cryptocurrency-crime1.095 min read
"First-Ever Crypto Market Manipulation Conviction: Trader Found Guilty in $110 Million Scheme"
1 year ago•Source: CNBC
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2.37 min•1 year ago
"Avi Eisenberg Convicted in $110 Million Crypto Market Manipulation Case"
Avi Eisenberg has been found guilty of fraud and market manipulation for his $110 million heist from decentralized finance protocol Mango Markets in October 2022. He faces up to 20 years in federal prison and will be sentenced on July 29. The prosecution argued that Eisenberg's actions constituted "brazen" fraud and manipulation, while his defense claimed his trades were legal. Eisenberg is the latest crypto figure to be convicted of fraud, following recent cases involving FTX founder Sam Bankman-Fried and Terraform Labs co-founder Do Kwon.
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"Live Coverage: Sam Bankman-Fried's Sentencing for Multibillion-Dollar Crypto Fraud"
Sam Bankman-Fried, former CEO of FTX, is facing a sentencing hearing in Manhattan federal court for his involvement in a multibillion-dollar cryptocurrency fraud. Prosecutors have requested a 40-50 year prison sentence, while his own attorneys have asked for just six years. Bankman-Fried was convicted on seven counts of wire fraud and conspiracy to launder money in November. The collapse of FTX in November 2022 revealed an $8 billion budget shortfall, leading to the downfall of the exchange.
"Sam Bankman-Fried Faces Sentencing for FTX Fraud"
Former crypto mogul Sam Bankman-Fried faces potential decades in prison for defrauding FTX investors, using their funds for personal expenses and to cover losses from cryptocurrency investments. Prosecutors recommend a 40-50 year sentence, while his defense argues for 5-6 1/2 years. Bankman-Fried's lavish lifestyle, including luxury properties and political donations, contrasts with FTX's collapse in 2022. Three others from his inner circle pleaded guilty to related crimes and testified against him.
"Unveiling the Outcome: Sam Bankman-Fried's Cryptocurrency Fraud Sentencing"
Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, faces sentencing on Thursday after being found guilty of orchestrating a multibillion-dollar fraud that led to the exchange's collapse. Prosecutors are seeking up to 50 years in prison, citing his brazen disrespect for the law and lack of remorse. Bankman-Fried's defense team is asking for 6 1/2 years or less, citing his mental health struggles and purported selflessness. The judge's decision is likely to be influenced by Bankman-Fried's lack of remorse and the scale of the fraud.
"SBF Faces Sentencing for Multibillion-Dollar FTX Fraud This Week"
Former FTX co-founder and ex-CEO Sam Bankman-Fried, convicted of defrauding investors and customers of the now-bankrupt cryptocurrency exchange, faces a potential 110-year prison sentence. Prosecutors are seeking 40 to 50 years, while the defense argues for 5¼- to 6½-year term. Bankman-Fried's empire collapsed in November 2022, and he was indicted the following month. Testimonies from his inner circle and his own defense claim he made mistakes but did not defraud or steal from anyone.
"Uncertain Future: Do Kwon's Legal Turmoil and Extradition Uncertainty"
South Korean crypto fugitive Do Kwon has been released from prison in Montenegro as the Supreme Court considers extradition requests from the US and South Korea. Kwon was released due to the end of his regular prison term for traveling with fake papers, and his next destination remains unclear as authorities continue to deliberate on his case.
"FTX CEO Accuses Sam Bankman-Fried of Lying to Avoid 'Supervillain' Sentence"
FTX's new CEO, John Ray, criticized co-founder Sam Bankman-Fried for living in a "delusion" ahead of his sentencing for stealing $8 billion from customers of the now-bankrupt exchange. Ray disputed Bankman-Fried's claims that the bankruptcy was unnecessary and that funds would be returned to FTX's clients, stating that many accounts had fewer assets than believed. Bankman-Fried faces a maximum sentence of 110 years behind bars, with prosecutors seeking 40 to 50 years in prison and the defense arguing for a 5¼- to 6½-year term.
"FTX CEO Sam Bankman-Fried's Legal Battle Over 50-Year Sentence"
Sam Bankman-Fried's lawyers argue against the proposed 40 to 50-year sentence, stating it portrays him as a "supervillain" and is excessively harsh. They advocate for a 5¼ to 6½-year imprisonment instead. Bankman-Fried was convicted of stealing $8 billion from FTX cryptocurrency exchange customers and faces a $11 billion forfeiture. Prosecutors allege he used the stolen funds for personal gain and political donations. The sentencing is set for March 28, and Bankman-Fried's side plans to appeal the conviction and sentence.
"Prosecutors Seek 40-50 Year Prison Term for Sam Bankman-Fried in FTX Fraud Case"
Prosecutors are seeking a 40 to 50-year prison sentence for Sam Bankman-Fried, the former head of FTX cryptocurrency exchange, after he was found guilty of stealing $8 billion from customers. His lawyers argue for a much shorter sentence, citing the potential for clients to recover their funds. Despite the fallout from Bankman-Fried's case and other crypto scandals, major cryptocurrencies like bitcoin and ethereum have seen significant rallies. The judge is set to sentence Bankman-Fried in March, and he plans to appeal both his conviction and sentence.
"Bitcoin Fog Founder Found Guilty in $400m Crypto Laundering Case"
Roman Sterlingov, the founder of Bitcoin Fog, a cryptocurrency mixing service, has been convicted of money laundering for facilitating the laundering of over 1.2 million bitcoins worth about $860 million. He faces up to 20 years in prison and is the latest in a series of individuals associated with crypto mixing services to face legal consequences. Two other individuals tied to crypto mixing services testified against Sterlingov during his trial, and his sentencing is scheduled for July 15.
Cryptocurrency Mogul Do Kwon Faces Extradition to South Korea from Montenegro
Cryptocurrency mogul Do Kwon, founder of Terraform Labs, faces extradition to South Korea after a Montenegrin court ruling, following his arrest in Montenegro last year. Kwon, known as "the cryptocurrency king," is wanted by both the U.S. and South Korea in connection with a $40 billion crash of Terraform Labs' cryptocurrency. The court's decision can be appealed, and Kwon is also serving a four-month prison sentence in Montenegro for using a false passport.