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Lawyers for collapsed crypto exchange FTX said in the company's first bankruptcy hearing on Tuesday that regulators from the Bahamas, where FTX was headquartered, have agreed to consolidate proceedings in Delaware. "What we are dealing with is a different sort of animal," said FTX counsel James Bromley. FTX lawyers confirmed earlier reports that the Southern District of New York's Cyber Crimes unit has begun an investigation into the matter. FTX lawyers have also made reference to cyberattacks, suggesting there were multiple attacks beyond the $477 million hack that occurred shortly after the company entered bankruptcy on Nov. 11. FTX customers had a global presence, but many were based in tax havens.

☆ FTX's financial mismanagement comes under the microscope
▼ + stars: | 2022-11-22 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN Business —The full extent of FTX’s financial disarray is becoming clearer as the failed crypto exchange’s new management combs for cash as part of the bankruptcy process. FTX, formerly one of the most trusted brands in crypto, filed for bankruptcy earlier this month. The updated figure underscores what FTX’s new chief executive described last week as a total lack of centralized cash controls under the management of Bankman-Fried. The report cited unnamed sources; Genesis didn’t immediately respond to CNN Business’ request for comment. When asked for comment, a BlockFi representative referred CNN Business to the company’s previous statement on its blog, reiterating that there were “a number of scenarios” under consideration.

☆ How TikTok and the music industry are bound to each other as 'frenemies,' even as they battle over licensing
▼ + stars: | 2022-11-17 | by ( Dan Whateley | ) www.businessinsider.com time to read: +10 min

All of these promotional functions have benefited the music industry, boosting streams on platforms like Spotify or Apple Music and helping artists grow their fan bases. The company filed a US trademark application in May for a potential music-streaming product called "TikTok Music," Insider first reported. Licensing negotiations to either expand Resso or introduce TikTok Music into other markets are underway, a person with direct knowledge of the process told Insider. Licensing negotiations are nearly constant in the music industryByteDance and TikTok already have existing agreements in place with major record labels and publishers like Warner Music Group, Sony Music Entertainment, the National Music Publishers' Association, and ICE. Last quarter, YouTube's head of music wrote that the company paid out $6 billion to the music industry over a 12-month period.

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