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Bitcoin sales by FTX come to light as part of the SBF trial, as one prediction suggests that they stopped the BTC price from hitting $100,000. Bitcoin (BTC) failed to hit $100,000 during the 2021 bull market because defunct exchange FTX kept selling BTC, Analysis claims. In an X post on Oct. 12, Joe Burnett, senior product marketing manager at Bitcoin financial services firm Unchained, joined voices arguing that FTX executives suppressed BTC price strength. FTX testimony reveals mass BTC selling As the trial of former FTX CEO Sam Bankman-Fried, known as SBF, continues, new testimony paints a picture of market manipulation. This week, Caroline Ellison, former CEO of affiliated firm Alameda Research, reportedly told the court that Bankman-Fried asked her to sell BTC should spot price breach $20,000. This was done using FTX customer funds, which neither had the right to deploy. AUSA: What are these? Ellison: Notes from a conversation with Sam. I wrote, keep selling BTC if its over $20...

Binance CEO Changpeng “CZ” Zhao declined to pay former FTX CEO Sam Bankman-Fried $40 million in March 2019 to create a crypto futures exchange, according to Michael Lewis’ book “Going Infinite.” According to a The Block report based on the content of the book, the idea of a futures-only exchange was a departure from Binance’s model at the time, as it was still just a spot crypto exchange. After considering it, Zhao turned down Bankman-Fried’s $40 million offer, opting instead to develop a futures exchange in-house. Bankman-Fried went on to create the now-infamous FTX exchange in May 2019, which subsequently collapsed into bankruptcy in November 2022, and is now at the center of Bankman-Fried’s criminal trial which began in New York yesterday. Unlike traditional spot exchanges, futures exchanges allow traders to trade crypto using only a portion of their collateral. Bankman-Fried pitched the idea to Zhao, saying his proposed design would monitor trades by the second and l...

Robert Francis “Beto” O’Rourke, an American politician, received $1 million in contributions for his campaign from FTX ’s Sam Bankman-Fried . SBF was notably a generous donor, especially to the Democrats. He gave over $40 million to them in 2022. He has also contributed $300,000 to the House Financial Services Committee’s Democratic members. When FTX fell in November, many lawmakers and committees pledged to return the donations by SBF. Beto O’Rourke also claimed to have returned a $1 million campaign contribution before the collapse of the exchange in November. Read more: Binance Rolls Out Crypto to Fiat Feature in 7 Countries However, campaign records reveal that O’Rourke is still holding on to $100,000 from that donation, according to a report from The Washington Free Beacon. Source: Houston Chronicle Beto O’Rourke holding onto $100,000 raises questions Earlier details revealed that the $1 million refund was issued on Nov. 4 to avoid the et...

It is understood the crypto software company will enable crypto traders to create algorithmic-based strategies to access different markets. SkyBridge Capital founder Anthony Scaramucci is investing in a crypto company founded by the former president of FTX US. According to an email to Bloomberg, Scaramucci said he would be investing his own personal funds to support ex-FTX US president Brett Harrison’s new venture, which became known just three weeks after the collapse of crypto exchange FTX. It is understood that the crypto Software company — which doesn’t yet have a name — will enable crypto traders to create algorithmic-based strategies to access different markets — both centralized and decentralized. It is also understood that Harrison has been seeking a fundraising target as high as $10 million for a $100 million valuation. In a Jan. 14 tweet responding to Harrison's lengthy thread on Sam Bankman-Fried and his time at FTX U, Scaramucci said he was “proud” to be an investor ...