Tag: FTX

Posted on

Caroline Ellison Sentenced to Two Years in Prison for Role in FTX Collapse

caroline ellison to pay 11 billion cropped 4139800197

the staff of the Ridgewood blog

Ridgewood Nj, in a major development following the collapse of cryptocurrency exchange FTX, Caroline Ellison, former CEO of Alameda Research, was sentenced to two years in federal prison on charges related to her involvement in the multi-billion-dollar fraud scheme. Ellison was also ordered to forfeit $11 billion for her role in defrauding investors and misusing FTX customer funds. The sentencing, which took place in New York yesterday, was more severe than what prosecutors had initially sought.

Continue reading Caroline Ellison Sentenced to Two Years in Prison for Role in FTX Collapse

Posted on

Crypto Scamster Sam Bankman-Fried Gets 25-year Prison Sentence

sam life 768x512 3920484343

the staff of the Ridgewood blog

Ridgewood NJ, former cryptocurrency magnate, scamster and poster child for digital assets Sam Bankman-Fried received a 25-year prison sentence for his involvement in the collapse of the now-defunct trading platform FTX. The 32-year-old MIT graduate, convicted in November on seven counts of fraud, conspiracy, and money laundering, faced a potential maximum sentence of 110 years.

Continue reading Crypto Scamster Sam Bankman-Fried Gets 25-year Prison Sentence

Posted on

Cryptocurrency Scammer and Democrat Megadonor Sam Bankman-Fried Guilty on All Seven Counts

sam life 768x512 3920484343

the staff of the Ridgewood blog

Ridgewood NJ, jury finds disgraced cryptocurrency scammer and Democrat megadonor Sam Bankman-Fried guilty of fraud-related charges on Thursday.

Continue reading Cryptocurrency Scammer and Democrat Megadonor Sam Bankman-Fried Guilty on All Seven Counts

Posted on

Congress Puts SEC Chair Gary Gensler Under the Gun

external content.duckduckgo 5

the staff of the Ridgewood blog

Ridgewood NJ, SEC Chair Gary Gensler faced criticism from lawmakers regarding his crypto regulation approach during a House hearing. He was questioned about the classification of bitcoin, how that compared to other assets like Pokemon cards, and the approval of bitcoin ETFs. Lawmakers also expressed concerns over Gensler’s transparency with Congress, especially regarding interactions with crypto exchange FTX.

Continue reading Congress Puts SEC Chair Gary Gensler Under the Gun

Posted on

Crypto Scammer Sam Bankman-Fried Makes Bail

sam life 768x512 3920484343

the staff of the Ridgewood blog

Ridgewood NJ, Sam Bankman-Fried, the disgraced founder of failed cryptocurrency exchange FTX, pleaded not guilty to eight felony counts in New York yesterday, including conspiracy, fraud, and money laundering. After extradition from the Bahamas in December, he was released on a $250M bail bond secured against his parents’ California home, where he was court-ordered to stay. A trial is set for October.

Continue reading Crypto Scammer Sam Bankman-Fried Makes Bail

Posted on

Democratic Congressman Josh Gottheimer Received $5,800 in Personal Donations from Crypto Crook Bankman-Fried

77491abb 6b88 4b4f adad e92106d1f932 murphy and gottheimer

the staff of the Ridgewood blog

Ridgewood NJ, Democratic Congressman Josh Gottheimer received $5,800 in personal donations from Bankman-Fried. Gottheimer our local congressman also received two separate donations of $2,900 each — from FTX executive Mark Wetjen, who previously worked as commissioner of the Commodity Futures Trading Commission. A spokesperson from Rep. Gottheimer’s office claims he will donate the funds to charity.

Continue reading Democratic Congressman Josh Gottheimer Received $5,800 in Personal Donations from Crypto Crook Bankman-Fried

Posted on

New Jersey-based Cryptocurrency Lender BlockFi files for Chapter 11 Bankruptcy

Cryptocurrency BlockFi Files For Bankruptcy SEC Listed As A Creditor 2702546199

the staff of the Ridgewood blog

Ridgewood NJ, Cryptocurrency lender BlockFi, last valued at $4.8B, filed for Chapter 11 bankruptcy yesterday, following this month’s collapse of cryptocurrency exchange FTX and its sister firm Alameda Research. BlockFi has more than 100,000 creditors, with the largest 10 creditors alone owed nearly $1.2B, including $30M owed to the US Securities and Exchange Commission, according to filings.

Continue reading New Jersey-based Cryptocurrency Lender BlockFi files for Chapter 11 Bankruptcy

Posted on

Crypto Billionaire Warns : Some Crypto Exchanges Already “Secretly Insolvent”

sam life 768x512 3920484343

the staff of the Ridgewood blog

Ridgewood NJ, Sam Bankman-Fried (SBF), the billionaire founder of FTX, believes that many third-tier exchanges are already secretly insolvent. SBF has been issuing cash infusions to save crypto companies from collapsing. The lack of regulations around crypto exchanges has made many exchanges vulnerable to scammers and hacks. FTX remains profitable and has been so for the past 10 quarters. SBF is not worried about Tether, saying that there is no evidence to support the bearish views around the stablecoin.

Continue reading Crypto Billionaire Warns : Some Crypto Exchanges Already “Secretly Insolvent”