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Michael Lewis's book 'Going Infinite' reveals that CZ and SBF had different goals when the first collaborative business opportunity arose in 2019. Binance CEO Changpeng Zhao reportedly declined to pay $40 million to former FTX CEO Sam Bankman Fried for a futures crypto exchange in March 2019, according to an excerpt from Michael Lewis’ book “Going Infinite.” According to the book, SBF proposed a futures exchange with “zero risk” for the exchange in case of bad trades with high leverage. Traditionally, a futures exchange allows traders to leverage funds against a small collateral, and the exchange often asks traders to increase collateral in case the trade starts to go bad. However, in crypto, the price swings could be fast and significant which could leave exchanges with bad debts due to lack of collateral. However, FTX wanted to create a futures exchange that would monitor the trader’s activity and, as soon as the trade surmounted the collateral, would liquidate the us...

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 ...

Approximately $26 million in bitcoin and crypto assets belonging to Terraform Labs executives, including founder Do Kwon, have reportedly been frozen by authorities in Switzerland. South Korean news outlet Digital Asset reported that the funds were taken from Zurich-based digital asset bank Sygnum at the request of US federal prosecutors and the Securities and Exchange Commission (SEC). Sygnum made headlines back in 2017 when it announced it was the world’s first regulated digital asset bank. In February this year, the SEC said that 10,000 bitcoins were transferred from Terraform Labs and the Luna Foundation Guard (LFG) to personal wallets belonging to top execs. “Since May 2022, defendants have sent the bitcoins in this wallet to Swiss financial institutions and turned it into fiat currency, withdrawing more than $100 million by the time of filing the lawsuit,” the SEC said. In April this year, Digital Asset reported that the Seoul Southern District Prosecutors’ Office’s Financi...