{"id":53963,"date":"2023-10-04T01:49:46","date_gmt":"2023-10-04T01:49:46","guid":{"rendered":"https:\/\/www.threatshub.org\/blog\/us-v-sam-bankman-fried-trial-begins-as-imploded-crypto-biz-boss-sues-his-insurer\/"},"modified":"2023-10-04T01:49:46","modified_gmt":"2023-10-04T01:49:46","slug":"us-v-sam-bankman-fried-trial-begins-as-imploded-crypto-biz-boss-sues-his-insurer","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/us-v-sam-bankman-fried-trial-begins-as-imploded-crypto-biz-boss-sues-his-insurer\/","title":{"rendered":"US v Sam Bankman-Fried trial begins &#8230; as imploded crypto-biz boss sues his insurer"},"content":{"rendered":"<p>The first of two US government prosecutions of former FTX CEO Sam Bankman-Fried commenced in New York on Monday, only a day after the cryptocurrency tycoon sued his own insurance company for failing to cover his legal costs.<\/p>\n<p>Jury selection commenced on Monday in the case concerning whether Bankman-Fried <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2022\/11\/15\/ftx_collapse_cryptocurrency\/\" rel=\"noopener\">diverted billions of dollars<\/a> of FTX customer funds for his own use. The crypto-exchange later <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2023\/03\/16\/ftx_sbf_liquidator_claims\/\" rel=\"noopener\">imploded<\/a>.<\/p>\n<p>Ahead of that case commencing, the former CEO filed a <a target=\"_blank\" rel=\"nofollow noopener\" href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.cand.418936\/gov.uscourts.cand.418936.1.0.pdf\">complaint<\/a> [PDF] on Monday against Continental Casualty Company (CNA) that accuses the Chicago-based insurance firm of failing to abide by the terms of his insurance policy with them.<\/p>\n<p>The crypto big cheese alleges CNA has not observed the terms of its insurance contract, which Bankman-Fried asserts should cover his defense costs.<\/p>\n<p>Bankman-Fried&#8217;s company Paper Bird, which owned much of the <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2022\/11\/15\/ftx_collapse_cryptocurrency\/\" rel=\"noopener\">collapsed FTX Trading Ltd<\/a>, held a directors and officers insurance policy issued by QBE Insurance Company to cover executive legal expenses.<\/p>\n<div aria-hidden=\"true\" class=\"adun\" data-pos=\"top\" data-raptor=\"condor\" data-xsm=\",fluid,mpu,\" data-sm=\",fluid,mpu,\" data-md=\",fluid,mpu,\"> <noscript> <a href=\"https:\/\/pubads.g.doubleclick.net\/gampad\/jump?co=1&amp;iu=\/6978\/reg_security\/cybercrime&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=2&amp;c=2ZR1pfhsIjXdgDswcUFITEQAAAIA&amp;t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" src=\"https:\/\/pubads.g.doubleclick.net\/gampad\/ad?co=1&amp;iu=\/6978\/reg_security\/cybercrime&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=2&amp;c=2ZR1pfhsIjXdgDswcUFITEQAAAIA&amp;t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0\" alt> <\/a> <\/noscript> <\/div>\n<p>But that policy, and a second from Lloyd\u2019s of London, have an aggregate liability limit of $10 million. That limit has been reached and Bankman-Fried needs CNA&#8217;s second-layer excess policy to pay out.<\/p>\n<p>CNA may believe that it isn&#8217;t obligated to pay because of Bankman-Fried&#8217;s alleged fraud and the associated collapse of FTX \u2013 the focus of the New York trial. But fraud remains unproven.<\/p>\n<p>CNA declined to comment.<\/p>\n<div aria-hidden=\"true\" class=\"adun\" data-pos=\"top\" data-raptor=\"falcon\" data-xmd=\",fluid,mpu,leaderboard,\" data-lg=\",fluid,mpu,leaderboard,\" data-xlg=\",fluid,billboard,superleaderboard,mpu,leaderboard,\" data-xxlg=\",fluid,billboard,superleaderboard,brandwidth,brandimpact,leaderboard,mpu,\"> <noscript> <a href=\"https:\/\/pubads.g.doubleclick.net\/gampad\/jump?co=1&amp;iu=\/6978\/reg_security\/cybercrime&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=4&amp;c=44ZR1pfhsIjXdgDswcUFITEQAAAIA&amp;t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" src=\"https:\/\/pubads.g.doubleclick.net\/gampad\/ad?co=1&amp;iu=\/6978\/reg_security\/cybercrime&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=4&amp;c=44ZR1pfhsIjXdgDswcUFITEQAAAIA&amp;t=ct%3Dns%26unitnum%3D426raptor%3Dfalcon%26pos%3Dmid%26test%3D0\" alt> <\/a> <\/noscript> <\/div>\n<div class=\"adun_eagle_desktop_story_wrapper\">\n<div aria-hidden=\"true\" class=\"adun\" data-pos=\"mid\" data-raptor=\"eagle\" data-xxlg=\",mpu,dmpu,\"> <noscript> <a