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☆ Binance boss says Sam Bankman-Fried's trading firm tried to undermine key token Tether — risking a crypto rout
▼ + stars: | 2022-12-09 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Binance boss Changpeng Zhao accused Sam Bankman-Fried's Alameda Research of trying to drive down the price of Tether, according to the New York Times. The stablecoin’s collapse would likely trigger a crypto crash, analysts have warned. US federal prosecutors are already investigating Bankman-Fried for manipulating the price of both of those cryptocurrencies, the New York Times reported Wednesday. Having reached $1 again in July, Tether slipped away to fall to $0.9963 on November 10 as FTX's bankruptcy sent ripples through the crypto sector. Analysts have repeatedly warned that the stablecoin's collapse would cause a wider crypto crash — and argued that Tether poses a systemic risk to the crypto sector.

New York CNN —Sam Bankman-Fried, the founder of the failed crypto exchange FTX, has agreed to testify before the Senate Banking Committee next week as questions and confusion swirl about the collapse of his companies. One of the key questions prosecutors are likely to probe is whether FTX misappropriated customer funds when it made loans to Alameda. “I didn’t knowingly commingle funds,” he told The New York Times last week. The Times said the issue is part of a broadening inquiry into the collapse of FTX, and it’s not clear whether prosecutors have determined any wrongdoing by Bankman-Fried. In a statement to the paper, Bankman-Fried said he was “not aware of any market manipulation and certainly never intended to engage in market manipulation.”

☆ Sam Bankman-Fried: US lawmakers want answers from FTX founder
▼ + stars: | 2022-12-08 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Lawmakers are demanding that Sam Bankman-Fried, the founder of the failed crypto exchange FTX, appear before the Senate Banking Committee next week over “significant unanswered questions ” surrounding the collapse of his companies. FTX was one of the biggest crypto exchanges in the world until last month, when it faced a sudden wave of customer withdrawals that it couldn’t cover. One of the key questions prosecutors are likely to probe is whether FTX misappropriated customer funds when it made loans to Alameda. The Times said the issue is part of a broadening inquiry into the collapse of FTX, and it’s not clear whether prosecutors have determined any wrongdoing by Bankman-Fried. In a statement to the paper, Bankman-Fried said he was “not aware of any market manipulation and certainly never intended to engage in market manipulation.”

[1/3] A man walks across a set up of terra cotta heads, a French woman collection representing the remaining Chibok school girls in captivity in Lagos, Nigeria, November 29, 2022. The artwork, titled "Statues Also Breathe" and conceived by French artist Prune Nourry, consists of 108 life-size clay heads, made by 108 students from all over Nigeria, and now on display at an art gallery in Lagos. Boko Haram militants abducted around 270 teenage girls from a school in the northeastern town of Chibok in 2014. A small group of women who were among the abducted girls and were later released took part, as did some parents of the missing women. "These girls have been in distress for eight years," said Habiba Balogun, coordinator of the Bring Back Our Girls campaign in Lagos.

☆ Crypto winners and losers from the FTX fallout, according to Bernstein
▼ + stars: | 2022-12-07 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bernstein has sifted through the various sectors of the crypto industry and identified winners and losers for 2022. Crypto suffered the added handicap of the financial contagion from the collapse of Terra in the first half of the year and FTX currently. Binance, which operates in a regulatory gray zone, will eventually become the "global consolidator" of smaller off-shore exchanges, Bernstein said. While FTX taught investors about the risks of storing crypto holdings with centralized entities, revelations in the stablecoin sector went the other way around. Solana, on the other hand, took a hit, stained by the fallout of FTX, a big and early backer of Solana.

