Bankman-Fried Denies FTX Fraud; Trezor Probes Phishing; Yuga Labs Wins Lawsuit
Summary:
Sam Bankman-Fried refutes allegations of defrauding FTX users at his ongoing criminal trial. In separate news, cryptocurrency hardware wallet provider Trezor is investigating a recent phishing campaign. Additionally, Yuga Labs, an NFT firm, secures around $1.6 million in damages from a lawsuit against NFT artists Ryder Ripps and Jeremy Cahen. Finally, former FTX CEO Sam Bankman-Fried affirms his belief in the legality of operating business transactions between Alameda Research and FTX.
Facing continuous criminal trial proceedings, Sam Bankman-Fried adamantly denies any fraudulent actions against FTX users. Separately, Trezor, a company offering cryptocurrency hardware wallets, is currently studying a reported phishing operation. The nonfungible token (NFT) business, Yuga Labs, has successfully secured about $1.6 million in compensation following a prolonged legal case against NFT creators Ryder Ripps.
Bankman-Fried has publicly rebutted any allegations of fraudulent activities towards FTX users, especially during the downfall of his cryptocurrency exchange the previous year. He openly accuses Gary Wang, the former FTX chief technology officer, responsible for instituting the "allow negative" choice for sister enterprise Alameda Research. Moreover, he confessed he had minimal knowledge regarding cryptocurrency during Alameda Research's establishment. He is looking at seven separate accusations of conspiracy and fraud.
Trezor is currently investigating an escalating phishing operation that has seen a rise in phishing emails targeting its users. ZachXBT, a blockchain detective with a concealed identity, has warned Trezor consumers about this phishing attack. The phishing emails insist users update their firmware to address a software issue. The email that supposedly carries the malware comes from [email protected]. Trezor's company representative, Josef Tetek, comments that the company is fully aware of the situation and is addressing it assertively.
Ryder Ripps and Jeremy Cahen, nonfungible token (NFT) creators, have been instructed by a US District Court Judge to compensate Yuga Labs, makers of the Bored Ape Yacht Club, a total of $1.57 million. This hefty payment includes legal fees and marks the conclusion of the copied NFTs lawsuit. Yuga Labs successfully argued that both defendants disregarded copyright laws by creating similar versions of the Bored Ape Yacht Club collectibles. The lawsuit's results can be seen as a resounding victory for Yuga Labs.
Sam Bankman-Fried, the former FTX CEO, stands by his actions with Alameda being legal. According to data gathered from his ongoing New York court case, Bankman-Fried did not believe there was anything unlawful about accepting FTX deposits via Alameda Research. He will be facing five more charges in another trial scheduled for March 2024.
Published At
10/27/2023 8:46:25 PM
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