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☆ FTX's former US president is reportedly raising money for a new crypto startup after the crypto exchange's collapse
▼ + stars: | 2022-12-03 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +2 min

Brett Harrison, FTX US's former president, is reportedly raising money for a new crypto startup. Harrison left FTX just weeks before it slid into bankruptcy amid allegations of misused customer funds. Harrison's attempt to raise money comes when many investors are weary of wading deeper into the crypto industry. Before working at FTX, Harrison worked at traditional trading firms, including Jane Street, where he once worked with Bankman-Fried, according to the report. Harrison's attempt to raise money for a crypto startup comes when many prominent investors have grown weary of wading deeper into the industry.

☆ U.S. authorities asking FTX investors for information on firm and Bankman-Fried - Bloomberg News
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

Dec 1 (Reuters) - U.S. authorities are asking crypto investors and trading firms who worked closely with FTX to hand over information on the company and its key figures including Sam Bankman-Fried and Caroline Ellison, Bloomberg News reported on Thursday. Attorneys from the U.S. Securities and Exchange Commission's enforcement division also sent similar requests for information to companies that invested in or traded on FTX, the report added. The U.S. Department of Justice's bankruptcy watchdog earlier on Thursday called for an independent investigation into the collapse of crypto exchange FTX. Last month, newly-appointed FTX CEO John Ray had said in a U.S. court filing that there was flawed regulatory oversight and a lack of corporate control of the bankrupt crypto exchange founded by Sam Bankman-Fried. U.S. Attorney's Office for SDNY, SEC, FTX and Caroline Ellison did not immediately respond to Reuters requests for comment.

☆ Sam Bankman-Fried disputed reports that FTX and Alameda employees were fueled by drugs: 'This has been totally on-label use of medication'
▼ + stars: | 2022-12-01 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried denied reports that employees of his now-bankrupt crypto empire were fueled by drugs and alcohol. When we had parties, we would play board games," he told reporter Andrew Ross Sorkin at the New York Times Dealbook conference on Wednesday. "I have been prescribed various things at various times to help with focus and concentration.... these have all been totally on-label use of medications," he said. FTX's in-house coach and psychiatrist, Dr. George K Lerner, told the New York Times earlier this month that some employees at FTX took A.D.H.D prescription medication but that the "rate of A.D.H.D. I was the CEO of FTX... That means that I was responsible ultimately for asking great things and I didn't.

☆ Sam Bankman-Fried didn't mention Alameda ex-CEO Caroline Ellison in his first video interview since FTX collapse
▼ + stars: | 2022-12-01 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried didn't mention Caroline Ellison by name during an interview with The New York Times. Ellison was formerly CEO of Bankman-Fried's hedge fund, Alameda Research. The former FTX CEO denied allegations that he knowingly committed fraud with Alameda Research. "I didn't knowingly conmingle funds," Bankman-Fried said during the interview. During an interview with New York Magazine, Bankman-Fried said he didn't know what was happening at Alameda over the last year.

☆ Sam Bankman-Fried says he 'didn't ever try to commit fraud'
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +4 min

"I didn't ever try to commit fraud," Bankman-Fried said in the hour-long interview, adding that he doesn't personally think he has any criminal liability. The liquidity crunch at FTX came after Bankman-Fried secretly moved $10 billion of FTX customer funds to Alameda Research, Reuters reported, citing two people familiar with the matter. At least $1 billion in customer funds had vanished, the people said. Bankman-Fried told Reuters in November the company did not "secretly transfer" but rather misread its "confusing internal labeling." Bankman-Fried said he was speaking from the Bahamas and that the interview was against the advice of his lawyers.

☆ UK charity backed by disgraced crypto kingpin Sam Bankman-Fried sounds alarm to British regulators after FTX collapse
▼ + stars: | 2022-11-30 | by ( Brian Schwartz | ) www.cnbc.com time to read: +5 min

Lawyers for FTX have said the company was "effectively run as a personal fiefdom of Sam Bankman-Fried." Hashim said that "Effective Ventures" is an umbrella for two charitable organizations, Effective Ventures Foundation in the U.K. and the Centre for Effective Altruism US. Alameda Research has donated grant money to the group since 2017, the same year the firm was launched by Bankman-Fried, according to the charity's U.K. financial records. The Centre For Effective Altruism has received approximately $14 million from the Future Fund, according to the fund's website. Bankman-Fried personally committed $16.5 billion from himself and FTX to effective altruism charities, according to a slide from conference about the philanthropies last year in London.

