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☆ A.I. and the Silicon Valley Hype Machine - The New York Times
▼ + stars: | 2024-05-15 | by ( Julia Angwin | ) www.nytimes.com time to read: +1 min

But now, a year later, the question isn’t really whether A.I. It feels like another sign that A.I. That realization has real implications for the way we, our employers and our government should deal with Silicon Valley’s latest dazzling new, new thing. Acknowledging A.I.’s flaws could help us invest our resources more efficiently and also allow us to turn our attention toward more realistic solutions. “I find my feelings about A.I.

Persons: Sam Altman, “, ”, Molly White

☆ Hackers really, really like trying to take over your food delivery apps
▼ + stars: | 2024-05-14 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Read previewYour DoorDash or other food delivery apps are a prime target for hackers. One reason: food delivery apps use two-factor authentication — like those codes texted to you before you can log in — less often than other kinds, Sift found. Just 3.5% of log-ins on food delivery apps asked for that kind of verification, making it easier for hackers to get in. Related storiesHackers also target food delivery accounts since many customers only use them periodically — meaning they're less likely to notice if someone takes control. AdvertisementDo you work for DoorDash, Instacart, Uber Eats, or another gig delivery service and have a story idea to share?

Persons: —, Brittany Allen, Allen, fraudsters, Uber Organizations: Service, Business, Facebook, Walmart Locations: cryptocurrency

But while the company's profile in the industry has stayed constant and swaggering, behind the curtain, its business has been increasingly troubled, 10 insiders told Business Insider. Creator economy professionals mingled beneath glowing jellyfish and coral light fixtures inside Jellysmack's creator lounge during VidCon 2023. "As a startup in the ever-evolving creator economy, we are constantly testing and adapting our business model," the Jellysmack spokesperson told BI in a statement. Advertisement"The world was falling apart with the pandemic, but early Jellysmack felt like a dream," the second former staffer told BI. BI viewed two Jellysmack contracts and an email exchange between Jellysmack and one of its creator clients to verify the practice.

Persons: —, SoftBank, lanyards, Jellymack, Jellysmack, YouTubers, Brad Mondo, Meta, Michael Philippe, Jellysmack cofounders Swann Maizil, Robin Sabban, Nathan Guetta, Condé Nast, Youri Hazanov, Sean Atkins, hasn't, Snapchat —, Amanda Perelli, JellyFi, deprioritize, that's, it's, Ollie Forsyth, They've Organizations: Service, Business, Facebook, influencers, BI, YouTube, Disney, Comcast, Keli, Big Tech, cryptocurrency, MTV, HBO, Copyright Capital, SoftBank, Productions, OKA Media, Network Media LLC, Crime, Star, Spotify, Crime Network Locations: VidCon, SoftBank

☆ U.S. orders Chinese-backed crypto miner to sell land near nuclear missile base
▼ + stars: | 2024-05-14 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

US Treasury Secretary Janet Yellen delivers remarks at the Treasury Department's Committee on Foreign Investment in the United States conference at the Treasury Department in Washington, DC, on September 14, 2023. U.S. President Joe Biden issued an order on Monday forcing a Chinese-backed cryptocurrency mining company to sell land near a Wyoming nuclear missile base, citing national security concerns. The company, MineOne, acquired the real estate in June 2022, placing its operations within a mile of the Francis E. Warren Air Force Base, a "strategic missile base and key element of America's nuclear triad," according to the White House. The company's site contained "specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities," the presidential order said. MineOne was ordered to divest from the land in the next 120 days, and to remove certain improvements and equipment at the property.

Persons: Janet Yellen, Joe Biden, Francis E, Biden, MineOne Organizations: Treasury, Foreign Investment, United States, Treasury Department, Warren Air Force Base, British Virgin Islands Locations: Washington ,, Wyoming, British, United States, U.S

☆ ‘Frankly stupid’: Fund manager weighs in on reignited meme stock frenzy as GameStop soars
▼ + stars: | 2024-05-14 | by ( Vicky Mckeever | ) www.cnbc.com time to read: +1 min

Fund manager Cole Smead has described the meme stock craze as "frankly stupid," as day traders once again pile into GameStop and AMC . The jump was seemingly prompted by a post on social media platform X by "Roaring Kitty," who in 2021 encouraged an army of day traders to pile into GameStop. In premarket trading on Tuesday, shares in GameStop and AMC were up 47% and 51% respectively at 6 a.m. E.T. Quoting "the late, great Charlie Munger," Smead said the day traders were "just taking in rat poison." Munger, who passed away last year, was the vice chairman of Berkshire Hathaway and famously described cryptocurrency as "rat poison."

