FTX's lawyers allege Sam Bankman-Fried's mom and dad helped shape their son's crypto empire and received millions of dollars worth of gifts and benefits from the now-bankrupt company.
Most white-collar defendants lay low, but the ex-CEO of the collapsed cryptocurrency exchange FTX has been talking, tweeting, and sending email newsletters. Those comments could come back to hurt him.
Binance temporarily froze withdrawals after customers withdrew more than $1 billion worth of crypto on Tuesday, fueling fears more crypto companies could collapse.
At the first hearing in FTX's bankruptcy proceedings, lawyers confirmed that millions of dollars are stolen or missing, and revealed stunning details about the downfall of the once-mighty exchange
The now-bankrupt cryptocurrency exchange FTX made real money off of its own digital currency, called FTT. That currency is practically worthless now, but investors continue to trade it.
Sam Bankman-Fried received huge plaudits and superstar status as the head of cryptocurrency exchange FTX. Now the comments aren't so kind after FTX filed for bankruptcy protection.
Many first-time investors bought Bitcoin and other cryptocurrencies as they neared all-time highs, and crypto companies spent millions on marketing. Today, they are coping with painful losses.
Tesla aggressively embraced Bitcoin in 2021, investing $1.5 billion in the currency. But it now says its profitability was affected by "Bitcoin impairment."
