Connect with us

Business

Judge Sends FTX Founder Sam Bankman-Fried To Jail, Says Crypto Mogul Tampered With Witnesses

Published

on

backman-fried

NEW YORK — Sam Bankman-Fried, the founder of FTX, was placed behind bars after a judge revoked his bail on Friday. The judge reasoned that Bankman-Fried had frequently attempted to sway witnesses against him.

Bankman-Fried bowed his head as Judge Lewis A. Kaplan went into great detail about why he thought the Californian had repeatedly exceeded the terms of his $250 million bail package to the point where Kaplan could no longer guarantee the community’s safety, including the safety of the prosecution’s witnesses, without the 31-year-old being imprisoned.

Bankman-Fried removed his tie and suit jacket once the session was concluded, giving his watch and other personal items to his attorneys. His hands were shackled in front of him, and there was the ringing of handcuffs. U.S. marshals then escorted him out of the courtroom.

It was a dramatic fall for a man who, according to the prosecution, presented himself to Congress as “a saviour of the cryptocurrency industry” and paid celebrities like Larry David, Tom Brady, and Stephen Curry to promote his ventures.

To influence cryptocurrency regulation in Washington, according to the prosecution, Bankman-Fried stole billions of dollars in FTX customer deposits to fund his businesses and speculative venture investments, make charitable contributions, and spend tens of millions of dollars on illegal campaign donations to Democrats and Republicans.

bankman-fried

Sam Bankman-Fried, the founder of FTX, was placed behind bars after a judge revoked his bail on Friday.

Kaplan stated that there was reason to believe Bankman-Fried had attempted to “tamper with witnesses at least twice” since his detention in December, most recently by revealing to a reporter the private diaries of a key witness against him and in January when he communicated with the general counsel of FTX using an encrypted message.

The court stated that after considering all the evidence, he concluded that Bankman-Fried had likely attempted to persuade both prospective trial witnesses “and quite likely others whose names we don’t even know” to “back off, to have them hedge their cooperation with the government.”

The judge’s signature on the detention order stated that Kaplan had reason to think Bankman-Fried had tried witness tampering, a criminal offense.

The defense team for Bankman-Fried maintained that their client had no malicious intent and shouldn’t go to prison for attempting to shield his reputation from a steady stream of negative press.

To file an instant appeal, Mark Cohen’s attorney urged the judge to suspend the detention order; Kaplan denied the motion. Defense attorneys submitted a notice of appeal in less than an hour.

Bankman-Fried was detained for the night at the Metropolitan Detention Centre in Brooklyn, which has previously held convicted sex offenders R. Kelly and Ghislaine Maxwell and “pharma bro” pharmaceutical magnate Martin Shkreli.

bnakman-fried

Sam Bankman-Fried, the founder of FTX, was placed behind bars after a judge revoked his bail on Friday.

Since his December extradition from the Bahamas on charges that he deceived investors in his enterprises and illegally misappropriated millions of dollars worth of bitcoin from users using his FTX exchange, Bankman-Fried had been under house arrest at his parent’s residence in Palo Alto, California.

His bail terms tightly constrained his internet and phone usage.

The judge remarked that despite the severe regulations, he nevertheless managed to get in touch with a prominent FTX attorney in January and express his desire to “reconnect and see if there is a way for us to have a constructive relationship, use each other as resources when possible, or at least vet things with each other.”

When questioned about the contact during a hearing in February, Kaplan said it “suggests to me that maybe he has committed or attempted to commit a federal felony while on release.”

Kaplan stated on Friday that he was dismissing the defense’s assertions that the communication was innocent.

Instead, he claimed, it appears to be a request for the FTX general counsel “to get together with Bankman-Fried” so that their memories “are on the same page.”

Attorneys for Bankman-Fried were taken aback two weeks ago when prosecutors demanded that he be imprisoned because he had broken the law by revealing to The New York Times the private writings of Caroline Ellison, his ex-girlfriend and the former CEO of Alameda Research, a cryptocurrency trading hedge fund that was one of his companies.

He allegedly shared profound ideas about her career and love relationship with Bankman-Fried to damage her image and sway potential jurors who might be called for his October trial.

bankman-fried

Sam Bankman-Fried, the founder of FTX, was placed behind bars after a judge revoked his bail on Friday.

The judge stated on Friday that the excerpts of Bankman-Fried’s communications with Ellison were the kinds of things that a person in a relationship “would be very unlikely to share with anybody, lest The New York Times, except to hurt, discredit, and frighten the subject of the material,” according to the judge.

Ellison entered a guilty plea in December to charges that could have resulted in a 110-year prison sentence. She consented to give testimony against Bankman-Fried as part of a settlement that might result in a less severe punishment.

Bankman-Fried’s attorneys contended that since the article portrayed Ellison in a favorable light, he most likely failed in his attempt to defend his reputation. Furthermore, they claimed that the prosecution overstated Bankman-Fried’s involvement in the paper.

They said the prosecution attempted to convict their client by presenting evidence that was “innuendo, speculation, and scant facts.”

Since the prosecution requested detention, Kaplan had imposed a gag order prohibiting trial participants—including Bankman-Fried—from making public statements.

In a letter to the judge, David McCraw, an attorney for the Times, noted the First Amendment repercussions of any general gag order and the public’s interest in Ellison and her bitcoin trading business.

According to McCraw, Ellison admitted to playing a crucial part in a scheme that defrauded investors of billions of dollars and went unnoticed.

“It is not surprising that the public wants to know more about who she is and what she did, and that news organisations would seek to provide the public with timely, pertinent, and fairly reported information about her, as The Times did in its story,” McCraw stated.

SOURCE – (AP)

Business

Forced Sale Google Chrome Could Fetch $20 Billion

Published

on

Sale Google Chrome

Antitrust officials in the US could force the sale of Google’s Chrome browser for up to $20 billion, demonstrating the tremendous worth of the world’s most popular web browser.

Bloomberg Intelligence attributes Chrome’s projected worth to its more than 3 billion monthly active users. The US Department of Justice is preparing to request a federal judge order the browser’s separation from Google’s parent company, Alphabet.

Chrome’s worth comes from its overwhelming 61% market share and its crucial role in Google’s advertising ecosystem. User data enables businesses to better target adverts, and the browser also acts as an important distribution mechanism for Google’s AI technologies.

Industry analysts think it may be difficult to find a suitable buyer. While tech behemoths like Amazon could finance the purchase, they would likely face regulatory scrutiny.

AI businesses, such as OpenAI, may emerge as more viable contenders. They could potentially leverage Chrome to broaden their reach and develop an advertising business.

“It’s not directly monetizable,” one analyst told Bloomberg. “It functions as a gateway to other things. It’s unclear how you would assess that in terms of pure revenue generation.”

Google opposes prospective sales, claiming that they will hamper innovation. The firm does not break out Chrome’s revenue individually in its financial filings, even though the browser’s user data plays an important part in the company’s principal revenue stream, advertising.

The DOJ’s suggestion follows Judge Amit Mehta’s August decision that Google had illegally monopolized the search industry. The judge will consider the recommended remedies at a two-week hearing in April 2024, with a final judgment due in August 2025.

Related News:

Appeals Court Delays Order For Google To Open Its App Store In Antitrust Case

Appeals Court Delays Order For Google To Open Its App Store In Antitrust Case

Continue Reading

Business

Bitcoin Has Set a New Record And Is Approaching $100,000.

Published

on

Bitcoin

(VOR News) – Bitcoin broke beyond the $98,000 mark for the first time on Thursday as investors awaited Donald Trump’s second term as president. All of this happened during the day. As such, cryptocurrency has reached a significant turning point.

According to Coin Metrics, the top cryptocurrency was trading at $97,541.61 during the most recent trading session. Merchants provided this information. This suggests a price gain of more than three percent during the previous trading session.

When the period began, Bitcoin peaked at $98,367.00.

During the premarket trading session, MicroStrategy, a platform that facilitates cryptocurrency foreign exchange trading and serves as a bitcoin proxy, saw a 13% gain. Coinbase, on the other hand, had a 2% rise during that period. Furthermore, all of these increases occurred simultaneously.

The market value of Mara Holdings increased by 9%, which helped raise the valuation of mining companies overall. This was among the factors that led to the total rise.

Because of the widespread belief that President Trump will usher in a new era of prosperity for cryptocurrencies, one marked by more favorable laws and the possible creation of a national strategic bitcoin reserve, the price of Bitcoin has been rising steadily this month.

The most recent change brought about by the increase was the consequence of higher financing rates and more open interest in the futures market during Asian trading hours. The rise was the catalyst for this change. This action was prompted by the ensuing rush.

Throughout its lifespan, this legislation was the catalyst for this change for a variety of reasons. At the same time, spot market premiums decreased, according to CryptoQuant statistics. All of this happened at the same time.

Furthermore, a number of short liquidations have been sparked by the recent spikes in Bitcoin’s price, which has caused the price to rise overnight. As a result, the price has gone up much more. As a result, the total number of short liquidations has increased.

According to CoinGlass, these liquidations have effectively produced more than $88 million in capital during the last 24 hours.

Rob Ginsberg, an analyst at Wolfe Research, noted in a study released on Wednesday that “historically, following previous movements of this magnitude, Bitcoin has either entered a consolidation phase or disregarded the overbought condition as investors accumulate.” This phrase relates to the fact that this particular move has happened before.

Ginsberg stated this in reference to the evolution of Bitcoin over time.

Ginsberg’s answer makes reference to Bitcoin’s propensity to go through a period of consolidation. The comment also made reference to this.

He said, “Considering we are emerging from an extended consolidation phase and the price has reached a new high, it suggests that the pursuit is underway.”

The crucial psychological milestone of $100,000 is expected to be reached in the upcoming weeks, and this breakthrough could happen as early as Thursday. It seems likely that this level will be reached. There is a chance that this new development will take place.

