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The Ellisons Want Your Data

Paramount Skydance, owned by David Ellison, son of billionaire Larry Ellison, has announced a hostile takeover bid of Warner Brothers Discovery after it was revealed they had reached a merger deal with Netflix. The big picture here is that Larry Ellison is a creep who wants all your data. 

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Sam Bankman-Fried Accused of Leaking Ellison's Docs to NYT: US DOJ

Sam Bankman-Fried Accused of Leaking Ellison's Docs to NYT: US DOJ

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Sam Bankman-Fried (SBF), the founder and ex-CEO of the fallen cryptocurrency exchange FTX, is now faced with an accusation by the U.S. Department of Justice (DoJ). He is alleged to have leaked private documents belonging to Caroline Ellison, his former business associate and romantic partner, who is also a government witness in his case.

According to the DoJ complaint filed on July 20, SBF attempted to tarnish Ellison’s reputation through the publication of her private writings in a New York Times article. U.S. Attorney Damian Williams contends that SBF met with one of the article’s authors to share these documents, which were not part of the government’s discovery material:

“Such efforts have the potential to taint the jury pool, and could have a chilling effect on witnesses, the Government respectfully requests an order that limits extrajudicial statements by parties and witnesses likely to interfere with a fair trial by an impartial jury.”

Ellison’s personal writings highlighted her struggle at Alameda Research and her emotional turmoil following her break-up with SBF, among other matters. The article also discussed that she was severely underpaid in comparison with her other colleagues, which could “publicly discredit a government witness” during his trial.

While the source of the documents wasn’t specified in the NYT piece, Williams suggested that SBF was the source due to private knowledge of the evidence:

“When the government learned this week that this article was forthcoming, defense counsel confirmed that the defendant had met with one of the article’s authors in person and had shared documents with him that were not part of the government’s discovery material.”

The documents are thought to have been accessed from SBF’s personal Google Drive account, given their absence in the case’s discovery materials. As Williams noted, this act might contravene U.S. federal rules of civil procedure that caution against the release of confidential information that could potentially obstruct a fair trial.

The government has thus requested the court to invoke Local Rule 23.1, which disallows “extrajudicial statements by parties and witnesses” that may impact the right to a fair trial by an impartial jury.

FTX, once a global powerhouse in the cryptocurrency exchange world, succumbed to multiple problems in November 2022, leading to a series of lawsuits against SBF and the exchange collapsing.

He is set to appear in court on October 2, with charges ranging from fraud to illegal political contributions and alleged bribes to the Chinese government.

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Crypto News

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DOJ accuses SBF of leaking Caroline Ellison’s private diary to taint trial; FTX sues former executives for $1B

DOJ accuses SBF of leaking Caroline Ellison’s private diary to taint trial; FTX sues former executives for $1B

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The U.S. Department of Justice (DOJ) alleged that Sam Bankman-Fried (SBF) released the private diary of Caroline Ellison to reporters from the New York Times, according to a July 20 letter to Judge Lewis Kaplan.

On June 20, the New York Times published Ellison’s private writings detailing her relationship with the disgraced former FTX CEO and how her leadership role at Alameda Research overwhelmed her. The report noted that Ellison’s testimony could be critical in SBF’s trial.

The DOJ argued that SBF released the letter as part of efforts to “interfere with a fair trial by an impartial jury,” adding that the release specifically aimed to “publicly discredit a government witness” and potentially bias the jury against her (“taint the jury pool”).

“In addition to tainting the jury pool, the effect, if not the intent, of the defendant’s conduct is not only to harass Ellison, but also to deter other potential trial witnesses from testifying”

As a result, the authorities want the Judge to limit the extrajudicial statements made by parties and witnesses involved in the case.

FTX files to recover $1B from former top executives

Bankrupt crypto exchange FTX filed a lawsuit to recover more than $1 billion allegedly misappropriated by its former top executives, including SBF, Ellison, CTO Zixiao “Gary” Wang, and Nishad Singh, according to a July 20 court filing.

According to the filing, the defendants breached their fiduciary duties and allegedly misappropriated hundreds of millions of dollars belonging to FTX.

“Defendants abused their control over the FTX Group to commit one of the largest financial frauds in history. Beginning shortly after the inception of the FTX Group, Defendants misappropriated Debtor funds on a continuous basis to finance luxury condominiums, political and ‘charitable’ contributions, speculative investments and other pet projects.”

The filing essentially rehashes the executives’ actions that led to the collapse of FTX, pointing out how they placed their interests above the companies they were managing.

The bankrupt firm claims that the fraudulent transfers made by the top executives were over $1 billion, adding that it might discover additional transfers as the case proceeds.

All the top executives named in this lawsuit, except for SBF, have pleaded guilty to criminal charges brought against them by the U.S. government.

Alleges SBF’s father is funding his defense with the company funds

Meanwhile, FTX claimed that Bankman-Fried is supporting his defense through a $10 million gift he gave his father in January 2022.

According to the lawsuit, SBF illegally ordered the transfer from an FTX US account containing the debtors’ assets to his account on the same exchange. He later transferred this fund to his father’s account.

FTX stated that SBF’s father transferred $6.775 million of this fund to personal accounts at Morgan Stanley and TD Ameritrade, leaving only $3.225 million in his FTX US account. However, the FTX US account balance is left with $2.2 million due to losses on crypto trades.

The post DOJ accuses SBF of leaking Caroline Ellison’s private diary to taint trial; FTX sues former executives for $1B appeared first on CryptoSlate.

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Exchanges News

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Oracle Employees Need to Shut Up About Larry Ellison’s Trump Fundraiser Oracle employees are protesting Larry Ellison for holding a Donald Trump fundraiser on his private property.