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Former Binance CEO Changpeng Zhao has once again been barred from leaving the U.S. while awaiting his sentence for violations of banking laws. U.S. District Judge Richard A. Jones refused Zhao’s second request for travel liberty at a recent hearing in Seattle. The details of Zhao’s intended journey remain under wraps as part of the case U.S. v. Zhao, in the U.S. District Court, Western District of Washington. Former Binance CEO Changpeng Zhao was blocked again from traveling as his sentencing for criminal charges approaches in late February. The U.S. District Court for the Western District of Washington in Seattle denied Zhao's "request for permission to travel." Prosecutors had… — Wu Blockchain (@WuBlockchain) December 30, 2023 This decision comes just three weeks after Judge Jones reversed an earlier verdict permitting Zhao to journey back to the United Arab Emirates ahead of his sentencing in February. The former Binance boss, possessing signifi...

The founder of the largest cryptocurrency exchange Binance, Changpeng Zhao, published an internal letter to company employees on Nov. 21. The Binance CEO’s swan song comes after a landmark decision by the U.S. Department of Justice that will see the company pay a $4.3 billion dollar fine and the replacement of the crypto exchange’s erudite founder . In his address , Zhao cited a quote from the movie Star Trek, noting that “I will have to deal with some pain, but will survive.” He also asked the company employees to “continue performing admirably.” Source: WuBlockchain Zhao also admitted that he had a difficult day due to jet lag and an inability to use his phone since he spent the entire day in court. At the same time, he promised that everything would be fine with Binance, with Zhao admitting that he needed a break anyway. As part of a landmark settlement with the US Department of Justice on Nov. 21, Zhao is prohibited from holding a leadership position at Binance for a...

The Securities and Exchange Commission (SEC) has been labeled America’s “top decel” by the CEO of its latest target: crypto exchange Kraken. “Today, the SEC filed a complaint alleging that Kraken operates as an unregistered national securities exchange, broker, and clearing house,” the firm announced via X on Monday night. “We disagree with their claims and plan to vigorously defend our position.” According to the SEC, Kraken has made “hundreds of millions of dollars” by unlawfully selling crypto tokens the commission deems as securities. By doing so, it failed to provide “significant protections” to investors. These protections were further eroded by Kraken ’s “deficient” business practices — poor internal controls and recordkeeping left users exposed to “a range of risks,” the SEC believes. Former Kraken chief gets personal in SEC dispute In response to the SEC’s complai...

Crypto lawyer John E. Deaton opined that Sam Bankman-Fried is most likely to spend multiple decades in prison after a 12-person jury unanimously found FTX’s found er guilty on all seven counts. Deaton’s view is that Bankman-Fried sealed his fate by depending on his testimony and on the chances of a hung trial. A hung trial occurs when one or more jury member finds the defendant innocent therefore prolonging deliberation and a trial.  “I will come back and eat my words if he gets lower than 10 years but I think conservatively, he gets at least 30-40 years,” said the crypto lawyer on X Spaces. Deaton posited that Bankman-Fried chose the path with the lengthiest possible sentence.  FTX’s former boss had three options per Deaton’s Analysis : Plead guilty and bank on the court’s mercy, deny the allegations and fight for a hung trial by convincing one juror of his innocence, or cooperate with the Justice Department on political donations and campaign finance charges for a lighter s...

United States v Sam Bankman-Fried continued its fourth week at trial with testimony from the FTX founder himself however, Judge Kaplan excused the jury until Oct. 27 to thrash out details of the defendants’ statements. What has been described by some as America’s largest crypto fraud case could come to a close by early November 2023, with FTX founder Sam Bankman-Fried testifying in his criminal trial for fraud on Oct. 26 per InnerCityPress. Bankman-Fried is one of four witnesses, and his testimony is expected to form the lion’s share of the defense’s bid to challenge arguments claiming that FTX’s former CEO broke federal financial laws. Defense attorneys moved for a motion to dismiss the case, arguing a deficit of evidence that proves fraud and money laundering. The FTX founder is notably on trial for seven counts of these charges.  Judge Kaplan denied the motion after federal prosecutors cited testimony from BlockFi CEO Zac Prince and alleged fraudulent transactions expos...

