Gary Wang · 129

The US CFTC's two co-founders against FTX: Ellison and Wang have both been banned from trading for 5 years and have not sought refunds or civil fines

Comparatively, the US Commodity Futures Trading Commission (CFTC) recently disclosed that the US District Court for the Southern District of New York has issued supplementary consent orders against former Alameda Research CEO Caroline Ellison and Gary Wang, co-founder of Alameda and FTX to formally resolve the CFTC's enforcement case against the two. According to the court order, both Ellison and Wang are required to continue to cooperate with the CFTC investigation. Ellison was given a 5-year trading ban and a 10-year registration ban, and Wang was given a 5-year trading ban and an 8-year registration ban. The relevant ban period is calculated from the effective date of the initial consent order that the two previously signed on December 23, 2022. In 2022, the court found Ellison involved and was responsible for two cases of fraud alleged by the CFTC, and also found Wang responsible for one fraud charge and permanently banned the two from violating the Commodity Exchange Act and CFTC's relevant anti-fraud regulations. Notably, the CFTC is not seeking additional recovery, return of illegal proceeds, or civil fines against Ellison and Wang at this time. CFTC law enforcement said the decision was based in part on significant cooperation between the two in the investigation and related litigation, including pleading guilty in a federal criminal case and assisting in the investigation of FTX-related matters. CFTC law enforcement chief David I. Miller said that Ellison and Wang committed fraud as Alameda and FTX senior executives and were found responsible by the court, but the final penalty reflected the important assistance they provided to the CFTC investigation. Furthermore, in related criminal cases, both have pleaded guilty to multiple crimes, including conspiring to commit commodity fraud, and are jointly liable for a forfeiture order of approximately $11.02 billion. This consent order means that the CFTC's relevant enforcement actions against Ellison and Wang have officially come to an end.

1d ago

US CFTC imposes trading ban on FTX co-founder Gary Wang and former Alameda CEO Caroline Ellison

Comparatively, the US Commodity Futures Trading Commission (CFTC) announced that the Southern District Court of New York has signed supplemental consent orders (supplemental consent orders) against former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang. According to the court order, Ellison and Wang are required to continue to cooperate with the CFTC investigation while facing transaction and registration restrictions. Among them, Ellison was given a 5-year trading ban and a 10-year registration ban; Wang was given a 5-year trading ban and an 8-year registration ban. The relevant injunction period is calculated from the date the first consent order was signed on December 23, 2022. Earlier, on December 23, 2022, the court found Ellison responsible for two counts of fraud charged by the CFTC and held Wang responsible for one fraud charge. The initial consent order between the two permanently prohibited them from violating the Commodity Exchange Act (Commodity Exchange Act) and CFTC related anti-fraud regulations. David I. Miller, head of the CFTC's enforcement department, said the ruling reflects the regulators' emphasis on “effective cooperation.” Although Ellison and Wang participated in the relevant fraud as Alameda and FTX executives and were found responsible, due to their important assistance in FTX-related investigations, regulators granted appropriate mitigation measures. The CFTC said that Ellison and Wang will not currently be required to pay compensation, return illegal proceeds, or pay civil fines, mainly due to the degree of cooperation between the two in the investigation and related criminal cases, as well as the $11.02 billion asset forfeiture order involved in the US criminal case. Both have previously pleaded guilty in criminal cases, including pleading guilty to conspire to commit commodity fraud.

3d ago
[Comparative Daily News Picks] Bitwise CIO: 2026 will be a record year for crypto ETF capital inflows; Tom Lee's fund analyst: BTC may fall to 60,000 to 65,000 US dollars in the first half of 2026; SWIFT will introduce blockchain ledgers to expand existing financial infrastructure

[Comparative Daily News Picks] Bitwise CIO: 2026 will be a record year for crypto ETF capital inflows; Tom Lee's fund analyst: BTC may fall to 60,000 to 65,000 US dollars in the first half of 2026; SWIFT will introduce blockchain ledgers to expand existing financial infrastructure

