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Cryptocurrency Crime

All articles tagged with #cryptocurrency crime

cryptocurrency-crime1 year ago

"First-Ever Crypto Market Manipulation Conviction: Trader Found Guilty in $110 Million Scheme"

A 28-year-old man from Puerto Rico, Avraham Eisenberg, has been convicted by a New York federal jury in the first-ever cryptocurrency market manipulation case, involving a $110 million scheme. Eisenberg faces a maximum possible sentence of 20 years in prison for charges of wire fraud, commodities fraud, and commodities manipulation. Prosecutors stated that he fraudulently obtained the cryptocurrency by artificially driving up the price of futures contracts and the MNGO crypto token, with no intention of repaying the borrowed funds. U.S. Attorney Damian Williams emphasized the significance of this prosecution in protecting financial markets, and Eisenberg is scheduled to be sentenced on July 29.

via CNBC|
#cryptocurrency#cryptocurrency-crime#department-of-justice
cryptocurrency-crime1 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.

via CoinDesk|
#avi-eisenberg#crypto-crime#cryptocurrency-crime
cryptocurrency-crime1 year ago

"Jury Convicts Crypto Trader in $110 Million Mango Markets Fraud Case"

A federal jury in New York is deliberating on whether Avi Eisenberg manipulated the Mango Markets cryptocurrency exchange to steal $110 million or executed a legal trading strategy. Prosecutors argue that Eisenberg used fake trades to manipulate futures contracts and stole platform assets, while defense lawyers claim he followed exchange rules. The trial marks the first time a US jury will decide whether someone manipulated a crypto market, with jurors set to weigh charges including commodities fraud and wire fraud.

via Yahoo Finance|
#cryptocurrency#cryptocurrency-crime#fraud
cryptocurrency-crime1 year ago

FTX Founder Sam Bankman-Fried Appeals 25-Year Fraud Conviction

FTX founder Sam Bankman-Fried has appealed his conviction and 25-year prison sentence for fraud and conspiracy related to the collapse of his cryptocurrency exchange, FTX. Despite expressing regret and apologizing during his sentencing, the 32-year-old former billionaire faces steep odds in overturning the conviction, as US federal courts rarely grant appeals in criminal cases.

via Al Jazeera English|
#appeal#cryptocurrency#cryptocurrency-crime
cryptocurrency-crime1 year ago

"FTX Founder Sam Bankman-Fried Breaks Silence on 25-Year Prison Sentence"

Sam Bankman-Fried, the former crypto king sentenced to 25 years for leading a massive fraud, claimed in his first interview from prison that he didn't believe his actions were illegal but expressed remorse for the harm caused. He acknowledged the despair of customers and the impact on former colleagues and charities, vowing to do what he can from prison. Bankman-Fried also criticized the legal process and plans to appeal his sentence, while the judge has ordered him to repay over $11 billion to FTX's users, investors, and lenders.

via New York Post |
#cryptocurrency#cryptocurrency-crime#fraud
cryptocurrency-crime1 year ago

"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.

via The Guardian|
#cryptocurrency#cryptocurrency-crime#fraud
cryptocurrency-crime1 year ago

"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.

via Yahoo! Voices|
#cryptocurrency#cryptocurrency-crime#fraud
cryptocurrency-crime1 year ago

"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.

via NBC News|
#cryptocurrency-crime#cryptocurrency-fraud#ftx
cryptocurrency-crime1 year ago

"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.

via Fox Business|
#cryptocurrency#cryptocurrency-crime#fraud
cryptocurrency-crime1 year ago

"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.

via Bloomberg|
#crypto-fugitive#cryptocurrency-crime#do-kwon
cryptocurrency-crime1 year ago

"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.

via Fox Business|
#bankruptcy#cryptocurrency#cryptocurrency-crime
cryptocurrency-crime1 year ago

"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.

via New York Post |
#cryptocurrency#cryptocurrency-crime#fraud
cryptocurrency-crime1 year ago

"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.

via The Guardian|
#cryptocurrency#cryptocurrency-crime#fraud
cryptocurrency-crime1 year ago

"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.

via CoinDesk|
#bitcoin#cryptocurrency#cryptocurrency-crime
cryptocurrency-crime1 year ago

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.

via Yahoo! Voices|
#cryptocurrency#cryptocurrency-crime#extradition