Persons: Cole Smead, You've, Roaring, Kitty, Keith Gill, E.T, Charlie Munger, Smead, Munger, Berkshire Hathaway, Yun Li, Fred Imbert Organizations: GameStop, AMC, Smead Capital Management, Massachusetts Mutual Life Insurance, Berkshire

☆ Why bitcoin hasn't joined the latest meme stock craze this week
▼ + stars: | 2024-05-14 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

GameStop and fellow meme stock AMC Entertainment are each up more than 160% over the past two days. "This isn't 2021 when the world was locked down and awash with liquidity," said Antoni Trenchev, cofounder of crypto exchange Nexo. To be sure, there's a world of cryptocurrencies beyond bitcoin that includes meme coins. Noelle Acheson, economist and author of the "Crypto is Macro Now" newsletter, added that the meme stock run was "more of a revving of engines than a full take-off" and that macro issues are still pressuring bitcoin. Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, added that although bitcoin was "lumped into the meme stock category" in 2021, the market is starting to show signs of being taken more seriously now.

Persons: bitcoin, Bitcoin's, Antoni Trenchev, haven't, Shiba, Noelle Acheson, Acheson, Sylvia Jablonski Organizations: GameStop, AMC Entertainment, AMC, Metrics Locations: bitcoin, U.S, BlackRock, Defiance

☆ Biden Bans Chinese Bitcoin Mine Near U.S. Nuclear Missile Base
▼ + stars: | 2024-05-13 | by ( Michael Forsythe | Gabriel J.X. Dance | ) www.nytimes.com time to read: +1 min

President Biden on Monday ordered a company with Chinese origins to shut down and sell the Wyoming cryptocurrency mine it built a mile from an Air Force base that controls nuclear-armed intercontinental ballistic missiles. The cryptomining facility, which operates high-powered computers in a data center near the F.E. Warren base in Cheyenne, “presents a national security risk to the United States,” the president said in an executive order, because its equipment could be used for surveillance and espionage. The order did not detail those risks. But Microsoft’s report to the federal committee, obtained last year by The Times, said, “We suggest the possibility that the computing power of an industrial-level cryptomining operation, along with the presence of an unidentified number of Chinese nationals in direct proximity to Microsoft’s Data Center and one of three strategic-missile bases in the U.S., provides significant threat vectors.”

Persons: Biden, Warren, “ Organizations: Monday, Air Force, New York Times, Microsoft, Pentagon, Foreign Investment, The Times, Microsoft’s Data Locations: Wyoming, Cheyenne, United States, U.S

☆ A Hong Kong-based crypto exchange used deepfakes of Elon Musk to claim the billionaire was its lead developer
▼ + stars: | 2024-05-12 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

The Hong Kong Securities and Futures Commission issued a warning last week about deepfake scams. Related storiesAs the technology behind artificial intelligence advances, scammers are increasingly using deepfakes to dupe their victims into handing over cash. The group in Hong Kong claimed to provide a cryptocurrency trading service using underlying artificial intelligence. But Hong Kong authorities said they suspect it is a front for "virtual asset related fraudulent activities." The Hong Kong Police Force did not return a request for comment from BI.

Persons: —, Elon, Elon Musk Organizations: Service, Facebook, The Hong Kong Securities, Futures Commission, Business, Yahoo, Authorities, Hong, Crypto News, Hong Kong Police Force Locations: The, Hong Kong, South Korean

☆ Who Are Key Players in the Menendez Case?
▼ + stars: | 2024-05-11 | by ( Tracey Tully | Benjamin Weiser | ) www.nytimes.com time to read: +7 min

Who Are Key Players in the Menendez Case? Mr. Menendez goes to trial on May 13 with two of the businessmen, Fred Daibes and Wael Hana. Fred Daibes New Jersey Real Estate Developer Mr. Daibes is accused of giving Mr. Menendez furniture, gold and cash. Nadine Menendez Mr. Menendez’s Wife Ms. Menendez served as a go-between for Mr. Menendez, Egyptian intelligence officials and men who were seeking political favors from the senator, according to the indictment. Defense LawyersAdam Fee Lawyer for Robert Menendez He previously spent five years as a prosecutor in the U.S. attorney’s office for the Southern District — the same office prosecuting Mr. Menendez.

