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Judge Sends FTX Founder Sam Bankman-Fried To Jail, Says Crypto Mogul Tampered With Witnesses
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.
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.
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.
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 groups are urging Justin Trudeau’s government to stop labor unrest at Canada’s main ports, as it did with railways in August, to avoid supply chain disruptions.
Hundreds of dock foremen in British Columbia ports have been on strike for a week. On Sunday, employers at Montreal’s port locked out 1,200 unionized workers after they rejected a contract offer that promised a 20% salary raise over six years.
Businesses report that the work disruptions are harming ports that handle approximately C$1.2 billion ($860 million) of products daily. They want Labor Minister Steven MacKinnon to refer the case to the Canada Industrial Relations Board, which can send the parties to arbitration to settle the disagreement.
He used that technique over two months ago to halt labor stoppages at Canada’s two main railways. However, the government’s use has sparked resentment among some unions.
The Teamsters Canada Rail Conference has filed a court challenge, claiming that the government’s actions in the railway conflict set a dangerous precedent by breaching workers’ constitutional rights.
Soon after, the pro-union New Democratic Party ripped up a legislative arrangement in which it committed to vote with Trudeau’s Liberals to advance critical legislation.
It’s unclear whether the government currently has enough support to enact a back-to-work law, which would be required to end the port issue.
According to Michel Murray, a Montreal Longshoremen’s Union representative, the port employers “act as bullies,” and refusing to talk indicates that “they clearly want the federal government to intervene.”
“Nearly C$6 billion worth of goods are expected to arrive at the port over the next two weeks,” Michel Leblanc, CEO of the Chamber of Commerce of Metropolitan Montreal, said in a statement. “The urgency is real.”
Goldy Hyder, CEO of the Business Council of Canada, stated that the conflicts “continue to weaken Canada’s economy and tarnish its reputation as a reliable trading partner.”
“Canada’s ports will continue to lose market share if the country’s reputation for labor instability is not corrected soon,” Hyder wrote in a letter to MacKinnon and Transport Minister Anita Anand on November 9.
According to a group of port employers, the Montreal offer would have increased the average dockworker’s pay by more than C$200,000 annually.
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(VOR News) – Amazon has verified that employee data was stolen to the extent that it was compromised as a result of a “security event” that took place at a third-party vendor. The event brought about the compromise of data.
According to a statement that was provided to TechCrunch on Monday, the information that pertains to Amazon employees was revealed as a result of a data breach. This information related to Amazon employees was disclosed.
Amazon spokesman Adam Montgomery issued the statement.
When it comes to Amazon’s or Amazon Web Services (AWS) systems, there have been no security breaches that have taken place, and we have not encountered any security problems. An incident that occurred at one of our property management providers and included security was brought to our attention over the course of the investigation.
This problem had an effect on a number of the company’s customers, including Amazon, and we were informed about it. Other customers were also affected. Montgomery asserts that the only information that was disclosed was that of the work contact information of Amazon workers. As far as Montgomery is concerned, there was no further breach of security.
Among the things that were listed in this category were things like work email addresses, desk phone numbers, and the locations of buildings.
The number of employees who were affected by the security vulnerability has not been acknowledged by Amazon, nor has the total number of employees who were affected been released.
Additionally, it was stated that the third-party vendor, which was not named, does not have access to sensitive data such as Social Security numbers or financial information. This information was described as being kept confidential. The information in question was not made public. The vendor has reportedly fixed the security flaw that was responsible for the data breach that took place, according to reports that were received.
Hackers said they posted Amazon data on Breach Forums. It has been determined that the information in question is accurate as a consequence of this declaration. Additionally, the individual alleges that they have more than 2.8 million lines of data, which they allege was stolen during the mass-exploitation of MOVEit Transfer that took place the previous year.
Using the alias “Nam3L3ss,” the threat actor claims that they have disclosed information that was purportedly taken from twenty-five big corporations, as indicated in a study that was carried out by the cybersecurity company Hudson Rock. The analysis was done by Hudson Rock.
The assumption that the threat actor makes is that “the data that you have seen up to this point is less than .001% of the total data that I possess.”
This is the Amazon assertion that they make.
