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☆ Lower valuations, regulatory crackdowns, and a push for DeFi: 5 VCs break down their crypto-market outlooks after FTX's swift downfall
▼ + stars: | 2022-11-21 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +9 min

FTX, the crypto exchange once worth $32 billion, filed for Chapter 11 bankruptcy on Nov 11. FTX, the crypto exchange reportedly worth $32 billion in February, filed for Chapter 11 bankruptcy on Nov. 11. A regulatory crackdown and the bull case for DeFiInsider asked five venture investors about their biggest takeaways from the fallout. "First, the crypto market is being de-leveraged, which paves the way for the next upturn. Risks of FTX's downfall could have been mitigated with a "hands on approach" by venture investors.

☆ Sam Bankman-Fried's mom once wrote an essay about fixing problems rather than assigning blame when 'something goes terribly wrong'
▼ + stars: | 2022-11-20 | by ( Sam Tabahriti | Ryan Hogg | ) www.businessinsider.com time to read: +5 min

Sam Bankman-Fried's mother, a Stanford law professor, once wrote an article titled "Beyond Blame." Barbara Fried asked what would happen if the focus was on fixing problems and not assigning blame. Her son Sam Bankman-Fried co-founded FTX, which last week filed for bankruptcy. She has written pieces for the Boston Review, a quarterly political and literary magazine, arguing that attributing "personal blame" in times of crisis had "ruined criminal justice and economic policy," suggesting it was "time to move past blame." "The next time something goes terribly wrong, suppose that instead of immediately asking who is to blame, we were to ask: How can we fix this problem?"

☆ From $32 billion to criminal investigations: How Sam Bankman-Fried's empire vanished overnight
▼ + stars: | 2022-11-15 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +17 min

Alameda's success spurred the launch of crypto exchange FTX in the spring of 2019. A Twitter fight with the CEO of rival exchange Binance pulled the mask off the scheme. Alameda, FTX and a host of subsidiaries Bankman-Fried founded have filed for bankruptcy protection in Delaware. On Nov. 2, CoinDesk reported a leaked balance sheet showing that a significant amount of Alameda's assets were held in FTX's illiquid FTT token. On Nov. 6, according to Bankman-Fried, the exchange had roughly $5 billion of withdrawals, "the largest by a huge margin."

[1/2] The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. The involvement of the previously unnamed financial backers of Trump Media & Technology Group (TMTG) – parent company of social media app Truth Social – shows how Trump tapped his political supporters to launch an outlet aimed at political conservatives and libertarians after he was banned from Twitter and Facebook following the Jan. 6, 2021 attack on Congress. TMTG launched Truth Social in February in the Apple App Store and in Google’s Play Store in October. Truth Social has been downloaded 2.9 million times across both platforms, according to market tracker Appfigures. Trump had 4.37 million followers on Truth Social as of Oct. 27, compared to the more than 88 million followers he had on Twitter when the platform permanently suspended him.

[1/2] The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. REUTERS/Dado Ruvic/IllustrationOct 28 (Reuters) - Ever since former U.S. President Donald Trump launched a new media company aimed at rivaling Twitter, there has been a mystery over who provided the money. TMTG launched Truth Social in February in the Apple App Store and in Google’s Play Store in October. Truth Social has been downloaded 2.9 million times across both platforms, according to market tracker Appfigures. Trump had 4.37 million followers on Truth Social as of Oct. 27, compared to the more than 88 million followers he had on Twitter when the platform permanently suspended him.

☆ The Justice Department's sex trafficking investigation into Rep. Matt Gaetz seems stalled, attorneys say
▼ + stars: | 2022-10-08 | by ( Marc Caputo | Marc Caputo Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +21 min

Those included a stalking charge for falsely smearing a political rival as a pedophile, identity theft and sex trafficking the same 17-year-old who is the alleged victim in the Gaetz case. The alleged victim, who turned 18 in December 2017, did not answer requests for comment from NBC News. Also according to that plea agreement, the alleged victim falsely claimed she was of age on her SeekingArrangement profile. The Gaetz investigation became public in March 2021, after The New York Times reported the general contours of the investigation. The potential witnesses in the federal government’s inquiry into Gaetz is not limited to Greenberg, the alleged victim and Gaetz’s ex-girlfriend.

☆ Lawsuit filed after FBI agents raided 1,400 deposit boxes at a US Private Vaults branch claims owners' items have still not been returned
▼ + stars: | 2022-09-25 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +4 min

The agency raided US Private Vaults and seized the contents of 1,400 safety deposit boxes. A lawyer involved in the class-action said the FBI raid was the "largest armed robbery in US history." The FBI requested and obtained warrants to seize US Private Vaults' business property. US Private Vaults has pleaded guilty to conspiracy to launder drug money, and the investigation was continuing, Eimiller added. The plaintiffs in the lawsuit have asked for the FBI raid to be deemed unconstitutional by a district judge, the LA Times reported.

☆ Mike Lindell is suing the FBI, saying they violated his 'First, Fourth, Fifth, and Sixth Amendment' rights by seizing his phone
▼ + stars: | 2022-09-21 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +4 min

MyPillow CEO Mike Lindell is suing the FBI and DOJ for seizing his phone. Lindell says the FBI and DOJ violated his First, Fourth, Fifth, and Sixth Amendment rights. Represented by a legal team including conservative lawyer Alan Dershowitz, Lindell's suit claims the FBI violated his "First, Fourth, Fifth, and Sixth Amendment" rights. he told Insider. Lindell told Insider that had the FBI approached him at night, he would have "bashed" his way through their cars with his pickup truck.

The complaints, obtained by CNBC, were filed by nonprofit law firm Whistleblower Aid, which is representing Twitter's former head of security, Peiter "Mudge" Zatko. Whistleblower Aid, which also represented Facebook whistleblower Frances Haugen, verified the authenticity of the documents with CNBC. A Twitter whistleblower is alleging "extreme, egregious deficiencies by Twitter" related to privacy, security and content moderation, according to complaints filed with the Securities and Exchange Commission, Federal Trade Commission and Department of Justice. If government regulators were to find Twitter misled consumers about its security protocols, that may be considered a violation of its 2011 agreement with the FTC. At the time, Twitter was barred for 20 years from misleading consumers about how it protects their security and private information.

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