Mark Cohen, lead attorney for the defense in United States v Sam Bankman-Fried, said his client will take the stand and testify at a New York federal courthouse during the fraud trial for FTX’s collapse. FTX founder Sam Bankman-Fried is one of four witnesses set to testify under oath sometime between late October and mid-November of 2023. This will come after federal prosecutors call one more witness, FBI special agent Mark Troyano according to InnerCityPress. The agent will reportedly give expert Analysis on chat log and auto-delete strategies employed by Bankman-Fried while he held the reigns at his crypto exchange. This is a developing story and will be updated. Follow Us on Google News Source: https://thebittimes.com/breaking-ftx-founder-sam-bankman-fried-to-testify-in-criminal-trial-tbt67739.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam Category: Cryptocurrency News Post by: TheBitTimes.com

Disgraced FTX founder Sam Bankman-Fried’s trial will resume for its fifth day on Oct. 10, with prosecutors expect ed to question his ex and former colleague, Caroline Ellison. The trial , which is set to last six weeks, will continue on Tuesday with key testimony expect ed from Ellison, who is regarded as a star witness to the goings-on at Alameda Research, where she held the title of CEO. Alameda, a sister firm to FTX, allegedly siphoned off $8 billion in customer money from FTX and used that cash for personal means. Ellison, along with former FTX CTO Gary Wang, pleaded guilty in December. Since then, they have been working with the U.S. attorney’s office in Manhattan. You might also like: Caroline Ellison admits to stealing billions of dollars from FTX customers Observers of the trial should expect Ellison to discuss the sequence of events from 2019 to 2022, where FTX allegedly allowed Alameda to receive billion-dollar loans without posting collateral. The ag...

Curve Finance founder Michael Egorov has offloaded more than 39 million CRV tokens in OTC deals, including 5 million to Tron chief Justin Sun, as he looks to mitigate potential damage that could be caused by the liquidation of a large loan position. As reported by The Block and citing sources close to the matter, Egorov has borrowed somewhere in the region of $60 million in stablecoins on Aave, a loan which is collateralized with $175 million in CRV. Earlier this year, he allegedly took out a $100 million loan on Aave to buy a huge mansion in Australia. This loan was collateralized with (at the time) $280 million worth of CRV. Curve Hack, Liquidations, DeFi, and Contagion Spiral Dropping The Soap (Curve Edition) Several months ago, the Russian founder of Curve, Michael Egorov, took out a $100m loan on AAVE to purchase this ultra tasteful () house in Australia. He used $280M of CRV (at the time)… pic.twitter.com/e2g7fpxY11 — Autism Capital (@AutismCapital) August 1, 2023 Re...

Uniswap, the largest crypto decentralized exchange by volume, recently broke news of a series of planned updates, including the introduction of a single contract pool structure. The “singleton contract” is not yet implemented on Uniswap, but similar technology can already be found on the Ambient decentralized exchange, or DEX.  Founder of the competing DEX, Doug Colkitt, spoke to Blockworks on an upcoming episode of the 0xResearch podcast (Spotify / Apple) about the advantages of the new slimline design. “The big deal” with the new architecture , Colkitt says, is that in previous DEXs, “every time you had a new pool, you had to stand up a new contract .” “It meant that every single contract was individually managing its own collateral.” “Standing up a pool,” Colkitt explains, is a relatively “heavyweight” task that deploys a costly contract to the mainnet.  “You’re talking about a few hundred dollars,” which isn’t much for a larger-scale project, but to experiment on the cheap, ...

Illuvium council member Deraji pointed out that the community made their stand and highlighted that the event risks the reputation that the DAO worked hard to build. The community supporting Illuvium, an interoperable blockchain game, has demonstrated the power of decentralized autonomous organizations (DAOs) after blocking a scheduled nonfungible token (NFT) pack-opening event between Illuvium CEO Kieran Warwick and Three Arrows Capital (3AC) founder Su Zhu. Warwick was scheduled to go against Zhu in what’s called an “Influencer Illuvitars D1sk Battle” where prominent crypto personalities go against each other to open NFT packs. However, due to the controversies surrounding Zhu and 3AC, the Illuvium community expressed concerns over the potential risks of being associated with Zhu, who currently faces various accusations of unethical behavior.  Influencer Illuvitar D1sk Battles are happening after the launch of Illuvium: Beyond! The first match will be between me and @zhusu. We...