This week it was revealed that Elon Musk, CEO of Tesla, X, and SpaceX, lost his lawsuit against Sam Altman of OpenAI, in which he sought $134 billion for breach of his company’s founding charter.

According to CNBC, “a U.S. court, presided over by federal judge Yvonne Gonzalez Rogers, determined that Musk’s lawsuit was filed after the statute of limitations had expired, as the tycoon had three years to file his complaint.” The judge stated that “there is a substantial amount of evidence to support the decision.”

Musk’s accusation against OpenAI centered on the “breach of the founding charter of the company that created ChatGPT.”

The entrepreneurs, who were once friends, ended up embroiled in a three-week trial due to various points of contention that led to a court case.

M.Pino

Source: bolsamania

(Reference image source: Sasun Bughdaryan on Unsplash)

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La entrada Musk loses lawsuit against Sam Altman apareció primero en Bitfinance.

Sam Bankman-Fried, former CEO of FTX, returned to court for one of the first times since his conviction. The reason for this appearance was to discuss possible conflicts of interest with their lawyers.

According to a February 21 report by the Inner City Press, Bankman-Fried waived his right to legal representation without conflict of interest with lawyers Marc Mukasey and Torrey Young. These two attorneys also represent former Celsius CEO Alex Mashinsky, who took a similar action at a February 20 hearing.

The appearance before the United States District Court for the Southern District of New York marked one of the first times Bankman-Fried had been seen outside of prison since a jury convicted him on seven felony counts in November 2023. Although SBF’s life behind bars has been largely out of the media spotlight, photos were posted on February 19 showing the former FTX CEO with other inmates.

According to the Inner City Press, Mukasey and Young will continue to represent SBF and Mashinsky. In contrast, attorneys Christian Everdell and Mark Cohen, who represented Bankman-Fried in his criminal trial in October 2023, will retire. Bankman-Fried’s sentencing is scheduled for March 28 before Judge Lewis Kaplan.

Bankman-Fried, once regarded by many as the ‘golden child of the crypto space’, resigned as CEO of FTX in November 2022. The firm filed for bankruptcy, and SBF was detained in the Bahamas pending extradition to the U.S., where he was later charged and convicted of fraud related to the handling of funds between FTX and Alameda Research.

After his trial in October 2023, SBF was initially expected to face five additional felony charges in March. However, reports in December suggested that prosecutors did not plan to proceed with the second trial, citing public interest.

K. Tovar

Source: ABCNews

(Reference image source: @WavemStudios, X)

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La entrada Sam Bankman-Fried is back on the jury. apareció primero en Bitfinance.

A jury in Connecticut, in the United States, recently ruled that digital assets that are linked to cryptocurrencies cannot be considered as securities.

The decision is considered in this world as the first verdict of its kind. Given this situation, GAW Miners investor Stuart Fraser was acquitted of liability in a fraudulent transaction co-opted by ZenMiner LLC.

“It is the first case that we know of in which a jury addressed whether cryptocurrency products were securities,” one of the defendant’s representatives, Daniel Weiner, of Hughes Hubbard & Reed LLP, told the US media.

The case against GAW Miners has been ongoing since 2017 when co-founder Homero Joshua Garza pleaded guilty to wire fraud. This left Fraser, a 41 % investor in GAW, as the only remaining defendant in the case.

After deliberation, the jury concluded that none of GAW’s four products, including promissory notes called “hash points”, tokens called “Paycoin” and virtual wallets called “Hashstakers”, were considered unregistered securities.

K. Tovar

Source: Law360

La entrada Connecticut rules cryptocurrencies are not securities apareció primero en Bitfinance.