This task will be carried out against the backdrop of this historical era. In addition, if Trump were to win a second term, federal budget deficits would increase, inflation would likely increase, and the dollar’s position in international affairs would change.

The administration that Trump would run during his presidency would be responsible for these consequences. All of these characteristics would positively impact the value of Bitcoin as a currency if they were taken into account in the order that they are presented.

The price of bitcoin had risen by more than 130% by the beginning of 2024.

SOUREC: CNBC

SEE ALSO:

PayPal’s Technical Challenges Are Affecting Thousands Of Customers Globally.

NVIDIA’s Earnings: The Leader In AI Chips Demonstrates Relentless Growth.

 

Continue Reading

Business

Target Struggles in the Third Quarter: Offers Tempered Holiday Outlook and Price Cuts

Published

on

Target

(VOR News) – Target experienced a modest rise in sales during the third quarter; nevertheless, profitability declined due to reduced customer spending attributed to inflation and adverse effects from the ongoing costs associated with the October dockworker strike.

Despite ongoing consumer expenditure in the United States, but with more prudence, the Minneapolis retailer did not meet Wall Street’s forecasts for the quarter and similarly disappointed industry analysts with its projections for the final quarter of the year.

Target’s reduction in prices for Christmas products, including a Thanksgiving promotion that lowered the cost of the holiday feast relative to last year’s total, raises concerns about disappointing quarterly results.

Target’s latest quarter sharply contrasts with competitor Walmart, which reported another quarter of exceptional revenues on Tuesday and provided positive forecasts for the forthcoming holiday season. Amazon disclosed last month that its quarterly profits had risen. Amazon surpassed projections with an 11% rise in quarterly revenue.

Target fell over 21% on Wednesday morning.

Chairman and CEO Brian Cornell stated, “We encountered distinct challenges and financial constraints that impacted our overall performance.”

FactSet reports that Target’s net income for the quarter ended November 2 was $854 million, or $1.85 per share, markedly below the anticipated $2.30 and a decline from $971 million, or $2.10 per share, in the same quarter of the previous year.

Despite an increase in sales to $25.67 billion from $25.4 billion the previous year, they fell short of Wall Street’s projections.

Target announced that for the fiscal fourth quarter, it anticipates earnings per share to fall between $1.85 to $2.45. This amount is below the $2.65 per share forecast by analysts surveyed by FactSet.

The retailer announced that in the third quarter, its comparable sales, derived from stores and digital platforms operational for a minimum of one year, increased by 0.3%.

This is inferior to the second quarter’s 2% growth. Several months of decreases, comprising a 3.7% reduction in the first quarter and a 4.4% reduction in the company’s final quarter of 2023, were counterbalanced by the rise in the April–June period.

Cosmetics sales rose by almost 6%, whilst food, beverages, and necessities such as shampoo experienced gains in the low single digits relative to the previous year.

The positive attributes were negligible. Target’s quarterly customer traffic rose by 2.4%. Target officials report that this represents an increase of 10 million sales transactions compared to the previous year. Digital comparable sales rose by 10.8% due to a 20% enhancement in same-day delivery facilitated by the Target Circle loyalty program and double-digit growth in its drive-up service.

Target encountered several challenges.

Target’s food and beverage sales constitute under 25% of overall sales, indicating a greater dependence on luxury items such as apparel and accessories.

Target management acknowledged that the company, similar to other retailers, had to redirect specific items due to the strike of 45,000 dockworkers, the first occurrence since 1977.

The accumulation of commodities in warehouses escalated operational expenses and diminished corporate earnings.

The commitment by President-elect Donald Trump to impose elevated import tariffs is resulting in difficulties for Target and other enterprises. Trump advocates for a 60% tariff on Chinese imports and a 20% levy on all other products. Cornell stated that, despite monitoring trends meticulously, the corporation has prioritized diversifying its supplier network.

“Currently, there exists considerable uncertainty regarding future developments, and we will exercise our flexibility to adapt as necessary,” he stated on the call.

Buyers remain apprehensive due to ongoing uncertainty, as prices, albeit decreasing, remain elevated compared to a few years prior.

“They are exhibiting significant patience, pursuing promotions and outstanding value on essential pantry items,” Cornell stated during a conference call with reporters. “Over the year, they have consistently focused on discretionary categories and are practicing prudent shopping behaviors.”

Target officials indicated a decline in television purchases, although they expressed interest in incorporating candles, frames, and flowers into their home décor.

Target has been reducing prices to boost sales. Last spring, it reduced costs for numerous essentials, including milk and diapers. Almost fifty percent of the numerous goods offered this Christmas are priced below $20. Target is offering a Thanksgiving dinner bundle for four people at $20, which is $5 less than its 2023 Thanksgiving meal package.

SOURCE: USN

SEE ALSO:

Comcast Is Expected To Announce Its Cable Network Separation On Wednesday.

Canada’s Budgetary Watchdog Warns Over Trudeau’s Spending

Continue Reading

Trending