Persons: Menendez, Robert Menendez, Nadine Menendez, Mr, Fred Daibes, Wael Hana, Menendez's, Daibes, Nadine Menendez Mr, Menendez’s, Ms, Jose Uribe, Uribe, Uribe's, Sidney H, Stein, Bill Clinton, Jennifer Shah, Hassan Nemazee, Damian Williams, Williams, President Biden, Sam Bankman, Fried, Juan Orlando Hernández, Christina Clark, Clark, Charles McGonigal, Catherine Ghosh, Eli Mark, Paul Monteleoni, Robert Hadden, Lara Pomerantz, Ghislaine Maxwell, Jeffrey Epstein, Norman Seabrook, Daniel Richenthal, Sheldon Silver, Michael Avenatti, Adam Fee, Fee, Avi Weitzman, Lawrence Lustberg Organizations: Democrat, Robert Menendez New Jersey, Senate Foreign Relations, Jersey Real, EG, Prosecutors, United, Jose Uribe Former New, Benz, U.S, Southern, of, Democratic, Attorney, Southern District of, ex, Public, New, New York City Housing Authority, Justice Department, Southern District’s, New York State Assembly, Nike . Defense, Southern District Locations: New Jersey, Manhattan, Jersey, Egypt, Qatar, United States, Jose Uribe Former New Jersey, of New York, Southern District, Southern District of New York, Russian, New York City, Brooklyn, Columbia, New York, U.S, California

☆ Sam Bankman-Fried has a new currency to trade in prison: rice
▼ + stars: | 2024-05-10 | by ( Sarah Gray | Erin Snodgrass | ) www.businessinsider.com time to read: +3 min

FTX founder Sam Bankman-Fried, who was convicted on seven counts, gave an interview from prison to Puck. SBF told Puck he spends his days in a large dormitory room with 35 other men. He said he lives off beans and rice purchased from the commissary, and his rice is now prison currency. AdvertisementSam Bankman-Fried has a new currency to trade in prison at the Metropolitan Detention Center in Brooklyn. He told Puck that he has not been abused and does not "fear for his safety."

Persons: Sam Bankman, SBF, Puck, —, Fried, William D, Cohan, Cromwell, Damian Williams, Crypto, FTX Organizations: Service, Metropolitan Detention, Alameda Research, Puck News, Bureau of Prisons, Business, Sullivan Locations: Puck, Brooklyn, Alameda

☆ Bitcoin price may not retest this year's highs for another five months
▼ + stars: | 2024-05-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

"It could take three to five months for bitcoin to re-test recent highs," H.C. Wainwright analyst Mike Colonnese told CNBC. BTC.CM= 3M mountain Bitcoin has fallen 11% this quarter Bitcoin miners offer high beta exposure to bitcoin and have historically outperformed it during bull cycles, he added. Colonnese also pointed out that corrections between 25% and 30% are "par for the course" for bitcoin, even in bull cycles. "Looking at previous price cycles, bitcoin has historically peaked between one to one and a half years after a halving event with the bull stage running longer in each subsequent cycle," Colonnese said. "Assuming a similar duration for this bull stage of the price cycle, bitcoin may not reach its cycle peak until October 2025," Colonnese added.

Persons: it's, bitcoin, Wainwright, Mike Colonnese, Wolfe, Rob Ginsberg, Colonnese, Bitcoin, It's, — CNBC's Michael Bloom Organizations: U.S, Metrics, CNBC, Wolfe Research

☆ Asia is an 'advanced player' in cryptocurrency, says Ledger CEO
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsia is an 'advanced player' in cryptocurrency, says Ledger CEOPascal Gauthier, CEO of the digital asset security and utility company, discusses the Bitcoin Asia conference in Hong Kong and the state of the cryptocurrency industry in the region.

