Features Crypto News by Thebittimes.Com

A British man has said he’s not guilty of fraud after allegedly convincing an investor that he’s Bitcoin’s creator, Satoshi Nakamoto. According to the Standard, the alleged victim says that Stephen Nour Mollah, 58, “dishonestly” led him to believe that he’s Satoshi Nakamoto from November 2022 to October 2023. He apparently claimed to be in possession of 165,000 bitcoins in Singapore — worth up to $5 billion during that timeframe. Mollah faces a single charge of fraud along with an accomplice, 67-year-old Charles Anderson, in a private prosecution in London. Did you know? Satoshi Nakamoto is the director of Coinbase, CoinDesk, and Mt. Gox Satoshi Nakamoto’s identity has been the subject of speculation for years. HBO’s latest documentary claimed to have identified Satoshi as former bitcoin developer Peter Todd. Hours before its release, however, Todd publicly denied it was him. The answer was in front of our face all along. Sato...

The U.S. Securities and Exchange Commission (SEC) accuse s the founders of the HyperFund crypto project of running a fraud operation that took more than one million form unwitting investors. Information about this appeared on the regulator’s website. According to the SEC, the scammers offered investors the opportunity to invest in highly profitable mining operations. They created a cryptocurrency exchange that attracted investments for Bitcoin (BTC) mining and launched a metaverse project. However, the organizers made payments from funds raised from new investors. In total, the attackers managed to collect $1.7 billion in assets from unsuspecting investors. In addition to fraud, the founders of HyperFund are accused of illegally offering securities. Despite the scale of the scam, organizer Sam Lee, an Australian citizen, faces a maximum sentence of five years. Burton, known as Bitcoin Rodney, will receive the same amount. The third defendant (Bitcoin Beautee), Brenda Chunga, will...

Sam Bankman-Fried’s parents have filed a motion to dismiss FTX’s lawsuit , denying involvement in the exchange’s downfall. Months after the dramatic implosion of crypto exchange FTX, Joseph Bankman and Barbara Fried are embroiled in a legal battle, facing accusations of complicity in their son’s alleged financial misdeeds. In September 2023, FTX, now under new management, initiated a lawsuit against the FTX founder’s parents , alleging their involvement in widespread financial misconduct at the company. Central to FTX’s claim is the pursuit of millions of dollars they allege were misappropriated by the couple, including a $10 million gift to Joseph Bankman. However, the defense mounted by Bankman and Fried’s legal team has labeled the lawsuit as “threadbare,” basing their argument on the fact that their involvement is assumed purely because of their relation to their son. The primary defense hinges on the assertion that neither had official roles wi...

Former NYSE President’s firm competes with two others to acquire and relaunch FTX. According to reports from the Wall Street Journal, Tom Farley, previous head of the New York Stock Exchange, is among the top three bidders likely to purchase FTX and potentially relaunch the bankrupt exchange. This development could signal potential new beginnings for the troubled cryptocurrency firm. Alongside Farley’s enterprise, two other contenders are in the race: the innovative fintech company Figure Technologies and the specialist crypto investment entity Proof Group. The trio is in the final round to acquire and potentially revive FTX.  Near $500M in the voting block. December 16 is close. Equity? Anthropic? Join. https://t.co/IIqEW9AOb6 https://t.co/LLsekGOnEE — FTX 2.0 Coalition (@AFTXcreditor) November 6, 2023 Insiders report that over 70 expressions of interest were streamlined to the final three entities, although their identities were not disclosed in last mont...

Following Sam Bankman-Fried’s guilty verdict last week, FTX investors call for actions against celebrity endorsers. The conviction of Sam Bankman-Fried has marked a pivotal point in the FTX saga, but it might be far from over. The aftermath of the case is set to cast long shadows, with a notable shift in focus toward the high-profile figures and celebrities who once endorsed the platform. Public attention will now be on the class-action lawsuit that emerged from the investors’ quarters in 2022, targeting not just Bankman-Fried’s immediate affiliates but also casting a wide net to include celebrities and professional services firms. Since Bankman-Fried’s guilty verdict, investors and users have increasingly been posting on social media to hold key celebrities accountable for this historic fraud.  Republicans took money from Sam Bankman Fried too. Especially @SpeakerMcCarthy. McCarthy belongs in a jail cell with Sam Bankman Fried. McCarthy used FTX il legal ly as a...

The Texas State Securities Board (TSSB) has taken legal action against Abra and its CEO, William John “Bill” Barhydt. Investors participating in Abra Earn and Abra Boost accuse the defendants of securities fraud and deceptive practices. The TSSB claims important financial information was deliberately concealed, such as party capitalization, loan defaults, and asset transfers to Binance. By March 31, 2023, these companies were either on the brink of bankruptcy or already insolvent. An Emergency Cease and Desist Order has been issued by the TSSB Enforcement Division, along with a Notice of Hearing. The respondents are accuse d of selling Abra Earn to accredited and unaccredited investors and Abra Boost exclusively to accredited investors. Investors who participated allegedly transferred their digital assets to interest-bearing accounts, with possible interest rates of up to 10%. You might also like: Abra Set to Create Crypto Bank in the US Complaints reveal tha...

The former FTX CEO is receiving major backlash for his New York Time DealBook Summit and Good Morning America interviews. The Former CEO of FTX, Sam Bankman-Fried, known also as SBF, has seemingly begun to embark on an apology tour to redeem his image a month after the sudden implosion of FTX, which revealed the exchange’s improper use of customer and investor funds.  OnNov 30, Bankman-Fried made his first live public appearance since the collapse of FTX — answering a number of questions during the DealBook Summit in New York. In the interview, Bankman-Fried claimed to have “unknowingly commingled funds” between Alameda and customer funds at FTX. He shared:  “I unknowingly commingled funds. [...] I was frankly surprised by how big Alameda’s position was, which points to another failure of oversight on my part and failure to appoint someone to be chiefly in charge of that.” In another interview that aired on the morning of Dec. 1 on Good Morning America, Bankman-Fried denied any kno...

According to the former CEO, at the time of filing for bankruptcy “FTX US was solvent.” An interview between the Former FTX CEO Sam Bankman-Fried ‘SBF’ and George Stephanopoulos aired on Good Morning America on Dec. 1. In the interview, SBF was insistent that FTX was not a “Ponzi scheme” but was “a real business.” The former CEO also denied any knowledge of FTX customer deposits being used to pay Alameda Research’s creditors, as reportedly claimed by Alameda’s CEO Caroline Ellison. According to him, he had no knowledge of “any improper use of customer funds”.  Bankman-Fried also admitted to not spending any time and effort trying to manage risk on FTX. He shared:   "There is something maybe even deeply wrong there, which was, I wasn't even trying. Like, I wasn't spending any time or effort trying to manage risk on FTX and that was obviously a mistake.” "If I had been spending an hour a day thinking about risk management on FTX, I don't think that would have h...