Reports indicate that Sam Trabucco, the former co-CEO of the cryptocurrency trading firm Alameda Research, penned a letter to the judge set to sentence Ryan Salame, co-CEO of FTX Digital Markets. Trabucco’s letter emerged amidst numerous inquiries about his whereabouts throughout the ongoing turmoil. In his message, Trabucco referred to Salame as his “best friend” […]
Bitcoin News
Former Binance Boss CZ Apologizes, Accepts Responsibility Ahead of Sentencing
Changpeng Zhao, the former CEO of Binance, has publicly apologized for his past decisions and accepted full responsibility for his actions. This comes as U.S. prosecutors are seeking a 36-month prison sentence for Zhao in connection with compliance failures at the cryptocurrency exchange. Changpeng Zhao Issues Apology as Sentencing Nears In a letter to the […]
Bitcoin News
After Sam Bankman-Fried’s Sentencing, Spotlight Turns to Former FTX Associates
After Sam Bankman-Fried was sentenced to nearly a quarter-century behind bars for his involvement in financial wrongdoings, Caroline Ellison, Gary Wang, Ryan Salame, and Nishad Singh are up next to face consequences for their roles in the FTX debacle. The Uncertain Road Ahead for FTX’s Co-Conspirators Post-conviction by a jury and subsequent sentencing by Judge […]
Bitcoin News
Sam Bankman-Fried’s Defense Challenges ‘Super-Villain’ Narrative in Sentencing Debate
In a detailed letter to Judge Lewis Kaplan, the legal representatives for Sam Bankman-Fried, the embattled founder of cryptocurrency exchange FTX, have vehemently argued against the government’s recommendation for a 50-year prison sentence, labeling it as a “medieval view of punishment.” Legal Team Contests Proposed 50-Year Sentence for Sam Bankman-Fried as Unjust and Excessive In […]
Bitcoin News
Former Binance CEO Changpeng Zhao’s Sentencing Delayed to April 30, Court Notice Reveals
A U.S. court has postponed the sentencing of Changpeng Zhao, the ousted CEO of the crypto exchange Binance, to April 30. A Seattle Federal Court notice did not share reasons for the delay in Zhao’s sentencing while his lawyer reportedly declined to comment on the matter. Uncertain Times for CZ as He Awaits Sentencing A […]
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Judge Kaplan Rejects Bankman-Fried’s Request for Sentencing Delay, Affirms March 2024 Date
In a recent development in the high-profile case of Sam Bankman-Fried, the founder of the now-defunct crypto exchange FTX, a request for postponement of the sentencing hearing was firmly denied by U.S. District Judge Lewis Kaplan. Bankman-Fried’s legal team had sought a four to six-week adjournment, citing the need for additional preparation time. However, the court’s refusal to grant this extension marks a significant moment in this ongoing legal saga.
Sam Bankman-Fried Sentencing Date Proceeds as Kaplan Denies Delay
The defense, representing Sam Bankman-Fried (SBF), submitted a formal request for the adjournment of the sentencing hearing, originally scheduled for March 28, 2024. This plea was grounded in the defense’s requirement for more time to gather necessary materials and prepare adequately for the upcoming presentence interview. The defense emphasized the importance of this additional time for a thorough and fair preparation process.
“The defense requires the additional time to collect materials necessary for the sentencing submission and to prepare for the presentence interview,” the letter from Cohen & Gresser LLP’s Mark Cohen and Christian Everdell details.
Furthermore, SBF’s defense highlighted the issue of unresolved counts in the indictment, scheduled for trial on March 11, 2024. They argued that proceeding with the sentencing on the current counts, without resolving the severed counts, could lead to procedural complications and inefficiencies. This situation, they contended, warranted a delay in the sentencing process.
In their communication, SBF’s lawyers articulated concerns over the potential for a separate presentence investigation report (PSR) and an additional sentencing hearing. They emphasized the need for fairness and efficiency, suggesting that all relevant conduct be considered in a single, comprehensive sentencing hearing.
Accordingly, the defense proposed a new timeline, requesting that the sentencing hearing be postponed to an early to mid-May 2024 date. This adjustment would also entail corresponding shifts in the dates for the first and second disclosures of the PSR, aligning with the proposed new schedule for the sentencing hearing.
The request for a delay is reflective of the complex nature of SBF’s case, which involves multiple charges and intricate financial dealings. The defense’s argument for postponement was rooted in the premise of ensuring a fair and complete evaluation of all factors involved in the case.
However, U.S. District Judge Lewis Kaplan, overseeing SBF criminal fraud case, denied the request for the adjournment. The denial signifies the court’s intent to proceed with the existing timeline, indicating the urgency and significance attributed to this case. Kaplan detailed that the defense did not initially object to the current date which led to the latest decision on Dec. 20, 2023.