Persons: Pascal Gauthier Organizations: Asia Locations: cryptocurrency, Asia, Hong Kong

☆ FTX plans to give customers their money back — with one painful caveat
▼ + stars: | 2024-05-08 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

FTX will pay back 98% of creditors at least 118% of what they're owed, its bankruptcy lawyers said. But payments will be based on crypto values in 2022, not what its worth now as the prices surge. FTX predicts it will have between $14.5 and $16.3 billion available for distribution — mostly from previous Alameda and FTX Ventures investments, bankruptcy lawyers said. FTX founder Sam Bankman-fried was arrested in January 2023 and convicted last fall of fraud, conspiracy, and money laundering. The jury was not allowed to consider any bankruptcy activities in rendering its verdict — though the judge factored into his sentencing that FTX lawyers said victims would recover their losses.

Persons: FTX, they're, —, Jacob Shamsian, Sam Bankman Organizations: Service, FTX Ventures, Bloomberg Locations: Alameda

☆ FTX says most customers of the bankrupt crypto exchange will get all their money back
▼ + stars: | 2024-05-08 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange, arrives at court in New York, US, on Thursday, Feb. 16, 2023. Almost all customers of collapsed cryptocurrency exchange FTX will get their money back — and more, according to a court filing. FTX's high-profile founder Sam Bankman-Fried was convicted of seven criminal counts in early November, including charges related to stealing billions of dollars from FTX's customers. FTX had to find other ways to raise money because it has large sum of cryptocurrency missing from the exchange. Instead, the Debtors have had to look to other sources of recoverable value to repay creditors," FTX said in a press release on Wednesday.

Persons: Sam Bankman, FTX, Fried, Bitcoin, John Ray III, Ray, — CNBC's MacKenzie Sigalos Organizations: Amazon, FTX Locations: New York, Alameda, Bankman, Anthropic

☆ College alum surprised that his ayahuasca-inspired speech praising bitcoin got groans and boos
▼ + stars: | 2024-05-08 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +3 min

Speaker Christopher Pan lauded the benefits of bitcoin — prompting groans and boos from the college students gathered in the stadium. This story is available exclusively to Business Insider subscribers. Related storiesDuring the speech, he promised audience members free bracelets from MyIntent as an apology for the bitcoin remarks. Pan told BI that he's been working with ayahuasca since 2019 to heal lifelong bullying. In the aftermath of the speech, Pan said he is communicating with angry commenters, while also feeling grateful for support during a difficult time.

Persons: —, Christopher Pan, groans, pained, Pan, I've, bitcoin Organizations: Service, Ohio State University, OSU, Pan, Business, LinkedIn, ayahuasca

☆ Robinhood climbs after reporting record earnings for first quarter
▼ + stars: | 2024-05-08 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Shares of Robinhood rose in extended trading Wednesday afternoon after the retail brokerage announced stronger-than-expected first-quarter results. Robinhood reported net income of $157 million, or 18 cents per share, for the first quarter. Cryptocurrency transactions accounted for $126 million in revenue in the quarter, the company said. Robinhood said that its number of funded customers rose by 810,000 year over year to 23.9 million. Shares of Robinhood were up nearly 40% year to date before Wednesday's earnings announcement.

Persons: Robinhood, Dan Gallagher, Robinhood's Organizations: LSEG, Securities and Exchange Commission

☆ FTX Customers Poised to Recover All Funds Lost in Collapse
▼ + stars: | 2024-05-08 | by ( David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

Customers of the failed cryptocurrency exchange FTX are poised to recover all of the money they lost when the firm collapsed in 2022 and receive interest on top of it, the company’s bankruptcy lawyers said on Tuesday. The announcement was a landmark in the attempt to recover the $8 billion in customer assets that disappeared when FTX imploded virtually overnight, setting off a crisis in the crypto industry. Those payments would flow from a pool of assets that FTX’s lawyers have pulled together in the 17 months since the exchange collapsed, the lawyers said. The amount owed to customers was calculated based on the value of their holdings at the time of FTX’s bankruptcy in November 2022. A customer who lost one Bitcoin when FTX imploded, for example, would be entitled to less than $20,000, even though a Bitcoin is now worth more than $60,000.

