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FTX Co-Founder Sam Bankman-Fried’s Civil Liability Released In Settlement With Investors

According to a recent Bloomberg report, a group of investors and customers of cryptocurrency exchange FTX have agreed to drop their claims against co-founder Sam Bankman-Fried. 

In exchange, Bankman-Fried has agreed to cooperate with the plaintiffs in the ongoing lawsuits against other defendants related to the collapse of FTX.

Sam  Bankman-Fried And Insiders Settle

Per the report, if approved by a judge, this agreement would release Bankman-Fried from civil liability just weeks after being sentenced to 25 years in prison for fraud stemming from allegations of stealing billions of dollars from FTX. 

The settlement, filed in federal court in Miami, stipulates that the plaintiffs in the multi-district litigation will resolve all current and future claims against Bankman-Fried.

Other FTX insiders, including former executives Gary Wang, Caroline Ellison, and Nishad Singh, who testified against Bankman-Fried, were also sued by investors. However, they have agreed to settle and have already started providing information to support the plaintiff’s case, as stated in the court filing. 

Notably, this leaves the high-profile celebrities, sports stars, and social media influencers who promoted FTX to investors and customers as the remaining defendants.

As part of the settlement agreement, Bankman-Fried has committed to assisting the plaintiffs’ lawyers in pursuing the remaining FTX endorsers. Additionally, he will provide all nonprivileged documents related to his assets and his investment in artificial intelligence start-up Anthropic. 

Bankman-Fried will also submit an affidavit certifying his net worth as negative and share documents about other defendants involved in the expansive civil litigation.

The list of defendants in the consolidated FTX lawsuits is extensive, with financiers and celebrity endorsers such as Tom Brady, Shaquille O’Neal, and Gisele Bundchen accused of promoting “unregistered securities” and luring investors into a Ponzi scheme. 

Bankman-Fried’s agreement includes providing any relevant information about venture capital firms that invested in FTX and accountants and lawyers who worked with the exchange.

If successful, the plaintiffs could potentially win substantial amounts in damages. According to court filings, the settlements with the promoters involved in the agreement are estimated to be valued at around $1.3 million.

FTX Scandal Update

Bankman-Fried’s spokesperson, Mark Botnick, stated that his client is determined to make amends. Botnick emphasized that since the collapse of FTX, Bankman-Fried has focused solely on returning the estate’s assets to customers and ensuring they are made whole at current prices. 

Botnick expressed Bankman-Fried’s commitment to continue working with Adam Moskowitz and his team, representing the plaintiffs, to achieve this goal.

In their request for the judge’s approval of the settlement, the plaintiffs’ attorneys acknowledged the uncertainty and litigation risks associated with pursuing Bankman-Fried. They concluded that Bankman-Fried’s cooperation would be “valuable” in the remaining legal proceedings.

Bankman-Fried, who was found guilty at trial late last year and sentenced in late March, is currently in custody at the Metropolitan Detention Center in Brooklyn, New York, before being transferred to the prison where he will serve his term. He intends to appeal both his sentence and conviction.

FTX

Featured image from Reuters, chart from TradingView.com

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Bitcoin: Expect The Unexpected – Analyst Sees Unconventional Bull Run Post-Halving

Bitcoin has been moving lower ahead of the Halving event, going against analysts’ expectations. This price action has been unexpected and shows how the coin tends to go against predictions, basically charting its path. 

Bitcoin Breaking The Mold

In light of Bitcoin’s randomness, especially in the past few months following the approval of spot exchange-traded funds (ETFs), one analyst expects the coin to continue defying expectations by clocking in a bull run that defies historical trends.

4-year simple moving average for Bitcoin | Source: Analyst on X

The analyst cites two recent instances where Bitcoin defied expectations to justify this bullish outlook. First, following the rapid expansion in the 2020 to 2021 bull run that saw Bitcoin soar from less than $10,000 to fresh all-time highs of around $70,000, prices sharply contracted in 2022. 

Then, the United States Federal Reserve shifted its monetary policy to curb raging inflation by rapidly increasing interest rates. Following this and other market-related events, Bitcoin prices dipped below the all-time high of the previous cycle of $20,000.

