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The SEC said Sun's activity generated tens of millions of dollars of illegal profit at other investors' expense. "This case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure," SEC Chair Gary Gensler said in a statement. Andrew Brettler, a lawyer for Lohan, said the actress did not know about the disclosure requirements until last March. The SEC has been ratcheting up efforts to crack down on the crypto industry, which Gensler has called a "Wild West" riddled with misconduct. It said Sun inflated apparent trading volume in TRX through extensive "wash trading," involving simultaneous or near-simultaneous purchases and sales with no real change in ownership.

The Securities and Exchange Commission issued crypto exchange Coinbase a Wells notice, warning the company that it identified potential violations of U.S. securities law. "Based on discussions with the Staff, the Company believes these potential enforcement actions would relate to aspects of the Company's spot market, staking service Coinbase Earn, Coinbase Prime and Coinbase Wallet," Coinbase said in a regulatory filing. A Wells notice is typically one of the final steps before the SEC formally issues charges. Coinbase described the investigation as "cursory," and said the Wells notice provided relatively little information about potential violations. The SEC sent a Wells notice to stablecoin issuer Paxos in February.

☆ I drove Mercedes-Benz's $135,000 Tesla rival and experienced the electric, screen-filled future of luxury SUVs
▼ + stars: | 2023-02-25 | by ( Tim Levin | ) www.businessinsider.com time to read: +7 min

I drove the 2023 Mercedes-Benz EQS SUV, the brand's first electric SUV for the US market. What the EQS SUV does right: An amazingly luxurious interiorThe 2023 Mercedes-Benz EQS SUV. The 2023 Mercedes-Benz EQS SUV. The 2023 Mercedes-Benz EQS SUV. The 2023 Mercedes-Benz EQS SUV.

☆ Alejandro Jodorowsky’s ‘Dune’ Was Never Made, but With A.I., We Get a Glimpse of His ‘Tron’ - The New York Times
▼ + stars: | 2023-01-13 | by ( Frank Pavich | ) www.nytimes.com time to read: +12 min

I was recently shown some frames from a film that I had never heard of: Alejandro Jodorowsky’s 1976 version of “Tron.” The sets were incredible. However, Mr. Jodorowsky, the visionary Chilean filmmaker, never tried to make “Tron.” I’m not even sure he knows what “Tron” is. caption caption caption caption caption caption caption caption caption caption caption Generation Text prompt The A.I. caption caption caption caption caption caption caption caption caption caption caption Generation Text prompt The A.I. If A.I.s were eligible for the Academy Awards, I’d vote for “Jodorowsky’s Tron” for best A.I.

LONDON, Jan 13 (Reuters) - Chinese crypto entrepreneur Justin Sun is willing to spend $1 billion of his own funds on buying assets belonging to Digital Currency Group (DCG), the parent company of embattled crypto lender Genesis, Sun told Reuters. Genesis' owner, DCG, is also the parent company of several high-profile crypto firms, including crypto asset manager Grayscale, and its website lists more than 160 companies in its venture capital portfolio. DCG is considering offloading parts of that portfolio to raise money, the Financial Times reported on Thursday. Sun told Reuters in an interview he would be willing to spend up to $1 billion to buy some of DCG's assets, "depending on their evaluation of the situation". When major crypto exchange FTX faced a rush of investor withdrawals in November, Binance said it had signed a no-nbinding agreement to buy FTX's non-U.S. unit.

☆ Fed-up Tesla owners say they're so sick of Elon Musk's antics that they're ditching their cars
▼ + stars: | 2023-01-07 | by ( Tim Levin | ) www.businessinsider.com time to read: +5 min

Some Tesla owners are done with the electric-car brand over Elon Musk's antics. We spoke to three Tesla owners who say Musk has made them rethink their relationship with the brand. Perkowitz is one of many Tesla owners rethinking their allegiance to the brand as Elon Musk becomes an increasingly erratic and polarizing figure online. "Elon was a really good reason to buy the car," Perkowitz told Insider. "I've been kind of stalling waiting for Elon to come to his senses and say something that makes sense," Perkowitz said.

