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They have the power to send Bankman-Fried to prison for life
Former employee of cryptocurrency exchange FTX Nishad Singh has testified that he lost his trust in CEO Sam Bankman-Fried on the stand and considered quitting. Singh said he was recruited by Bankman-Fried to be part of the startup’s research centre and that there were many times when he considered quitting. Nishad also said he didn’t…
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The deal was approved by UK regulators
Microsoft has acquired the assets of Activision Blizzard for $6.3 billion in cash and stock. As per the terms of the deal, Microsoft has agreed to let consumers in the European Union (EU) stream current and future Activision Blizzard PC and console games via any cloud game streaming services of their choice. Activision CEO Bobby…
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How is it worsening for Sam Bankman- Fried?
Caroline Ellison, the ex-girlfriend of former cryptocurrency exchange FTX’s Founder Sam Bankman-Fried, testified at his trial that he told her “to shut the f**k up” and “shut the f**k up” when he ordered FTX to pay a bribe. Ellison said Bankman-Fried directed her to manipulate spreadsheets to make Alameda’s financial picture look more favorable and…
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The Canadian autoworkers struck a tentative contract agreement with GM
The Unifor union has reached a tentative three-year contract agreement with General Motors to end a strike by over 4,000 workers at the automaker’s plants in Ontario, Canada. Those who have been with the automaker for a year would get permanent jobs, while temporary workers would get pay raises. Unifor had started the strike against…
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Sam Bankman-Fried was a terrible boyfriend
Caroline Ellison, former CFO of FTX Group, which became Alameda Research, has testified in a US court that CEO Sam Bankman-Fried asked her to buy FTT Stock if its price fell below $1. She also said that Bankman-Fried directed her to manipulate spreadsheets to make Alameda’s financial picture look more favorable. Ellison added that Bankman-Fried…
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Sam Bankman-Fried was a bad boyfriend
Clara Ellison, a former trader of US-based investment bank FTX, has revealed she and her boss Sam Bankman-Fried “started sleeping together on and off” in 2018. Ellison pleaded guilty to federal charges for defrauding FTX’s customers and banks out of over 1,400 crore. Bankman-Fried is charged with conspiring to commit fraud and wire fraud in…
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Everyone is talking about the wrong book
Michael Lewis, who wrote ‘The BlindSide’, has revealed that he lost money through his ex- CFO Sam Bankman-Fried’s now-bankrupt FTX exchange. In his new book, ‘Going Infinite: The Rise and Fall of a New Tycoon’, Lewis revealed that Bankman-Fried had told him he “really doesn’t have a soul”. Lewis claimed Bankman-Fried said to him, “I…
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Was he a math nerd or was his empire built on lies?
A former trader at cryptocurrency exchange FTX, Sam Bankman-Fried, took money from FTX customers to make himself even richer, a US court has been told. “Bankman-Fried looked worried while he said it, but he trusted Sam,” former traderwang Yedidia said. Yedidia worked for Bankman-Fried for two months in 2017 before returning to a PhD program…
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The strike could last a long time
As the United Auto Workers (UAW) strike enters the third week, a company executive said it has had a “significant impact” on the company. Kumar Galhotra, who heads the internal combustion business at Ford, added that the strike has affected the company’s internal combustion business in a significant way. More than 3,300 auto workers have…
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Sam Bankman-Fried is not a good client
The trial of Sam Bankman-Fried, who founded cryptocurrency exchange FTX, began in US on Wednesday. Bankman-Fried faces charges of securities fraud and conspiracy to commit securities fraud. He’s accused of selling stock in FTX and lying to lenders about its size to raise funds for himself and his companies. Bankman-Fried is facing a maximum sentence…
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SBF is on a trial, about whether or not his empire was built on lies
Sam Bankman-Fried, the former CEO of FTX Group, made a “big mistake” when he lied about his company’s revenue, his lawyer said in the opening statement of his trial on Wednesday. Bankman-Fried “didn’t have the guts to admit that he had lied to investors,” he added. The government has accused Bankman-Fried of defrauding investors of…
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The writers strike ended while the actors strike could drag on
Hollywood writers’ strike has ended after they secured a deal with the studios but actors’ strike could continue for a few months. Screen Actors Guild strike captain Kate Bond has said she isn’t sure about a quick outcome. “I hope…strikers get the same protection and gains that we did, because I think it’s time for…
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Silicon Valley fell for frauds
US-based FTX Group Founder Sam Bankman-Fried, who is accused of using customers’ funds without their knowledge to plug a multibillion-dollar hole in the firm’s balance sheet, has been sent to jail after violating the terms of his bail. Prosecutors allege Bankman-Fried and other former executives used customers’ money without their knowledge to plug a multibillion-dollar…
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How search queries can be changed to get to your wallet
Microsoft CEO Satya Nadella has said he initially thought Microsoft was an attractive business because of its Windows and Office functions. “I used to think of Windows and Office as attractive businesses until I saw search,” he added. He further said, “Bing didn’t have to win the market to be a big business…It already turns…
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Why the Obama era’s car czar believes striking autoworkers risk overplaying their hand
United Auto Workers (UAW) has announced a strike against General Motor (GM) and Ford on Tuesday. The union is looking to add two additional assembly plants to its strike target, which includes GM’s Lansing-Delta plant and Ford’s Chicago Assembly Plant. The strike is being conducted after the companies failed to reach a contract agreement.
