ftx trial

07 Oct

FTX Customers Will Get Back Billions After Judge OKs Bankruptcy Plan

stp2y0 CommentsRAG modelsbitcoin, blockchain, cryptocurrency, finance, ftx trial, money, Sam Bankman-Fried

A US judge has cleared the way for billions of dollars to be refunded to former customers of bankrupt crypto exchange FTX.At a court hearing in Wilmington, Delaware, on Monday, judge John Dorsey gave final approval to FTX’s reorganization plan, the terms of which had previously been put to creditors and voted through by a landslide.“I think this is a model case for how to deal with a very complex Chapter 11 proceeding,” said Dorsey. “I applaud everyone involved in the negotiation process.”FTX filed for bankruptcy in November 2022 after running out of funds to process customer withdrawals. Billions of…

24 Sep

FTX Insider Caroline Ellison Sentenced to Two Years in Prison

stp2y0 CommentsRAG modelsbitcoin, crime, cryptocurrency, ftx trial

Testifying at Bankman-Fried’s criminal trial in October 2023, Ellison depicted her former paramour as the driving force behind the FTX fraud. On the stand, she painted Bankman-Fried as forceful and calculating and described for the jury his various deceptions, the careful curation of his public image, and his warped relationship with risk. “[Bankman-Fried] was totally comfortable with taking a risk, as long as he thought it was a positive expected value,” said Ellison, under examination by the prosecution. "He talked about being willing to take large coin flips, like a coin flip where if it comes up tails, you might…