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☆ I'm an HR executive that was just laid off from Vox Media. I've been preparing for this since my first day on the job.
▼ + stars: | 2023-01-27 | by ( Jordan Hart | ) www.businessinsider.com time to read: +4 min

Last Friday, I was informed that I was being laid off from my position at Vox Media. Today is my last day as executive director of talent and development for Vox.com after one year at the company. "What's the difference between the life I'm experiencing now and the one I want to have? It's about what kind of life I'm trying to live. At the end of the day, there is no job that's 100% secure because companies exist to thrive and drive profits.

☆ New FTX Chief Says Crypto Exchange Could Restart
▼ + stars: | 2023-01-19 | by ( Alexander Saeedy | Alexander Osipovich | ) www.wsj.com time to read: 1 min

FTX’s new chief executive, John J. Ray III, said he’s looking into the possibility of reviving the bankrupt crypto exchange as he works to return money to the failed company’s customers and creditors. In his first interview since taking over FTX in November, Mr. Ray said that he has set up a task force to explore restarting FTX.com, the company’s main international exchange. Although top FTX executives have been accused of criminal misconduct, some customers have praised its technology and suggested that there would be value in rebooting the platform, he said.

☆ An FTX executive flagged worries about Alameda Research's use of customer funds to Sam Bankman-Fried as early as 2020, report says
▼ + stars: | 2023-01-19 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

A senior FTX exec raised concerns about Alameda Research's use of customer funds as early as 2020. CEO Sam Bankman-Fried dismissed the concerns saying the funds were backed by FTX's cryptocurrency, FTT. This information, the Times reports the governments documents as saying, led the executive to believe Alameda was "inappropriately using FTX.com customer funds," and to take that information to Bankman-Fried. Bankman-Fried dismissed the concerns, the Times report says, because the money was backed by FTX's cryptocurrency, FTT. Insider previously reported how the Securities and Exchange Commission's complaint against SBF revealed that Alameda's FTX account had special treatment.

☆ New FTX chief says bankrupt crypto exchange could restart - WSJ
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

Jan 19 (Reuters) - Bankrupt crypto exchange FTX is looking into the possibility of reviving its business, Chief Executive Officer John Ray told the Wall Street Journal on Thursday. Ray, who took over the reins in November, has set up a task force to explore restarting FTX.com, the company's main international exchange, he said in an interview with the WSJ. "I'm glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts!" "I'm still waiting for him to finally admit FTX US is solvent and give customers their money back," Bankman-Fried added. Bankman-Fried has been accused of stealing billions of dollars from the exchange's customers to pay debts incurred by his crypto-focused hedge fund, Alameda Research.

☆ FTX lost $415 million worth of crypto in hacker heists, the collapsed exchange's new bosses say
▼ + stars: | 2023-01-18 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

FTX lost $415 million worth of crypto to hackers, its new bosses said Tuesday. "It has taken a Herculean investigative effort from our team to uncover this preliminary information," acting CEO John Ray said. Around $415 million of the assets for recovery had been lost in crypto hacks, FTX's new bosses said. Hackers stole $323 million from the Bahamas-based parent company FTX.com, $90 million from FTX, and $2 million from sister trading firm Alameda Research, according to the presentation. As well as the exchange's crypto and cash holdings, they identified $253 million worth of real estate in the Bahamas as potential assets for recovery in Tuesday's presentation.

☆ FTX says $415 million of crypto was hacked
▼ + stars: | 2023-01-17 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

Bankrupt crypto firm FTX said on Tuesday that $415 million worth of crypto was hacked from the exchange's accounts, representing a sizeable portion of the identified assets the company is trying to recover. However, that includes "unauthorized third-party transfers" of $323 million out of FTX.com (the international business) and $90 million out of FTX US, the company said in a statement. Another $2 million of hedge fund Alameda Research's crypto was also stolen. At the time, the stolen crypto was valued at $477 million, according to blockchain analytics firm Elliptic. FTX's advisors are also reviewing a $2.1 billion share repurchase payment from FTX to crypto exchange Binance in the third quarter of 2021.

