[Comparative Weekly Review] Former Alameda CEO: Alameda embezzled about $14 billion from FTX customers; Bitstamp will stop providing services to Canadian customers from January next year; US CFTC sues former CEO of Voyager Digital for fraud in large-scale product pool plans

Here's a recap of the week's top news stories:

[SupportBitcoinRobert Kennedy Jr. Will Withdraw from the Democratic Party and Run for President of the United States as an Independent]

Comparing news, according to the Associated Press, the pro-Bitcoin US presidential candidate Robert Kennedy Jr. (Robert F. Kennedy Jr.) It was announced in a speech that he would withdraw from the Democratic Party and run for election as an independent person. According to reports, JFK has been accusing the Democratic National Committee of “manipulating” the party's primary election against him and threatening that he may need to consider other options.

Robert Kennedy Jr. has stated that if elected, he will be exempt from cryptocurrency capital gains tax, and that he is willing to use hard assets such as gold, silver, platinum, and Bitcoin to support the US dollar to enhance the competitiveness of the US dollar.

[Former Alameda CEO: Alameda fromFTXThe customer misappropriated approximately $14 billion]

Comparative news, according to Bloomberg, beforeAlameda ResearchCEOsCaroline EllisoninSam Bankman-FriedHe testified in court in the case. Ellison told jurors that she and Bankman-Fried and others defrauded FTX's customers and investors and Alameda Research's lenders. Ellison said, “Alameda has taken billions of dollars from FTX customers and used them to invest in their own investments and repay lenders. We ended up taking around $14 billion, some of which we were able to pay back”.

“He was originally Alameda's CEO and Alameda's owner, and he directed me to commit these crimes,” Ellison said, pointing to Bankman-Fried in the defense.

【BitstampServices to Canadian customers will be discontinued from January next year]

Comparative news, according toThe BlockAccording to reports, the cryptocurrency exchange Bitstamp will stop serving in Canada early next year. CEO and Global Chief Commercial Officer of Bitstamp in the USBobby ZagottaIn a statement, it said: “After initial notice to our valued customers in March, Bitstamp will officially stop providing services to Canadian customers from January 8, 2024. As a result, all Canadian accounts will be closed and customers will no longer be able to access their accounts.”

Zagotta urges customers to withdraw their funds by January. Zagotta added that it hopes to be able to serve Canadian customers again at some point in the future.

【Alameda ResearchFormer CEO: Bribed Chinese officials to unlock foreign exchange accounts worth 1 billion US dollars]

Compared to Twitter news, on WednesdaySam Bankman-FriedFormer CEO of Alameda Research on trialCaroline EllisonTestimony says the crypto trading company bribed Chinese officials to unlock it in ChinaOKXand Alameda trading account on Huobi.

Ellison testified that when SBF became CEO in 2020, accounts worth about $1 billion were frozen. SBF said in November 2021 that one of his colleagues “had a relationship” in China and found a way to unfreeze the account. After paying around $100 million to $150 million in “cryptocurrency transfers” to the accounts, Ellison said the accounts were reopened to Alameda, and although she “wasn't sure who,” she later revealed that the accounts were linked to Chinese officials, and SBF passedSignalThe chat window tells her to pay.

When asked during the review why she didn't indicate in writing that the $150 million was paid to the Chinese account, Ellison said she “didn't want to indicate in writing what we paid to unlock the account” because she “thought it might be leaked and used against Alameda in a court case.”

[Caroline Ellison has prepared 7 balance sheets under SBF instructions to cover up multi-billion dollar loans]

Comparing the news, in a statement on October 11, Ellison described her and SBF working with a crypto lending agencyGenesisCo-Head of Transactions and LoansMatt BallensweigSomething that was done before the meeting, where the latter requested updated information on Alameda's balance sheet. The SBF allegedly asked former Alameda Research CEO Caroline Ellison to come up with a different approach to cover up multi-billion dollar loans on Alameda Research's balance sheet. Out of seven alternatives, SBF chose not to disclose its arrears, Ellison saidFTXThe client's $9.9 billion plan was designed to make Alameda look less risky.

Ellison said, “Sam (SBF) said don't send the balance sheet to Genesis. We borrowed $10 billion from FTX and provided $5 billion in loans to our own executives and affiliated entities. We think Genesis might share this information.”

Ellison added, “He made me think of other ways to present information. He wanted me to hide something from my balance sheet. So I prepared 7 different balance sheets. I didn't want to lie, but I offered Sam another option and let him decide.” According to court testimony, the incident occurred on June 19, 2022.

[BeautyCFTCsuedVoyager DigitalFormer CEO scammed in large-scale product pool plan]

Comparatively, the US Commodity Futures Trading Commission (CFTC) announced on Thursday that it will file a lawsuit against Tennessee resident Stephen Ehrlich in the US District Court for the Southern District of New York. He is the former CEO of the now-bankrupt entity Voyager Digital. The complaint alleges that Ehrlich committed fraud and registration failures in the operation of the Voyager digital asset platform and Voyager's unregistered product pool. Ehrlich and Voyager mistakenly touted the Voyager platform as a “safe haven” to earn high-yield returns to induce customers to buy and store digital asset goods.

In the lawsuit against Ehrlich, the CFTC sought compensation, forfeiture of illegal proceeds, civil fines, a permanent trade and registration ban, and a permanent injunction for further violations of the Commodity Exchange Act (CEA) and CFTC regulations.

[The US Federal Trade Commission reached a settlement with Voyager Digital and sued its former CEO]

Comparatively, the US Federal Trade Commission (FTC) announced on Thursday that it has reached a settlement with the bankrupt cryptocurrency company Voyager Digital to permanently ban it from handling consumer assets. The committee also filed a lawsuit against its former CEO, Stephen Ehrlich, alleging that Stephen Ehrlich lied about whether customer accounts were covered by the Federal Deposit Insurance Company. Even though the company was ultimately on the verge of bankruptcy, Ehrlich has not agreed to a settlement with the Federal Trade Commission, so the case against him will be tried in federal court.

The US Commodity Futures Trading Commission (CFTC) charged Stephen Ehrlich with implementing a large-scale commodity pool fraud scheme in a parallel operation.

Author: BitPushNews Katie Lin

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