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At a glance Caroline Ellison’s highly-anticipated testimony kicked off on Tuesday, the first day of the second week of Sam Bankman-Fried’s criminal trial. Ellison appeared upbeat and calm, even cracking a joke here and there. Her testimony claimed that Bankman-Fried instructed her to commit fraud. FTX co-founder Gary Wang concluded cross-examination, which included the defense highlighting that some directives were signed by Ellison instead of Bankman-Fried. Caroline Ellison ’s testimony in the trial of Sam Bankman-Fried got into full swing today in downtown Manhattan. Perhaps the star witness of the trial, her mini-celebrity contributed to a festival atmosphere around the courthouse after a muted first week.  YouTube fraud-buster Coffeezilla viewed the trial from an overflow room alongside Sam-whisperer Tiffany Fong. Ellison’s testimony was so highly anticipated that several young New York crypto industry professionals had also come to watch her. Ellison...

Lawyers representing Sam Bankman-Fried have rejected a request from prosecutors to let a Ukrainian client of FTX testify via video link in a trial set to commence today, on Oct. 3. On Sep. 30, prosecutors filed an appeal with Judge Lewis A. Kaplan, seeking to overturn the opposition and enable two-way video conferencing for testimony , given that the majority of FTX’s customers and victims are located outside the U.S. One client from Ukraine, known as “FTX Customer-1,” is unable to travel due to the country’s wartime laws. Prosecutors argue that even if the client were permitted to travel, the journey to the United States would be perilous and time-consuming, taking at least three days each way through a war-ravaged country. You might also like: SBF’s father was unhappy with $200k salary at FTX Bankman-Fried’s lawyers are wary of the potential impact of the testimony on the jury, given the ongoing Russian invasion of Ukraine. They argue that ...

Sam Bankman-Fried’s FTX exchange appeared to be functioning normally from the outside. However, when the exchange started to have liquidity problems, Sam Bankman-Fried’s empire fell. The fall of FTX affected numerous companies and sent shockwaves through the cryptocurrency community. After that, FTX declared bankruptcy, and SBF resigned as CEO. According to the latest report from Reuters, Sam Bankman-Fried ’s lawyers requested that a US judge not ban SBF from communicating with his ex-colleagues. The request stated that “the prosecutors tried to sandbag him.” Read more: Is Bitcoin Likely to Close at Its Highest Price Since August 2022? Source: Timesnext Sam Bankman-Fried’s lawyer’s response is regarding prosecutor’s request The request by SBF’s lawyers was in response to the federal prosecutor’s request to not allow SBF to communicate with the employees of Alameda or FTX. The request also urged the necessi...

Regulators in the US have undoubtedly been taking measures to protect cryptocurrency investors. Nonetheless, community members have raised quite a few red flags of late. When the Department of Justice initially revealed that it was going to “announce a major, international cryptocurrency enforcement action,” there were speculations, that something “huge” will be announced. However, that was not the case. The government taking action against lesser-known crypto exchange Bitzlato made community members furious. In fact, a few outrightly questioned if the latest action was meant to distract people from the fact that they did not suspect anything about FTX . Read More: Bitcoin, ‘Bitzlato’ and the DOJ: What Just Happened? Grayscale CEO slams SEC’s 1-D approach Leaving aside the community, even stalwarts from the space started voicing out their opinions regarding the same. In a letter to the WSJ, Grayscale executive Michael Sonnenshein sl...

As former FTX’s CEO Sam Bankman-Fried is on his way to the U.S., his colleagues are cooperating with the investigation against them. Earlier today, U.S. Attorney Damian Williams announced that the FTX co-founder Gary Wang and the ex-CEO of Alameda Research, Caroline Ellison pleaded guilty in the Southern District of New York. Statement of U.S. Attorney Damian Williams on U.S. v. Samuel Bankman-Fried, Caroline Ellison, and Gary Wang pic.twitter.com/u1y4cs3Koz — US Attorney SDNY (@SDNYnews) December 22, 2022 Elaborating on the latest development, Attorney Williams said, “Let me reiterate a call that I made last week. If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it. We are moving quickly, and our patience is not eternal.” Ellison reportedly pleaded guilty to seven counts: conspiracy to commit wire fraud on customers of FTX , wire fraud on customers of FTX , conspiracy to commit wire fraud on lenders of Alameda R...