Sam Bankman-Fried denied defrauding FTX users during his ongoing criminal trial on October 27. Meanwhile, cryptocurrency hardware wallet provider Trezor is investigating a recent phishing campaign and non-fungible token (nft) company Yuga Labs was awarded approximately $1.6 million in damages for a long-running lawsuit against nft artists. , Ryder Ripps.
SBF denies defrauding investors
Sam Bankman-Fried took the stand at his criminal trial on October 27, where he denied defrauding FTX users during the collapse of his crypto exchange last year.
Reports indicate that Bankman-Fried partly blamed former FTX CTO Gary Wang for creating the “allow negative” button for sister company Alameda Research.
The long-awaited courtroom sketch of SBF testifying.
I think the artist gave it a pretty fair shake.
Courtesy of Jane Rosenberg/Reuters. pic.twitter.com/FyXd84Yvp4
-Ariel Givner, Lic. (@GivnerAriel) October 26, 2023
“At the time, I wasn’t completely sure what had happened,” Bankman-Fried said of the Alameda line of credit. “I thought the funds were held in a bank account or sent to FTX in stablecoins. If Alameda kept it, I thought it would reflect as a negative number on FTX.”
During previous testimony, Bankman-Fried admitted to knowing “basically nothing” about cryptocurrencies when she launched Alameda Research.
Bankman-Fried’s first of two criminal trials entered its 14th day on October 27. He faces seven counts of conspiracy and fraud in his current proceedings.
crypto Wallet Trezor Investigating Phishing Campaign, Executive Says
Cryptocurrency hardware wallet provider Trezor is investigating a recent phishing campaign, as users reported receiving phishing emails.
Anonymous blockchain sleuth ZachXBT took to his Telegram channel on October 26 to alert users about a phishing attack targeting Trezor customers.
ZachXBT referred to a post by X (formerly Twitter) from the JHDN account, which alleged that Trezor may have been breached after receiving phishing emails to the email account used specifically to purchase the wallet.
Similar to some Trezor-related phishing attacks in the past, the phishing email invites users to download the “latest firmware update” on users’ Trezor devices to “fix an issue in the software.” According to the poster, the malicious email was sent from the email [email protected].
According to Trezor brand ambassador Josef Tetek, the company is aware of the current phishing campaign and is actively investigating it. “We continually report fake websites, contact domain registrars, and educate and warn our customers about the known risks,” Tetek said. referring to several articles aimed at helping users deal with phishing attacks.
Tetek emphasized that Trezor never asks for users’ recovery seed, PIN, or passphrase.
Ryder Ripps Ordered to Pay Yuga Labs $1.6 Million in Copyright Lawsuit
A US district court judge has ordered non-fungible token (nft) artists Ryder Ripps and Jeremy Cahen to pay Bored Ape Yacht Club creator Yuga Labs a total of $1.57 million. dollars in refunds and damages, along with legal fees, ultimately ending a “copycat” nft lawsuit.
On October 25 order follows an April 21 partial summary judgment granted in favor of Yuga Labs after the firm claimed that Ripps and Cahen, the defendants, violated copyright laws by making copycat versions of their Bored Ape Yacht Club collectibles (BAYC).
Yuga Labs wins lawsuit against RR/BAYC and receives $1,375,362 in @ryder_ripps and @pauly0xprofits and $200,000 in damages, settlement documents released yesterday show
It does not include attorneys’ fees, regarding which the parties will consult at a future date. Thoughts? pic.twitter.com/DZgky4LiiX
– okHOTSHOT (@NFTherder) October 26, 2023
District Court Judge John Walter awarded Yuga Labs $1.37 million after concluding that the nft company was entitled to the return of the defendants’ profits. An additional $200,000 was awarded in damages related to cybersquatting violations.
Yuga Labs was also entitled to recover attorneys’ fees and costs from the nft artists after the judge determined that the trademark infringement constituted an “exceptional case.”
SBF reportedly believed its dealings with Alameda were legal
Former FTX CEO Sam Bankman-Fried did not believe there was anything wrong with accepting FTX deposits through Alameda Research, according to reports from his ongoing trial in New York.
Bankman-Fried took the stand on October 26, where he was questioned about his use of the Signal messaging app and other matters related to his failed crypto empire.
“Did you think accepting FTX deposits through Alameda was legal?” defense attorney Mark Cohen asked. “Yes,” Bankman-Fried said. “I was CEO of both at the time.”
Bankman-Fried is the latest witness to take the stand in his criminal trial. Judge Kaplan said the jury will decide Bankman-Fried’s fate “in the early days of next week.”
The former FTX CEO has pleaded not guilty to all seven counts in his criminal case. However, he is expected to face five more charges in a second trial scheduled for March 2024.
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