☆ How 2 friends at Bain spotted a big compliance risk in the crypto industry — and raised $2.8 million from CRV and Y Combinator to help fix it
▼ + stars: | 2022-12-06 | by ( Stephanie Palazzolo | April Joyner | ) www.businessinsider.com time to read: +4 min

Argus, which makes compliance software for crypto funds and trading firms, has raised $2.8 million. After FTX's fall, crypto firms are focused on compliance but worried about costs, Argus' CEO said. To prevent insider trading, Argus checks employee trades against a list of restricted assets, looking for overlap. Although other startups, such as ComplySci, also offer financial compliance software, Rapaport says that Argus distinguishes itself through its focus on crypto, where compliance procedures are relatively new terrain. "And so they're probably not thinking, 'Can we bring on a new compliance software?'

☆ Tim Draper predicts bitcoin will reach $250,000 next year despite FTX collapse: 'The dam is about to break'
▼ + stars: | 2022-12-05 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Venture capitalist Tim Draper thinks bitcoin will hit $250,000 a coin by the middle of 2023, even after a bruising year for the cryptocurrency marked by industry failures and sinking prices. $250k is still my number," Draper told CNBC via email. Last week, veteran investor Mark Mobius told CNBC that bitcoin could crash to $10,000 next year, a more than 40% plunge from current prices. Nevertheless, Draper is convinced that bitcoin, the world's largest cryptocurrency, is set to rise in the new year. "I expect a flight to quality and decentralized crypto like bitcoin, and for some of the weaker coins to become relics," he told CNBC.

☆ The unraveling of $3 billion crypto lender BlockFi amid FTX's 'death spiral', according to bankruptcy filings
▼ + stars: | 2022-12-03 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +5 min

The crypto platform owes $30 million to the SEC, per bankruptcy filings. FTX, which once offered BlockFi a $400 million credit line, ultimately led to the firm's bankruptcy. BlockFi cited significant exposure to Sam Bankman-Fried's crypto empire, which filed for bankruptcy on November 11. Ironically, once FTX's "death spiral" began, BlockFi's liquidity crisis ensued and the company paused user account withdrawals on its platform. Due to the loan agreement and $355 million in digital assets held on FTX, BlockFi had substantial exposure.

☆ Bank of Korea's Rhee 'not so sure' about digital currencies
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Dec 2 (Reuters) - South Korea's central bank governor Rhee Chang-yong said he became sceptical of the benefits of new technologies related to Central Bank Digital Currencies (CBDC), after recent events in the cryptocurrency market. "I was more positive before, but after seeing the Luna, Terra, and now the FTX issues ... I don't know (if) we will see the real benefit of this new technology, at least for monetary policy," said Rhee, a panelist at a session on digital currency. The market saw another rout last month, after one of the world's biggest crypto exchanges FTX filed for bankruptcy, with crypto lending company BlockFi following suit. Reporting by Jihoon Lee; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Three things crypto investors need to know in a post-FTX world, according to financial advisors
▼ + stars: | 2022-12-02 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +7 min

While the dramatic story of the firm's failure isn't over yet, it's a post-FTX era in crypto world, and the biggest takeaways for investors are already clear, according to financial advisors. "Investors need to differentiate between blockchain technology and exchanges," said Daren Blonski, managing principal at Sonoma Wealth Advisors. Here's what advisors say about it: Whatever you do, don't leave your crypto on exchanges There's a cutesy mantra in crypto: "Not your keys, not your coins." But as crypto becomes more popular and centralized companies provide easy onramps, advisors agree: it's time investors learn to control their funds. "It's on advisors to understand what happened before rendering some sort of judgment about it," said Adam Blumberg, cofounder at Interaxis, a crypto education and training company for financial advisors.

☆ 3 Ski Vacation Ideas That Suit Both Devotees and Dabblers
▼ + stars: | 2022-12-01 | by ( Donna Bulseco | ) www.wsj.com time to read: +2 min

“A NEW YEAR, a new slope” could be the mantra of Lisa Parilla, whose Bay Area family of four like to try out new ski runs during winter breaks. While dad and the couple’s 11-year-old son ski all day, she and their 13-year-old daughter like to squeeze in shopping, sightseeing and leisurely lunch breaks. Given high travel costs, booking flights, food and comfortable digs for a five-day spree at $10,000 demands creativity and flexibility. Its iconic Corbet’s Couloir run, however, with a terrifying 45-degree pitch, is not for the faint of heart. For this family trip, Ms. Nash suggests Hotel Terra in Teton Village, or a 1-2 bedroom with full kitchen at Teton Mountain Lodge, a ski-in, ski-out option in Mountain Village.