SINGAPORE, Jan 6 (Reuters) - Crypto exchange Huobi plans to lay off about 20% of its staff, the company told Reuters on Friday. With the current state of the bear market, a very lean team will be maintained going forward," Huobi said in a statement, responding to queries from Reuters. Sun, a Chinese cryptocurrency entrepreneur who is also a member of Huobi's global advisory board, said in an internal memo to Huobi staff that the company has been like "a fire in the (crypto) winter" despite the deteriorating macro environment. Huobi was ranked the eighth largest crypto exchange in terms of volume as of last November, according to analytics website CoinGecko. It was not immediately clear how many staff Huobi currently has.

☆ Crypto exchange Huobi to lay off 20% of staff - Justin Sun
▼ + stars: | 2023-01-06 | by ( Xinghui Kok | ) www.reuters.com time to read: +1 min

SINGAPORE, Jan 6 (Reuters) - Crypto exchange Huobi plans to lay off about 20% of its staff, Tron founder Justin Sun told Reuters. In an internal memo to Huobi staff , Sun said Huobi has been like "a fire in the (crypto) winter" despite the deteriorating macro environment. Cryptocurrency firm Genesis just cut 30% of its workforce in a second round of layoffs in less than six months. It was not immediately clear how many staff Huobi currently has. As per CoinMarketCap, the Huobi token peaked at $9.40 in late October, with a 24-hour volume then of $52.5 million.

☆ Volkswagen CEO to present software 'reality check' to board on Dec 15
▼ + stars: | 2022-12-06 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

HAMBURG, Dec 6 (Reuters) - Volkswagen's (VOWG_p.DE) CEO will outline a new software and vehicle platform strategy to the carmaker's supervisory board on Dec. 15 as he tries to turn his predecessor's vision into deliverable goals, three company sources told Reuters. But he was also criticised for sometimes erratic leadership, and in particular for delays and cost overruns at software arm Cariad. "First up is the software and the reality check in that area. Handelsblatt, which first reported the Dec. 15 board meeting, has said keeping software competitive to the end of the decade under Blume's new plans would cost 1 billion euros ($1.1 billion). ($1 = 0.9511 euros)Reporting by Jan Schwartz Writing by Victoria Waldersee Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ After FTX collapse, pressure builds for tougher crypto rules
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +4 min

The collapse of Sam Bankman-Fried's FTX was the biggest in string of big crypto-related failures this year. Some crypto investors share these concerns. "Regulators could have posted a lot more guidance for crypto," said Brian Fakhoury at crypto venture capital fund Mechanism Capital. India's Finance Minister Nirmala Sitharaman said the collapse of FTX underscored the need for greater visibility on often-anonymous crypto transactions. The FTX collapse "shows the importance of a well-framed regulation," Sitharaman said, "so that countries can be clearly aware of by whom, for what for these transactions are happening.

☆ Crypto entrepreneur Sun looking at FTX ventures' portfolio companies
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 30 (Reuters) - FTX's venture capital arm has assets that could be worth investing in, but since the failed crypto exchange has entered Chapter 11 bankruptcy proceedings the process could take time, cryptocurrency entrepreneur Justin Sun said on Wednesday. "FTX Ventures still has lots of portfolio (companies) and we are going through them one by one, but right now it is already in the Chapter 11 process so it might take a longer time to finish the process," Sun told a Reuters Next conference. Sun founded the crypto platform Tron and is member of cryptoexchange Huobi's global advisory board. He did not specify which organisation specifically was looking at the assets in the interview. To view the Reuters conference live, please click here; https://www.reuters.com/world/reuters-next/reuters-next-global-virtual-broadcast-2022-11-28/Reporting by Elizabeth Howcroft, writing by Alun John, editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ We're still actively engaged with FTX's team, Tron CEO says
▼ + stars: | 2022-11-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're still actively engaged with FTX's team, Tron CEO saysJustin Sun of Tron says "we don't have any exposure to FTX or FTX subsidiaries."