Bitwise Xiaobian's daily selection of Web3 news: [Bitwise CIO: 2026 will be a record year for crypto ETF capital inflows] Bitwise news, Bitwise Chief Investment Officer Matt Hougan said that the recent downturn in the crypto market is mainly due to “investors choosing to sell off in anticipation of the upcoming four-year cycle” and the “1011 market crash”. Once these negative factors dissipate, the market will rebound. Furthermore, Matt Hougan pointed out that the development trajectory of crypto ETFs is “extremely optimistic”. Some large brokerage firms have begun to enter the market. It is expected that 2026 will be a record year for crypto ETF capital inflows. As unique factors such as tokenization and institutional adoption become the main driving force for prices, the cryptocurrency market will gradually mature according to its own fundamentals. [Tom Lee's fund analyst: BTC may drop to $60,000 to $65,000 in the first half of 2026] In comparison, Sean Farrell, head of cryptocurrency strategy at Tom Lee's fund Fundstrat, stated in the “2026 Cryptocurrency Outlook” report, “Although I think Bitcoin and the entire crypto market will still have strong favorable factors in the long term, and support driven by liquidity is expected to appear in 2026, in the first quarter/second quarter of 2026, we There may still be a number of risks to be absorbed, which may present more attractive entry points. My benchmark judgment is that there was a more significant decline in the first half of 2026. Bitcoin could drop to $60,000—$65,000, Ethereum could drop to $1,800—$2,000, and SOL could drop to $50—75. These prices will provide a better opportunity for the layout before the end of the year. If this judgment turns out to be wrong, I'm still more inclined to maintain a defensive posture and wait for confirmation signs of a stronger trend. Bitcoin's year-end target is around $115,000, and Ethereum's year-end target is likely to reach $4,500. Under this framework, the relative strength of ETH will become more prominent. I think this is reasonable because Ethereum has more favorable structural capital flow characteristics, including no miner selling pressure, not being affected by MSTR related factors, and relatively low concerns about quantum risk.” [SWIFT will introduce blockchain ledgers to expand existing financial infrastructure] In comparison, Swift officially announced that it is cooperating with more than 30 banks around the world to promote blockchain-based ledger system design with the aim of expanding existing financial infrastructure and supporting large-scale tokenized asset circulation. Swift said the ledger will record and verify transaction sequences through smart contracts to operate in parallel with existing systems, solve the fragmentation problem of digital finance, and improve the efficiency of global cross-border payments and asset transfers. [Crypto industry supporter and US Senator Cynthia Lummis announced that she will not run for re-election] Comparing news, Wyoming Republican Senator Cynthia Lummis (Cynthia Lummis), who has been promoting cryptocurrency legislation for a long time, announced that she will not seek re-election and that her term will end in January 2027. Loomis is the chairman of the Senate Banking Committee's Digital Assets Subcommittee and has been at the center of congressional crypto regulatory legislation for many years, and has promoted crypto tax reform and Trump's strategic Bitcoin reserve legislation. She said that although she is no longer running for election, she will continue to focus on promoting important legislation in 2026. [Citi lowered target share prices for some crypto stocks, but is still optimistic about the industry] Comparing news, Wall Street Bank Citigroup (Citigroup) updated its digital asset stock report and lowered target share prices for some crypto stocks. Recently, the crypto market has generally declined, but it remains optimistic about this sector. Analyst Peter Christiansen and his team said in a Friday report: “Despite the recent increase in token volatility, we are optimistic about digital asset stocks.” Circle Financial (CRCL), the issuer of the USDC stablecoin, is still Citi's preferred stock, and the team reiterated its target price of $243, even though the stock recently dropped sharply to its current price of $83.60. Christiansen's next choice of stocks was Bullish (BLSH) and Coinbase (COIN). He said, “We believe BLSH is well-positioned to benefit institutional investors (especially the US) and traditional finance (Tra...

245d agoWendy#Compare Daily Picks

US SEC seeks to ban former core FTX executives from being directors or executives of listed companies for 8-10 years

Comparatively, the US Securities and Exchange Commission (SEC) has today submitted a “final consent judgment” proposal against Caroline Ellison, former CEO of FTX affiliate Alameda Research, Gary Wang, former chief technology officer of FTX, and Nishad Singh, former chief engineer. According to the settlement agreement, Ellison agreed to accept a 10-year ban on executives and directors, while Wang and Singh agreed to an 8-year ban. None of the three have denied the SEC's allegation that they violated the anti-fraud provisions of the securities law. The case stemmed from fraudulent investor practices that were revealed after FTX went bankrupt in November 2022.

246d agoWendy
From up the chain to the top: What do the biggest names in the coin industry look like

From up the chain to the top: What do the biggest names in the coin industry look like

