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☆ Y Combinator-backed e-learning startup Female Invest acquires trading platform Gaia as it plots investing offering
▼ + stars: | 2022-11-24 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

Danish startup Female Invest has acquired trading platform Gaia as part of a push into investing. Female Invest claims to have 26,000 paying users for its platform in 89 countries. Female Invest, a Danish startup that provides educational content around investing for women, has acquired trading company Gaia. Now, the company is expanding its platform to include trading after it acquired fellow Danish startup Gaia, which focused on sustainable investments. The Y Combinator-backed startup considered building the product itself but instead opted to acquire Gaia, a company Female Invest had been tracking for a while, Hartvigsen said.

☆ German inflation to stay in double digits despite gas price brake, Bundesbank says
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Annegret HilseFRANKFURT, Nov 23 (Reuters) - Inflation in Germany may well remain in double digits into next year despite the government's efforts to curb energy prices, the Bundesbank said on Wednesday. But the Bundesbank said the effect of this so called "brake" on gas prices may not become immediately visible, and would only be temporary anyway. "The inflation rate could stay in double digits also beyond the turn of the year," the German central bank said in its monthly report. "As soon as the gas and electricity price brakes expire, the effect on the inflation rate will reverse," the Bundesbank said. "This could reduce the extent of second-round effects on the inflation rate, especially in the medium-term, and help ensure that the current high inflation rates do not further solidify."

☆ Fact Check-TOGETHER Trial says involvement with FTX began after testing that found ivermectin ineffective
▼ + stars: | 2022-11-22 | by ( Reuters Fact Check | ) www.reuters.com time to read: +6 min

Amid news surrounding failed cryptocurrency firm FTX, social media users are pointing to FTX having funded the TOGETHER Trial, a research consortium that studied ivermectin as a COVID-19 treatment and found it to be ineffective. But FTX did not interact with the research group until after the ivermectin trial was over, a TOGETHER Trial spokesperson told Reuters. An Instagram user shared an image that said, “Holy crap look who funded the trial that said Ivermectin didn’t work” (here). Similar claims surrounding FTX’s involvement with the TOGETHER Trial are viewable (here) and (here). FTX is not named as a contributor to the ivermectin trial because they weren’t involved, according to Mills, who added that the same is true of hydroxychloroquine and the other medications TOGETHER Trial investigated during the pandemic.

[1/2] Camden Hauge, who owns the Egg cafe, poses in her cafe in central Shanghai, following the coronavirus disease (COVID-19) outbreak in Shanghai, China, November 16, 2022. Their Lost Plate company, which has been hosting food tours in several Chinese cities since 2015, will instead veer to Southeast Asia. With COVID outbreaks getting worse, it is unlikely that China's economy can shift into a higher gear in the near term. Local authorities in some Chinese cities eased restrictions, while others tightened. At its core, the problem reflects authorities' failure to prioritise the interests of consumers, who are often the punching bag in China's investment-driven economy.

Genesis is owned by Stamford, Connecticut-based venture capital company Digital Currency Group. The contagion concerns stem from Genesis' prominence in crypto, its links to troubled firms and broader reach into the financial world. "It's a signal of worse outcomes" for the crypto market, particularly since Genesis also deals with brokers, family offices and money managers. Last year, Genesis extended $130.6 billion in crypto loans and traded $116.5 billion in assets, according to its website. Crypto.com, an exchange, and Tether, which operates the world's largest stablecoin, on said Wednesday they had no exposure to Genesis.

☆ Warren Buffett's Berkshire warns about crypto website using its name
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +2 min

Nov 18 (Reuters) - Berkshire Hathaway Inc (BRKa.N), run by billionaire Warren Buffett, on Friday warned investors it has no affiliation with a purported cryptocurrency brokerage website using the Berkshire Hathaway name. It includes purported customer testimonials and says the broker is regulated in the United States, United Kingdom, Cyprus and South Africa, using incorrect names for two regulators. In a statement, Buffett's company said it learned about the website, berkshirehathawaytx.com, on Friday afternoon. "The entity who has this web address has no affiliation with Berkshire Hathaway Inc or its Chairman and CEO, Warren E. Buffett," Berkshire said. Buffett has run Berkshire Hathaway Inc since 1965.