SINGAPORE/LONDON, Nov 11 (Reuters) - Regulators are moving in on distressed crypto exchange FTX as it scrambles to raise billions in funds to stave off collapse, while its chief executive, Sam Bankman-Fried, faces heightened scrutiny. The Securities Commission of the Bahamas has frozen assets of FTX Digital Markets, an FTX subsidiary. FTX Australia called in administrators on Friday, the Australian Financial Review reported, citing a company statement. Bankman-Fried is under investigation by the U.S. Securities and Exchange Commission for potential securities law violations, Bloomberg reported, citing a source. This source said helping out FTX was the question for larger investors in FTX.

Meanwhile, the Securities Commission Of the Bahamas said on Thursday it had frozen assets of FTX Digital Markets, an FTX subsidiary. Broker Genesis Trading disclosed its derivatives business has approximately $175 million in locked funds on FTX. "We believe there is a 20-30% chance of a FTX rescue at best," said Matthew Dibb, chief operating officer of Singapore-based crypto investment manager Stack Funds. He is seeking the remainder from other funds, including current investors such as Sequoia Capital, the source added. It was not clear whether Bankman-Fried will be able to raise the funds he needs or if these investors would participate.

He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added. Tether's chief technology officer, Paolo Ardoino, tweeted that it had "no plans to invest in or lend assets to FTX." FTX also got hit by the Bahamas Securities Commission, where the company is based, freezing assets of FTX Digital Markets "and related parties". In a tweet, FTX said it had reached a deal with Tron to establish a special facility that would allow clients to swap some crypto assets from FTX to external wallets. Bankman-Fried told investors that Alameda owes FTX about $10 billion, the Wall Street Journal reported.

☆ Wall Street pushed into digital assets. Now investors are paying the price as FTX's crisis raises questions of a ripple effect in cryptoworld.
▼ + stars: | 2022-11-11 | by ( Rebecca Ungarino | Danielle Walker | ) www.businessinsider.com time to read: +8 min

FTX, the crypto exchange in crisis, found backers in BlackRock, VanEck, and Ontario Teachers. The solvency crisis facing the exchange and its famous CEO raises questions of a ripple effect. Now, in the middle of crypto winter, FTX is in the middle of a solvency crisis. Binance, a rival crypto exchange that was initially going to buy FTX, backed out. "What we like about it is that we're not really speculating on whether prices of crypto assets, bitcoin or otherwise, are going up or down.

☆ Tron founder Justin Sun ready to give billions in aid to FTX - Bloomberg
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

Nov 11 (Reuters) - Justin Sun, founder of the crypto token Tron, said he was prepared to provide distressed cryptocurrency exchange FTX with billions in aid, according to a tweet by a Bloomberg News reporter on Friday. loadingThe funding is subject to due diligence and is a "good moment to show unity in the crypto industry", the tweet said, citing Sun. Regulators froze some assets of FTX and industry peers raced to limit losses on Friday amid worsening solvency problems at the firm and heightened scrutiny of its chief executive, Sam Bankman-Fried. Bankman-Fried has discussed raising $1 billion each from Sun, rival exchange OKX and stablecoin platform Tether, a source who has direct knowledge of the matter told Reuters on Thursday. Reporting by Manya Saini in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ FTX files for bankruptcy and Sam Bankman-Fried steps down as CEO after crypto exchange fails to secure bailout
▼ + stars: | 2022-11-11 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

FTX announced it was filing for Chapter 11 bankruptcy along with Alameda Research and affiliated companies. Sam Bankman-Fried resigned from his role as CEO of FTX, though he will remain to assist an orderly transition. The bankruptcy includes Alameda Research and 130 additional affiliated companies, which together are called "FTX Group." FTX appointed John J. Ray III as the new CEO of FTX Group. "The FTX Group has valuable assets that can only be effectively administered in an organized, joint process.

