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News on Medial
Former Chinese origin Apple employee sentenced to prison, here's why
Startup News FYI
·
1y ago
Medial
Former Apple engineer Xiaolang Zhang, accused of stealing trade secrets related to Apple's self-driving car project, has been sentenced to 120 days in prison and three years of supervised release. Zhang was also ordered to pay restitution to Apple. He was arrested in 2018 as he attempted to board a flight to China, and authorities found sensitive Project Titan data on his devices. Prosecutors argued that Zhang's actions could have harmed Apple's competitive edge, and evidence suggested he planned to share the stolen information with a Chinese startup.
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A crypto influencer has posted what she says is the first photo of Sam Bankman-Fried hanging out with his fellow inmates
Business Insider
·
1y ago
Medial
A photo obtained by crypto influencer Tiffany Fong shows FTX founder Sam Bankman-Fried looking scruffy in prison. Fong received the photo from a former inmate named G Lock, who was imprisoned with Bankman-Fried. The photo, taken on December 17, 2023, depicts a disheveled Bankman-Fried standing beside G Lock. Fong noted that he appeared to have lost weight and wasn't as clean-shaven as before. Bankman-Fried has been at Brooklyn's Metropolitan Detention Center since August, facing charges of fraud and conspiracy. He could potentially be sentenced to up to 110 years in prison.
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Sam Bankman-Fried prosecutor says Gary Wang's cooperation sped up case
Economic Times
·
1y ago
Medial
FTX founder Sam Bankman-Fried was charged by US prosecutors due in part to the cooperation of the former chief software engineer of the cryptocurrency exchange, Gary Wang. Wang's assistance was crucial in understanding how Bankman-Fried stole $8 billion in customer funds. Without Wang's help, it would have taken much longer for investigators to uncover the fraud. Bankman-Fried was recently sentenced to 25 years in prison and plans to appeal the conviction. Wang, along with other former FTX employees, pleaded guilty to fraud and testified against Bankman-Fried during the trial.
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Sam Bankman-Fried sentenced to 25 years for multi-billion dollar FTX fraud
Economic Times
·
1y ago
Medial
Former billionaire and FTX cryptocurrency exchange founder Sam Bankman-Fried has been sentenced to 25 years in prison for stealing $8 billion from FTX customers. U.S. District Judge Lewis Kaplan rejected Bankman-Fried's claims and accused him of lying during his trial testimony. The judge determined that FTX customers lost $8 billion, equity investors lost $1.7 billion, and lenders lost $1.3 billion. Bankman-Fried, previously known for his success in the cryptocurrency market, will appeal the conviction and sentence.
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Watch: Sam Bankman-Fried’s sentencing marks an end to the FTX saga
TechCrunch
·
1y ago
Medial
The former crypto baron, Sam Bankman-Fried, has been sentenced to up to 25 years in prison for his involvement in crimes within the cryptocurrency industry. While the lengthy sentence may not come as a surprise given the scale of his crimes, it marks the end of a chapter for the crypto industry. Despite the recent resurgence and excitement around cryptocurrencies, it is important to reflect on how someone once considered a venture and political ally has now ended up being convicted and imprisoned.
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IRS Contractor Who Leaked Taxes of Trump, Musk, and Bezos Sentenced to 5 Years in Prison
Gizmodo
·
1y ago
Medial
A former contractor at the Internal Revenue Service, Charles Littlejohn, has been sentenced to five years in prison for leaking the tax information of wealthy individuals, including Donald Trump, Elon Musk, and Jeff Bezos. Littlejohn had access to the documents and shared them with journalists between 2019 and 2020. The leaks led to major stories by the New York Times and ProPublica, highlighting the ongoing problem of whistleblowers and leakers for the government. Littlejohn's lawyer defended his actions, stating he believed the public had the right to know the information.
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Sam Bankman-Fried was the 'the poster child' of the effective altruism movement, now the charity he bankrolled is shutting down
Business Insider
·
1y ago
Medial
Effective Ventures Foundation UK, an "effective altruism" charity funded by former cryptocurrency billionaire Sam Bankman-Fried, is shutting down. The charity, which reported income of over £140 million in 2022, will wind down its operations and sell its assets, including a 15th Century manor house near Oxford. Effective altruism is a movement that aims to use resources effectively to help others. The closure of the charity comes after Bankman-Fried was sentenced to 25 years in prison for fraud and ordered to pay $11 billion in forfeiture. The charity has condemned his actions.
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Crypto lobbyist charged with breaking campaign finance rules
Economic Times
·
10m ago
Medial
Former cryptocurrency industry lobbyist and congressional candidate Michelle Bond has been charged with campaign finance fraud. Federal prosecutors accused Bond of violating campaign finance laws in 2022 by accepting a sham payment of $400,000 from the now-collapsed FTX crypto exchange. The payment was allegedly orchestrated by Ryan Salame, an executive at the exchange and Bond's boyfriend. Salame had previously pleaded guilty to a separate campaign finance charge and was sentenced to 7 1/2 years in prison. The charges against Bond indicate that the legal repercussions from FTX's collapse are still ongoing.
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Ex-Google staff charged with AI theft & alleged collaboration with Chinese firms
Livemint
·
1y ago
Medial
Linwei Ding, a former software engineer at Google, has been charged with stealing AI technology from the company while secretly collaborating with Chinese companies. Ding, a Chinese national, faces four counts of federal trade secret theft, which carry a potential sentence of up to 10 years in prison. The indictment alleges that Ding uploaded Google's confidential files to his personal account and later accepted roles at Chinese technology companies without disclosing his affiliations to Google. The charges highlight the ongoing concerns about Chinese economic espionage and national security risks associated with AI advancements.
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Brothers Sentenced to Prison in Eight-Year-Old iPhone and iPad Conspiracy Case
Business Bytes
·
1y ago
Medial
Two brothers have been sentenced to 41 months in federal prison each for their involvement in an eight-year-old international conspiracy scheme involving iPhones and iPads. The case, which recently culminated in legal action, also resulted in three-year prison sentences for the wives of the accused brothers. This development highlights law enforcement agencies' commitment to combatting counterfeit electronic devices and serves as a reminder of the consequences for those engaged in illegal activities that harm consumers and undermine the market’s integrity.
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Sam Bankman-Fried says he never thought what he was doing at FTX was illegal
Business Insider
·
1y ago
Medial
Former FTX CEO, Sam Bankman-Fried, expressed remorse for his actions in an interview with ABC News. Bankman-Fried, who was recently sentenced to 25 years in prison on charges including fraud and money laundering, stated that he never intended to hurt anyone or take anyone's money. The collapse of FTX in 2022 resulted in significant financial losses for customers, some of whom claim to have lost their life savings. Bankman-Fried's legal team plans to file an appeal, while his successor as CEO, John Ray III, disagrees with Bankman-Fried's portrayal of the company's financial situation.
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