Sam Bankman-Fried is out on bail after posting a $250 million bond. Many crypto exchanges issue proof of deposit, although the SEC says it is investigating. The FTX saga continued to unfold last week with disgraced former CEO Sam Bankman-Fried now on bail.
Some of Bankman-Fried’s friends have admitted to the fraud allegations and are cooperating with investigators. Other changes have produced evidence of retention due to FTX failure. However, efforts to understand these crypto exchanges have been frustrated as reports emerge that major accounting firms are no longer willing to work with them.
The week saw bitcoin continue to rally in price alongside the broader market as crypto miners braced for the effects of a year-long bear market.
For those and others, here are the biggest crypto stories from the past week:
Sam Bankman-Called to bail
Disgraced former FTX CEO Sam Bankman-Fried has had his bail set at $250 million after he was extradited from the United States to the Bahamas earlier this week. It came after Bankman-Fried said she only had $100,000 to her name. He will be in court on January 1. 3.
Some of Sam Bankman-Fried’s former associates at Alameda and FTX have pleaded guilty to fraud. Last week, unsealed court documents revealed criminal charges against former Alameda Research CEO Caroline Ellison and FTX founder Gary Wang. Both men face lengthy prison terms if convicted, but could see reduced sentences for cooperating with investigators. More Evidence of Crypto Exchanges
OKX released its second evidence report on December 23. It has proven that the platform has a reserve of 101% of its client’s bitcoins.
Crypto exchanges provided such news after the FTX crash to help restore consumer confidence. Still, the reports were criticized for not showing the full picture of the company’s financial health. Meanwhile, the US Securities and Exchange Commission said it will strengthen its scrutiny of financial reports.
No Santa convention
Bitcoin and the general crypto market haven’t seen much price change in the past week. BTC continues to be locked in the price range since missing the $20,000 level in early November. Bitcoin has spent the past week trading in a narrow $500 range between $16,400 and $16,900.
Crypto mining businesses are not doing well as they are trading below the price of BTC. Mining Fire also saw a price drop when Core Scientific filed for Chapter 11 bankruptcy protection.