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After both men were moved to the same area of a Brooklyn jail, Sean ‘Diddy’ Combs has now hired the same lawyer who is representing Sam Bankman-Fried. Indeed, a new Business Insider reported Combs’ change in litigation as he is set to appeal the decision to jail him as his trial awaits. Combs is currently awaiting a hearing regarding sex trafficking charges. Moreover, his stay in the New York Metropolitan Detention Center has seen him housed in the same unit as the FTX founder and former CEO. Now, they are both set to share representation in the form of Alexandra Shapiro. JUST IN: Sean 'Diddy' Combs hires the same lawyer representing Sam Bankman-Fried. pic.twitter.com/hVVVUlHbTg — Watcher.Guru (@WatcherGuru) October 1, 2024 Also Read: Sean ‘Diddy’ Combs Moved to Same New York Jail as Sam Bankman-Fried Diddy Combs Hires Sam Bankman-Fried’s Lawyer Ahead of Appeal The crypto market has yet to see a controversy as massive as the downfall of FTX. One of the larg...

Sam Bankman-Fried has filed an official appeal to overturn his fraud conviction in the case of fallen crypto exchange FTX. The founder of the collapsed FTX exchange was convicted last fall and is serving a 25-year sentence in prison. JUST IN: Sam Bankman-Fried files appeal to overturn FTX fraud conviction. — Watcher.Guru (@WatcherGuru) September 13, 2024 In the 102-page appeal, a lawyer for Mr. Bankman-Fried called for a new trial. The defendants pointed to several rulings by Judge Lewis A. Kaplan of Manhattan that limited Bankman-Fried to introduce evidence and hampered his defense. “Sam Bankman-Fried was never presumed innocent,” wrote the lawyer, Alexandra A.E. Shapiro. “He was presumed guilty by the judge who presided over his trial.” Sam Bankman-Fried Appeals FTX Conviction Shapiro’s written appeal also criticized a ruling by Judge Kaplan that prevented Bankman-Fried from arguing in court that FTX’s users had not actually lost money. SBF and his defense argued that use...

Coinbase director Conor Grogan has flagged on chain data that highlights massive USDT mints ordered by Sam Bankman-Fried’s Alameda Research in 2021. Blockchain data flagged by Coinbase director Conor Grogan indicates that Alameda Research redeemed over $38 billion for Tether (USDT) tokens in 2021 despite not having the equivalent assets under management. Onchain data shows that Alameda was responsible for minting $39.55B of USDT, a number that is 47% of Tether's circulating supply today A previous report by Protoss estimated the number at around $36.7B; I was able to update these figures with additional wallets I found pic.twitter.com/fYBvGAYlFd — Conor (@jconorgrogan) October 9, 2023 According to Grogan, the total value of USDT creation was higher than Alameda’s total assets on its books at the height of the wider cryptocurrency market bull run in 2021. Grogan also suggests that FTX ordered USDT redemptions were likely to have been from Alameda’s tokens, totalling 3.9 bil...

Kumanan Ramanathan who worked for a legal firm consulting for Sam Bankman-Fried’s crypto exchange was able to safeguard up to $500 million of customer funds on the day hackers attacked FTX. Amid bizarre transactions out of FTX wallets on Nov. 11, Zach Dexter, chief executive of FTX subsidiary LedgerX rallied former employees on a Google Meet call to brainstorm how they might protect vulnerable user assets. Ramanathan, advising FTX from Alvarez & Marshall, volunteered to create a new wallet on his Ledger Nano and transfer the funds there, according to a Wired investigative report. Ledger Nano is a hardware wallet used for self-custody of cryptocurrencies. Also on the call was Gary Wang, former chief technology officer at FTX and Alameda, and currently witness for the prosecution in Bankman-Fried’s criminal trial. Wang reportedly aided the effort to transfer around half a billion of customer assets to Ramanathan’s personal hard wallet. As CTO, Wang had backdoor keys to FTX’s sys...

The US Commodity Futures Trading Commission (CFTC) has shut down Kalshi’s predictions market that enabled wagers on whether Republicans or Democrats would win a majority of Congressional seats, reasoning that such a predictions market would operate “contrary to the public interest.” This order continues a pattern of regulatory pressure on prediction markets. Throughout US history, almost all prediction markets that wade too far into the waters of politics or gambling ended up shuttering or fading into obscurity amid government intervention. In their new order, commissioners explained that the platform operated by KalshiEx LLC would permit unlawful betting. They also cast a dim view on many predictions markets based on election outcomes. The US Commodities Exchange Act (CEA) section 5c(c)(5)(C)(i) empowers the CFTC to determine that contracts in certain commodities “are contrary to the public interest if the contracts involve: (1) activity that is unlawful under any Federal or State...