By November 2022, prices fell to as low as $15,000, accelerated by the collapse of FTX. This retest of previous highs and fall below $20,000 had never happened before. 

Another anomaly occurred last month. For the first time, Bitcoin prices expanded and broke the previous all-time highs of around $70,000 before the Halving event. As Bitcoin’s past price action shows, prices only rally to fresh all-time highs after Halving.

However, this changed when BTC soared to $73,800, possibly paving the way for bulls to join in and push the coin back to unchartered territory post-Halving. 

Is BTC Ready For A Multi-Year Rally?

With this in mind, the analyst believes Bitcoin will continue uniquely shaping its path, deviating from history. For instance, the analyst thinks BTC will outperform altcoins in the coming months.

The analyst adds that increased regulatory scrutiny following high-profile collapses like FTX and Luna could dampen altcoin enthusiasm. 

The coin will ride on the fact that it is the only one with an ETF from the United States SEC receiving investments. As a result of this capital injection, Bitcoin will likely register a multi-year “up only” phase, just like gold did once its ETF was approved.

Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

Prices remain depressed ahead of this. Though prices are increasing at spot rates, the coin is within a bear formation. Currently, BTC has local resistance at around $65,000.

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Elizabeth Warren Demands U.S. CFTC Chair Explain His Chats With SBF

The head of the U.S. Commodity Futures Trading Commission (CFTC), Rostin Behnam, had a lot of contact with Sam Bankman-Friend, the disgraced former CEO of FTX, but lawmakers suggest he hasn’t been fully forthcoming about those interactions. So, Sens. Elizabeth Warren (D-Mass.) and Chuck Grassley (R-Iowa) are demanding more.

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Elizabeth Warren Demands U.S. CFTC Chair Explain His Chats With SBF

The head of the U.S. Commodity Futures Trading Commission (CFTC), Rostin Behnam, had a lot of contact with Sam Bankman-Friend, the disgraced former CEO of FTX, but lawmakers suggest he hasn’t been fully forthcoming about those interactions. So, Sens. Elizabeth Warren (D-Mass.) and Chuck Grassley (R-Iowa) are demanding more.

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FTX Co-Founder Sam Bankman-Fried Appeals 25-Year Conviction And Makes Unusual Request

In a dramatic turn of events, Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding users.

The judgment was handed down by US District Judge Lewis Kaplan during a hearing in a Lower Manhattan federal courtroom on March 28. 

Bankman-Fried, who had publicly announced plans to appeal the conviction, has now officially filed an objection to the decision.

‘Remorse And Empathy’ For FTX Customers

During the sentencing hearing, US District Judge Lewis Kaplan leveled serious accusations against Bankman-Fried, including perjury and evasiveness during his testimony. The judge expressed disappointment in Bankman-Fried’s lack of regret for the crimes committed. 

In response, Bankman-Fried expressed remorse and empathy for the “thousands of customers” who suffered financial losses. He acknowledged his responsibility as CEO of FTX and expressed desire to repair the damage caused.

Bankman-Fried expressed frustration at the loss of what he had achieved and his limited ability to improve the situation from prison. Despite his efforts, he acknowledged the constraints that limited his ability to do more.

Sam Bankman-Fried Alleges Trial Unfairness

In a post-conviction interview, Bankman-Fried expressed concerns about the fairness of his trial, specifically targeting Sullivan & Cromwell, the law firm representing FTX’s new owners. 

The disgraced FTX co-founder accused the law firm of colluding with the prosecution and obstructing his access to key FTX documents shared with the prosecution. Bankman-Fried claimed that this had a detrimental effect on the entire trial, including media coverage and the defense’s ability to present evidence in his favor.

With the official appeal now filed, Bankman-Fried is seeking a different outcome, hoping for a reduced sentence. He emphasized the importance of introducing crucial evidence and presenting key witnesses, which he claims his defense was denied the opportunity to do during the trial.

Currently being held at the Metropolitan Detention Center in Brooklyn, Bankman-Fried has been particularly vocal about his desire to remain in the MDC-Brooklyn jail pending the outcome of his appeal. 

As this high-profile case unfolds, the crypto mogul’s quest for a different outcome and the damage caused by FTX’s collapse continue to captivate public attention.