☆ Caroline Ellison reportedly sent a text amid the FTX collapse saying she was 'kinda worried that everyone is gonna quit/take time off'
▼ + stars: | 2022-11-29 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Caroline Ellison texted FTX execs earlier this month, worrying that 'everyone is gonna quit/take time off.' It's one of many exchanges reviewed by the NY Times that reflects the internal collapse of FTX. FTX and Alameda Research filed for Chapter 11 bankruptcy three days after Ellison's text. The day Ellison sent the text, fellow crypto company Binance announced that it signed a non-binding agreement to bail out FTX by acquiring the company, according to Insider. FTX filed for Chapter 11 bankruptcy days later.

☆ Ben Affleck and Matt Damon just scored $100 million from RedBird Capital. Check out 15 more private equity players making big bets on Hollywood.
▼ + stars: | 2022-11-28 | by ( Elaine Low | Claire Atkinson | Madeline Berg | ) www.businessinsider.com time to read: +5 min

Private equity firms are investing heavily in film and TV companies, even amid a possible recession. Private equity accounted for 42% of deals over the last year vs. 24% in 2018, according to PwC. RedBird Capital just invested $100 million in Ben Affeck and Matt Damon's new production company, Artists Equity. And earlier that month, Swedish firm EQT invested in UTA, which makes the private equity player the largest outside shareholder of the talent agency. Insider's second annual list of the top private equity players in Hollywood highlights 16 firms, based on our reporting and conversations with investors and insiders.

☆ 11 production companies cashing in on Hollywood's sports content boom, from Religion of Sports to SpringHill
▼ + stars: | 2022-11-28 | by ( Claire Atkinson | Colin Salao | ) www.businessinsider.com time to read: +5 min

Netflix's Formula 1 series, "Drive to Survive" is the model other streamers and leagues hope to emulate. Insider identified 11 top companies making scripted and documentary sports content to feed the boom. Investment firms Shamrock, RedBird Capital, and Providence Equity have all made sports content plays, with Shamrock spearheading an investment in Religion of Sports in June. Speaking to buyers, sellers, and other industry stakeholders, Insider identified 11 production companies making the most sought-after sports content. These shingles are poised to capitalize — with many attracting investment and acquisition interest — as Amazon and other streamers keep buying.

☆ The former co-CEO of Sam Bankman-Fried's Alameda crypto trading firm was a risk-loving, poker-playing gambler
▼ + stars: | 2022-11-24 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Alameda's former co-CEO used poker and blackjack strategies in crypto trading, Bloomberg reported. Tweets and public comments by Sam Trabucco indicate the former Alameda executive employed poker and blackjack strategies in crypto trading, according to the Bloomberg report. Trabucco frequently revealed how much he applied what he learned from his time at card tables to the crypto market, Bloomberg reported. According to the report, Trabucco in January 2021 said Alameda employed risky bets in the firm's business. FTX may have more than a million creditors and Ray slammed its operations in FTX's bankruptcy filings.

☆ Google has a secretive project that could reduce the need for human engineers
▼ + stars: | 2022-11-23 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

Today, we've got the details on Elon Musk walking back perks at Twitter, and news on a secretive project at Google. Google has a secretive new project that teaches code to write itself. In this case, the goal is to reduce the need for humans to write and update code, while maintaining code quality. It later moved into Google Labs — a transition that signaled its increased importance to leaders, with Google Labs pursuing long-term bets. Elon Musk put an end to some Twitter perks.

☆ An FTX customer who lost $750,000 during its collapse has filed a lawsuit against the Golden State Warriors, which had FTX as its 'official cryptocurrency platform'
▼ + stars: | 2022-11-22 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

The Golden State Warriors named FTX as an "official cryptocurrency platform" last December. Elliott Lam accuses the Warriors of falsely promoting FTX as a "viable and safe way to invest in crypto." The Warriors are also defending a lawsuit in Miami, filed by American FTX customers. FTX filed for bankruptcy on November 11, having previously been worth $32 billion. Getty/Ezra ShawThe Warriors named FTX its "official cryptocurrency platform and NFT marketplace" last December, in a first-of-its-kind partnership which also saw FTX's logo printed on the Warriors' home court.

☆ Caroline Ellison rose to the top job at Alameda Research while leaving behind a trail of online hot takes about crypto, race science, and polyamory. Here are some of her most striking quotes.
▼ + stars: | 2022-11-22 | by ( Lakshmi Varanasi | Yoonji Han | ) www.businessinsider.com time to read: +2 min

Caroline Ellison was behind the scenes at FTX, but has emerged as a viral character amid the company's implosion. Twitter and Tumblr accounts thought to be linked to Ellison contain musings about race science and gender roles. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. Ellison was the CEO of Alameda Research, a trading firm that borrowed customer funds from FTX to cover its losses and make risky bets. Until recently, Ellison was a shadow behind the success of FTX and Sam Bankman-Fried, who was widely regarded as a crypto wunderkind.

