All posts tagged: ftx

Shark Tank India 5 pitchers remind Kunal Bahl of ‘local property dealer’, ask ‘aap pe trust kaise aayega’: ‘Name reminds of a fraud company’ | Television News

Shark Tank India 5 pitchers remind Kunal Bahl of ‘local property dealer’, ask ‘aap pe trust kaise aayega’: ‘Name reminds of a fraud company’ | Television News

Published by Parlour News

4 min readNew DelhiUpdated: Feb 12, 2026 05:17 PM IST Shark Tank India Season 5 recently saw a real estate venture which claimed that they are going to revolutionise the concept of ‘fractional’ ownership in India. The two founders from Bengaluru described their company, PropFTX, as a “digital real estate investment platform” where people can buy a small fraction of a large property, along with other parties, and enjoy rental yield. However, the sharks pointed out various flaws in the business model and Kunal Bahl was quick to point out that their company’s name would remind people of a “fraud company” from the US whose founder is currently serving jail time. Rajeev Chhabra and Varun Singhi, the founders of PropFTX came in seeking Rs 1 crore in exchange for 1.5 percent of the company, valuing it at Rs 66.67 crore. Their company is still in its pre-revenue stage. Varun Alagh asked how their model works and the founders explained that if there is a property worth Rs 100 crore, they can divide the fractions between …

Caroline Ellison sentenced to two years in jail for role in FTX fraud

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Caroline Ellison, the former CEO of Alameda Research, was sentenced to 24 months in prison for her role in the FTX collapse. She must also forfeit $11 billion. Ellison pleaded guilty to two counts of wire fraud and five conspiracy counts in December 2022 as part of a cooperation agreement with the government. Prosecutors had recommended a lenient sentence because of Ellison’s “extraordinary” and “very timely” cooperation. Her own lawyers asked for no jail time, as did the federal Probation Department. “I’ve seen a lot of cooperators in 30 years. I’ve never seen one quite like Ms. Ellison,” said Judge Lewis Kaplan during the sentencing hearing, according to Bloomberg. In sharp contrast to Sam Bankman-Fried, there were no obvious inconsistencies in her testimony, which was “very incriminating of herself.” Still, she was culpable for her role in the fraud, Kaplan said. Ellison was the key witness at the trial of FTX cofounder Sam Bankman-Fried, where she testified for three days. A statement submitted by the prosecution before Ellison’s sentencing said the speed at which she …

Sam Bankman-Fried Sentenced to 25 Years for Multi-Billion Dollar FTX Fraud

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Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion (roughly Rs. 66,678 crore) from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind’s dramatic downfall. US District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing after rejecting Bankman-Fried’s claim that FTX customers did not actually lose money and finding that he lied during his trial testimony. A jury found Bankman-Fried, 32, guilty on November 2 on seven fraud and conspiracy counts stemming from FTX’s 2022 collapse in what prosecutors have called one of the biggest financial frauds in US history. Kaplan said Bankman-Fried has shown no remorse. “He knew it was wrong,” Kaplan said. “He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right.” Bankman-Fried, wearing a beige short-sleeve jail T-shirt, acknowledged during 20 minutes of remarks to the judge that FTX …

Who is Sam Bankman-Fried, the onetime crypto mogul sentenced to 25 years in prison? | Technology News

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A few years after graduating from college, Sam Bankman-Fried grew worried he was not taking enough risks. So the son of two Stanford Law School professors quit his Wall Street job and in 2017 started a cryptocurrency hedge fund, setting off a sequence of events that culminated on Thursday with him being sentenced to 25 years in prison over what federal prosecutors called one of the biggest financial frauds in U.S. history. Two years after launching a hedge fund, Alameda Research, Bankman-Fried founded FTX in 2019, an exchange that let users buy and sell digital assets such as bitcoin. Cryptocurrency valuations surged, propelling Bankman-Fried to a net worth of $26 billion by October 2021, according to Forbes magazine, before he turned 30 – the 25th richest person in America. He parlayed that wealth into political clout, becoming one of the biggest donors to Democratic candidates and causes ahead of the 2022 U.S. midterm elections – though he also donated to Republicans through straw donors to mask his involvement, U.S. District Judge Lewis Kaplan said on …

Sam Bankman-Fried Urges Lenient Sentence, Citing FTX Fund Recovery

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Sam Bankman-Fried’s lawyer urged a judge on Tuesday to impose a lenient sentence for the FTX founder’s conviction for stealing $8 billion (roughly Rs. 6,63,30 crore) from customers of the now-bankrupt cryptocurrency exchange, arguing clients would get most of their funds back. In a sentencing submission, Bankman-Fried’s lawyer Marc Mukasey told U.S. District Judge Lewis Kaplan that a guidelines range between 5-1/4 and 6-1/2 years would be an appropriate prison term. That is far less than the maximum sentence of 110 years he faces after a jury found him guilty in November on seven counts of fraud and conspiracy, in what prosecutors have called one of the biggest financial frauds in American history. Bankman-Fried pleaded not guilty and is expected to appeal his conviction and sentence. He acknowledged making mistakes running FTX, but testified at trial that he never intended to steal customer funds. Kaplan is set to sentence the former billionaire, who turns 32 next week, on March 28. The lawyer’s submission was accompanied by letters of support from Bankman-Fried’s parents, psychiatrist, and others. …

