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New York (AFP) - He was the face of cryptocurrency, and a young one at that -- a media darling seemingly destined to unite the sector. But the stunning rise of Sam Bankman-Fried and his FTX platform would be matched by an equally spectacular fall when it was revealed that billions of dollars of clients' funds had been moved and spent without their consent. After a jury in 2023 found him guilty of seven counts, a federal judge in New York sentenced Bankman-Fried on Thursday to 25 years for leading the fraudulent scheme. Before it all came crashing down, the native Californian had amassed a fort...
AFP
New York (AFP) - He was the face of cryptocurrency, and a young one at that -- a media darling seemingly destined to unite the sector. But the stunning rise of Sam Bankman-Fried and his FTX platform would be matched by an equally spectacular fall, after it was revealed that billions of dollars of clients' funds had been moved and spent without their consent. A federal jury in New York has convicted Bankman-Fried of leading the fraudulent scheme, for which 31-year-old former tycoon now faces the possibility of spending the rest of his life behind bars. Before it all came crashing down, the nati...
AFP
New York (AFP) - The trial of Sam Bankman-Fried, former CEO of one of cryptocurrency's biggest exchanges, began Tuesday with a jury set to determine if he committed massive fraud by stealing billions of dollars from clients. The 31-year-old -- once one of the most respected figures in crypto -- now faces decades in prison and could see his name stand alongside Bernie Madoff and Elizabeth Holmes as the era's most prominent fraudsters. The first day of the trial was devoted to jury selection for a case that is set to last about six weeks. Bankman-Fried faces seven counts including wire fraud, se...
AFP
New York (AFP) - Sam Bankman-Fried, once the most respected face of crypto currency, goes on trial Tuesday in federal court facing seven counts of fraud that could see him spend decades in prison. The curly haired graduate of the Massachusetts Institute of Technology in just a few years turned his FTX platform into the world's second biggest crypto exchange, propelling him to become the tech world's latest out-of-the-blue billionaire. Bankman-Fried's meteoric rise was only matched by his ignominious downfall, which saw him escorted last year by police from his luxury apartment in the Bahamas a...
AFP
New York (AFP) - He was the face of cryptocurrency, and a young one at that -- a media darling seemingly destined to unite the sector. But Sam Bankman-Fried's stunning rise to prominence and wealth would be matched by his spectacular fall, and with it that of his platform FTX. In the space of just a few months the Massachusetts Institute of Technology graduate with a degree in physics had taken a startup he founded in 2019 and built it up into the world's second largest crypto exchange platform. He quickly became more than just a young entrepreneur, fashioning himself as an ambassador of c...
AFP
Niagara Falls (United States) (AFP) - In the US border town of Niagara Falls, residents accustomed to the soothing roar of the famous waterfalls recently discovered a much less pleasant sound: the "haunting hum" of bitcoin mining farms. "I get four hours of sleep, maybe, because of that constant noise," said Elizabeth Lundy, an 80-year-old retired hairdresser. "I can hear the noise even through the storm windows." On a sunny October morning, a mechanical whirring could be heard clearly on Lundy's front porch. The noise turned to a deafening din as one walked two blocks toward Buffalo Avenue w...
AFP
New York (AFP) - An original copy of the US Constitution -- one of only two known to be in private hands -- will be auctioned off in December with bidding estimated to go as high as $30 million, Sotheby's announced Tuesday. Five hundred first printings were made of the US Constitution's final text and provided to participants at the 1787 Constitutional Convention, including George Washington, Alexander Hamilton and Ben Franklin, but almost all have been lost to history. Of the 13 that are known to have remained, 11 are owned by governments and institutions. Last year, one of the two privately ...
AFP
New York (AFP) - Auctioneers revealed Friday the identity of the buyer of an extremely rare original copy of the US Constitution for a record $43 million -- a billionaire who will loan it to a museum to maximize the document's viewing. Kenneth Griffin, CEO of the hedge fund Citadel in Chicago, set a world record for a historical document at auction Thursday when he purchased the 1787 text, according to Sotheby's auction house, which staged the sale. The 53-year-old billionaire's personal fortune is estimated at nearly $21 billion, according to Forbes, making him the 47th richest American. Cita...
AFP
New York (AFP) - They are technology enthusiasts on the hunt for opportunities in the Wild West market surrounding NFTs: the popular certified digital objects that have spawned a new generation of collectors convinced of their huge potential. Brandon Kang, a 25-year-old videographer from California, started buying NFTs in December, and already owns more than 500. In February he spent $50,000 for "Reflection," a digital work by electronic music artist Feed Me. His collection includes digital images of simian heads (Bored Ape), a beverage can and a cube, as well as an animation of a car drivi...
AFP
New York (AFP) - Cryptocurrency fans have counted Tesla boss Elon Musk as among their champions, but this week he rocked their world by questioning the future of the digital assets and singling out carbon emissions from bitcoin mining for particular criticism. "Energy usage trend over past few months is insane," Musk tweeted on Thursday, sharing a chart from the Cambridge Bitcoin Electricity Consumption Index (CBECI), his latest missive in a salvo that's caused bitcoin's price to drop. Obtaining bitcoin is an energy intensive endeavor, and the chart showed the evolution of its power usage, ris...
AFP
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