"It is more complicated than your plain vanilla crypto exchange story," she said. FTX filed for bankruptcy on Nov. 11 and is facing scrutiny from U.S. authorities. The lawsuit filed on Tuesday did not name FTX as a defendant but instead targeted individuals. New lawsuits may also target celebrity promoters of FTX crypto products. Future investor lawsuits over the FTX meltdown are likely to allege claims beyond securities registration and consumer protection violations, plaintiffs' attorneys said.

☆ Brazil crypto law back on agenda as FTX collapse sends shockwaves
▼ + stars: | 2022-11-17 | by ( Isabel Woodford | ) www.reuters.com time to read: +3 min

"If there is a good side (to the FTX disaster), it would be that it gets the law prioritized," he told Reuters on Tuesday. Brazil is one of the top 10 active markets globally for crypto, according to 2022 Chainalysis data. "If it's good for Brazilian investors, then it's a good law," he added. FTX filed for bankruptcy last week and is facing scrutiny from U.S. authorities, amid reports that $10 billion in customer assets were shifted from the crypto exchange to FTX founder Sam Bankman-Fried's trading company Alameda Research. Dagnoni told Reuters that Mercado Bitcoin, mainly active in Brazil and Portugal, had no exposure to FTX, having developed its own custody solution to store customer assets.

Nov 16 (Reuters) - U.S. crypto investors sued FTX founder Sam Bankman-Fried and several celebrities who promoted his exchange including NFL quarterback Tom Brady and comedian Larry David, claiming they engaged in deceptive practices to sell FTX yield-bearing digital currency accounts. The proposed class action filed on Tuesday night in Miami alleges that FTX yield-bearing accounts were unregistered securities that were unlawfully sold in the United States. When the crypto exchange faltered on liquidity concerns, U.S. investors sustained $11 billion in damages, the lawsuit says. The lawsuit seeks damages from Bankman-Fried and 11 athletes and other celebrities who promoted FTX, including David, the creator of "Seinfeld" and "Curb Your Enthusiasm." Sean Masson, an attorney at Scott+Scott who represents crypto investors in the EMAX case, said investors have used the Florida unfair trade law to target crypto promoters in lawsuits that are pending.

Nov 16 (Reuters) - U.S. crypto investors sued FTX founder Sam Bankman-Fried and several celebrities who promoted his exchange including comedian Larry David, alleging they engaged in deceptive practices to sell FTX yield-bearing digital currency accounts. The proposed class action filed late Tuesday night in Miami alleges that FTX yield-bearing accounts were unregistered securities that were unlawfully sold in the U.S. When the crypto exchange faltered on liquidity concerns, U.S. investors sustained $11 billion in damages, the lawsuit alleges. Representatives for Bankman-Fried, Brady, Osaka and the Golden State Warriors did not immediately respond to requests for comment on Wednesday. FTX filed for bankruptcy and is facing scrutiny from U.S. authorities amid reports that $10 billion in customer assets were shifted from FTX to Bankman-Fried's trading company Alameda Research.

☆ Factbox: From Binance to Voyager, crypto firms' exposure to FTX is coming to light
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +5 min

LONDON, Nov 14 (Reuters) - After major crypto exchange FTX filed for U.S. bankruptcy protection on Friday, the crypto industry is bracing for further fallout. While the extent of the contagion across crypto markets remains unclear, here are some firms who have given information about their exposure to FTX. loadingCOINBASECoinbase Global Inc (COIN.O) said in a blog post on Nov. 8 that it had $15 million worth of deposits on FTX. It said it had no exposure to FTT, no exposure to Alameda Research, and no loans to FTX. COINSHARESCrypto asset manager CoinShares has $30.3 million worth of exposure to crypto exchange FTX, CoinShares said in a statement on Nov. 10.

☆ Factbox: From Genesis to Voyager, crypto firms' exposure to FTX is coming to light
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Dado Ruvic/Illustration/File PhotoNov 17 (Reuters) - After major crypto exchange FTX filed for U.S. bankruptcy protection on Friday, the crypto industry is bracing for further fallout. While the extent of the contagion across crypto markets remains unclear, here are some firms that have given information about their exposure to FTX. GENESISThe crypto lending arm of U.S. digital asset broker Genesis Trading suspended customer redemptions on Wednesday, citing the sudden failure of FTX. It said it had no exposure to FTT, no exposure to Alameda Research and no loans to FTX. COINSHARESCrypto asset manager CoinShares has $30.3 million worth of exposure to crypto exchange FTX, CoinShares said in a statement on Nov. 10.