☆ I performed magic tricks for Elon Musk at a PayPal reunion party. Here's what went down.
▼ + stars: | 2023-01-15 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +5 min

Chan performed tricks for PayPal's 20th IPO anniversary last year, with Elon Musk also attending. Two decades later, I had the opportunity of a lifetime to perform magic tricks for my old company at PayPal's 20th IPO anniversary party in August. The invitation said it would be a "tricked-out PayPal reunion party" and I was very excited in the build-up. Daniel ChanMost of the PayPal founders, known as the "PayPal Mafia," were there, including Elon Musk, Peter Thiel, David Sacks, and Max Levchin. I fooled Elon Musk.

☆ Here are Thursday's biggest analyst calls: Meta, Apple, Tesla, Netflix, Roku, Disney, Exxon & more
▼ + stars: | 2023-01-12 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Here are the Thursday's biggest calls Wall Street: Credit Suisse upgrades AECOM to outperform from neutral Credit Suisse said the company is a key beneficiary of infrastructure stimulus. UBS reiterates Apple as buy UBS said it's sticking with its buy rating on the stock but is concerned about App Store revenue declines. Credit Suisse upgrades Boeing to neutral from underperform Credit Suisse said in its upgrade of Boeing that it sees "stronger aircraft deliveries." RBC names Meta a top 2023 pick RBC said it sees "multiple expansion" on the horizon for Meta shares. " Rosenblatt reiterates Disney as buy Rosenblatt said activist investor Nelson Peltz's push for a Disney board seat could help shares.

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☆ The dollar jumps to a 4-week high as traders place bets on more Fed rate hikes after strong private payrolls report
▼ + stars: | 2023-01-05 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

A closely watched measure of the US dollar pushed to its highest in about a month on Thursday after a strong ADP jobs report. The US Dollar Index climbed past 105 for the first time since early December as the Fed is likely to stick to hiking interest rates. "Accordingly, traders have pushed up their expectations for the terminal interest rates in the US," with June fed funds futures contract implying a peak interest rate of above 5%. Such a move would put the fed funds rate at a range of 5.25% to 5.5%. The Fed views inflation as still "unacceptably high," the minutes showed.

☆ FTX Customers Want Identities Redacted From Bankruptcy Filings
▼ + stars: | 2022-12-29 | by ( Andrew Scurria | ) www.wsj.com time to read: 1 min

A group of FTX’s international customers asked for a court order shielding their names from the public, spotlighting a privacy issue that has divided bankruptcy courts in other crypto-related cases. Unnamed customers of FTX.com, the failed company’s largest exchange platform outside the U.S., said in court papers Wednesday their interest in keeping their identities and contact information secret trumps the public’s interest in an open and transparent bankruptcy process. Public disclosure of customer identities puts them at risk of identity theft and cyber scams, and could diminish whatever value remains in FTX, according to the customer group.

☆ Americans still haven't felt the worst of the war on inflation, meaning 2023 will be 'survival of the fittest'
▼ + stars: | 2022-12-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

The Federal Reserve hiked interest rates seven times during 2022 to fight inflation. He believes the new year will bring a whole host of different challenges for small businesses. "I believe that we're going to see small businesses dropping like flies, and competition thinning out among the pandemic entrepreneurs," Gray said. With nearly half of Americans employed by small businesses, financial hardship to the sector could significantly impact the overall workforce. "Just since June, the rates have gone up almost 3% so capital is getting a lot more expensive for small businesses generally," Wallace told Insider.

☆ Inside the relationship between Sam Bankman-Fried's FTX and Solana, the blockchain he championed whose token is down 96% from its highs
▼ + stars: | 2022-12-29 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried was a big supporter of Solana, the layer-1 blockchain that bills itself as a faster alternative to Ethereum's network. He backed projects on its ecosystem, and his firms amassed huge sums of the blockchain's native token, also called Solana (SOL). The disgraced former crypto mogul backed projects in its ecosystem, and his firms amassed huge sums of the blockchain's native token, also called Solana (SOL). Meanwhile, Bankman-Fried's hedge fund Alameda Research and crypto exchange FTX purchased large sums of SOL tokens from the Solana Foundation, the nonprofit that supports the blockchain, and Solana Labs, the blockchain's developer. That's despite the fact that around 80% of projects on Solana's blockchain had zero exposure to FTX, Yakovenko told Bloomberg.

