival, or undone by a bad trade or the … Read more