☆ FTX collapse being scrutinized by Bahamas authorities
▼ + stars: | 2022-11-13 | by ( Jasper Ward | ) www.reuters.com time to read: +4 min

[1/3] The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. REUTERS/Marco BelloNASSAU, Bahamas, Nov 13 (Reuters) - The collapse of cryptocurrency exchange FTX is the subject of scrutiny from government investigators in the Bahamas, who are looking at whether any "criminal misconduct occurred," the Royal Bahamas Police said on Sunday. Bankman-Fried had transferred $10 billion of customer funds to his trading company, Alameda Research, the sources said. Blockchain analytics firm Nansen said on Saturday it saw $659 million in outflows from FTX International and FTX U.S. in the preceding 24 hours. In its bankruptcy petition, FTX Trading said it has $10 billion to $50 billion in assets, $10 billion to $50 billion in liabilities, and more than 100,000 creditors.

☆ Exclusive: At least $1 billion of client funds missing at FTX
▼ + stars: | 2022-11-12 | by ( Angus Berwick | ) www.reuters.com time to read: +6 min

The exchange's founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried's trading company Alameda Research, the people told Reuters. While it is known that FTX moved customer funds to Alameda, the missing funds are reported here for the first time. Asked about the missing funds, Bankman-Fried responded: "???" Bankman-Fried showed several spreadsheets to the heads of the company's regulatory and legal teams that revealed FTX had moved around $10 billion in client funds from FTX to Alameda, the two people said. The documents showed that between $1 billion and $2 billion of these funds were not accounted for among Alameda's assets, the sources said.

The firm's founder Sam Bankman-Fried had transferred $10 billion of customer funds to his trading company, Alameda Research, the sources said. Blockchain analytics firm Nansen said it saw $659 million in outflows from FTX International and FTX U.S. in the last 24 hours. In January, FTX had raised $400 million from investors at a $32 billion valuation. "Over four years, FTX raised $1.8 billion from venture capital and pension funds. In its bankruptcy petition, FTX Trading said it has $10 billion to $50 billion in assets, $10 billion to $50 billion in liabilities, and more than 100,000 creditors.

☆ At least $1 billion of client funds missing at failed crypto firm FTX, sources say
▼ + stars: | 2022-11-12 | by ( ) edition.cnn.com time to read: +5 min

At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter. The exchange’s founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried’s trading company Alameda Research, the people told Reuters. While it is known that FTX moved customer funds to Alameda, the missing funds are reported here for the first time. Asked about the missing funds, Bankman-Fried responded: “?? The documents showed that between $1 billion and $2 billion of these funds were not accounted for among Alameda’s assets, the sources said.

☆ EXCLUSIVE At least $1 billion of client funds missing at failed crypto firm FTX – sources
▼ + stars: | 2022-11-12 | by ( Angus Berwick | ) www.reuters.com time to read: +6 min

The exchange's founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried's trading company Alameda Research, the people told Reuters. While it is known that FTX moved customer funds to Alameda, the missing funds are reported here for the first time. Asked about the missing funds, Bankman-Fried responded: "???" The documents showed that between $1 billion and $2 billion of these funds were not accounted for among Alameda's assets, the sources said. The U.S. Securities and Exchange Commission is investigating FTX.com's handling of customer funds, as well its crypto-lending activities, a source with knowledge of the inquiry told Reuters on Wednesday.

The crypto giant FTX and its affiliated companies have started the process of filing for Chapter 11 bankruptcy, with founder Sam Bankman-Fried stepping down as CEO. Bankman-Fried sent out a series of tweets on Friday stating his hope that FTX would be able to continue as a going concern following its bankruptcy. Media outlets have reported that the Securities and Exchange Commission and Justice Department are now investigating FTX. In the days following the report, rival crypto exchange Binance announced it was liquidating its FTT holdings. Unable to find an out, FTX announced its bankruptcy filing Friday morning.

☆ The future of FTX and Sam Bankman-Fried is now in the hands of these 3 lawyers who have worked for Enron, Michael Milken, and Elon Musk
▼ + stars: | 2022-11-11 | by ( Jack Newsham | ) www.businessinsider.com time to read: +7 min

A senior Paul Weiss lawyer has been hired to defend FTX founder and ex-CEO Sam Bankman-Fried. FTX said on Twitter that a sprawling group of companies founded by Bankman-Fried, known as SBF, filed for Chapter 11 bankruptcy in Delaware. The new CEO of FTX is John J. Ray III, a lawyer-turned-executive with a colorful past leading troubled companies, most notably Enron. The firm Paul Weiss and its lawyer Martin Flumenbaum, who represented the junk-bonds king Michael Milken, are representing Bankman-Fried personally. John J. Ray IIIRay joined FTX as CEO just in time to sign its bankruptcy filing.

☆ FTX approaches crypto exchange Kraken for funds - Axios
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

Nov 10 (Reuters) - FTX has approached Kraken as potential rescue partner, Axios reported on Thursday, citing two people familiar with the matter, just hours after Chief Executive Sam Bankman-Fried said he had launched an urgent push to raise funds. Bankman-Fried had earlier in the day said he was in talks with "a number of players" in the crypto sector, including Justin Sun who is the founder of crypto token Tron to rescue his cryptocurrency exchange. Separately, the Wall Street Journal reported that FTX tapped into billions of dollars worth of customer assets to fund risky bets by its sister crypto trading company Alameda. Bankman-Fried had told an investor this week that Alameda owed FTX about $10 billion, the report said, citing a person familiar with the matter said. Reporting by Mehnaz Yasmin in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ FTX investor Sequoia removed its glowing 13,000-word profile of Sam Bankman-Fried and replaced it with somber note after its investment cratered to $0
▼ + stars: | 2022-11-10 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

VC firm Sequoia Capital removed a lengthy September profile of FTX founder Sam Bankman-Fried this week. The URL now shows Sequoia's note telling investors it's marking down its $214 million FTX investment to $0. The profile of Bankman-Fried recounted his first pitch to Sequoia during his Series B round. Sequoia linked to its letter about marking down its investment in FTX from around $214 million to $0. The now-removed Sequoia profile is still available to read on the Internet Archive's Wayback Machine.

☆ Cryptocurrencies slide as worries about FTX fester in latest crypto liquidity scare
▼ + stars: | 2022-11-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Crypto assets tied to Alameda, the trading company also owned by billionaire Sam Bankman-Fried, were suffering steeper losses. FTX Token (FTT), the native token of the FTX trading platform, has fallen 23% in the past 24 hours. The token tied to Ethereum competitor Solana , of which Alameda is a big backer, has lost 12%. Binance is the largest crypto exchange in the world by trading volume and was an early backer of FTX. Those revelations refer to rumors about the solvency of FTX, the second-biggest crypto exchange in the world by trading volume.

The defaults, though less widespread than last year, have scrambled the coffee market, leaving traders reluctant to agree to forward sales for next year's crop or the one after. "We've been told to have less exposure with (Brazilian farmers). However, when farmers default, traders do not have the physical coffee to sell to offset the futures market. That's what happened in September, when Arabica coffee futures rose from around 2.16 cents per pound to 2.32 cents late in the month, a 7% increase. A lawyer working for one of the five largest coffee exporters in Brazil said the defaults concerned less than 10% of Brazil's total forward contracts.

☆ The evolution of Credit Suisse over 166 years
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +4 min

1990The group takes a controlling stake in U.S. investment bank CS First Boston and buys Bank Leu, a Swiss private bank. 1997A reorganisation turns CS Holding into Credit Suisse Group and drops the SKA name; it also buys insurer Winterthur, a strategic partner. 2002A reorganisation creates two units: Credit Suisse Financial Services and Credit Suisse First Boston; two years later it splits into three units by adding Winterthur. 2005Credit Suisse and CSFB merge and stop using the Credit Suisse First Boston brand name. In March, U.S. investment fund Archegos implodes, saddling Credit Suisse with a $5.5 billion loss.

☆ Explainer: Yen is past key 150 threshold. What's next?
▼ + stars: | 2022-10-21 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

An employee of the foreign exchange trading company Gaitame.com works in front of monitors showing the Japanese yen exchange rate against the U.S. dollar at its dealing room in Tokyo, Japan, October 21, 2022. Below are details on how Japanese policymakers could respond:WHAT HAPPENED SINCE JAPAN'S LAST YEN-BUYING INTERVENTION? Register now for FREE unlimited access to Reuters.com RegisterSince then, policymakers have repeatedly threatened to act against volatile yen moves. Policymakers have repeatedly said they are looking at the speed of yen moves, not its level, in deciding whether to intervene. That means Tokyo will avoid intervening in a way that appears as if it is defending a certain yen level.

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