☆ Factbox: Crypto companies crash into bankruptcy
▼ + stars: | 2022-12-01 | by ( Dietrich Knauth | ) www.reuters.com time to read: +5 min

The price of bitcoin has dropped 65% since the start of the year, the cryptocurrency Luna suffered a total collapse in value, and crypto exchange FTX went from buying Super Bowl ads to crash landing into bankruptcy. Here are the major crypto companies that have gone bankrupt in 2022. BLOCKFICrypto lender BlockFi was the first crypto company to follow FTX into bankruptcy, filing for Chapter 11 about two weeks after FTX's collapse. The proposed sale fell through following FTX's implosion, and Voyager reopened discussions with other potential buyers, including the crypto exchange Binance. Celsius' bankruptcy judge has appointed an examiner to investigate whether Celsius operated as a Ponzi scheme and to broadly review the company's finances.

☆ Nike has a year's worth of 'Off-White' products ready to sell as Virgil Abloh estate plans what comes next
▼ + stars: | 2022-11-29 | by ( Matthew Kish | ) www.businessinsider.com time to read: +2 min

Shannon Abloh, Virgil Abloh's widow, spoke with the New York Times about plans for his estate. The entity is part of Virgil Abloh Securities, the vehicle to continue his creative work. Starting Thursday, Nike and Virgil Abloh Securities will host a four-day exhibit in Miami called "Virgil Abloh: The Codes c/o Architecture" at the Rubell Museum. As part of the exhibit, Nike will unveil the Off-White Nike Terra Forma, the first sneaker Abloh designed from scratch for the brand. Virgil Abloh at work on "The Ten" Courtesy NikeIn 2017, Nike released "The Ten," a collection of 10 iconic Nike models that Abloh rethought and reconstructed.

☆ 3 Crypto lender BlockFi files for Chapter 11
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +6 min

It listed crypto exchange FTX as its second-largest creditor, with $275 million owed on a loan extended earlier this year. MARTHA REYES-HULME, HEAD OF RESEARCH, BEQUANT, LONDON"The BlockFi bankruptcy is a sad chapter in the short history of our industry that has forced participants to be more mindful of risk management, counterparty risk, and governance. MONSUR HUSSAIN, SENIOR DIRECTOR, FITCH RATINGS, LONDON“BlockFi’s Chapter 11 restructuring underscores significant asset contagion risks associated with the crypto ecosystem, and, potentially, deficient risk management processes. The decentralized finance models used proper collateralization and they're intact. It was yet another example of neglected risk management when prices were going up, as crypto winter hit those that took on the most counterparty risk are getting exposed."

☆ How FTX 'death spiral' spelled doom for BlockFi, according to bankruptcy filing
▼ + stars: | 2022-11-28 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

The former FTX CEO bailed out and took over crypto firms as cryptocurrency markets withered with Terra's spring crash. Today, BlockFi filed for bankruptcy in New Jersey, after weeks of speculation that the FTX collapse had fatally crippled it. The FTX "death spiral," as BlockFi advisor Mark Renzi put it, has now spread to another crypto entity. According to Renzi, exposure to two successive hedge fund failures, the FTX rescue, and broader market uncertainty all conspired to force BlockFi into bankruptcy. Both firms have already collected millions in fees from BlockFi in preparation work for the bankruptcy, according to court filings.

