Crypto Fraud

Crypto
Crypto Crash
Crypto Fraud
Cryptocurrency

Crypto Panic at Silvergate Spawns a New Breed of Bank Run

(Bloomberg) — When US banks fell like dominoes during the Great Depression, the cause was often a classic run: Depositors withdrew cash en masse amid fears that lenders were amassing huge losses on bad loans and investments. The cryptocurrency era just put a new twist on that — with the depositors running into trouble first. […]

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Crypto
Crypto Crash
Crypto Fraud
FTX
Winklevoss

Gemini’s Cameron Winklevoss Slams Crypto Exec Barry Silbert Over Frozen Funds

(Bloomberg) — The fallout from the collapse of Sam Bankman-Fried’s crypto empire just got messier, with digital-asset entrepreneur Cameron Winklevoss accusing fellow businessman Barry Silbert of “bad faith stall tactics” and the intermingling of funds within his conglomerate that Winklevoss says have left $900 million in customer assets needlessly in limbo since FTX’s meltdown. Gemini […]

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Crypto
Crypto Crash
Crypto Fraud
Cryptocurrency
Cryptocurrency Mining
Cryptocurrency Regulation

Crypto Is ‘Effectively Nonexistent’ for Big Institutions, JPMorgan’s Gross Says

(Bloomberg) — Money managers who have avoided the many ups and downs of cryptocurrencies may be feeling relieved for having done so, according to a senior investment strategist at JPMorgan Asset Management. “As an asset class, crypto is effectively nonexistent for most large institutional investors,” Jared Gross, head of institutional portfolio strategy at the bank, […]

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Crypto Crash
Crypto Fraud
FTX

Bankman-Fried Fraud Used ‘Dirty Money’ in DC, US Prosecutor Says

(Bloomberg) — FTX cryptocurrency exchange founder Sam Bankman-Fried is responsible for “one of the biggest financial frauds in American history” and the investigation of the alleged scheme is “very much ongoing,” Manhattan US Attorney Damian Williams said Tuesday. Bankman-Fried was charged with eight criminal counts, including conspiracy and wire fraud, earlier in the day, for […]

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Crypto Crash
Crypto Fraud
Cryptocurrency
Fraud
FTX

Here Are The Wildest Parts From Bankman-Fried’s SEC Allegations

(Bloomberg) — US authorities have alleged that fallen crypto maven Sam Bankman-Fried defrauded investors in his FTX empire, stealing billions of dollars as part of a “massive, years-long fraud” for his own benefit. Civil charges, filed by the Securities and Exchange Commission on Tuesday, claimed that Bankman-Fried had been engaged in a scheme to deceive […]

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Crypto
Crypto Crash
Crypto Fraud
Crypto Mining
Cryptocurrency
Cryptocurrency Mining

Texas’s Crypto Mining Boom Is Starting to Look More Like a Bust

(Bloomberg) — The digital gold rush in Texas is losing its luster as Bitcoin miners grapple with financial woes, leaving behind what some fear will be a wasteland of unfinished sites and abandoned equipment. In an effort to become a haven for crypto mining, Texas has aggressively lured miners with cheap power and favorable regulations, […]

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Bitcoin
Crypto
Crypto Crash
Crypto Fraud
Crypto Stocks
Cryptocurrency

Bitcoin Sinks Further 70% in Standard Chartered List of Possible 2023 Upsets

(Bloomberg) — Speculators cleaving to the view that the crypto rout is mostly over are at risk of a rude awakening in 2023, according to Standard Chartered. A further Bitcoin plunge of about 70% to $5,000 next year is among the “surprise” scenarios that markets may be “under-pricing,” the bank’s Global Head of Research Eric […]

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Crypto
Crypto Crash
Crypto Fraud
Cryptocurrency
Cryptocurrency Regulation
FTX