In the wild stage of any industry, there are always pioneers who use the original stage of getting up early to stir things up and become new billionaires, and when they become new powerful people, their lifestyle often becomes mysterious and luxurious. Luxury homes are a symbol of their wealth and status. Over the years, the explosive growth of the cryptocurrency market has created a group of wealthy upstarts. The biggest names in the cryptocurrency industry have accumulated huge wealth through turbulence. Their wealth is not only reflected in digital wallets, but also turned into top luxury homes in the real world. Unlike traditional financial bosses, newcomers in the coin industry are often younger and more daring to show their wealth, and luxury homes have become the best stage for them to show their success. From 2020 to 2025, the global luxury housing market continued to heat up due to privacy needs and low inventory after the pandemic, and the biggest players in the coin industry took advantage of the opportunity to buy many sky-high properties. These luxury homes not only have excellent locations and luxurious designs, but also often have high-tech facilities, which perfectly meet the extremely high requirements of people in the coin industry for privacy and security. Below, we'll focus on the luxury property deals of several famous people in the cryptocurrency industry, sort out their prices, locations, and unique features, and take a look at their luxury homes. Coin industry mogul inventory EOS founder BB: $172.8 billion Italian luxury house Brendan Blumer is the CEO and chairman of Bullish, the parent company of EOS. He founded Gamecliff, an automated online game virtual item trading platform at age 14. Okay.com was launched in 2010 to create a collaborative data sharing ecosystem for the Asia-Pacific real estate market, and later developed into the largest digital real estate agency in Hong Kong. In 2017, he co-founded Block.one with Dan Larimer (BM), dedicated to blockchain technology research and development. Since founder BM left his job, Block.one's core team has almost all been BB's people. In March 2025, the Italian media “L'Union Sarda” reported that he bought the Romazzino (Romazzino) villa for a record 160 million euros (about 172.8 million US dollars). Apart from Villa Certosa (Villa Certosa), this deal is the most expensive transaction in the history of real estate in Sardinia and Italy. This villa in Romazzino (Romazzino) is one of the most luxurious mansions on the Costa Smeralda (Costa Smeralda) and is the former home of former Saudi oil minister Ahmed Zaki Yamani (Ahmed Zaki Yamani). Surrounded by 350 metres of coastline, the mansion covers an area of 2.3 hectares and has 28 bedrooms, 35 bathrooms, spacious terraces, 2 private beach entrances, 2 exclusive piers, 3 swimming pools, and approximately 23,000 square meters of gardens and supporting facilities. Big Brother Ma Ji: The $25 million Los Angeles Bird Streets mansion Huang Licheng, also known as “Big Brother Ma Ji,” is a former rapper and tech entrepreneur. In 1991, Huang Licheng became famous as a founding member of the pop/rap trio group LA Boyz. LA Boyz was active in the early to late 90s, released 13 albums and became popular in Asia, and eventually disbanded in 1997. After LA Boyz's success, Huang Licheng formed a hip-hop group in 2003” “Machi (Machi)” was another success. In 2017, Huang Licheng began entering the cryptocurrency sector with Mithril (Mithril). “Big Brother Ma Ji” was one of the earliest NFT players with a certain trading scale and is also a major BAYC player. His transaction frequency, NFT holdings, and sale prices will all have a certain impact on the NFT trading market and the floor price of blue-chip NFTs such as BAYC. In June 2023, Huang Licheng purchased a luxury home in the famous Bird Streets neighborhood of Los Angeles for $25 million. The luxury villa has 14,000 square feet of spacious space, facilities such as a wine room, marble bar, and large gym, and has 5 bedrooms and 8 bathrooms. This mansion on Bird Streets was initially listed for $34 million and was just completed in early 2022, but according to photos, Big Brother Maji bought it for about 75% less than the asking price a year later...

451d agoAlvin Liu#Coin circle #mansions

FTX co-founder Gary Wang seeks to avoid jail before sentencing

FTX co-founder Gary Wang will be judged in a New York court on November 20. Gary Wang was unaware that Alameda Research was misappropriating FTX clients' funds and only learned about the incident after the fraud “went very well,” according to the sentencing memorandum filed on Wednesday. He is currently a full time software engineer. According to the memorandum, Gary's current work includes supporting “forensic firms, criminal investigators, and judicial professionals seeking to preserve evidence faithfully.” Gary's lawyer said Gary's wife, Cheryl Chen, is 9 months pregnant and is undergoing naturalization procedures, and that incarceration would cost her and her soon-to-be born son their main financial resources. SBF and Gary have been friends since high school, and the two met at a summer math camp. Gary also trusts others very much, according to the memo. Wang's attorney said, “Sadly, Gary's compassion and kindness made him take others lightly, even to the point of being naive. SBF took advantage of this quality, and Gary's obedience to the decisions he made. Despite Gary's undeniable talent in programming, he has made himself one of SBF's pawns.” Former FTX engineering director Nishad Singh pleaded guilty last month and was not jailed but instead released by supervisory supervision for three years. Former Alameda Co-CEO Caroline Ellison was sentenced to two years in prison in September for cooperating with prosecutors. Ryan Salame, former co-CEO of FTX Digital Markets, began serving seven and a half years in prison last month.