href=\"https:\/\/pubads.g.doubleclick.net\/gampad\/jump?co=1&amp;iu=\/6978\/reg_security\/cybercrime&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=3&amp;c=33ZR1pfhsIjXdgDswcUFITEQAAAIA&amp;t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" src=\"https:\/\/pubads.g.doubleclick.net\/gampad\/ad?co=1&amp;iu=\/6978\/reg_security\/cybercrime&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=3&amp;c=33ZR1pfhsIjXdgDswcUFITEQAAAIA&amp;t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0\" alt> <\/a> <\/noscript> <\/div>\n<\/p><\/div>\n<p>Bankman-Fried was <a target=\"_blank\" rel=\"nofollow noopener\" href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/united-states-attorney-announces-charges-against-ftx-founder-samuel-bankman-fried\">charged<\/a> by federal prosecutors last December in an eight-count indictment for fraud, money laundering, and campaign finance offenses. Five additional charges were added in the months that followed.<\/p>\n<p>Then in June 2023, six of the thirteen counts were moved to a second criminal trial set to start in March 2024. The current New York proceeding before Judge Lewis Kaplan covers the other <a target=\"_blank\" rel=\"nofollow noopener\" href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.590940\/gov.uscourts.nysd.590940.202.0.pdf\">seven counts<\/a> [PDF] related to wire fraud, securities fraud, and money laundering.<\/p>\n<div aria-hidden=\"true\" class=\"adun\" data-pos=\"top\" data-raptor=\"falcon\" data-xsm=\",fluid,mpu,\" data-sm=\",fluid,mpu,\" data-md=\",fluid,mpu,\"> <noscript> <a href=\"https:\/\/pubads.g.doubleclick.net\/gampad\/jump?co=1&amp;iu=\/6978\/reg_security\/cybercrime&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=4&amp;c=44ZR1pfhsIjXdgDswcUFITEQAAAIA&amp;t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" src=\"https:\/\/pubads.g.doubleclick.net\/gampad\/ad?co=1&amp;iu=\/6978\/reg_security\/cybercrime&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=4&amp;c=44ZR1pfhsIjXdgDswcUFITEQAAAIA&amp;t=ct%3Dns%26unitnum%3D426raptor%3Dfalcon%26pos%3Dmid%26test%3D0\" alt> <\/a> <\/noscript> <\/div>\n<p>Bankman-Fried, who was jailed in August <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2023\/08\/11\/sam_bankman_fried_jailed\/\" rel=\"noopener\">for witness intimidation<\/a>, has <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2023\/01\/05\/ftx_cryptocurrency_not_guilty\/\" rel=\"noopener\">pleaded not guilty<\/a> on all charges.<\/p>\n<p>Four others affiliated with FTX, however, have entered guilty pleas in prior legal proceedings: FTX co-founder <a target=\"_blank\" rel=\"nofollow noopener\" href=\"https:\/\/www.cnbc.com\/2022\/12\/22\/ftxs-gary-wang-alamedas-caroline-ellison-plead-guilty-to-federal-charges-cooperating-with-prosecutors.html\">Gary Wang<\/a>, who was Bankman-Fried&#8217;s roommate at MIT; former Alameda Research co-CEO <a target=\"_blank\" rel=\"nofollow noopener\" href=\"https:\/\/www.wsj.com\/articles\/caroline-ellison-apologized-for-misconduct-in-ftx-collapse-11671818789\">Caroline Ellison<\/a>, who had a romantic relationship with Bankman-Fried; <a target=\"_blank\" rel=\"nofollow noopener\" href=\"https:\/\/www.nytimes.com\/2023\/02\/28\/technology\/ftx-guilty-plea-fraud.html\">Nishad Singh<\/a>, an FTC co-founder and director of engineering; and <a target=\"_blank\" rel=\"nofollow noopener\" href=\"https:\/\/www.nytimes.com\/2023\/09\/07\/technology\/ftx-guilty-plea.html\">Ryan Salame<\/a>, who ran FTX&#8217;s business in the Bahamas.<\/p>\n<p>At least some of these former associates are expected to testify against Bankman-Fried as the trial progresses. \u00ae<\/p>\n<p> READ MORE <a href=\"https:\/\/go.theregister.com\/feed\/www.theregister.com\/2023\/10\/03\/sbfd_trial_insurance_lawsuit\/\">HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After people&#8217;s funds go up in smoke, ex-CEO seeks cash to foot legal bills The first of two US government prosecutions of former FTX CEO Sam Bankman-Fried commenced in New York on Monday, only a day after the cryptocurrency tycoon sued his own insurance company for failing to cover his legal costs.\u2026 READ MORE HERE&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","footnotes":""},"categories":[63],"tags":[],"class_list":["post-53963","post","type-post","status-publish","format-standard","hentry","category-the-register"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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