☆ 55+ Cyber Monday deals under $100 to shop now
▼ + stars: | 2022-11-27 | by ( Mili Godio | Mili Godio Is An Associate Reporter For Select On Nbc News. | ) www.nbcnews.com time to read: +13 min

Many of these sales — most of which run through Cyber Monday — offer plenty of discounted items under $100. SKIP AHEAD Best Cyber Monday deals under $100 | Best Cyber Monday sales under $100To help you make the most of the shopping holiday, we compiled some of the best early Cyber Monday deals and sales under $100 that we think you’ll want to know about. Best Cyber Monday 2022 deals under $100Below, we’re sharing the best Cyber Monday deals under $100 based on our previous coverage and reporting. 4.7-star average rating from 10,573 reviews on AmazonThis All-Clad two-piece cookware set comes with 8-inch and 10-inch non-stick frying pans. Best early Cyber Monday 2022 sales under $100Here are the best early Cyber Monday sales under$100 that we think you’ll want to know about.

☆ Crypto winter highlights gold’s warming qualities
▼ + stars: | 2022-11-25 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

That’s why crypto pioneers developed stablecoins, which peg their market price to old-fashioned fiat currencies. The FTX founder agreed that digital tokens were impossible to value since they generated no cash flow. In other words, the entire crypto world has the mechanics of a Ponzi scheme. In such a nightmare scenario, access to a decentralised, anonymised type of digital money could prove indispensable. In this world bitcoin serves as the lifeboat for civilisation, offering protection against both anarchy and the surveillance state.

☆ Breakingviews: Crypto winter highlights gold’s warming qualities
▼ + stars: | 2022-11-25 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

LONDON, Nov 25 (Reuters Breakingviews) - The crypto winter is bitterly cold. The FTX founder agreed that digital tokens were impossible to value since they generated no cash flow. In other words, the entire crypto world has the mechanics of a Ponzi scheme. In such a nightmare scenario, access to a decentralised, anonymised type of digital money could prove indispensable. In this world bitcoin serves as the lifeboat for civilisation, offering protection against both anarchy and the surveillance state.

☆ Cuban singer-songwriter Pablo Milanés dies at 79
▼ + stars: | 2022-11-22 | by ( Associated Press | ) www.nbcnews.com time to read: +7 min

“The culture in Cuba is in mourning for the death of Pablo Milanes,” Cuban Prime Minister Manuel Marrero Cruz tweeted Monday night. Milanés and Rodríguez in particular became close, touring the world’s stages as cultural ambassadors for the Cuban Revolution, and bonding during boozy sessions. “If Silvio Rodríguez and I got together, the rum was always there,” Milanés told El Pais in 2003. Cuba’s aging leaders “are stuck in time,” Milanés told Spanish newspaper El Mundo. “These freedoms have been seen in small doses, and we hope that with time they will grow,” Milanés told The Associated Press.

☆ Bitcoin vs. FTX: Crypto king Sam Bankman-Fried is the problem
▼ + stars: | 2022-11-21 | by ( Joshua Hendrickson | Joshua Hendrickson Is An Associate Professor Of Economics At The University Of Mississippi | Senior Fellow At The Bitcoin Policy Institute. | ) www.nbcnews.com time to read: +8 min

Much of the crypto industry has deviated from the principles that were critical to the development of Bitcoin itself. But much of the crypto industry has deviated from the principles that were critical to the development of Bitcoin itself. As the stunning collapse of cryptocurrency exchange FTX highlights, the crypto industry is filled with scams, Ponzi schemes and bad actors. As a result, it has become increasingly clear that Bitcoin must be understood as something outside this crypto industry. Whereas Bitcoin was created to be a censorship-resistant, trustless digital form of money, crypto has become a space dominated by get-rich-quick-schemes.