☆ Gulf markets rise on China optimism, Saudi leads
▼ + stars: | 2022-12-27 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said on Monday. Saudi Arabia's benchmark index (.TASI) gained 1.3%, led by a 1.8% rise in Al Rajhi Bank (1120.SE) and a 1.9% increase in oil giant Saudi Aramco (2222.SE). The Saudi stock market rose today while oil markets' prospects improved with China opening up, said Fadi Reyad, chief market analyst at CAPEX.com. "However, the main index remains near its lowest levels this year and could be at risk of other price corrections." According to Reyad, the Qatari index continued to decline under the weight of the natural gas market's performance.

☆ Fact Check-Image of Ukraine’s first lady Olena Zelenska wearing luxury brands is altered
▼ + stars: | 2022-12-23 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

Users online are sharing a digitally altered image of Ukrainian first lady Olena Zelenska wearing clothing and accessories from luxury brands. The original image shows Richard Heart, an entrepreneur and YouTuber who touts a collection of luxury products. A Facebook user sharing the altered image said, “It warms the heart knowing that billions of our hard-earned tax dollars are going towards good causes this holiday season. The image appears to show Zelenska on a plane wearing luxury clothing with a designer watch and luggage, with a caption that criticizes the extravagance. The image of Olena Zelenska was digitally manipulated from a photo of a Twitter user named Richard Heart.

☆ Elon Musk's net worth has plummeted $124 billion in 2022, bringing his fortune to a 2-year low
▼ + stars: | 2022-12-21 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

Elon Musk's net worth has crashed $124 billion so far this year, per estimates by Bloomberg. Falling Tesla shares have put his fortune at $148 billion, its lowest level since December 2020. Musk's fortune fell nearly $8 billion on Tuesday after Tesla shares plummeted. Musk's fortune has shrunk drastically this yearMusk's net worth hasn't been so low since December 2020, per Bloomberg's estimates. His net worth began a rapid ascent at the start of the pandemic, peaking at $340 billion in November 2021.

In some cases, they received refunds after reporting problems with hair breakage and loss to Olaplex. "Our products are thoroughly tested both in-house and in independent third-party laboratories and we remain confident in the evidence showing that Olaplex products are safe and effective." It's difficult to know just how many refunds Olaplex has issued. "A lot of this is breakage that came up after using Olaplex," she tells viewers. She said she visited a dermatologist, who diagnosed her with psoriasis and eczema, and suggested she switch to hypoallergenic hair products.

The Senate Banking Committee on Wednesday is holding a second day of hearings this week on the downfall of cryptocurrency exchange FTX, examining how the company's implosion could impact the nascent industry. Old school, old school." Bankman-Fried was charged by federal prosecutors in the Southern District of New York for a wide variety of crimes including wire fraud, securities fraud and violating campaign finance regulations. Though Ray and Bankman-Fried won't be part of the Senate Banking hearing on Wednesday, four cryptocurrency experts will be testifying instead, including Kevin O'Leary, a longtime paid FTX spokesman. "In my opinion, it is the largest Ponzi scheme in history by an order of magnitude."

FTX founder Sam Bankman-Fried oversaw one of the biggest financial frauds in American history, a top federal prosecutor said in charging that the former chief executive stole billions of dollars from the crypto exchange’s customers while misleading investors and lenders. An indictment by the U.S. attorney’s office for the Southern District of New York, unsealed Tuesday, charges Mr. Bankman-Fried with eight counts of fraud. Prosecutors allege that he took FTX.com customers’ money to pay the expenses and debts of Alameda Research, an affiliated trading firm. Mr. Bankman-Fried is charged as well with conspiring to defraud the U.S. and violate campaign-finance rules by making illegal political contributions.

☆ The SEC is bringing charges against Sam Bankman-Fried – here are the key takeaways from the filing
▼ + stars: | 2022-12-13 | by ( Pete Syme | ) www.businessinsider.com time to read: +6 min

The SEC has filed charges against FTX founder Sam Bankman-Fried. It alleges that he was "orchestrating a massive, years-long fraud" by misusing customer funds. It alleges that the FTX founder violated the Securities Act by misusing customer funds for his own benefit, and hiding debts from investors. It alleges Bankman-Fried "used Alameda as his personal piggy bank to buy luxury condominiums, support political campaigns, and make private investments, among other uses." Bankman-Fried misled investors by saying "assets are fine"On November 7 – just four days before FTX filed for bankruptcy – Bankman-Fried tweeted "FTX is fine.