Companies Ledgerx LLC FollowNov 21 (Reuters) - The Golden State Warriors were sued on Monday by an FTX customer who accused the reigning National Basketball Association champions of fraudulently promoting the now-bankrupt cryptocurrency exchange. The Warriors last December had named FTX its official cryptocurrency platform, in what it called a first-of-its-kind cryptocurrency partnership in professional sports. The lawsuit seeks damages under California consumer laws for customers outside the United States with FTX yield-bearing accounts. Another NBA team, the Miami Heat, on Nov. 11 said it would drop the FTX name from its arena and seek a new naming sponsor. The Heat is not a defendant in the Miami lawsuit.

☆ As Amazon's Alexa unit faces layoffs, insiders describe a department in crisis
▼ + stars: | 2022-11-21 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

Today, we're taking a look inside the rise and fall of Amazon's Alexa unit, and detailing more potential layoffs at Twitter, so we're not off to a great start — but let's keep our fingers crossed. Employees took us inside Amazon's floundering Alexa unit. With Amazon's Alexa — and the devices team at large — the prime target of the biggest layoffs in the company's history, Insider's Eugene Kim spoke with more than a dozen employees to understand the current state of the unit. Employees told Insider a combination of low morale, failed monetization attempts, and lack of engagement across users and developers made them feel as though the team was deadlocked over the last few years. Here's everything employees told us.

Nov 21 (Reuters) - The Golden State Warriors were sued on Monday by an FTX account holder who accused the reigning National Basketball Association champions of fraudulently promoting the now-bankrupt cryptocurrency exchange. Elliott Lam, a Canadian citizen and Hong Kong resident who said he lost $750,000 in his FTX yield-bearing account, filed his proposed class-action lawsuit in San Francisco federal court. Other defendants include Sam Bankman-Fried, who founded FTX, and Caroline Ellison, who led Bankman-Fried's trading firm Alameda Research. The lawsuit seeks unspecified damages for people outside the United States with FTX yield-bearing accounts. The team had last December named FTX its official cryptocurrency platform, in what it called a first-of-its-kind cryptocurrency partnership in professional sports.

☆ How Caroline Ellison Found Herself at the Center of the FTX Crypto Collapse
▼ + stars: | 2022-11-20 | by ( Hannah Miao | Justin Baer | ) www.wsj.com time to read: 1 min

On a video call in early November, employees at Alameda Research dialed in to learn the fate of the trading firm, which was teetering on the brink. It was up to Caroline Ellison to deliver the bad news. Alameda was at the center of Sam Bankman-Fried ‘s collapsing FTX empire. Ms. Ellison, who had just turned 28, was at the center of Alameda. And they were all in crisis.

☆ The unbelievably fast world of Caroline Ellison where 'someone suggests something' then 'an hour later and it's already happened'
▼ + stars: | 2022-11-20 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

In a 2020 FTX podcast, former Alameda Research CEO said she "took a blind leap into the unknown" when she joined Sam Bankman-Fried. WSJ first reported on the remarks, after Ellison has drawn increased scrutiny for her role in the demise of FTX. According to WSJ, critics of the practice say effective altruism encourages excessive risk-taking. "The general idea of effective altruism is trying to do the most good you can and using expected value to measure that good," Ellison explained on the FTX podcast. Ellison was asked about her plans of saving money for future retirement after explaining effective altruism in the 2020 podcast episode.

☆ Bankrupt FTX Fires Three of Sam Bankman-Fried’s Top Deputies
▼ + stars: | 2022-11-19 | by ( Justin Baer | Hannah Miao | ) www.wsj.com time to read: 1 min

Sam Bankman-Fried, shown in September in Washington, resigned as FTX’s CEO on Nov. 11, when the crypto exchange filed for bankruptcy. FTX, the cryptocurrency exchange launched by Sam Bankman-Fried , said it fired three of the founder’s top deputies. Gary Wang, an FTX co-founder and its chief technology officer; FTX engineering director Nishad Singh; and Caroline Ellison, who ran Mr. Bankman-Fried’s trading arm, Alameda Research, were terminated from those roles after FTX tapped John J. Ray to oversee the companies’ bankruptcy, an FTX spokeswoman said late Friday.

