Connect with us

Hi, what are you looking for?

Jewish Business News


Failed FTX Regulator Dan Friedberg Tied to Failed Gambling Business

Larry David ftx

Larry David FTX Super Bowl Ad

Dan Friedberg was the senior regulatory officer at the failed crypto exchange FTX. FTX is now under a great deal of scrutiny as the company stands accused of alleged embezzlement and possibly running a Ponzi scheme that gave it an artificial valuation. A few weeks ago FTX stock crashed, losing almost all of its value and costing company founder Sam Bankman-Fried more than 90% of his wealth.

Now comes word that5 Dan Frieberg was involved in another similar scandal in which a company failed about ten years before FTX. Frieberg was an attorney at UltimateBet which crashed in one of the biggest Internet gambling failures/scandals of all time.

Cereus Poker Network was an online poker business that included Absolute Poker and Ultimate Bet. Ultimate Bet hosted the World Poker Tour’s Aruba Poker Classic for four years. But a 2007 cheating incident brought the company down.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

In September 2007 accusations arose that claimed Absolute Poker had a “superuser” account. This is a special (some would say fake) user who is able to see what cards the other players have. Obviously, this is a risk that every gambler takes when using online gambling services. There is just no way to know that the business itself, or a hacker, knows what your cards are at all times and shares that information to other players or for its own use.

Absolute Poker eventually admitted that an employee had hacked its system and did indeed “cheat,” but denied that the company itself did anything wrong.

But in 2011, after about 10 years in operation, the US Department of Justice seized the Absolute Poker website site, shutting it down.

Now, there were no criminal charges ever filed and Dan Friedberg was himself never accused of any illegal activities during his tenure at Absolute Poker. Nor have any criminal charges been leveled at anyone involved with FTX, at least not yet. But the fact that Friedberg worked at both companies is something that many might say was not just a coincidence.

Prior to joining FTX, Dan Friedberg was a partner at Fenwick & West LLP. There, he led the cryptocurrency practice, and was the chair of the Payment Systems group. Dan received his J.D. from the University of Wisconsin, cum laude, as well as his M.B.A.



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.