{"id":274218,"date":"2024-03-30T02:10:54","date_gmt":"2024-03-29T20:40:54","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=274218"},"modified":"2024-03-30T02:10:54","modified_gmt":"2024-03-29T20:40:54","slug":"ftx-executives-settle-fraud-lawsuit-for-us1-35-mln-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ftx-executives-settle-fraud-lawsuit-for-us1-35-mln-crypto-news\/","title":{"rendered":"FTX executives settle fraud lawsuit for US$1.35 mln – Crypto News"},"content":{"rendered":"

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Former executives of bankrupt cryptocurrency exchange FTX and promoters have consented to a US$1.35 million settlement in a class action lawsuit. <\/p>\n

The agreement, which includes FTX co-founder Gary Wang, former engineering chief Nishad Singh and Caroline Ellison, the former CEO of sister trading firm Alameda Research, aims to compensate victims of the cryptocurrency exchange\u2019s collapse. <\/p>\n

The settlement will help determine the allocation of funds to those defrauded by FTX.<\/p>\n

The executives have pleaded guilty to fraud charges and testified against Sam Bankman-Fried, the disgraced ex-CEO of FTX.<\/p>\n

Bankman-Fried was sentenced to 25 years in prison on Thursday for fraud related to the downfall of FTX.<\/p>\n

Bankman-Fried\u2019s conviction was less than the 40 to 50 years sought by federal prosecutors, but also higher than the six-and-a-half years proposed by his attorneys.<\/p>\n

Bankman-Fried faced a maximum sentence of 110 years behind bars.<\/p>\n

The Bahamas-based cryptocurrency exchange he founded filed for bankruptcy in November 2022 after it was\u00a0revealed<\/a>\u00a0that the balance sheet of Alameda Research contained a significant proportion of illiquid assets, mostly in FTT, the exchange\u2019s native token it created.<\/p>\n

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Former executives of bankrupt cryptocurrency exchange FTX and promoters have consented to a US$1.35 million settlement in a class action lawsuit. The agreement, which includes FTX co-founder Gary Wang, former engineering chief Nishad Singh and Caroline Ellison, the former CEO of sister trading firm Alameda Research, aims to compensate victims of the cryptocurrency exchange\u2019s collapse. […]<\/p>\n","protected":false},"author":2,"featured_media":274219,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-274218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/274218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=274218"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/274218\/revisions"}],"predecessor-version":[{"id":274221,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/274218\/revisions\/274221"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/274219"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=274218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=274218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=274218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}