⚖️ SBF Appeals to Supreme Court to Overturn Conviction and $11B Fine
Former FTX CEO Sam Bankman-Fried has officially petitioned the US Supreme Court to overturn his 2023 fraud conviction. The filing also seeks to reverse a massive $11 billion forfeiture order, arguing the fine is excessive and violates the Eighth Amendment.
His legal team claims the original trial judge unfairly excluded evidence showing his investments were sound and could have potentially covered FTX customer losses. This move follows a June decision by the 2nd US Circuit Court of Appeals that upheld his 25-year prison sentence.
Bankman-Fried was convicted on seven counts of fraud and conspiracy for using billions in customer funds to finance Alameda Research debts and personal spending. Beyond the court system, he has also reportedly applied for a pardon from President Donald Trump.
#FTX #SBF #CryptoNews #SupremeCourt
Former FTX CEO Sam Bankman-Fried has officially petitioned the US Supreme Court to overturn his 2023 fraud conviction. The filing also seeks to reverse a massive $11 billion forfeiture order, arguing the fine is excessive and violates the Eighth Amendment.
His legal team claims the original trial judge unfairly excluded evidence showing his investments were sound and could have potentially covered FTX customer losses. This move follows a June decision by the 2nd US Circuit Court of Appeals that upheld his 25-year prison sentence.
Bankman-Fried was convicted on seven counts of fraud and conspiracy for using billions in customer funds to finance Alameda Research debts and personal spending. Beyond the court system, he has also reportedly applied for a pardon from President Donald Trump.
#FTX #SBF #CryptoNews #SupremeCourt
⚖️ CFTC Proposes New Rules to Prevent Another FTX Collapse
The CFTC Chair Mike Selig has announced a new regulatory framework designed to safeguard digital asset spot markets and prevent a repeat of the FTX disaster. The agency is seeking public comment on a new federal registration category called a "crypto asset market" for exchanges.
This move targets platforms offering leveraged, margined, or financed crypto trades to retail customers. Selig noted that while Sam Bankman-Fried stole $8 billion in customer funds at FTX, the subsidiary registered with the CFTC kept all funds safe through strict segregation requirements.
The regulator plans to apply these stringent federal standards across the crypto world. Under the proposal, exchanges not offering leverage can remain under state licenses, but the CFTC intends to define "leverage" broadly to maximize oversight.
#CFTC #Regulation #FTX #CryptoNews
The CFTC Chair Mike Selig has announced a new regulatory framework designed to safeguard digital asset spot markets and prevent a repeat of the FTX disaster. The agency is seeking public comment on a new federal registration category called a "crypto asset market" for exchanges.
This move targets platforms offering leveraged, margined, or financed crypto trades to retail customers. Selig noted that while Sam Bankman-Fried stole $8 billion in customer funds at FTX, the subsidiary registered with the CFTC kept all funds safe through strict segregation requirements.
The regulator plans to apply these stringent federal standards across the crypto world. Under the proposal, exchanges not offering leverage can remain under state licenses, but the CFTC intends to define "leverage" broadly to maximize oversight.
#CFTC #Regulation #FTX #CryptoNews
💰 FTX-backed Bitcoin miner Genesis Digital Assets pivots to AI with €800M fundraise
Amsterdam-listed SWI Group has raised €800 million from institutional investors to expand its AI infrastructure. The group is now valued at €6.1 billion after raising over €1 billion since March.
A core part of the strategy involves repurposing Genesis Digital Assets (GDA), a major Bitcoin miner formerly backed by FTX and Alameda Research. SWI took control of GDA earlier this year and plans to rename it SWI Digital.
The company will convert its US-based Bitcoin mining sites into high-performance computing centers for AI. This shift follows a market trend where AI infrastructure is projected to be three times more profitable than Bitcoin mining.
#FTX #BitcoinMining #AI #GenesisDigitalAssets
Amsterdam-listed SWI Group has raised €800 million from institutional investors to expand its AI infrastructure. The group is now valued at €6.1 billion after raising over €1 billion since March.
A core part of the strategy involves repurposing Genesis Digital Assets (GDA), a major Bitcoin miner formerly backed by FTX and Alameda Research. SWI took control of GDA earlier this year and plans to rename it SWI Digital.
The company will convert its US-based Bitcoin mining sites into high-performance computing centers for AI. This shift follows a market trend where AI infrastructure is projected to be three times more profitable than Bitcoin mining.
#FTX #BitcoinMining #AI #GenesisDigitalAssets