ftx Archives - Audinsights

Founder of bankrupt crypto exchange FTX found guilty of fraud

November 3, 2023November 22, 2023 Technology

Founder of cryptocurrency exchange FTX, Sam Bankman-Fried, has been convicted of fraud by a New York court. The US government accused Bankman-Fried of diverting customer funds for personal use. The conviction is seen as a significant victory for the US Department of Justice (DoJ) in cracking down on fraud in the crypto industry. However, the case highlights the need for clearer regulations to prevent future fraud cases. The conclusion of the trial offers an opportunity for the crypto sector to start anew, but there are concerns that without proper regulation, similar frauds may occur in the future.

The Night FTX Fought Off a Massive Crypto Heist

October 9, 2023November 11, 2023 Technology

On the evening of November 11, FTX, once a leading cryptocurrency exchange, faced a potential loss of over $1 billion worth of cryptocurrency to unidentified thieves. FTX’s staff embarked on a battle to protect the remaining funds. Ultimately, the theft was halted, but the culprits remain unidentified. FTX’s new leadership has since highlighted the serious security flaws that enabled the heist and has taken steps to improve the company’s security measures.

Author Michael Lewis Defends Book Amid Criticism of Sympathy Towards Sam Bankman-Fried

October 6, 2023November 23, 2023 Business

Author Michael Lewis defends his book about Sam Bankman-Fried amid criticism of being too sympathetic towards the former crypto titan. Lewis argues that there are multiple perspectives to consider in the trial and highlights the importance of not rushing to judgment without all the information.

Sam Bankman-Fried Pulls Out of World Economic Forum Event in Davos

October 5, 2023November 23, 2023 Business

Former FTX CEO, Sam Bankman-Fried, canceled his appearance at the World Economic Forum’s annual meeting in Davos, as stated in Michael Lewis’ biography on him. The spokesperson for the Forum mentioned that it is not uncommon for high-level meetings to replace panelists in sessions leading up to the event. Bankman-Fried has a history of canceling commitments, including failing to attend Time magazine’s party for the 100 Most Influential People. However, Lewis explained that his cancellations were based on a mathematical calculation of the value of his time. Currently, Bankman-Fried is facing criminal fraud charges related to FTX’s collapse.