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☆ Bankrupt cryptocurrency lender Celsius Networks allegedly defrauded investors out of billions of dollars
▼ + stars: | 2023-01-05 | by ( Kara Scannell | ) edition.cnn.com time to read: +2 min

New York CNN —The New York attorney general filed a civil lawsuit Thursday against the co-founder of now-bankrupt cryptocurrency lender Celsius Networks for allegedly defrauding hundreds of thousands of investors who deposited billions of dollars into the platform. The lawsuit against Alex Mashinsky alleges he made false and misleading statements to encourage investors to place billions of dollars in digital assets with Celsius, which filed for bankruptcy court protection last year. “The law is clear that making false and unsubstantiated promises and misleading investors is illegal,” James said in a statement Thursday. When faced with losses, the lawsuit alleges, Mashinsky hid them from investors and continued to tout the safety of the platform to recruit new investors. In extending many of the loans, Celsius accepted FTX’s token, FTT, as collateral.

☆ Crypto just had an awful week
▼ + stars: | 2023-01-05 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

It’s the kind of negative press that the crypto faithful want to either ignore completely or denounce as a fringe, one-off scandal. But crypto is a tight-knit web, and when one corner collapses it puts the whole lot at risk. And we’re not done yet…Also this week:Coinbase, a publicly traded US crypto platform, agreed to a $100 million settlement after a New York regulator found “significant failures” to comply with the state’s anti-money-laundering laws. Bottom line: I’m not here to write crypto’s obit, and I am well aware that there are plenty of legitimate crypto enterprises out there. But no one within crypto agrees on what those regulations should look like, and some dispute the need for regulation in the first place.

☆ Bitcoin miner Core Scientific to file for Chapter 11 bankruptcy- CNBC
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Core Scientific Inc (CORZ.O), one of the biggest publicly traded crypto mining companies in the United States, will soon file for Chapter 11 bankruptcy protection, CNBC reported, citing one person familiar with the matter. The development comes after one of the largest creditors of Core Scientific B. Riley Financial Inc (RILY.O) had offered $72 million last week to avoid the bitcoin miner's bankruptcy. Core Scientific did not immediately respond to a Reuters' request for comment outside business hours. Bitcoin miners have been under severe pressure as their profitability dropped amid a slump in cryptocurrency prices and soaring energy rates. Core Scientific was also impacted by the litigation with Celsius Networks LLC and its affiliates.

☆ Bitcoin miner Core Scientific issues bankruptcy warning and the stock is down 97% for the year
▼ + stars: | 2022-10-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +4 min

Core Scientific, one of the largest publicly traded crypto mining companies in the U.S., raised the possibility of bankruptcy in a statement filed with the Securities and Exchange Commission. In the event of a bankruptcy, Core says that holders of its common stock could suffer "a total loss of their investment." Core Scientific mines for proof-of-work cryptocurrencies like bitcoin . Core, which primarily mints bitcoin, has seen the price of the token drop from an all-time high above $69,000 in Nov. 2021, to around $20,500. The Austin, Texas-based miner, which has operations in North Dakota, North Carolina, Georgia, and Kentucky, says that it may "seek alternative sources of equity or debt financing."

☆ Chipotle Mexican Grill will test robotic tortilla chip maker 'Chippy' in California restaurant
▼ + stars: | 2022-09-27 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Chipotle Mexican Grill is moving one step closer to having a robot make its tortilla chips. The burrito chain said Tuesday that it will test "Chippy," an autonomous kitchen assistant made by Miso Robotics, next month in a restaurant in Fountain Valley, California. Chipotle has already tested Chippy's ability to make and season its tortilla chips with salt and lime at its headquarters' innovation hub in Irvine, California. Today, workers at Chipotle restaurants fry and season the chips, which can be time consuming. Restaurants and retailers have been testing robotics and automation to speed up operations and reduce menial tasks for workers.

☆ Warner Bros. Discovery CEO David Zaslav faces 3 key challenges as financial headwinds disrupt his strategy and threaten his promises to Wall Street
▼ + stars: | 2022-09-22 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +12 min

MoffettNathanson analyst Robert Fishman crystallized the daunting task ahead for Zaslav and WBD in his August 5 report "Reality First. The honeymoon was short-lived," said one senior Hollywood insider. It turns out there are five, housing some 40,000 employees globally: Warner Bros., HBO Max, the Turner entertainment channel business, CNN, and Discovery. The WBD insider said there isn't a rush to hire a new chief and that the company will continue to meet people. Under the ownership of AT&T, WarnerMedia's financials were buried in its parent's spreadsheets — now as a pure-play entertainment company, Warner Bros.

Today, there are 56 Hispanic American banks and credit unions that are FDIC or NCUA insured around the US. We selected Hispanic American-owned credit unions from the National Credit Union Administration's list of minority depository institutions which was also updated on June 30, 2022. In our list of Hispanic American-owned banks and credit unions, many of the institutions listed offer customer support in Spanish and English. You can open up savings accounts, checking accounts, CDs, and money market accounts in most of the institutions listed. To help you learn more about a specific Hispanic American-owned bank or credit union, we've included links to reviews of individual institutions.

☆ MasterCard, Visa, and Amex are trying to enter China
▼ + stars: | 2017-07-24 | by ( Ayoub Aouad | ) www.businessinsider.com time to read: +3 min

US card networks MasterCard, Visa, and American Express are preparing to submit a license request to operate in China, according to Reuters. China's card market is poised to be the largest in the world, which makes entering the region a significant growth opportunity for US networks. For companies seeking to build out a robust mobile payments product, China's thriving mobile payments ecosystem offers some insight — and some lessons. Insider Intelligence, Business Insider's premium research service, has compiled a detailed report on mobile payments in China that:Forecasts and compares mobile payments volume, in-store mobile payments users, mobile payments volume per capita, and mobile commerce penetration in China and the U.S.Overviews the key competitors in China's mobile payments market, and how new entrants may shuffle the hierarchy of dominant players. Uncovers the key drivers propelling China's mobile payments market.

Persons: Nilson Organizations: Intelligence, MasterCard, Visa, American Express, Reuters, GlobalData, Fox Business, Business Locations: China, U.S

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