FTX Missing Billions Remain Mystery After Bankman-Fried Grilling

(Bloomberg) — Mystery continues to shroud the missing billions at bankrupt crypto exchange FTX after its disgraced founder Sam Bankman-Fried denied trying to perpetrate a fraud while admitting to grievous managerial errors. In his first major public appearance following the Nov. 11 implosion of FTX and sister trading house Alameda Research, Bankman-Fried said he “screwed […]

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Bankruptcy
Crypto
Crypto Crash
Crypto Fraud

Bankman-Fried Says Collateral Crashed by $51 Billion as FTX Fell

(Bloomberg) — Sam Bankman-Fried, disgraced founder of the now collapsed crypto exchange FTX and trading house Alameda Research, apologized to staff in a letter that outlined a crash in “collateral” to $9 billion from $60 billion. “I didn’t mean for any of this to happen, and I would give anything to be able to go […]

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Crypto
Crypto Crash
Crypto Fraud
Cryptocurrency
Cryptocurrency Mining
Cryptocurrency Regulation
FTX

FTX Latest: Genesis Bankruptcy Warning Weighs on Crypto Markets

(Bloomberg) — Crypto brokerage Genesis warned of the risk of bankruptcy amid contagion from the rapid demise of Sam Bankman-Fried’s FTX empire. Tampa Bay Buccaneers quarterback Tom Brady and the Golden State Warriors’ Steph Curry are among the celebrities that a Texas regulator is investigating for potential securities-law violations tied to their promotions of FTX. […]

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Crypto
Crypto Crash
Crypto Fraud
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Crypto Taxation
Cryptocurrency
Cryptocurrency Mining
Cryptocurrency Regulation

Traders Flee Crypto Markets After FTX Collapse

(Bloomberg) — The wild-west days of crypto markets are back again as the large trading houses that once thrived on arbitraging price gaps pull back in the wake of FTX’s collapse. That’s opening up profitable opportunities for anyone that still dares to trade. Prices for essentially identical assets on various platforms are diverging in a […]

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Crypto
Crypto Crash
Crypto Fraud
Crypto Mining
Cryptocurrency Regulation
FTX

FTX Latest: Crypto Fears Contagion as Billions Owed to Creditors

(Bloomberg) — Sam Bankman-Fried’s bankrupt FTX crypto exchange owes its 50 top unsecured creditors a total of $3.1 billion. FTX Trading Ltd. and about 100 affiliated companies are starting a strategic review of global assets. Investors continue to pull funds from digital-asset exchanges despite the latter’s efforts to reassure markets about their stability. Crypto lender […]

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Crypto
Crypto Crash
Crypto Fraud
Cryptocurrency
Cryptocurrency Regulation

Investor Studied Crypto For Years, Then Missed FTX’s Red Flags

(Bloomberg) — When Sam Bankman-Fried was all of 25 years old, he pitched his nascent crypto investment business to Silicon Valley investors — only for them to laugh at him and his acolytes over their lack of experience and knowledge of crypto. “None of us has run a company before and we’d like $100 million […]

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Crypto
Crypto Crash
Crypto Fraud
Crypto Taxation
Cryptocurrency
Cryptocurrency Mining
Cryptocurrency Regulation

Beyond the Crypto Crash, a Big Squeeze Jolts Stock Markets Anew

(Bloomberg) — Being glued to crypto news this week meant missing adventures in regular markets that while lacking the same high drama, made up for it in terms of money at stake. In case you missed it, stock and bond traders spent the last five days still caught in the thrall of an event that […]

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Bankruptcy
Crypto
Crypto Crash
Crypto Fraud

FTX’s Bankman-Fried Received $1 Billion Loan From Alameda

(Bloomberg) — FTX co-founder Samuel Bankman-Fried, one of his related companies, and two other top executives at the collapsed cryptocurrency exchange received massive loans from affiliated trading arm, Alameda Research, according to a bankruptcy court filing Thursday. Alameda’s receivables included $4.1 billion in combined loans to “related parties,” according to a footnote in a document […]

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