Persons: FTX Locations: Delaware

☆ Behind Nigeria’s Arrest of Binance Employee, Claims of a Bribe Request
▼ + stars: | 2024-05-07 | by ( David Yaffe-Bellany | Emily Flitter | ) www.nytimes.com time to read: +1 min

Mr. Gambaryan, a former U.S. law enforcement agent, understood the message as a request for a bribe from someone in the Nigerian government, according to five people familiar with the matter and messages reviewed by The New York Times. He and a group of his Binance colleagues had just met with Nigerian legislators, who accused the company of tax violations and threatened to arrest its employees. Later that month, Mr. Gambaryan wrote a three-page report describing the payment request and gave it to Binance’s lawyers, two people familiar with the report said. The episode was the backdrop for a second trip to Nigeria that Mr. Gambaryan took in February. On his return, he and a colleague, Nadeem Anjarwalla, were arrested by the Nigerian authorities, setting off a crisis at Binance.

Persons: Tigran Gambaryan, Gambaryan, Nadeem Anjarwalla Organizations: The New York Times Locations: Nigeria, U.S, Nigerian, Binance

☆ Watch out for these momentum losers that could underperform, Evercore ISI says
▼ + stars: | 2024-05-07 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

A collection of so-called momentum misers are already seeing their 2024 earnings estimates revised downward and the stocks have few reasons that could drive them higher, according to Julian Emanuel, Evercore ISI managing director and head of equity, derivatives and quantitative strategy. Lowe's first-quarter results are due out on May 21, but 2024 earnings estimates have fallen 4.7% year to date, according to Evercore. LOW YTD mountain Lowe's stock. MicroStrategy also made the Evercore list. Still, its 2024 earnings estimates have been revised down by more than 116% since the year began.

Persons: Julian Emanuel, Emanuel, Russell, Lowe's, Morgan Stanley, Simeon Gutman, Gutman, MicroStrategy Organizations: ISI, Coterra Energy, Citigroup

☆ Jim Cramer shares his thoughts on Tyson Foods, Micron, U.S. Steel, Johnson Controls and Robinhood
▼ + stars: | 2024-05-06 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +2 min

Tyson Foods : Shares fell nearly 7% after the meat supplier issued a weak third-quarter outlook. I think the last story has not been written yet on Tyson," Jim Cramer said. Johnson Controls : Shares were basically flat Monday after UBS downgraded the stock to a hold-equivalent rating. Robinhood : The Securities and Exchange Commission informed Robinhood over the weekend that it could pursue enforcement actions tied to the brokerage's cryptocurrency operations. Robinhood shares were initially up more than 1% Monday, though they've given back some of the gains.

Persons: Jim Cramer's, Tyson, Jim Cramer, Baird, Cramer, Morgan Stanley, David Gitlin, Robinhood, they've Organizations: CNBC, Club, Tyson, Micron Technologies, Nvidia, Micron, . Steel, Japan's Nippon Steel, U.S . Steel, Johnson, UBS, Johnson Controls, Securities, Exchange Commission

☆ Meet nuclear power's newest fans: data centers
▼ + stars: | 2024-05-06 | by ( Daniel Geiger | Ellen Thomas | ) www.businessinsider.com time to read: +11 min

The deal illustrates data centers' new-found interest in nuclear power. Joe Dominguez, the CEO of Constellation, the nation's largest operator of nuclear plants, said in a March earnings call that powering data centers with nuclear energy was "kind of a perfect marriage." AdvertisementVistra, another nuclear owner, also indicated it was arranging data center deals for a nuclear plant it owns in Ohio and one in Texas. Greg Poulos, the executive director of a PJM watchdog group, said that "one of my highest priority, highest radar items" is how data centers could push costs onto consumers and also whether nuclear data centers deals could reduce grid reliability. Beyond the nuclear optionNot all data centers, of course, are seeking out nuclear power to seize their energy independence.

Persons: —, Wes Swenson, Swenson, Joe Dominguez, Jim Burke, Ralph La Rossa, La Rossa, Steve Helber, Burke, Dominguez, PJM, Michael Jacobs, Brian Janous, Greg Poulos, Poulos, Biden Organizations: Service, Susquehanna, Amazon, Business, US Energy Information Administration, Nuclear, Constellation, Public Service Enterprise Group, Microsoft, International Energy Agency, Dominion Energy, Talen Energy, Energy, Union of Concerned Locations: Pennsylvania, Salt Lake City, Ohio, Texas, New Jersey, Our, Jersey, Virginia, Chester , Va, Susquehanna, Chicago, New York City