☆ Here's how bitcoin futures ETFs performed in a dramatic week for crypto
▼ + stars: | 2022-11-13 | by ( Jesse Pound | ) www.cnbc.com time to read: +3 min

The ProShares Bitcoin Strategy ETF (BITO) and Short Bitcoin Strategy ETF (BITI) both saw their largest daily trading volumes on record last week. Applications for a true spot bitcoin ETF have been consistently rebuffed by the SEC , but the agency did allow bitcoin futures ETFs to launch. Bitcoin futures do not perfectly track spot bitcoin and the ETFs can carry additional costs for investors, such as the potential for roll costs when the fund swaps out expiring futures for new ones. However, bitcoin futures are also financially settled, meaning there is no bitcoin that changes hands or is held in an account. He added that the roll costs for bitcoin futures have come down sharply since the ETFs launched.

☆ Dave Chappelle on 'SNL': A timeline of the controversy around his transgender jokes
▼ + stars: | 2022-11-12 | by ( Scottie Andrew | ) edition.cnn.com time to read: +8 min

He made explicit jokes about trans people’s bodies and referred to trans people as “transgenders,” among other comments, Vulture said. These weren’t the first jokes Chappelle had made at trans people’s expense. 2021October 5: Netflix released Chappelle’s special “The Closer.” In it, he goes on an extended tangent about transgender people and makes several jokes at their expense. October 13: Amid calls from LGBTQ advocates, fellow comedians, Netflix employees and social justice organizations to pull the special, Netflix stood by Chappelle. Dave Chappelle attends the UK premiere of "Dave Chappelle: Untitled" at Cineworld Leicester Square on October 17, 2021, in London.

☆ Before his epic fall, Sam Bankman-Fried was hailed as a crypto genius. Some clients saw smoke and mirrors.
▼ + stars: | 2022-11-11 | by ( Gretchen Morgenson | Gretchen Morgenson Is The Senior Financial Reporter For The Nbc News Investigative Unit. A Former Stockbroker | She Won The Pulitzer Prize In For Her | ) www.nbcnews.com time to read: +14 min

Until a few days ago, Sam Bankman-Fried was the king of crypto. “I’m sorry I didn’t do better,” Bankman-Fried said Tuesday in a message to investors reviewed by NBC News. The contentions of the people who spoke with NBC News are echoed in a 2019 lawsuit brought in federal court against FTX Alameda, Bankman-Fried and other executives. But the crypto market does not have the protections or price transparency found in listed stock markets, for example. FTX and Alameda, as a major crypto exchange and market maker, attracted crypto developers to list their projects for trading.

☆ Crypto markets in turmoil over FTX bankruptcy
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +9 min

Nov 11 (Reuters) - Crypto exchange FTX filed for U.S. bankruptcy on Friday and Sam Bankman-Fried stepped down as CEO, after a liquidity crisis that has prompted intervention from regulators around the world. FTX, its affiliated crypto trading fund Alameda Research and about 130 other companies have commenced voluntary Chapter 11 bankruptcy proceedings in Delaware, FTX said. MARKET REACTION:Shares of cryptocurrency and blockchain-related firms dropped on Friday after FTX, one of the biggest crypto exchanges, said it would initiate bankruptcy proceedings in the United States, triggering a potentially massive meltdown in the industry. "The shock was that this guy was the face of the crypto industry and it turned out that the emperor had no clothes. Ultimately, the lesson here is that the crypto industry needs to stop trusting cults of personality, no matter how well-intentioned they might seem."

☆ A Voyager investor says the FTX meltdown puts the bankrupt crypto lender's bailout in jeopardy, with $1.3 billion of customer assets on the line
▼ + stars: | 2022-11-10 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

FTX US, led by Sam Bankman-Fried, was set to buy the assets of the bankrupt crypto-lender Voyager. Bankman-Fried tweeted Thursday that FTX US, which is a separate company from FTX, was "100% liquid." FTX US' bailout was set to offer some relief to Voyager's customers, who faced the complete loss of their crypto assets, with claims of about $1.8 billion in total. Furthermore, some FTX customers had reported issues making withdrawals from their accounts, raising concerns about FTX's liquidity. On Thursday, Bankman-Fried estimated that FTX only had 80% available in liquid assets of the roughly $5 billion in assets customers withdrew on Sunday.

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