FTX

Sam Bankman-Fried Found Guilty In FTX Fraud Case

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Sam Bankman-Fried has been found guilty on seven charges primarily relating to fraud. Additionally the charges stem from his role in the collapse of his cryptocurrency exchange, FTX. The charges Bankman-Fried faced could amount to 110 years in prison. However, experts believe that the 31-year-old will receive well below the maximum sentence when he is sentenced in March. The main crux of the prosecution’s argument was that Bankman-Fried had used his hedge fund, Alameda Research, to siphon funds away from FTX, which he founded two years later. This money came from customers who used the exchange. Furthermore, Bankman-Fried is believed to have defrauded his customers for more than $10 billion.

Jurors rejected testimony from Bankman-Fried that he never intended to defraud the customers of his cryptocurrency monolith. However, Bankman-Fried’s rang hollow. The prosecution presented countless tales of structural mismanagement, a lack of proper accounting, and simply bizarre details. Salacious headlines have dominated the case since the exchange collapsed last year. Of particular note were the reports that Bankman-Fried lived alongside nine other people as part of a polycule, a term to describe the structure of a polyamorous relationship. All nine of them reportedly worked alongside Bankman-Fried at FTX.

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Prosecutors Declare Justice Served, Bankman-Fried Vows To Fight

US Attorney Damian Williams told reporters that Bankman-Fried had “perpetrated one of the biggest financial frauds in American history, a multibillion dollar scheme designed to make him the king of crypto. But here’s the thing: The cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption is as old as time and we have no patience for it,” he said.

In closing statements, Bankman-Fried’s attorneys argued that the prosecution was trying to “turn Sam into some sort of villain, some sort of monster.” Furthermore, after the verdict, his team vowed that the fight wasn’t over. “We respect the jury’s decision. But we are very disappointed with the result. Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him,” attorney Mark Cohen told reporters outside the courthouse.

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The post Sam Bankman-Fried Found Guilty In FTX Fraud Case appeared first on HotNewHipHop.

FTX Loses Naming Rights To Miami Heat Arena Amid Massive Scandal

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If you are someone who was invested in cryptocurrency, then you probably knew about FTX. Unfortunately, many people lost their life savings with the exchange as it was promptly shut down. It has since declared bankruptcy, and now, FTX founder Sam Bankman-Fried is looking at a lengthy prison sentence.

Overall, things do not look good for SBF. The entrepreneur is now being charged with fraud, money laundering, and even conspiracy. Needless to say, no one wants anything to do with his company. This is especially true of sports teams who were sponsored by the exchange.

FTX Founder Sam Bankman-Fried leaves Manhattan Federal Court on January 03, 2023 in New York City. Bankman-Fried, who pleaded not guilty during the court hearing, has been charged with eight criminal counts of fraud, conspiracy, money-laundering offenses which includes making illegal political contributions. (Photo by Michael M. Santiago/Getty Images)

FTX Vs. Miami Heat

NBA fans are well aware of the fact that the Miami Heat’s arena was called “FTX Arena.” The naming rights were purchased for $135 million just two years. Since the scandal, however, the Heat has been trying to get the name removed from its building. According to TMZ, those efforts have officially become successful.

Consequently, all FTX logos will be removed from outside of the arena. Additionally, any FTX branding on the court will also have to go. Over the past month, the exchange’s logos have remained on the floor in the arena, which has definitely caused some confusion.

FTX Founder Sam Bankman-Fried arrives for a court hearing at Manhattan Federal Court on January 03, 2023 in New York City. Bankman-Fried has been charged with eight criminal counts of fraud, conspiracy, and money-laundering offenses which includes making illegal political contributions. (Photo by Michael M. Santiago/Getty Images)

Overall, it can certainly be said that the Heat are just happy to rid themselves of the brand. Now, they won’t have to field any unfortunate questions about the situation.

It remains to be seen who will win the naming rights next. Perhaps the Heat will have the foresight to stay away from crypto this time.

[Via]

Coachella Is Giving Free NFTs To All Pass-holders And They’re Actually Pretty Cool

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Coachella NFT
Jonathan Zawada/FTX

The first weekend of Coachella is less than two weeks away and the festival might be scrambling to replace a headliner. This comes after yesterday’s report that Kanye West has pulled out of his headlining performance for the West Coast’s marquee two-weekend festival. But as they say in the business, the show must go on, and we can safely assume that Coachella will have this figured out in due time. If you’re holding a pass to the desert festival, there’s literally hundreds of other acts and experiences to look forward to. Furthermore, Coachella just launched a new free NFT for all pass-holders in partnership with the FTX platform and it’s actually a pretty cool new addition to the overall experience.

Dubbed the 2022 “In Bloom NFT,” the NFT design is a technicolor digital seed designed by Jonathan Zawada, that blooms Friday morning of each of the two festival weekends into one of seven desert flowers. It’s just a beautiful design to begin with, but the bloomed NFT flowers can be redeemed for on-site perks like dedicated entry-line access, merch, and food & beverage vouchers. If you’ve arrived late enough into the afternoon in the past, then you know how tedious the general admission entry line can be.

Coachella In Bloom NFT
Jonathan Zawada/FTX

Also, a random batch for the In Bloom NFT blooms into one of six “rare” flowers that will yield premium upgrades at the fest. Things like VIP passes, passes to Coachella 2023, tickets to other Goldenvoice concerts, and even a ride on the giant ferris wheel. Say what you will about the proliferation of NFT culture on the internet, but this shows their practical functionality and undoubtedly a cool way to enhance the Coachella attendee experience.

Full info on the 2022 In Bloom NFT can be found here and Coachella pass-holders can already begin to claim their free NFT using their wristband code on the FTX app.