Posts about Crypto
Silvergate Capital Chief Executive Alan Lane and other executives are leaving the company amid the wind down and liquidation of Silvergate Bank.
Lane and Chief Legal Officer John Bonino will both leave, effective Tuesday. Chief Financial Officer Antonio Martino will exit, effective Sept. 30. The company said in a securities filing that it doesn't expect to name another CEO or CFO as it seeks to liquidate Silvergate Bank.
Kathleen Fraher, the company's current chief transition officer, will serve as principal executive officer, effective following Lane's departure.
Andrew Surry, chief accounting officer of Silvergate Bank, will serve as the company's principal financial officer following the departure of Martino.
Silvergate, which focused on companies in the crypto industry, said earlier this year it would wind down and return all deposits following a run that forced it to sell off assets at a steep loss to cover billions of dollars of withdrawals.
Also:
Silvergate Capital announces departures of CEO, CFO, legal chief
Alan Lane, CEO of both the holding company and the bank, and John Bonino, chief legal officer of the company and the bank, no longer held those positions effective Tuesday. Effective Sept. 30, Antonio Martino, CFO of both the company and bank, will depart from those positions, Silvergate said.
In the filing, the company said the executives will โno longer be entitled to any further compensation under each of their respective employment agreements, but each will receive certain severance benefits provided to bank employees being discharged in the course of the bank liquidation.โ
Silvergate said Kathleen Fraher, chief transition officer of the company and the bank, now serves as the companyโs principal executive officer, while Andrew Surry, chief accounting officer of the bank, will serve as the companyโs principal financial officer when Martino leaves.
Shares of Silvergate were unchanged after hours, following a 35% rise to close Tuesday at 30 cents a share. Year to date, Silvergate shares have shed 98%, and had once closed as high as $222.13 back on Nov. 3, 2021, according to FactSet data.
Citadel Securities is now the owner of roughly 1.73 million shares or a 5.5% stake in Silvergate, valued at $25 million based on Monday's closing price of $14.71.
Silvergate Capital CEO Alan Lane to Exit as Crypto Bank Winds Down
Citadel Securities is the owner of roughly 1.73 million shares or a 5.5% stake in Silvergate
Source: https://www.reuters.com/article/idUSL6N39V0EO
Sam Bankman-Fried used money he stole from customers of his FTX cryptocurrency exchange to make than $100 million in political campaign contributions before the 2022 U.S. midterm elections, federal prosecutors said on Monday.
An amended indictment accused the 31-year-old former billionaire of directing two FTX executives to evade contribution limits by donating to Democrats and Republicans, and to conceal where the money came from.
โHe leveraged this influence, in turn, to lobby Congress and regulatory agencies to support legislation and regulation he believed would make it easier for FTX to continue to accept customer deposits and grow,โ the indictment said.
Bankman-Fried faces seven counts of conspiracy and fraud over FTXโs collapse, though the indictment no longer includes conspiracy to violate campaign finance laws as a separate count.
Federal prosecutors in Manhattan said last month they would drop that charge after the Bahamas, where FTX was based and where Bankman-Fried was arrested in December 2022, said it never intended to extradite him on that count.
Instead, prosecutors told U.S. District Judge Lewis Kaplan last week that a new indictment would โmake clear that Mr. Bankman-Fried remains charged with conducting an illegal campaign finance scheme as part of the fraud and money laundering schemes originally charged.โ
Mark Botnick, a spokesman for Bankman-Fried, declined to comment.
Bankman-Fried has previously pleaded not guilty to stealing billions of dollars in FTX customer funds to plug losses at Alameda Research, his crypto-focused hedge fund.
Kaplan jailed him last Friday ahead of his Oct. 2 trial, after finding probable cause that Bankman-Fried tampered with witnesses.
Previously, Bankmman-Fried had been largely confined to his parentsโ Palo Alto, California, home on $250 million bond.
Bankman-Fried rode a boom in cryptocurrency values to amass a fortune that was once estimated at $26 billion, and became an influential donor to mostly Democratic candidates and causes.
The November 2022 collapse of FTX after a flurry of customer withdrawals destroyed his wealth and stained his reputation.
Bankman-Friedโs indictment does not name the two people prosecutors say he used for โstraw donorsโ to donate money at his direction. But other court papers and Federal Elections Commission data show they are Nishad Singh and Ryan Salame.
Singh, FTXโs former engineering chief, pleaded guilty to fraud and campaign finance violations in February. He donated $9.7 million to Democratic candidates and causes, and said in court he knew the money came from FTX customers.
Salame, the former co-CEO of FTXโs Bahamian unit, gave more than $24 million to Republican candidates and causes in the 2022 election cycle, according to Federal Election Commision data.
He has not been accused of wrongdoing, and his lawyer did not immediately respond to a request for comment. Bloomberg reported last week he was negotiating a possible plea with prosecutors.
Sam Bankman-Fried used money he stole from customers of his FTX cryptocurrency exchange to make than $100 million in political campaign contributions before the 2022 U.S. midterm elections, federal prosecutors said on Monday.
โHe leveraged this influence, in turn, to lobby Congress and regulatory agencies to support legislation and regulation he believed would make it easier for FTX to continue to accept customer deposits and grow,โ
California has a Department of Financial Protection & Innovation which tracks crypto scams and gives a small description of each scam that is reported. It is crazy the number of people that meet people randomly on social media and then send money at their direction. Here are the last 4 scams that were reported
Dating App
A California victim met someone on an online dating app. At some point, the scammer instructed the victim to send crypto assets to what the victim believed was a legitimate banking app based in Singapore.
How in the world does meeting someone on Match.com translate into sending ETH to what you think is a banking app in Singapore? I am sure we are all thinking this was a horney dude, but it was a woman.
Instagram DM
A California victim reports that โBillโ reached out to her via Instagram where they communicated for about 2 weeks before Bill asked to move the conversation to WhatsApp. Bill then mentioned trading in crypto assets and asked if she was interested.
Who honestly thinks that unsolicited DMs from Instagram would result in great financial advice? Nothing ever good comes from unsolicited DMs. Ever.
Telegram Stalking
A victim reported they met โLisa Harrisโ, who had a presence on multiple online platforms (i.e., Telegram and Telegram channel name Lisa Trader.) Lisa enticed the victim with an investment opportunity that promised good returns in 24 hours. Victim sent $100 worth of crypto assets through kucoin exchange, but never got back any principal or profit.
At least this one didn't respond to unsolicited messages or meet their scammer via Tinder, instead, they found the scammer themselves and messaged them. At least they have the forethought to only send the scammer $100.
LinkedIn is for social networking, not investing
The first victim met Fergus Lee through LinkedIn, and they then communicated through the online app Line. Fergus showed the victim how to set up an account on Crypto.com and gave him the link to โliquldohn.com/h5.โ The victim started with $1,000 and got back $607 on his first trade. Fergus then convinced the victim to withdraw from his 401(k) retirement account, and transfer to Liquldohn. The victim sent almost $50,000 in three separate transactions.
Yes, someone might say they are super impressed by the fact you are a shift manager at McDonalds. That doesn't mean you should send them $50k to invest, regardless of what assorted flair and credentials they have decided to put on their profile.
Public Service Message
If you get a DM from u/cryptosexytime69 asking for your seed, they are a scammer. I expect everyone to know this, but there are 4 people in California that apparently don't.