☆ FTX fires three of its top executives - WSJ
▼ + stars: | 2022-11-19 | by ( ) www.reuters.com time to read: +1 min

Nov 18 (Reuters) - Cryptocurrency exchange FTX, which recently filed for U.S. bankruptcy court protection, has fired three of its top executives, including co-founder Gary Wang, the Wall Street Journal reported on Friday, citing an FTX spokeswoman. The other fired executives were engineering director Nishad Singh and Caroline Ellison, who ran FTX's trading arm Alameda Research, the newspaper said. read moreThe U.S. bankruptcy proceedings involve multiple FTX group companies with more than 100,000, and possibly over 1 million, creditors. read moreThe company had come under some regulatory oversight through the dozens of licenses it picked up via its many acquisitions. Several crypto firms have since been bracing for the fallout from the FTX collapse, with many counting their exposure in millions to the beleaguered exchange.

☆ Caroline Ellison is a math whiz, trader, and the shadow figure behind FTX's collapse — here's how a devout Harry Potter fan came to take part in crypto's biggest implosion
▼ + stars: | 2022-11-19 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

Caroline Ellison was the CEO of Alameda Research, a trading firm launched by Sam Bankman-Fried. From that, the once shadowy figure of Caroline Ellison has emerged as an important character behind FTX's seeming success and surprising downfall. Ellison was the head of Alameda Research — the trading firm through which Bankman-Fried moved crypto tokens in tandem with running FTX. Amidst the revelation that FTX borrowed money from customer accounts to fund bets via Alameda, Ellison has become a subject of online speculation. Here's what we know about Caroline Ellison.

☆ Caroline Ellison, one of the central figures behind FTX's collapse, previously tweeted that regularly using amphetamines made the 'non-medicated' life seem 'dumb'
▼ + stars: | 2022-11-19 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Ellison is the CEO of Alameda Research, the hedge fund FTX reportedly used to borrow money for bets. In a 2021 tweet posted by Ellison, who is also the reported ex-girlfriend of FTX's disgraced founder, Sam Bankman-Fried, references regularly using amphetamines and how "dumb" the "non-medicated human experience" can be. Alameda Research filed for bankruptcy in early November along with other FTX Group-linked entities after failing to secure emergency funding. Although Bankman-Fried founded Alameda, Ellison has since emerged as an integral character in its demise. As the CEO of Alameda, Ellison has garnered scrutiny for her role in FTX borrowing money from customer accounts, CNN reported.

☆ 'Pronatalism' explained: Why tech titans like Elon Musk want to have tons of kids to save the world
▼ + stars: | 2022-11-18 | by ( Julia Black | ) www.businessinsider.com time to read: +4 min

Tech titans like Elon Musk want to counteract the effects of population decline by having lots of children. Elon Musk, who has fathered 10 known children with three women (including twins last year with one of his employees), is the highest-profile figure currently associated with this movement. So some are turning to the next best thing: having lots of children, and funding new fertility technologies that one founder said are "reinventing reproduction." "The person of this subculture really sees the pathway to immortality as being through having children," said Simone Collins, a VC and co-founder of the nonprofit initiative Pronatalist.org. Read Insider's full feature, "Billionaires like Elon Musk want to save civilization by having tons of genetically superior kids.

☆ Elizabeth Holmes scheduled to be sentenced on Friday
▼ + stars: | 2022-11-18 | by ( Rachel Metz | ) edition.cnn.com time to read: +5 min

CNN —Elizabeth Holmes, the founder of failed blood testing startup Theranos who was convicted of fraud earlier this year, is scheduled to be sentenced on Friday morning by a judge in court in San Jose, California. The list includes Holmes’ partner, Billy Evans, many members of Holmes’ and Evans’ families, early Theranos investor Tim Draper, and Sen. Cory Booker. Elizabeth Holmes (L), founder of Theranos, and her partner, Billy Evans (R), leave the Robert F. Peckham Federal Building and US Courthouse in San Jose, California, on October 17, 2022. “The effects of Holmes and Balwani’s fraudulent conduct were far-reaching and severe,” federal prosecutors wrote in a November court filing regarding Holmes’ sentencing. “Elizabeth Holmes is never going to run a big company again,” he said.

☆ What Cramer is watching Thursday — rates may go much higher, promising tech, and mixed retail
▼ + stars: | 2022-11-17 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

Piper also likes Diamondback and Marathon , neutral on Club holding Coterra Energy (CTRA) and APA , formerly known at Apache. Multiple price target increases for Club holding TJX Companies (TJX). Canaccord starts Club holding Estee Lauder (EL) with a hold. Lowe's (LOW) price target raised to $253 per share from $248 at Piper, which liked the quarter. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

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