☆ The US will see a recession by year-end that could spark a 30% drop in the stock market, legendary forecaster Gary Shilling says
▼ + stars: | 2024-05-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

A coming recession could end up sparking a "violent correction" in stocks, Gary Shilling told BI. The top forecaster pointed to warning signs of a downturn, such as a weaker job market. AdvertisementInvestors should be prepared for a recession with the potential to send the stock market plummeting this year, according to top forecaster Gary Shilling. That could be the final blow to the stock market rally fueled by investor overconfidence, causing stocks to drop by as much as 30%, Shilling said. Related storiesThe job market, for one, is "obviously slipping" as firms pull back on hiring, Shilling said.

Persons: Gary Shilling, —, overconfidence, Shilling, we've, we're Organizations: Service, Business, Wall, Employers, San Francisco, Treasury

☆ The US crackdown on Russian trade is working as Putin struggles to fund his war
▼ + stars: | 2024-05-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Trade with Russia has slumped in the first quarter amid tightening US sanctions, the Financial Times said. After a December executive order bolstered its sanctioning power, the department has amplified warnings against foreign lenders that facilitate trade with Russia. At the same time, the US' crackdown has proliferated trade in the Russian ruble, as other currencies increasingly fall out of favor. That's as foreigners are still free to buy rubles on the Moscow Exchange when settling payments with Russian parties. AdvertisementStill, the ruble faces restricted convertibility, making it difficult to reach trade volumes once possible under the dollar.

Persons: —, Vladimir Potanin, That's Organizations: Financial Times, Companies, Service, US Treasury Department, United Arab Locations: Russia, China, Turkey, Ankara, United Arab Emirates, Austria, Russian, Iran, Tehran, Moscow, UAE, dirhams

☆ Bitcoin trader loses almost $70 million after sending crypto to wrong online account address
▼ + stars: | 2024-05-05 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

Read previewA cryptocurrency trader reportedly lost tens of millions of dollars in a so-called "address poisoning" scam. Because blockchains are public, it's easy for scammers to find people's crypto addresses and send out spoof transactions to phish for victims. Related storiesTrezor, another crypto trading platform, recommends double-checking every address before sending a transaction and never copying an address from transaction history when transferring funds to avoid address scams. Sending a small test transaction before making a large transfer is also an effective method of verifying the address, the company says. One study showed that crypto "pig butchering" scams cost investors $75 million from 2020 to 2024.

Persons: — Organizations: Service, Business, Federal Trade Commission, FTC Locations: Bitcoin, scammers

☆ From 25 years in prison to just four months: Inside the final verdict on a crypto billionaire CEO archrivalry
▼ + stars: | 2024-05-05 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +18 min

Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. A month earlier, on the opposite coast in downtown Manhattan, FTX's Sam Bankman-Fried received a 25-year prison sentence for his crimes. At the beginning of his trial, SBF sported a fresh haircut and wore suits, but by its end, his curls were wild again. Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. watch nowMoney makes all the differenceUnlike SBF, CZ didn't have his wealth wiped out by bankruptcy of the crypto company he founded.

Persons: Sam Bankman, Zhao Changpeng, Mike Segar, Benjamin Girette, Changpeng Zhao, FTX's Sam Bankman, Fried, Zhao, Binance's Zhao, FTX's, Toyotas, Braden Perry, Perry, Manfred, SBF, Michael Lewis, Lewis, Sam didn't, Amr Alfiky, Sam, Caroline Ellison, —, Zhao's, Yi He, Binance, David Ryder, Yang, Rachel Zhao, Yesha Yadav, Yadav, Mark Bini, Lewis Kaplan, Bankman, Kaplan, perjured, Neama Rahmani, Rahmani, Tre Lovell, Zhao hasn't, Lovell, weren't, FTX Organizations: Reuters, Bloomberg, Getty, Department of Justice, CFTC, Stanford University's, Bankman, CZ, Staff, Reuters Prosecutors, Alameda Research, Vanderbilt University, Wall Street, CNBC, FTX, Emergency Economic, Justice Department, DOJ Locations: Seattle, Manhattan, California, Hong Kong, Bahamas, Palo Alto, U.S, New York City, Alameda, Seattle , Washington, Paris, France, Angeles, Binance, Dubai, Delaware

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