Future actions by the US government in response to this appeal, as well as subsequent legal actions and filings by Bankman-Fried’s legal team, are yet to be determined. 

Sam Bankman-Fried

Presently, the native token of the exchange, FTT, is trading at $1.60. Notably, the token has experienced a noteworthy 4% price increase within the last 24 hours, distinguishing it from the overall trend of sideways price movement or declines observed across the cryptocurrency market.

However, it is important to note that the token has witnessed a decline of 32% over the past month, which has considerably diminished FTT’s year-to-date surge, currently standing at 25%.

Featured image from iStock, chart from TradingView.com 

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FTX Estate Offloads $1.9 Billion Worth Of Locked Solana (SOL) Tokens In Sale

In a significant development, FTX bankruptcy trustees have reportedly sold about two-thirds of a $2.6 billion stash of Solana (SOL) at a “deeply discounted price.” 

Industry figures such as Galaxy Trading and Pantera Capital were among the investors involved in the deal, according to people familiar with the matter, as reported by Bloomberg.

SOL Tokens’ Four-Year Journey

Per the report, the FTX estate was able to sell between 25 million and 30 million locked-up Solana coins at $64 each, generating up to $1.9 billion in proceeds for the estate. 

Under Mike Novogratz’s Galaxy Digital, Galaxy Trading managed to raise approximately $620 million for a fund established to purchase SOL from the FTX estate. According to the report, investors in the vehicle will be subject to a 1% management fee, and the investment will offer a yield through staking.

It is worth noting that the 41 million Solana tokens sold by the FTX estate are locked according to a pre-agreed vesting period, preventing them from being available for trading on the market. 

According to Bloomberg, these tokens will gradually become available for sale over the course of four years, which could significantly impact SOL’s price action. However, as the tokens remain locked, SOL’s 739% year-to-date (YTD) uptrend remains intact, and the possibility for further gains remains in the cards.

Solana Sale Garners Interest From Prominent Figures

FTX co-founder Sam Bankman-Fried, convicted of fraud and sentenced to 25 years in prison, was a major supporter of SOL. 

As previously reported, Bankman-Fried has actively engaged with guards at the Metropolitan Detention Center, where he is currently incarcerated. He offers investment advice and recommends SOL as a potential opportunity, demonstrating his bullish sentiment on the protocol. 

The token, which operates on the Solana blockchain, constituted a significant portion of the digital assets stranded on the collapsed exchange, creating shockwaves throughout the crypto markets. 

In addition to Galaxy Digital, Bloomberg notes that selling SOL tokens has attracted the attention of Pantera Capital. This $5.2 billion asset manager has reportedly raised capital for a special fund to acquire up to $250 million of SOL from the FTX estate. 

Vancouver-based Neptune Digital Assets Corp. also announced the purchase of 26,964 SOL tokens for $1.7 million on March 27. However, FTX creditors are concerned they will be under-compensated in the SOL sale process. 

Creditors Dispute FTX Bankruptcy Ruling

In January, the judge overseeing the bankruptcy case ruled that the amount of each claim should be based on what the customer or creditor was owed on the day FTX filed for bankruptcy. At that time, SOL was trading at about $16, well below its current market price.

As the price of SOL rallied in recent months, this discrepancy became a point of contention for some creditors. One creditor, Sunil Kavuri, expressed during Bankman-Fried’s final sentencing hearing that the SOL coins are “our property.” 

Another creditor, whose name was redacted in court documents, stated in a written statement that the FTX estate is “giving away money for free to hedge funds.” In a recent interview, Bankman-Fried claimed the following regarding clients’ growing concerns about underpayment: 

I’ve heard and seen the despair, frustration, and sense of betrayal from thousands of customers; they deserve to be paid in full, at current price. That could and should have happened in November 2022, and it could and should happen today. It’s excruciating to see them waiting, day after day. 

Solana

Currently, the price of SOL stands at $175, reflecting a decrease of up to 6.7% within the last 24 hours and over 7% over the past week.

Featured image from Shutterstock, chart from TradingView.com 

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FTX Founder Sam Bankman-Fried Breaks Silence, Announces Appeal For 25-Year Conviction

In a recent interview with ABC News, Sam Bankman-Fried (SBF), the co-founder and former CEO of the now-bankrupt cryptocurrency exchange FTX, spoke about his remorse and plans for an appeal following his recent 25-year prison sentence for fraud.

FTX Co-Founder Admits Errors

Bankman-Fried, currently held at the Metropolitan Detention Center in Brooklyn, shared his reflections on the unfolding events. He admitted to making several “bad decisions” in 2022 that led to FTX’s insolvency.

Although he claimed he had never considered his actions illegal, Bankman-Fried acknowledged falling short of the “high ethical standard” he set for himself.

During the sentencing, US District Judge Lewis Kaplan accused Bankman-Fried of perjury and evasiveness during his testimony, criticizing his lack of remorse for the crimes committed. In response, Bankman-Fried affirmed his remorse and expressed empathy for the thousands of customers who suffered financial losses. SBF claimed the following:

I’m haunted, every day, by what was lost. I never intended to hurt anyone or take anyone’s money. But I was the CEO of FTX, I was responsible for what happened to the company, and when you’re responsible it doesn’t matter why it goes bad. I’d give anything to be able to help repair even part of the damage. I’m doing what I can from prison, but it’s deeply frustrating not to be able to do more

Bankman-Fried also acknowledged the impact on his co-workers, who reportedly dedicated their lives to FTX, and the charities he supported, whose funding was affected by the company’s collapse. 

The disgraced crypto mogul expressed deep regret for “throwing away” what they had worked hard for and expressed a desire to repair at least part of the damage caused. Despite his efforts from prison, Bankman-Fried admitted to feeling frustrated by the limitations on what he could do to rectify the situation.

In his statement to the court, Bankman-Fried contended that if he or another FTX employee had remained CEO, customers would have been paid back by now. He attributed the delay in compensation to the company’s decision not to restart the FTX exchange, which he believed could have created long-term value.

Sam Bankman-Fried Claims ‘Unfair’ Trial, Plans Appeal

During the interview, Bankman-Fried also raised concerns about the fairness of his trial, specifically calling out Sullivan & Cromwell, the law firm representing FTX’s new owners. 

SBF accused them of colluding with the prosecution and preventing him from accessing key FTX documents shared with the prosecution. Bankman-Fried claimed this had a “detrimental effect” on the entire trial, including media coverage and the defense’s ability to present evidence in his favor.

Responding to Bankman-Fried’s claims, a spokesperson for Sullivan & Cromwell referred to Judge Kaplan’s sentencing remarks, highlighting Bankman-Fried’s perjury on the witness stand and his strategy of blaming lawyers and the bankruptcy process instead of accepting responsibility for his crimes.

Looking ahead, Bankman-Fried revealed that his defense team plans to appeal the conviction later this year, primarily based on certain trial testimony that he felt greatly misrepresented the actual events. He also mentioned the importance of introducing “crucial evidence” and presenting key witnesses, which his defense was allegedly not allowed to do during the trial.

As Bankman-Fried begins his prison term, he acknowledges the gravity of the situation, having lost everything. While expressing a desire to make a positive difference in the world, he recognizes the limitations of his current circumstances and remains committed to seeking justice through appeals.

Sam Bankman-Fried

Featured image from BBC News, chart from TradingView.com

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BREAKING: Sam Bankman-Fried Sentenced To 25 Years In Prison

In a highly anticipated courtroom verdict, Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding users. US District Judge Lewis Kaplan delivered the judgment during a Lower Manhattan federal courtroom hearing.

FTX Founder Sam Bankman-Fried Sentenced

Judge Kaplan sternly criticized the defense’s argument, labeling it as “misleading, logically flawed, and speculative.” As reported by our sister site, Bitcoinist, Kaplan highlighted Bankman-Fried’s obstruction of justice and witness tampering during his defense, which were significant factors considered in the sentencing decision.

Bankman-Fried expressed remorse in a statement, acknowledging that his series of “selfish” decisions as the leader of FTX had led to the exchange’s downfall. He admitted to having “thrown it all away” and expressed regret that continues to haunt him daily.

Prosecutors had initially sought a maximum sentence of 50 years, while Bankman-Fried’s legal team argued for a maximum of 6 years. In November, Bankman-Fried was found guilty on seven criminal counts, and he has since been held at the Metropolitan Detention Center in Brooklyn.