The denial of the extension request marks a pivotal moment in SBF’s legal journey, setting the stage for the upcoming sentencing in March 2024. As the legal proceedings continue to unfold, the crypto community and the wider financial world remain closely attuned to the outcomes of this landmark case.
What do you think about Judge Kaplan rejecting SBF’s sentence delay request? Share your thoughts and opinions about this subject in the comments section below.
Judge Greenlights Plea Deal in High-Profile Binance Case; CZ Faces Sentencing in 2024
A U.S. federal judge has endorsed the plea deal agreed upon between the U.S. government and Changpeng Zhao, the founder of Binance, widely known as “CZ.” Judge Richard Jones approved the plea in a recent court document, setting the sentencing for February 2024.
U.S. Federal Judge Confirms CZ’s Plea Agreement
On November 21, 2023, Binance concluded a settlement with key U.S. institutions, namely the Department of Justice (DOJ), the Treasury’s Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), and the Commodity Futures Trading Commission (CFTC). The settlement stemmed from allegations of Binance’s failure to register as a money services business and violations of the Bank Secrecy Act (BSA), leading to a .3 billion settlement payment by the company.
CZ acknowledged his guilt in breaching the BSA. U.S. prosecutors have requested the court to retain CZ in the U.S. until his sentencing. According to a document filed on December 6, 2023, Seattle District Court Judge Richard Jones has ratified the plea agreement. Jones noted the court’s consideration of the recommendation and the absence of any objections. “The defendant is adjudged guilty of such offense,” Jones ordered. The court has scheduled all parties to reconvene for the sentencing on February 23, 2024.
Subsequently, after the DOJ settlement in November, CZ resigned as CEO of Binance, with Richard Teng assuming the role. Binance is now subject to stringent oversight by federal authorities. Currently released on a 5 million bail bond, CZ is restricted from returning to his residence in the United Arab Emirates (UAE). The ex-chief of Binance faces a potential 18-month prison term and has paid 0 million in fines for his violations.
What do you think about the judge ratifying the plea deal? Share your thoughts and opinions about this subject in the comments section below.
Former Binance CEO CZ Seeks to Dismiss Government’s Motion Blocking His Return to UAE Before Sentencing
Former Binance CEO Changpeng Zhao (CZ) is seeking to dismiss the U.S. government’s motion to prevent him from going home to the United Arab Emirates (UAE) before sentencing. Despite the judge determining that the ex-Binance boss poses no flight risk after he voluntarily appeared in court to plead guilty, the government is pushing for a restriction on his return home before sentencing.
CZ Wants Judge to Dismiss Government’s Motion
Former Binance CEO Changpeng Zhao (CZ) filed an opposition to the U.S. government’s “motion for review” of the judge’s ruling on his “presentencing travel restrictions.”
The U.S. government filed a single count of information on Nov. 14, charging Zhao with “failing to maintain an effective anti-money laundering program,” the document details. “The government also filed a parallel Information against Binance for failing to comply with provisions of the Bank Secrecy Act and U.S. sanctions law.”
After hearing from both the government and Zhao, Judge Brian Tsuchida issued a “release order” with a bail package that permits the former Binance chief to return home to the United Arab Emirates (UAE) pending sentencing. While agreeing that CZ is not a danger to the community and bail is appropriate, the government filed a motion seeking to prevent Zhao from being able to return home to the UAE before sentencing.
The legal team for CZ argued:
Judge Tsuchida concluded based on a complete record, Mr. Zhao presents no risk of flight, having voluntarily come before the court to accept responsibility and plead guilty, and the government’s motion should be denied.
The lawyers for CZ detailed that the ex-Binance boss “voluntarily flew” to the U.S. to appear before the court on Nov. 21 where he pleaded guilty. Zhao also stepped down as the CEO of Binance. “As part of this multi-agency resolution with the Department of Justice and the civil agencies, the company and Mr. Zhao will pay a historic sum of more than .3 billion, with Mr. Zhao paying a personal penalty of 0 million to the CFTC,” the legal team added. The government states in its motion that Mr. Zhao may “face up to 18 months in prison.”
After hearing from both sides, Judge Tsuchida ordered Zhao released and permitted to return home to the UAE based on bail conditions. The document describes:
Under the order, the bail conditions require that Mr. Zhao post a 5 million personal recognizance bond, secured by two guarantors with cash pledges of 0,000 and 0,000, respectively, and a third guarantor with real property located in Los Angeles, California, valued at more than million.
Do you think CZ should be able to return home to the UAE pending sentencing? Let us know in the comments section below.
Hacker Gets 10 Years in First SIM-Swapping Sentencing in the U.S.
n nn nn According to a recent report, Joel Ortiz, the 20-year-old student from Boston who was indicted by prosecutors in Santa Clara, California, has been sentenced to 10 years in prison in what is believed to be the very first SIM swapping conviction in the United States.Ortiz was charged last year on 28 counts involving various computer-related violations and crimes concerning information law. Ortiz took control of the identities of over 20 people, stealing a to
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