👮 FTX founder could face up to 115 years.

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FTX founder Sam Bankman-Fried charged with fraud (6 minute read)Sam Bankman-Fried, the founder and former CEO of FTX and Alameda Research, could face up to 115 years in prison if convicted on all eight counts against him in a federal indictment unsealed Tuesday morning, according to congressional statutory maximum sentencing guidelines. The charges against him including wire fraud, wire fraud conspiracy, and conspiracy to commit money laundering, each carry a maximum prison sentence of 20 years.

The Bahamian prison where Sam Bankman-Fried is headed is notorious for its harsh conditions (4 minute read)Sam Bankman-Fried is headed to a harsh Bahamian prison after a magistrate judge on Tuesday ordered him remanded to custody until February and denied the former FTX CEO bail following his Monday arrest in the country on US fraud charges. Authorities in the Bahamas detained Bankman-Fried this week, acting on a request from US officials.

Binance CEO Changpeng 'CZ' Zhao Warns Staff of Turbulent Times (2 minute read)Binance's Chief Executive Officer Changpeng "CZ" Zhao has warned his staff to expect turbulent times ahead as the giant crypto exchange sees a wave of crypto outflows amid concerns about its financial health, according to an internal memo. "While we expect the next several months to be bumpy, we will get past this challenging period – and we'll be stronger for having been through it," CZ wrote to his staff.

FTX Japan says it will repay all customers within weeks. Ex-employees are skeptical (7 minute read)Earlier this year, FTX entered Japan with a splash. In August, the cryptocurrency exchange announced its arrival with flashy video billboards, towering above the crush of commuters at Tokyo’s Shibuya Scramble intersection. Then came FTX’s spectacular collapse, which dragged more than 100 related companies into bankruptcy proceedings under a cloud of alleged fraud and mismanagement. Like elsewhere, FTX in Japan is now under pressure from regulators to return victims’ money, and quickly. In a rare case of redress, the company has promised to return all funds to Japanese users within a matter of weeks.

VanEck investment giant believes Bitcoin price could hit $12,000 with a wave of miner bankruptcies (2 minute read)VanEck, a global investment manager, has a bearish outlook on Bitcoin despite slowing inflation and monetary policy tightening by the US Federal Reserve. Experts at VanEck believe Bitcoin could nosedive to the $12,000 level with the recent wave of miner bankruptcies.

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