Venture funding talks for artificial intelligence startup Anthropic have ignited hope for creditors of bankrupt crypto exchange FTX while Sam Bankman-Fried’s criminal trial kicks off.
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The crypto market still bears the scars of FTX's collapseThe global cryptocurrency market remains badly scarred following the tumultuous collapse of crypto exchange FTX and other big players last year, with crypto prices, volumes and venture capital investment well below their 2021 peaks. Sam Bankman-Fried, the former CEO of FTX, stands trial in New York on Tuesday, charged with seven counts of fraud and conspiracy stemming from the exchange's abrupt collapse in November 2022. FTX was one in a series of industry meltdowns that sent bitcoin crashing to its lowest price since 2020.
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Explainer-What charges does Sam Bankman-Fried face over FTX's collapse?Sam Bankman-Fried is set to go on trial on Tuesday on fraud and conspiracy charges related to the collapse of FTX, the now-bankrupt cryptocurrency exchange he founded and led. Prosecutors say Bankman-Fried embezzled customer money to plug losses at Alameda Research, a crypto hedge fund he owned, as well as to make investments, buy real estate in the Bahamas, and donate to U.S. political campaigns - sometimes through 'straw' donors used to mask the true source of the funds. He faces one count of wire fraud, two counts of conspiracy to commit fraud, and one count of money laundering conspiracy over the alleged theft of customer funds.
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Sam Bankman-Fried heads for trial on charges of stealing billions from FTX usersFederal prosecutors say Sam Bankman-Fried embezzled from FTX customers since its founding in 2019 through its November 2022 bankruptcy in order to prop up his hedge fund Alameda Research
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The crypto market bears the scars of FTX's collapseMarket News
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