Life Plans Shattered

Late Tuesday, prosecutors submitted documents containing testimonies from victims, shedding light on the impact of Bankman-Fried’s actions. One victim, whose name was redacted, wrote a letter dated March 15, describing the destruction of their entire life and the emotional toll it had taken on their family. 

They emphasized that they had entrusted their funds to FTX as a custodian, not consenting to the risks Bankman-Fried had taken with their money. The victim shared the suffering that had led to depression and even thoughts of suicide.

During the trial, prosecutors revealed that Bankman-Fried had diverted funds from FTX customers, amounting to as much as $8 billion. These funds were allegedly used to finance a wide range of external interests, including political initiatives, speculative investments, and funding the lifestyles of FTX executives.

Sam Bankman-Fried

Featured image from Shutterstock, chart from TradingView.com 

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BREAKING: Sam Bankman-Fried Sentenced To 25 Years In Prison

In a highly anticipated courtroom verdict, Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding users. US District Judge Lewis Kaplan delivered the judgment during a Lower Manhattan federal courtroom hearing.

FTX Founder Sam Bankman-Fried Sentenced

Judge Kaplan sternly criticized the defense’s argument, labeling it as “misleading, logically flawed, and speculative.” As reported by our sister site, Bitcoinist, Kaplan highlighted Bankman-Fried’s obstruction of justice and witness tampering during his defense, which were significant factors considered in the sentencing decision.

Bankman-Fried expressed remorse in a statement, acknowledging that his series of “selfish” decisions as the leader of FTX had led to the exchange’s downfall. He admitted to having “thrown it all away” and expressed regret that continues to haunt him daily.

Prosecutors had initially sought a maximum sentence of 50 years, while Bankman-Fried’s legal team argued for a maximum of 6 years. In November, Bankman-Fried was found guilty on seven criminal counts, and he has since been held at the Metropolitan Detention Center in Brooklyn.

Life Plans Shattered

Late Tuesday, prosecutors submitted documents containing testimonies from victims, shedding light on the impact of Bankman-Fried’s actions. One victim, whose name was redacted, wrote a letter dated March 15, describing the destruction of their entire life and the emotional toll it had taken on their family. 

They emphasized that they had entrusted their funds to FTX as a custodian, not consenting to the risks Bankman-Fried had taken with their money. The victim shared the suffering that had led to depression and even thoughts of suicide.

During the trial, prosecutors revealed that Bankman-Fried had diverted funds from FTX customers, amounting to as much as $8 billion. These funds were allegedly used to finance a wide range of external interests, including political initiatives, speculative investments, and funding the lifestyles of FTX executives.

Sam Bankman-Fried

Featured image from Shutterstock, chart from TradingView.com 

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Pantera Capital Plans $250M Solana (SOL) Buy, Analyst Predicts Record Rally Toward $1000

Pantera Capital, a prominent crypto-focused asset manager with assets totaling $5.2 billion, has launched a fundraising campaign to purchase discounted Solana (SOL) tokens from the bankrupt estate of crypto exchange FTX. 

According to Bloomberg, the initiative, known as the Pantera Solana Fund, offers investors the opportunity to purchase up to $250 million worth of SOL tokens at a significant discount to the FTX estate.

Solana Token Acquisition Plan

Pantera Capital’s marketing materials, shared with prospective investors in February and reviewed by Bloomberg, outline the opportunity to purchase SOL tokens at a price 39% below the 30-day average or at a fixed price of $59.95. 

However, Bloomberg notes that investors participating in this opportunity must agree to a vesting period of up to four years. This approach reportedly allows FTX liquidators, led by John J. Ray III, to offload SOL tokens gradually, freeing up funds for creditors without exerting immediate downward pressure on the token’s price.

According to Pantera’s pitch document, the FTX estate currently holds approximately 41.1 million SOL tokens, valued at $5.4 billion as of the close of Wednesday’s trading session. This constitutes roughly 10% of the total supply of SOL tokens. 

According to its investor pitch, Pantera aimed to close the fund by the end of February. Although the amount raised by the deadline remains undisclosed, sources familiar with the matter confirmed to Bloomberg that Pantera has secured some funds.

Investors interested in participating in the Pantera Solana Fund must commit a minimum of $25 million. Pantera Capital plans to charge a management fee of 0.75% and a performance cut of 10%.

Apart from its substantial SOL token holdings, FTX and its sister firm, Alameda Research, have invested significantly in startups within Solana’s broader ecosystem. 

According to Bloomberg, FTX’s venture arm, Solana Ventures, and Lightspeed Venture Partners jointly announced a $100 million blockchain gaming fund in November 2021.

Ultimately, the estate’s intention to sell these tokens presents an opportunity to raise funds to repay creditors, considering the notable surge of SOL’s price in the past year. SOL has experienced a staggering 650% increase, trading nearly four times its price when FTX faced its crisis in November 2022.

Crypto Analyst Forecasts SOL To Shatter Previous ATH

SOL, the fifth-largest cryptocurrency by market capitalization, has continued its remarkable upward trajectory and is currently trading at $147.

The token’s price has increased significantly by 14% in the past 24 hours alone, and over the course of 30 days, it has soared by an impressive 56%. 

Despite this uptrend, SOL remains 43% below its previous all-time high (ATH) of $259, achieved in November 2021. However, crypto analyst Altcoin Sherpa believes that SOL will break its previous ATH during this market cycle, with the only uncertainty being the size of the break.

Altcoin Sherpa suggests that reaching $500 is highly probable, and an even more astonishing milestone like $1000 is not entirely out of the question. The analyst further emphasizes its confidence in SOL’s potential, stating that it remains one of their more substantial investments. Altcoin Sherpa also highlights the next significant level to watch for SOL, which is $170.

Solana

Featured image from Shutterstock, chart from TradingView.com 

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Analyst: OP Is Undervalued But Will Skyrocket Because Of Coinbase And Base

Adam Cochran, a partner and professor, is bullish about OP, the native token of Optimism, the layer-2 scaling solution for Ethereum. 

Taking to X, Cochran is convinced OP is undervalued, pointing to the significance of Coinbase and the brand it has created over the years as a crypto exchange and investor in multiple products. In 2023, Coinbase backed the development of Base, a layer-2 scaling solution for Ethereum that uses Optimism infrastructure for its optimistic roll-up. 

OP Will Rocket Because Of CoinBase And Base

In coming up with this assessment, the investor highlights Coinbase’s vast user base and ability to drive retail adoption towards Base potentially. And, as aforementioned, since Base uses Optimism, the expected adoption spike will significantly boost OP from current spot levels. 

Cochran argues that the “power of discoverability” associated with Coinbase, a brand that facilitates billions of dollars in daily trading, will be crucial to Optimism’s success. This is particularly relevant when looking at OP prices when writing.

OP price trending upward on the daily chart | Source: OPUSDT on Binance, TradingView

When writing, OP is stable but up 220% from October lows. The token has been trending higher, benefiting from the broader crypto rally. Even so, though in an uptrend, OP has not reclaimed 2023 highs of around $4.2.

To drive the point home, Cochran compares how the BNB Chain blew up in the number of active users. In the last bull run, the chain had an active decentralized finance (DeFi) and non-fungible token (NFT) ecosystem. The BNB Chain’s popularity and soft landing is because the smart contracts platform is associated with Binance, the world’s largest cryptocurrency exchange. 

Further to the point, the success of Solana, the partner argues, lends its success to the now-defunct FTX. At its peak, FTX injected billions to fund the development of Solana. It was also actively involved in financing some of Solana’s active protocols. 

The Great Convergence Of Supportive Events

Presently, Coinbase is streamlining its operations, recently stopping support for Bitcoin, Litecoin, and other UTXO tokens via Coinbase Commerce. Their focus is on Ethereum-compatible tokens, which could provide hints that Coinbase Commerce might soon be integrated into Base.

From the protocol level, Ethereum plans to implement upgrades to make transacting on layer-2 platforms even cheaper. The Dencun Upgrade is scheduled for March and will see Ethereum enhance as part of its long-term scaling roadmap.

Optimism TVL | Source: L2Beat

L2Beat data on March 1 shows that Optimism has a total value locked (TVL) of $7.8 billion, roughly half that of Arbitrum. Meanwhile, Base has been rising up the rankings, commanding a TVL of approximately $1 billion.