The trial, which began on 3 October, is expected to continue through November, with Bankman-Fried facing multiple charges.Īnother trial in March 2024 will entail additional charges. Her cross-examination focused on Bankman-Fried's awareness of Alameda's operations, with certain claims of his knowledge deemed ambiguous by the prosecution. However, she highlighted Alameda's borrowing of $10 billion from FTX as the primary reason behind the exchange's collapse, emphasising the inability to repay the debt.Įllison's testimony also shed light on Bankman-Fried's alleged political ambitions and his involvement in manipulating Alameda's finances for potential investors. Zhao whose company invested 500 million in Musks acquisition, an effort. He contended that a healthy business cannot be ruined by a single tweet, highlighting former Alameda CEO Caroline Ellison's social media activity on 6 November, suggesting that Alameda's proposal to purchase Binance's FTT holdings was the primary catalyst for the token sell-off.įormer Alameda CEO's Caroline Ellison's StatementĮllison, testifying in SBF's trial, stated that the tweet triggered a series of events leading to FTX's collapse, with retail investors following Binance's lead and withdrawing funds, causing a run on the platform and eventual bankruptcy filing on 11 November. Binance CEO Changpeng 'CZ' Zhao said he expects about 90 of Elon Musks new ideas for Twitter features will fail. Data shows it was the real cause for people to dump FTT: - CZ □ Binance December 6, 2022 However, there was a tweet that may have, Caroline’s tweet 16 minutes after mine on Nov 6. SEC Chair Gary Gensler in a written statement said that Zhao and Binance “engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.No healthy business can be destroyed by a tweet. Changpeng 'CZ' Zhao, the CEO of Binance, said the world's largest crypto exchange by trading volume has invested 500 million in Elon Musk's acquisition of Twitter, which was worth 44. The former FTX CEO said criticizing Binance CEO Changpeng Zhao, known as 'CZ,' 'was not a good strategic move on my part,' in an interview with the New York Times on Sunday. The lawsuit lays out the extent to which the firm‘s owners knew of the alleged legal violations: “Binance’s CCO bluntly admitted to another Binance compliance officer in December 2018, ‘we are operating as a f- unlicensed securities exchange in the USA bro.’” Binance's BNB token and bitcoin (BTC) plunged Monday as a rumor spread that the crypto exchange's CEO faced an international law enforcement request to detain him. And Changpeng Zhao, its 45-year-old co-founder and boss, has. The charges echo practices uncovered after the collapse of the second-largest cryptocurrency exchange, FTX, last year. Binance has cemented its status as the world’s largest cryptocurrency exchange, making it the dominant middleman of a 1trn market. District Court for the District of Columbia, the SEC lawsuit on Monday lists 13 charges against the firm, which is accused of commingling and diverting customer assets to an entity Zhao owned called Sigma Chain.īinance is a Cayman Islands limited liability company founded by Zhao. Changpeng Zhao ,CEO of Binance, at Consensus Singapore 2018 (CoinDesk) By Daniel Kuhn. securities laws in a lawsuit by the Securities and Exchange Commission.įiled in the U.S. The Binance chief executive was a headline speaker at the annual Web Summit a gathering of the great. Binance to build crypto hub dubai Bitcoin priceBTC/USD. Binance, the world’s largest cryptocurrency exchange, and founder Changpeng Zhao are accused of misusing investor funds, operating as an unregistered exchange and violating a slew of U.S. Wednesday 2 November Zhao was in Lisbon last week when the fuse was lit on the FTX crisis. Also welcome other industry players with cash who wants to co-invest. Home Binance To Build First Crypto Hub In Dubai Binance CEO Tweet.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |