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Ex-regulator Bair says that the FTX crash is similar to the one that took the life of Madoff.
Sam Bankman-Fried, the Co-founder and former CEO of FTX, is facing multiple criminal charges for his alleged roles in the cryptocurrency exchange’s failure, US Securities and Exchange Commission (SEC) said. Bankman-Fried was arrested in the Bahamas on Monday. “There was no person who was chiefly in charge…of positional risk of customers on FTX,” Bankman-Fried said.
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Money was drained from the exchange by unauthorized transactions.
Sam Bankman-Fried, the CEO of the FTX Foundation and Future Fund, was arrested on Monday in the US for allegedly misappropriating funds of the cryptocurrency exchange. According to a complaint, Bankman-Fried operated Alameda Research and FTX as a common enterprise. The FTX Foundation filed for bankruptcy last month, leaving at least a million depositors unable…
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US lawmakers are looking for answers from the FTX founder.
FTX’s former CEO Jamie Bankman-Fried, who faces criminal charges in connection with the collapse of the company, said, “There was no person who was chiefly in charge of positional risk of customers on FTX.” He further said he screwed up. The Ontario Teachers’ Pension Fund, FTX’s biggest customer, had invested $28 billion in FTX, as…
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Sam Bankman-Fried’s fortune evaporated in less than a week.
The head of US Securities and Exchange Commission (SEC), Gary Gensler, has said that while the crypto space is regulated, investors need “better protection”. Bankman-Fried diverted FTX’s customers’ money to Alameda Research to conceal a years-long fraud from the investors, according to the complaint. Bankman-Fried is under legal and regulatory scrutiny in the US and…
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There are eerie similarities between the FTX crash and the Madoff Ponzi scheme, says ex-regulator Bair.
US prosecutors have filed criminal charges against Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, after he was arrested in the Bahamas on Monday. The SEC said it has authorised separate charges relating to Bankman-Fried’s “violations of securities laws”, which will be filed publically on Tuesday. Bankman-Fried allegedly ran a Ponzi scheme worth over…
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Sam Bankman-Fried’s fortune dropped in less than a week.
US-based FTX Founder Sam Bankman-Fried, who was arrested in connection with FTX’s bankruptcy, allegedly left $1 billion to $2 billion in customers’ funds un accounted for, The New York Times reported. The report also said that Bankman-Fried had added a “backsdoor” to FTX’s accounting system that reportedly allowed him to change the company’s financial records…
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The families are in a tight spot due to inflation.
US retail sales during the holiday season are expected to grow between 6% and 8% this year, according to National Retail Federation’s projections. Retail sales for the combined November-December shopping months will grow between $942.6 billion and $960.4 billion, compared with the 2021 holiday season, it said. Online holiday spending will increase between 12% and…
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Rivian stopped the construction of electric vans with Mercedes.
Rivian Company of Automobiles on Wednesday reported a $1.71 billion loss in the second quarter of 2022. It said it will burn through $700 million in cash to produce 25,000 vehicles by the end of the year. The company laid off 800 employees in order to save money and prevent more money from coming in.
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As well as new ones, recycled battery materials can work.
Redwood Materials, a company that recycles lithium, cobalt, nickel, and rare earths, claims to be able to recover enough material for 100 GWh worth of battery cells by the year 2025. This comes after it announced plans to build a $3.5 billion plant outside of Reno, Nevada, where it would spend 10 years on a…
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A rocket has been fired carrying a rover to the moon.
Tokyo-based startup iSpace has launched its own private lunar lander in a SpaceX mission with the United Arab Emirates’ first lunar rover and a toylike robot from Japan. It is aiming to become the first private entity to attempt a Moon landing. Founded in 2010, ispace was among the finalists in the Google Lunar XPRIZE…
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The best outdoor brands are up to 30% off.
Outdoor retailer REI launched its annual ‘Get Out Sale’, with offers including 30% off Co-op brand and up to 30% off camping and hiking gear, snow sports and cold-weather apparel essentials, 20% off carracks and up to 50% off men’s and women’s clothes. The deals includes a bonus card with each $50 purchase if you…
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Lawmakers want answers from FTX founder.
US hedge fund FTX CEO Sam Bankman-Fried implemented a “backdoor” in the firm’s book-keeping system that allowed him to execute commands that could alter the company’s financial records, reports said. This comes as FTX filed for bankruptcy protection in the US. Bankman-Fried bought $1.4 billion of bankrupt crypto firm Voyager Digital’s assets this summer.
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The United Kingdom government will be updating it’s tax and spending agenda.