The public will have access to one thousand releases that have never been seen before in the history of record releases. The journal TechCrunch has attempted to get in touch with the other firms that were identified by the threat actor; however, the magazine has not yet received any additional responses to the inquiries that it has made.
It was the MOVEit breach, which took place in 2023, that was the most catastrophic breach that ever took place. The file-transfer software that was developed by Progress Software was vulnerable to a zero-day vulnerability, which allowed attackers to take advantage of the weakness and cause this breach.
More than one thousand businesses were impacted by these incursions, and it is believed that the notorious Clop ransomware and extortion ring was responsible for them. Through the utilization of ransomware, hacks were successfully carried out.
Not only did the data breach affect the Oregon Department of Transportation, which had 3.5 million pieces of information stolen, but it also affected the Colorado Department of Health Care Policy and Financing, which had four million pieces of information stolen, and Maximus, which is a giant in the United States government services contracting market, which had 11 million pieces of information stolen.
SOURCE: TC
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(VOR News) – The following day, Bitcoin achieved a new record high as a consequence of traders’ wagers on the potential benefits of Donald Trump’s return to the White House for the cryptocurrency.
This was an additional factor contributing to Bitcoin’s recent record-breaking performance.
This resulted in Bitcoin’s first-ever record-breaking high.
The digital currency’s inaugural transaction, valued at eighty thousand dollars, was executed one hundred twenty minutes after twelve o’clock in the afternoon (1200 GMT). This occurred shortly after the timepiece reached twelve.
The conviction that President Trump may reduce laws on digital currencies has increased as a result of his victory in the presidential election that occurred in the United States on Tuesday. This conviction has been bolstered by his election victory. Since the election was won by the Republican nominee, Trump, this mentality has been gradually cultivated.
On Wednesday, the price of bitcoin achieved a new all-time high of $75,000, surpassing the previous all-time high of $73,797.98, which was achieved in March. This item has attained the highest price to date.
It was widely believed that Trump was the politician who embraced Bitcoin during his campaign against Kamala Harris, the Democratic Party candidate. Harris was a candidate for the Democratic Party in the Senate campaign.
Donald Trump employed the term “hoax” to describe cryptocurrencies during his inaugural tenure as president of the United States. However, in the time that has passed since then, he has experienced a substantial change in his viewpoints, which has even resulted in the creation of his own committee platform.
In addition to his pledge to establish the United States of America as the “bitcoin and cryptocurrency capital of the world,” he has also committed to appointing Elon Musk, a tech entrepreneur and right-wing conspiracy theorist, to the role of overseeing a comprehensive investigation into the government’s wasteful practices.
Both of these commitments are components of his strategy to enhance the prosperity of the United States of America. It is crucial to acknowledge that he has made a commitment to both of these.
The administration of President Trump was responsible for the reduction of corporation taxes, which resulted in an increase in market liquidity and facilitated the investment in high-growth assets, such as cryptocurrencies. Through the administration of President Trump’s predecessor, this was accomplished.
The previous administration benefited from a decrease in the tax rate for Bitcoin companies.
In September, President Trump announced that he, his sons, and other organizations would be creating a digital currency platform known as World Liberty Financial. The development of this platform would also incorporate the participation of other businesses. The network would facilitate the conversion of digital currency into corporeal currency.
Nevertheless, it experienced an unsuccessful sales launch earlier this month, with only a small percentage of the tokens that were placed on the market being purchased by consumers. This incident transpired earlier this month. From this, it is possible to infer that the launch was unsuccessful.
Cryptocurrencies have been the subject of numerous news articles since their inception. The FTX exchange platform is the most notable of the numerous industry stalwarts that have fallen, and these stories have covered a wide variety of subjects, including the immense volatility of their pricing. Numerous topics have been addressed in these narratives.
According to reports that circulated in the days preceding the election, he made history by becoming the first former president to utilize bitcoin to conduct a transaction. Donald Trump achieved historical significance by conducting a transaction using bitcoin. This could be considered a significant accomplishment.
He accomplished this by purchasing hamburgers from a restaurant in New York City, which characterized the transaction as “historic.” He succeeded in achieving these objectives. Because of this opportunity, he capitalized on it.
Bitcoin, a digital currency, is transacted on the market every day of the week, including Sundays.
SOURCE: TET
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