DeFI News by Thebittimes.Com

Charges against Sam Bankman-Fried have been piling up lately. Just a day back, he was charged with bribing a Chinese official. In fact, as reported earlier today, the FTX founder now has a total of 13 criminal counts and faces more than a century behind bars if convicted. Bankman-Fried’s legal team has been upfront all this while. Right from submitting motions to bargaining bail condition deals, the defense has been checking the boxes one by one. Now, a recent report from Forbes unveiled that Bankman-Fried’s legal defense is allegedly being paid with the “multi-million dollar gift” he gave his father with money borrowed from FTX ’s sister company, Alameda Research. Two unnamed sources with operational knowledge of FTX and Alameda confirmed to Forbes that Bankman-Fried gave “a large monetary gift” to his father Joseph Bankman. The transaction was made in 2021, when Bankman-Fried was the CEO of FTX. Sam Bankman-Fried ’s Legal Defense Is Being Funded With Alameda Money He G...

FTX has been consistently making it to the cryptocurrency news headlines. Just a day back, it was reported that the exchange’s debtors sent “confidential letters” to political figures, political action funds, and other recipients of donation contributions. Now, FTX wants all the funds back by Feb. 28, 2023. According to another development that has just unraveled, New York-based Signature Bank has been named in a lawsuit filed by investment firm Statistica Capital. The bank has been charged for playing a role in FTX ’s collapse by authorizing the exchange to merge customer accounts with its blockchain network. Signature Bank was accused in a lawsuit by an investment firm of facilitating the FTX collapse by allowing the now-defunct crypto exchange to commingle customer accounts with its blockchain network https://t.co/70n6ScZ7EH — Bloomberg (@business) February 7, 2023 Also Read: Goldman Sachs Denies Being FTX’s Creditor Accor...

The crypto-verse encountered the downfall of two major projects this year. While the community was just recovering from the infamous collapse of Terra, it was soon hit with the descent of the FTX empire. Manhattan prosecutors believe that there might be a connection between the two. Federal prosecutors are reportedly investigating to see if FTX founder Sam Bankman-Fried was involved in the collapse of TerraUSD and Luna. According to a recent report by New York Times, these prosecutors believe that SBF could have manipulated the price of the aforementioned assets. He would have done this in order to bring profits to the entities he owned. JUST IN: 🇺🇸 Federal prosecutors are investigating Sam Bankman-Fried & Alameda Research for market manipulation that led to the collapse of $LUNA and $UST. — Watcher.Guru (@WatcherGuru) December 8, 2022 Back in May 2022, Terra’s stablecoin UST lost its $1 peg causing immense chaos in the market. The asset fai...