☆ Sam Bankman-Fried criminal charges unsealed: Conspiracy to defraud the U.S., wire fraud, securities fraud, and money laundering
▼ + stars: | 2022-12-13 | by ( Rohan Goswami Mackenzie Sigalos | Rohan Goswami | Mackenzie Sigalos | ) www.cnbc.com time to read: +1 min

A federal indictment was unsealed Tuesday alleging widespread fraud by FTX co-founder Sam Bankman-Fried, a day after the fallen crypto exchange operator was arrested in the Bahamas in connection with the charges. The indictment in U.S. District Court in Manhattan charges Bankman-Fried with eight criminal counts: conspiracy to commit wire fraud and securities fraud, individual charges of securities fraud and wire fraud, money laundering, and conspiracy to avoid campaign finance regulations. Follow CNBC's live blog covering Tuesday's hearing on the collapse of cryptocurrency exchange FTX before the House Financial Services Committee. It also accuses Bankman-Fried of conspiring with others to defraud FTX's lenders "by providing false and misleading information to those lenders regarding Alameda Research's financial condition." Prosecutors also allege he conspired with others to make illegal donations to political candidates, using the names of other persons to mask and augment political giving.

This week, we’ve got an Amazon Alexa device for your car, a stand mixer from Instant, new cast iron cookware from Made In and more. Made In expanded its Enameled Cast Iron Collection with its new 11-inch round Enameled Cast Iron Skillet. The skillet’s cast iron cooking surface retains heat well and distributes it evenly, making it particularly helpful for searing, sautéing and making stir-fry, Made In says. Stitch Fix is calling the program Travel Style Insurance. Those interested in the program can contact Stitch Fix via email (Travel-Style-Insurance@stitchfix.com) and provide proof of their lost luggage from a flight taken between Dec. 5 and Jan. 5.

☆ Lawyers for FTX customers accuse debtors of failing to file full financial disclosures
▼ + stars: | 2022-12-07 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Lawyers at Eversheds Sutherland represent FTX's non-US customers – 98% of its 1.2 million users. The lawyers say that Chapter 11 debtors should file full financial disclosures. The law firm Eversheds Sutherland represents the Ad Hoc Committee of Non-US Customers of FTX.com, established to protect users outside the US. Erin Broderick, an attorney at Evershed Sutherland, said "Chapter 11 debtors are typically required to file full financial disclosures shortly after the bankruptcy filing." Adam Landis, the lawyer representing FTX and its entities, did not immediately respond to Insider's request for comment.

New Jersey-based BlockFi, founded by Zac Prince, said in a bankruptcy filing that its substantial exposure to FTX created a liquidity crisis. In a court filing on Monday, BlockFi listed FTX as its second-largest creditor, with $275 million owed on a loan extended earlier this year. Crypto lenders, the de facto banks of the crypto world, boomed during the pandemic, attracting retail customers with double-digit rates in return for their cryptocurrency deposits. Crypto lenders are not required to hold capital or liquidity buffers like traditional lenders and some found themselves exposed when a shortage of collateral forced them - and their customers - to shoulder large losses. In its bankruptcy filing, BlockFi said it had hired Kirkland & Ellis and Haynes & Boone as bankruptcy counsel and Berkeley Research Group as a financial adviser.

☆ BlockFi files for bankruptcy as the crypto lender succumbs to the contagion of the FTX collapse
▼ + stars: | 2022-11-28 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Cryptocurrency lender BlockFi filed for Chapter 11 bankruptcy protection on Monday. Earlier this year, BlockFi received a $400 million credit line from FTX. According to the bankruptcy filing, BlockFi has more than 100,000 creditors, with liabilities and assets of $1 billion-$10 billion. In July, the company signed a deal with FTX to obtain a $400 million revolving credit facility. After FTX filed for bankruptcy on November 11, BlockFi announced that it would pause withdrawals and customer deposits on its platform.

Distressed crypto firm BlockFi has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey following the implosion of putative acquirer FTX. Like FTX, BlockFi also has a Bahamian subsidiary. BlockFi's bankruptcy filing shows that the company's largest disclosed client has a balance of nearly $28 million. The company started talking with restructuring professionals in the days after FTX's bankruptcy filing, according to people familiar with the matter. Approximately 130 additional affiliated companies are part of the proceedings, including Alameda Research, Bankman-Fried's crypto trading firm, and FTX.us, the company's U.S. subsidiary.

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