Tag: BankmanFried

Latest update — Former FTX CEO Sam Bankman-Fried trial [Day 3]

coiner

Cointelegraph reporters are on the ground in New York for the trial of former FTX CEO Sam “SBF” Bankman-Fried. As the saga unfolds, check below for the latest updates. Oct. 5: Yedidia cross-examination in focus Day 3 of the #SBF trial, we’re here bright and early! ☀️ pic.twitter.com/PQ1rQV38Px — Cointelegraph (@Cointelegraph) October 5, 2023 A liability of $8 billion from Alameda to FTX was at the center of prosecutors’ cross-examination of Adam Yedidia on Oct. 5. Yedidia is a close friend of Sam Bankman-Fried and was a developer at FTX.…

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FTX leadership sues Sam Bankman-Fried over $220M deal made prior to bankruptcy

coiner

FTX lawyers are suing former CEO Sam Bankman-Fried, co-founder Zixiao Wang, and former senior executive Nishad Singh over the $220 million acquisition of stock-clearing platform Embed, alleging lack of due diligence.  According to a May 17 filing, FTX had paid $220 million to acquire Embed through its United States subsidiary after having allegedly “performed almost no due diligence” on the platform. After FTX filed for bankruptcy, the judge in charge of the proceedings approved the sales of Embed and other assets of FTX, but the top bidder for the platform offered just…

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