653d agoAlvin Liu#FTX #Gary Wang

Former FTX director of engineering Nishad Singh requested commutation of sentence, claiming that his role in the FTX incident was “limited”

Comparing news, in a document submitted to the US District Court for the Southern District of New York, Nishad Singh, the former director of engineering of FTX, requested commutation of his sentence, claiming that his role in the FTX incident was “limited”, and his defense attorney claimed that Nishad Singh's role was “far more limited than any other individual mentioned in the FTX indictment, including Sam “SBF” Bankman-Fried, Caroline Ellison, Ryan Salame, and Gary Wang. “We would like to state that in view of all these circumstances, the only appropriate sentence for Nishad Singh is to serve his sentence and receive a period of supervised release,” the document said. Nishad Singh is due to be handed down by a judge on October 30.

674d agoWendy#FTX #Nishad Singh
What happened in court when SBF's ex-girlfriend Ellison was jailed for two years?

What happened in court when SBF's ex-girlfriend Ellison was jailed for two years?

Author: Chris Dolmetsch, Bob Van Voris, Teresa Xie, Bloomberg; Compiled by Tao Zhu, Golden Finance Although Caroline Ellison (Caroline Ellison) assisted prosecutors in convicting her former boss and boyfriend Sam Bankman-Fried (Sam Bankman-Fried), a federal judge sentenced her to 24 months in prison for her role in FTX's collapse. US District Judge Lewis Kaplan (Lewis Kaplan) on Tuesday sentenced 29-year-old Ellison to two years in prison, calling Ellison's cooperation “excellent” and praising her testimony during the fraud trial. However, Kaplan pointed out that the case was one of the “worst” financial fraud cases in history, and that her cooperation could not be a “passport to immunity from prison.” “I've met many collaborators over the past 30 years, but I've never met anyone like Ms. Ellison,” Kaplan said before the sentence. He said punishment was necessary to deter others from committing similar acts because cryptocurrency fraud “is easy and attracts many offenders.” Ellison's ruling ended another chapter after FTX's crash, when a group of young cryptocurrency executives and friends turned against Bankman-Fried and collaborated with prosecutors hoping to avoid jail time. FTX filed for bankruptcy at the end of 2022, uncovering a multi-year fraud that prosecutors say defrauded about $10 billion from customers, investors, and lenders. Like Bankman-Fried, Ellison was ordered to confiscate $11 billion of criminal proceeds. While it's almost certain that neither of them will be able to repay the amount, such orders are not uncommon in fraud cases. Additionally, she will have a three-year probation sentence after her sentence is over. Ellison will surrender to serve his sentence on or after November 7. When the verdict was handed down, she had almost no reaction — just looking down at the floor, and her mother and sisters all seemed to shed tears and wipe them with tissues at the end of the hearing. A friend testified in court on Tuesday. Ellison made a brief statement in court and apologized to lenders, investors, and victims who lost money due to her actions. “I miss the people I've hurt every day,” she said with tears in her eyes. “I'm sorry I wasn't brave enough.” Ellison was the CEO of Alameda Research, a hedge fund controlled by Bankman-Fried that leverages FTX client funds to make multi-billion dollar venture investments. She has confessed to the fraud and money laundering charges. Her punishment could be a sign that Kaplan will sentence two other key collaborators in the case, FTX co-founder Gary Wang and former engineering director Nishad Singh, later this fall. Bankman-Fried was jailed for 25 years for planning FTX's multi-billion dollar fraud. Ashamed and remorseful, Ellison asked Kaplan to release her from prison. US probation officials suggested that she accept a three-year supervised release rather than a prison sentence. “Caroline's first reaction was not to protect herself, but to try to make things right,” her attorney Anjan Thani told the judge on Tuesday, adding that her cooperation was “the cornerstone of the trial and marked by extraordinary candor and seriousness,” Ellison's attorney argued that her cooperation was key to the government's prosecution of Bankman-Fried, and that she immediately returned to the US when the exchange crashed in the fall of 2022. Afterwards, she began talking to prosecutors and regulators — admitting “relentlessly” her crimes while directing the authorities to pay attention to violations they were unaware of. Tears in court appeared on the witness stand in Bankman-Fried's fraud trial, where Ellison detailed how she collaborated with him to defraud lenders and customers, and their failed attempts to stop the company from going out of business. She testified that she prepared seven “alternative balance sheets” at Bankman-Fried's request to conceal the fact that it borrowed about $100 million from FTX customers and lent about $50 billion to FTX executives and affiliated entities. Kaplan listed it as one of the “key pieces of evidence” in the case and stated that she remembered creating these documents during an interview with the prosecutor and found the relevant documents for them. Caroline Ellison (Caroline Elli...

696d agody zhang#FTX #SBF #Golden Finance