UK Finance Minister Jeremy Hunt on Monday said that the government plans to relax financial regulations to secure London’s status as a global financial hub after Britain leaves the European Union (EU) next year. He added that the move will make it easier for companies to list shares in London. The country is also looking…
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The final jumbo jet from Boeing just rolled off the assembly line.
Boeing on Tuesday said it is ending production of the 747-8 freighter variant of its jumbo jet, the world’s longest commercial plane. Atlas Air, a US-based operator of cargo aircraft, will be taking delivery of the final version of the aircraft. “It’s a proud day for Atlas Air and our industry,” the company’s Chairman and…
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The owner of the Washington Commanders was cited in a House report for his role in the culture.
Washington Commanders owner Daniel Snyder has denied allegations that he hired private investigators to look into other NFL owners, as well as league commissioner Roger Goodell. Multiple unnamed owners and league and team sources reported last week that the Commanders owner instructed his law firms to hire private detectives to look into other owners.
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The FTC wants to block the merger of Microsoft withActivision.
Microsoft CEO Satya Nadella has said that the US Federal Trade Commission’s (FTC) lawsuit to block Microsoft’s $5 billion deal to buy Activision Blizzard won’t be a “huge mistake”. He added that the FTC’s allegation that Microsoft made some popular game titles exclusive to it didn’t align with the facts. He said, “We believe we’ll…
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Ex-regulator Bair said that the FTX crash shares some parallels with what happened to Ponzi schemer Madoff.
US cryptocurrency exchange FTX’s CEO Sam Bankman-Fried has resigned after the company’s collapse. Several former FTX employees have claimed they didn’t recognise that the exchange transferred funds to his hedge fund Alameda Research to cover its losses, the New York Times reported. Bankman-Fried held a meeting with several executives in Nassau to determine how much…
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How FTX left a hole in the corporate overlord.
US-based cryptocurrency startup FTX’s CEO Sam Bankman-Fried has said he’s “piecing together” what has happened at FTX. In a tweet on Friday, he said his priority would be “radical transparency” or “giving as close to on-chain transparency as it can: so that people know exactly what’s happening on it”. The startup was founded by Bankman-Fried…
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The Wall Street Journal is reporting that Meta is planning significant layoffs.
Facebook-parent Meta is planning the first significant layoffs in its history as it struggles with a shrinking business and fears of a looming recession, Entrackr reported. Earlier this month, Meta said its second-quarter revenue declined for the second consecutive quarter. Facebook CEO Mark Zuckerberg had earlier said that the workforce cuts would “affect the whole…
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The collapse of the FTX is believed to be the last one.
US Securities and Exchange Commission head Gary Gensler said on CNBC on Thursday that while the crypto space is regulated, investors “need better protection”. Gensler said this while speaking about FTX CEO Sam Bankman-Fried. The SEC and Justice Department are looking into FTX. Bankman-Fried put up $1 billion to bail out companies and shore up…
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Dolly Parton got a large sum of money from Jeff Bezos.
Amazon Founder and CEO Jeff Bezos in a recent interview said that he and wife MacKenzie Bezos had agreed to do their first interview as a couple to shine a light on Bezos Courage and Civility Award given to music star Dolly Parton. Parton, who was awarded the award last year, can use the money…
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Mastodon is on fire, because of all the chaos on social media.
Twitter Co-founder Jack Dorsey said he’s “very sceptical” about SpaceX CEO Elon Musk’s claims that he plans to take Twitter private. Dorsey added that his company is “not willing to go that route”. He added, “I think [Musk] is being disingenuous by saying that we’re planning to take Twitter private.” Musk claimed he’s planning to…
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No one is going to save the industry.
Sam Bankman-Fried, Founder and CEO of cryptocurrency exchange FTX US, held a meeting with executives in Nassau last Sunday to calculate how much outside funding he needed to cover FTX’s shortfall. Bankman-Fried showed several spreadsheets to the heads of the company’s regulatory and legal teams that revealed FTX had moved around $10 billion in client…
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The second part of the hunt for the dark web biggest kingpin.
Celsius, a cryptocurrency exchange facing bankruptcy, has released a document that may include the transaction data of over 50 lakh users from April 2019. Celsius’ owners are accused of withdrawing tens of millions of dollars worth ofCryptocurrencies from the exchange before revealing its insolvency. The exchange’s attorneys released a document that may include the transaction…
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SamBankman-Fried’s fortune disappeared in less than a week.
Sam Bankman-Fried, the CEO of FTX, the world’s biggest cryptocurrency exchange, has announced that he’s filing for bankruptcy. “FTX, Inc. or its former CEO are not involved in my personal bankruptcy,” he wrote. “I ampiecing together what has happened at FTX…I’m confident that FTX will emerge stronger, and better, than ever before,” Bankman-Fried added.