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☆ Two US Navy sailors arrested for allegedly sharing sensitive military information with China
▼ + stars: | 2023-08-03 | by ( Natasha Bertrand | ) edition.cnn.com time to read: +5 min

CNN —Two US Navy sailors have been indicted and arrested for allegedly sending sensitive US military information to Chinese intelligence officers. The other sailor who has been arrested, Petty Officer Wenheng Zhao, worked at Naval Base Ventura County in Port Hueneme in California. In return, Wei allegedly received thousands of dollars. The indictment indicates that Wei received US citizenship during this period, with the Chinese intelligence officer allegedly congratulating Wei on receiving citizenship on May 18, 2022. Much of the information Wei allegedly sent to the Chinese officer was stored on restricted-access Navy computer systems that Wei was able to access because he had a security clearance.

Persons: Jinchao Wei, Wenheng Zhao, Wei, Zhao, “, ” Matt Olson, Zhao “, ” Martin Estrada, ”, Jack Teixeira, Randy Grossman, Brig, Patrick Ryder, ” Ryder Organizations: CNN, US Navy, Naval Base San, Southern, Southern District of, Navy, Naval Base, People’s, Prosecutors, Central, Central District of, Massachusetts Air National Guard, US Locations: Naval Base San Diego, Southern District, Southern District of California, Pacific, Naval Base Ventura County, Port Hueneme, California, People’s Republic, Essex, Okinawa, Japan, Central District, Central District of California, China, United States

☆ Binance charges are a last gasp for crypto
▼ + stars: | 2023-06-05 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

NEW YORK, June 5 (Reuters Breakingviews) - Binance founder Changpeng Zhao doesn’t have much to look forward to. The SEC alleges that Binance knowingly helped U.S. customers trade illegally on its exchange. Binance, in a blog post, trotted out a familiar crypto defense: The SEC, which has been vague on how cryptocurrency should be regulated, is beyond its reach. In March, the U.S. Commodity Futures Trading Commission filed similar charges against the company. Follow @AnitaRamaswamy on TwitterCONTEXT NEWSThe U.S. Securities and Exchange Commission is suing Binance, the world’s largest cryptocurrency exchange by volume.

Persons: Changpeng Zhao doesn’t, Zhao, –, Sam Bankman, Fried, Binance, Gary Gensler, FTX, Changpeng Zhao, Richard Teng, Coindesk, Teng, Zhao “, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, U.S . Securities, Exchange Commission, SEC, U.S . Commodity Futures Trading Commission, U.S . Federal Trade Commission, U.S . Commodities Futures, Commission, Thomson Locations: United States, U.S

The Securities and Exchange Commission has accused Binance, the world’s largest cryptocurrency exchange, of mishandling customer funds as well as lying to regulators and investors about its operations in a sweeping case filed in federal court on Monday. The Wall Street regulator said Binance had been mixing billions of dollars in customer funds and secretly sending them to a separate company called Merit Peak Limited, which is controlled by Binance’s founder, Changpeng Zhao. The charges included misleading investors about the adequacy of its systems to detect and control manipulative trading and about its efforts to restrict U.S. investors from trading on its unregulated platform. In its court filing, the S.E.C. cited a 2018 email from Binance’s chief compliance officer saying “we do not want [Binance.com] to be regulated ever.”

Persons: Binance, Changpeng Zhao, Zhao “, ” Organizations: Securities, Exchange, Binance’s, Regulators, Court Locations: Washington

Sam Bankman-Fried published an extensive blog post Thursday morning attempting to explain the collapse of FTX, the crypto platform he co-founded, and denying allegations that he stole any funds. “I didn’t steal funds, and I certainly didn’t stash billions away,” Bankman-Fried wrote in the blog post. NBC News has not verified any of the various balance sheets Bankman-Fried published in the blog post. Bankman-Fried wrote: “FTX International has many billions of dollars of assets, and I am dedicating nearly all of my personal assets to customers. In the blog post, Bankman-Fried called the move by Zhao “a targeted attack” on Alameda.

☆ The sudden decline of one of the largest crypto exchanges could rattle the sports industry
▼ + stars: | 2022-11-10 | by ( Jennifer Korn | ) edition.cnn.com time to read: +5 min

CNN Business —The near collapse this week of FTX, one of the largest cryptocurrency exchanges, has sent shockwaves throughout the crypto startup and investment community. Like other crypto companies, FTX has invested heavily in sports sponsorships, including partnerships and naming rights in professional basketball, baseball and Formula One racing. In 2021, FTX inked a reported $135 million, 19-year deal with the NBA’s Miami Heat to rename the American Airlines Arena as FTX Arena. Sports partnership experts say the stadium naming rights are the biggest headache. In a hiring announcement earlier this year, Binance CEO Zhao “CZ” Changpeng said: “It was not easy saying no to Super Bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.”

☆ Crypto's self-appointed savior just reached for a lifeline
▼ + stars: | 2022-11-08 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

He’s an entrepreneur whose name often appears alongside descriptors like “wunderkind,” “savior,” white knight, “digital Warren Buffett,” etc. Then, in a truly unexpected twist, Binance said it had offered to buy FTX to resolve its liquidity crisis. The news prompted a brief recovery in digital assets but wasn’t enough to calm anxious investors. Other digital assets and equities tied to the industry, such as Coinbase, also fell. There’s a lot to figure out still, but we can expect digital assets to remain volatile until more details about the FTX-Binance deal are made public.

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