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FTX founder Sam Bankman-Fried’s criminal trial for fraud resumed at 10 a.m. New York time, as Federal Judge Lewis A. Kaplan moved to conclude jury selection and hear opening statements from attorneys on both sides. Senior District Judge Lewis A. Kaplan is presiding over the case, and Assistant U.S. Attorney Nicolas Roos is leading the prosecution. The defense is being led by Mark Cohen. Here are the latest live updates from inside the courtroom on day 2:  Judge Kaplan wrapped up initial juror picks around 11:20 a.m. ET, with 12 jurors and 6 alternates selected. Opening statements begin with 40 minutes for the defendant, and 25 minutes for the prosecutors.  Opening statement from the prosecutor Assistant U.S. Attorney says Bankman-Fried lied to the world as he built his crypto empire at FTX. Only his close friends and girlfriend knew the truth about what was happening.  Prosecutor says the defendant opened bank accounts with fake records and stole FTX customer deposits throu

Michael Lewis, the author of “The Big Short,” says the disgraced crypto entrepreneur was exploring the legality of such a move. Sam Bankman-Fried (aka SBF), founder and former CEO of the now-bankrupt cryptocurrency exchange FTX, was considering paying Donald Trump $5 billion not to run for re-election. In an interview with CBS, Michael Lewis, the author of “The Big Short” and “Going Infinite: The Rise and Fall of a New Tycoon,” noted that SBF was not sure at the time whether that number came directly from Trump. However, the disgraced crypto entrepreneur was not worried about the number but about the legality of this move. “He [SBF] got one answer, yes. The question Sam had was not just, “Is $5 billion enough to pay Trump not to run,” but “Was it legal?” Michael Lewis. You might also like: FTX ramps up asset recovery ahead of Bankman-Fried’s trial According to an excerpt of Lewis’ forthcoming book “Going Infinite: The Rise and Fall of a New Tycoon,” which will become

Disgraced former FTX CEO Sam Bankman-Fried has been told that he m US t remain in jail while he prepares for his upcoming trial, reports Reuters. Bankman-Fried saw his $250 million bail revoked last month amid claims that he had sought to interfere with witnesses and influence proceedings. The former billionaire appealed almost immediately with his team arguing that he couldn’t properly prepare his defense due to the “inhumane” and “dangerous” conditions inside the Brooklyn-based Metropolitan Detention Center. Court papers specifically claim that the few hours a day Bankman-Fried has been allotted to review evidence on a laptop are insufficient. They also claim he’s lost valuable preparation time due to him being required to take part in prisoner counts . However, these protests fell on deaf ears when the 2nd US Circuit Court of Appeals made its decision on Wednesday. The court did offer some hope, stating that it would ask the next available three-judge panel to consider Bankma

Media Outlets Appeal Against Customer Names Redaction Earlier this month, Bankruptcy Judge John Dorsey ruled that FTX can keep its individual customers’ names secret as it could expose them to identity theft and other scams. Typically, bankrupt companies are required to disclose their creditors and debt amounts they hold, including individual customers, but the US bankruptcy law contains sections preventing details on the basis of risk of identity theft or other injuries. advertisement FTX debtors and creditors argued customers of crypto lender Celsius Network faced scams and identity theft after its customers’ names were revealed. On Friday, the media outlets filed a notice of appeal in the Delaware Bankruptcy Court to appeal Judge John Dorsey’s ruling to permanently redact FTX customer names from the bankruptcy case. Attorneys for Bloomberg and other media outlets argue FTX bankruptcy is not entitled to disclosure requirements exception. This is the second t

Less than a day back, FTX founder Sam Bankman-Fried was charged for bribing a Chinese official. In a new indictment, the U.S. Department of Justice alleged that he paid $40 million as a bribe. In fact, the indictment claimed that accounts belonging to Alameda Research were the target of a freezing order from Chinese police “in or around” November last year. Retrospectively, the bribe was paid to unfreeze the accounts. The latest development only adds to the piling charges against the FTX founder. According to Bloomberg News’ Annabelle Droulers, “He’s now facing 13 criminal counts and faces more than a century behind bars if convicted.” Sam Bankman-Fried already was facing more than a century behind bars if convicted of all the charges outlined against him. The addition of a charge that he bribed Chinese officials once again raises the stakes. More here: https://t.co/dtj8KddWcR pic.twitter.com/b4RPPApMha — Bloomberg Crypto (@crypto) March 29, 2023 Also Read: FTX ’s Gary

The collapse of the FTX exchange was one of the biggest catastrophic events of 2022. Ever since the fall, the bankruptcy lawyers and the investigators have been trying their best to pool the funds to repay the customers who lost millions. The attempt to get their hands on the Robinhood shares didn’t turn out to be successful. According to the latest report by the New York Times, $400 million worth of investments by Sam Bankman-Fried have been sitting in a JP Morgan Chase account. The investment by SBF in Modulo Capital, an obscure hedge fund, is worth $400 million, according to people familiar with the matter. Also read: Tether USDT’s Market Cap Shot up by $1 Billion in a Day One person familiar with the standard event stated that the founders of Modulo are in negotiations with FTX prosecutors. If FTX turns out to be successful in receiving the $400 million, it would push them several steps ahead and require the effort of recovering billions to pay the customers and inves

The cryptocurrency industry along with the entire globe witnessed the downfall of the FTX empire and its founder Sam Bankman-Fried. Currently, under house arrest, the court requires the former CEO to abide by certain rules. Contesting the same, SBF’s attorneys made a new plea to the Judge. According to a recent court filing, the former FTX CEO intends to “resolve the outstanding issues” associated with his bail conditions. Elaborating on the same, SBF’s counsel, Mark Cohen wrote, “The parties would like to continue these discussions, which we are optimistic will lead to an agreement between the parties in the next few days and eliminate the need for further litigation.” Earlier this week, U.S. District Court Judge Lewis Kaplan altered SBF ’s bail requisites. The Judge banned the troubled CEO from contacting former or current employees of both FTX and Alameda. He was forbidden from employing Signal and other messaging applications to do so. This was done after prosecutors poi

Peter Smith said the hardest thing to trace was the funds that enter the banking system. Blockchain.com's founder and CEO, Peter Smith, believes on-chain analytics will play a significant role in locating the missing FTX funds, though it will have its limitations. On Dec. 20, Fox Business host Liz Claman said that blockchain’s selling point was that it makes crypto transactions transparent and traceable, asking Smith the question of what it could trace in the case of FTX’s missing customer funds. Smith said that blockchain sleuths have already done a fair bit of work in chasing the money trail, adding that it could in fact be the banking system where the trail could turn cold: “The most challenging thing for [blockchain analytics] firms working on this today is when money moves off chain and into the banking system because they’re no longer able to track it.” He cited an example of when Sam Bankman-Fried or associates purchased real estate as that would have originated from a ban