FTX bankruptcy docs show Tom Brady held over 1 million shares in the crypto exchange

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Tom Brady’s weighty investment in FTX is on the verge of evaporating. New bankruptcy filings show that the Tampa Bay Buccaneers quarterback holds over 1.1 million common shares in the defunct cryptocurrency exchange, while his ex-wife and fashion model Gisele Bündchen holds around 680,000, as reported earlier by Bloomberg and Insider. The NFL star and his then-wife have served as brand ambassadors for FTX since 2021 and even appeared in a series of commercials for the exchange (which really haven’t aged well). According to an estimate from Forbes, Brady’s investment was valued at around $45 million, while Bündchen’s was worth about $25 million. In its report, Insider notes, “During typical bankruptcy proceedings, only bond holders are able to recoup some of their losses, while equity investors are usually wiped out.” Other high-profile figures listed as FTX equity holders include Robert Kraft, the billionaire owner of the New England Patriots, as well as entrepreneur and Shark Tank star Kevin O’Leary. In December, O’Leary told CNBC that he lost the entirety of the $15 million FTX paid …

Ferrari Cuts-Off Blockchain Partner Ahead of F1 Season, Loses $55 Million: Here’s Why

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Ferrari, ahead of the upcoming Formula One racing season, has terminated its partnership with the Velas blockchain. Scuderia Ferrari, the racing division of the Italian luxury sports car brand, reportedly backed out of complying with provisions that were required before Velas could create NFTs for the company. Ferrari now stands to face losses of around $55 million (roughly Rs. 452 crore) in the aftermath of suspending its blockchain partnership, as well as cutting ties with chipmaker Snapdragon, that was also roped-in amongst its sponsors last year. In a bid to engage with new-age fans and reward loyalists with digital souvenirs, Ferrari had partnered with Velas in 2021. The deal, that was supposed to be multi-year, was set at a yearly price of $30 million (roughly Rs. 246 crore). The deal not only fell apart due to Ferrari’s lack of participation, but also because of the ongoing crypto slump that has struck Velas in the belly of its business. As per a report by RacingNews365, Velas has claimed that it has been subjected to a financial …

Former FTX CEO Sam Bankman-Fried pleads not guilty to fraud, money laundering charges

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Now, billions of dollars from investors and customers are missing, and the Department of Justice, US Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) have all accused his empire of operating as a fraud practically from the very start. According to Bloomberg, US District Judge Lewis Kaplan tentatively set a start date for the trial on October 2nd, “after US prosecutors said they expect to produce all evidence for the case in the next four weeks.” Reuters reports the judge also added a new bail condition, saying that Bankman-Fried is not allowed to access FTX or Alameda assets. The judge also agreed to a request from Bankman-Fried’s lawyers, who pushed to keep private the identities of two people — other than his parents — who have helped secure his bail, saying his parents have already been targeted by threats and harassment. Ellison had been the CEO of Alameda Research, while Wang co-founded FTX and served as its CTO. The prosecutors allege that the executives leading Bankman-Fried’s companies used FTX customer funds for Alameda’s …

Sam Bankman-Fried Said to Be Prepared to Enter Not Guilty Plea in US FTX Fraud Case

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Sam Bankman-Fried is expected on Tuesday to enter a plea of not guilty to criminal charges that he cheated investors and looted billions of dollars at his now-bankrupt FTX cryptocurrency exchange, according to a source familiar with the matter. Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions, in what prosecutors have called a fraud of epic proportions. He is scheduled to appear at 2pm EST (12:30am Wednesday, IST) before US District Judge Lewis Kaplan in Manhattan. A lawyer for Bankman-Fried did not immediately reply to a request for comment. It is not unusual for criminal defendants to initially plead not guilty. Defendants are free to change their plea at a later date. Bankman-Fried has been free on $250 million (roughly Rs. 2,070 crore) bond following his extradition last month from the Bahamas, where he lived and where the exchange was based. Since his release, Bankman-Fried has been subject to electronic monitoring and required to live with his parents, …

Genesis Crypto Broker Negotiating in Bad Faith, Co-Founder Cameron Winklevoss Says in Open Letter

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Cameron Winklevoss, who founded crypto exchange Gemini Trust with his twin brother, on Monday accused Digital Currency Group (DCG) CEO Barry Silbert of “bad faith stall tactics” and asked him to commit to resolving $900 million (roughly Rs. 7,450 crore) worth of disputed customer assets by January 8. Gemini has a crypto lending product called Earn in partnership with DCG’s crypto firm Genesis. Genesis halted customer withdrawals in November, following the collapse of major crypto exchange FTX. Winklevoss said Genesis owed more than $900 million to some 340,000 Earn investors, and that he had been trying to reach a “consensual resolution” with Silbert for the past six weeks. “However, it is now becoming clear that you have been engaging in bad faith stall tactics,” Winklevoss wrote in an open letter to Silbert that was posted on Twitter. “We are asking you to publicly commit to working together to solve this problem by January 8th, 2023,” he added. The letter did not say what would happen if an agreement was not reached by January 8. Winklevoss …