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Sam Bankman-Fried urges court to dismiss charges

FTX CEO Sam Bankman-Fried is seeking to have up to 10 criminal charges against him dismissed in court, months ahead of his scheduled criminal trial in October.

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FTX CEO Sam Bankman-Fried is seeking to have up to 10 criminal charges against him dismissed in court, months ahead of his scheduled criminal trial in October.

In court documents filed in the Southern District Court in New York on May 8, SBF’s legal team pushed to dismiss everything apart from three counts of conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering.

Commenting on the move, crypto researcher Molly White suggested that “at least part of it seems to come down to the fact that additional charges were added after SBF’s extradition agreement was made.”

SBF was initially extradited to the U.S. from the Bahamas to face eight criminal charges of alleged fraud and money laundering; however, his legal team is arguing that the four of the five additional charges that were since been added from February “violates the Treaty’s rule of specialty provision.”

Under the “rule of specialty,” the requesting state (the U.S.) is generally bound to trial the extradited offender (SBF) only for the offense for which they were extradited.

During the extradition proceedings in The Bahamas, it was the understanding of all parties in court, coram judice¸ and the Court itself, that the specialty provisions applied notwithstanding the use of the simplified procedure. There was no waiver of the rule of specialty. To the contrary, there was an express acknowledgment that it applied, the lawyers argued.

These four charges include conspiracy to commit bank fraud and other individual wire fraud charges related to his alleged actions at FTX and Alameda. The most recent charge added, on March 28, concerns the alleged $40 million bribery of a Chinese government official.

Aside from this, SBF’s lawyers are also seeking to dismiss other charges relating to “conspiracy to defraud the United States” and charges relating to wire fraud and conspiracy to commit wire fraud, arguing there has been a failure to state an adequate offense in these counts.

According to his legal team, the initial indictment sent via a Diplomatic Note fails to properly specify the violation relating to campaign financing laws, and it also doesn’t reference any U.S. bank accounts, including any bank accounts affiliated with FTX or Alameda relating to the wire fraud charges.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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