FTX

FTX Wins Major Creditor Support for Reorganization Plan; Former Exec Challenges US Government in High-Stakes Legal Battle

by

NEW YORK — FTX, the cryptocurrency exchange that faced bankruptcy, has recently announced strong preliminary support for its reorganization plan from creditors, setting a foundation for potential recovery. The plan has reportedly received backing from over 95% of creditors, accounting for 99% of claims by value, a robust endorsement from those owed money by the beleaguered company. John J. Ray III, the Chief Executive Officer of FTX, heralded this overwhelming support as a crucial step forward. He elaborated that the plan not only aims at reimbursing 100% of bankruptcy claim amounts plus interest for non-governmental … Read more

FTX Founder’s Lawyers Argue Against Lengthy Prison Term, Claiming No Losses in Case

by

New York City – Lawyers representing Sam Bankman-Fried, the former founder and CEO of cryptocurrency exchange FTX, have strongly opposed the government’s recommendation for a 50-year prison sentence. In a letter to Judge Lewis Kaplan, Bankman-Fried’s legal counsel argued that the proposed sentence was excessive and compared it to a death-in-prison recommendation. The lawyers criticized the prosecution for adopting a “medieval view of punishment” and distorting the reality of the case. Last week, U.S. prosecutors had submitted their sentencing recommendations, advocating for a minimum of 40 to 50 years in prison for Bankman-Fried. They emphasized … Read more

FTX Founder Faces “Grotesque” Suggested 100-Year Prison Sentence for Cryptocurrency Crimes, Lawyer Calls for Leniency

by

NEW YORK (AP) — The lawyer for Sam Bankman-Fried, founder of FTX, called the suggested 100-year prison sentence for his client “grotesque” and “barbaric.” Attorney Marc Mukasey argued that a term of a few years behind bars would be more appropriate for the cryptocurrency crimes that Bankman-Fried still disputes. In presentence arguments filed in Manhattan federal court, Mukasey contended that the report by probation officers improperly calculated the federal sentencing guidelines. The recommendation of a 100-year sentence falls just 10 years short of the maximum possible sentence of 110 years. Prosecutors, who will respond in … Read more

Controversy Surrounds Sentencing Recommendation of FTX Founder Convicted for Fraud: 100 Years in Jail

by

NEW YORK, NY – Sam Bankman-Fried, the convicted founder of cryptocurrency platform FTX, is facing a recommended prison sentence of 100 years, according to his lawyer. Bankman-Fried, who was convicted of fraud and conspiracy last November, has been described as both an “evil genius” and a “brilliant, complex and humane person.” His attorney argues that the suggested sentence is “grotesque” and “barbaric.” During presentence arguments, Bankman-Fried’s lawyer, Marc Mukasey, criticized the Probation officers’ report, stating that it improperly calculated the federal sentencing guidelines. The recommended sentence falls just ten years short of the maximum potential … Read more