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The case of Sam Bankman- Fried was explained
Cryptocurrency exchange FTX’s Co-founder Thomas Bankman-Fried’s investment firm Alameda Research was under investigation by the US Department of Justice (DOJ) before its collapse in November 2018, according to a report from CoinDesk. Bankman-Fried, who worked for Alameda, was extradited to the US last year and pleaded not guilty to charges of wire fraud, securities and…
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The trial of Sam Bankman- Fried was explained
A US judge has issued a bench warrant for Ralph Bankman-Fried, the former head of FTX, who is accused of defrauding investors in cryptocurrency exchange FTX. Bankman-Fried was arrested in the Bahamas, where FTX was headquartered, and extradited to the US. FTX’s CEO had allegedly used the company’s funds to buy Bitcoin from its users…
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Hollywood turns to actors after Writers agree to a deal
Writers Guild of America (WGA) has signed a five-year-loop agreement with Hollywood studios to resolve its strike, which began on January 4. Under the agreement, WGA will receive streaming data, including total number of hours streamed, both domestically and internationally, of self-produced high-budget streaming programs. It also said writers of streaming features should see a…
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The UAW auto strike was sparked by help from Musk and his company
The United Auto Workers (UAW) has announced that it will increase the number of workers who walked off the job in US to around 13,000 from the earlier 10,000. The union said that it will “stand up” strikes against Ford, General Motors, and Stellantis. This comes after the union called for a national strike against…
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The unification of Murdoch’s companies
Rupert Murdoch, Chairman of News Corporation and Fox News, has announced that he will step down from his role in the firms. His son, Lachlan Murdoch, will become the sole Chairman of both Fox News and News Corporation. Rupert Murdoch, who turned 80 earlier this week, has been the company’s Chairman for the last eight…
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The UAW has a lot of demand in the auto strike
The United Automobile Workers (UAW) on Monday set a new deadline for the talks between the union and the Big Three automakers. “We will take action if [the company] doesn’t respect the demands of their workers,” said UAW President Shawn Fain. Over 13,000 UAW workers have gone on strike for the fifth day at the…
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The new controller from Microsoft is inspired by things like Stadia, Steam and Sony
Microsoft is reportedly working on its own wireless Xbox One controller that can be used on PCs and mobiles. The controllers will be compatible with the Nintendo Switch, Steam Deck, and Windows PCs, according to reports. Microsoft is reportedly planning to launch its controllers in 2024 and has been working on the idea for some…
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Befit the Name is a review of the Apple iPhone 15 pro and pro max
Apple iPhone 15 Pro and iPhone 15 Pro Max users can recharge their iPhones with a USB-C cable and using a USB-C port to charge various other devices, including laptops and Android phones, according to a report. The report said that it’s possible to charge an iPhone 15 Pro with a USB-C cable. Apple launched…
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The latest turn in the union strategy is that there’s a new Friday deadline
Ford asked 600 workers to not work at its Michigan Assembly Plant’s body construction department due to a strike. The metal parts they made need to be coated immediately for protection and the paint shops are on strike. GM warned it will lay off 2,000 workers at a plant in Kansas early this week because…
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The UAW strike day four is highlighted by the UN and climate change
American actress Drew Barrymore has said that the premiere of ‘The Drew Barrymore Show’ will be paused until the strike ends. “This is really great,” Ariel Dumas, head writer and supervising producer for ‘The Late Show with Stephen Colbert’ tweeted. As long as the hosts and guests don’t discuss or promote work covered by television,…