☆ Sam Bankman-Fried's entire fortune has now been wiped out as pieces of his crypto empire shrivel in value to $1
▼ + stars: | 2022-11-11 | by ( Brian Evans | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's fortune has been erased as his assets become essentially worthless, according to the Bloomberg Billionaire Index. At its peak, his net worth was $26 billion and still stood at $16 billion on Monday. At its peak, his net worth was $26 billion and still stood at $16 billion on Monday. But by Wednesday it had shriveled to $1 billion, according to Bloomberg. FTX halted customer withdrawals earlier this week after about $5 billion worth of withdrawal requests came in on Sunday.

☆ Bahamas freezes certain FTX assets, further crippling Sam Bankman-Fried's troubled crypto trading firm
▼ + stars: | 2022-11-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The Bahamas securities regulator has frozen the assets of FTX Digital Markets, an FTX subsidiary. The Bahamian securities regulator said any such actions are "contrary to normal governance." Certain assets of FTX Digital Markets — a subsidiary of Bankman-Fried's FTX crypto exchange — have been frozen by the Bahamas securities regulator, the authorities said in a media release on ThursdayAttorney Brian Simms, K.C. The Securities Commission of the Bahamas said in the announcement it's aware of statements suggesting FTX mishandled, mismanaged, or transferred the assets of clients to Alameda Research, Bankman-Fried's crypto trading firm. "Based on the Commission's information, any such actions would have been contrary to normal governance, without client consent and potentially unlawful," the Bahamian securities regulator added.

☆ FTX signs deal with Tron to let users swap some assets
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

Nov 10 (Reuters) - Cryptocurrency exchange FTX has set up an agreement with Justin Sun's blockchain network Tron that will allow holders of TRX and some other crypto tokens to swap assets from FTX to external wallets. Reporting by Niket Nishant in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Bankman-Fried 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, after a potential rescue deal with larger rival Binance fell apart. He also said his firm Alameda Research, which sources have said was partly behind FTX's problems, was winding down trading. FTX's native token, FTT , is down more than 90% this week and was attempting to steady around $3.50. Another exchange, OKX, said it had been approached earlier in the week by Bankman-Fried, who described liabilities of $7 billion that needed covering fast. Bankman-Fried said FTX.US, the U.S. operations of the exchange, however, had not been financially impacted.

HONG KONG/SINGAPORE/NEW YORK Nov 10 (Reuters) - FTX's Sam Bankman-Fried is seeking new funds after a deal with Binance collapsed, according to a staff memo on Thursday viewed by Reuters, as the crypto exchange looks to plug a reported $8 billion hole in its finances. Larger rival Binance walked away from a bailout of FTX on Wednesday, sending cryptocurrency prices plunging as hopes for a rescue diminished. In the memo, viewed by Reuters, Bankman-Fried said for the next week he would be "conducting a raise" to do right by customers and "possible new investors." It came after Bankman-Fried told employees on Wednesday he was exploring all options for his firm after the Binance deal with collapsed. TX's shortfall comes after users rushed to withdraw $6 billion in crypto tokens from FTX in just 72 hours.

☆ Crypto whizkid Justin Sun says he's working with FTX to find a 'solution' after Binance dumped its rescue deal
▼ + stars: | 2022-11-10 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Crypto whizkid Justin Sun said he and FTX are 'putting together a solution' after the Binance deal collapsed. FTX needs $8 billion and bankruptcy is likely without more capital, its CEO Sam Bankman-Fried said. Binance dumped its takeover deal for FTX saying the issues were beyond its ability to help. But he didn't say whether this would rescue FTX as a company or only provide support around the Tron-related tokens on the exchange. Bankman-Fried told FTX employees he was exploring all options for the company after the Binance deal collapsed, Reuters reported Wednesday.

☆ FTX's Bankman-Fried: Seeking capital raise, talked to Justin Sun - memo
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Nov 10 (Reuters) - FTX’s Sam Bankman-Fried told staff in a memo that he was seeking a capital raise and had held talks with Justin Sun, founder of the crypto token Tron, although did not want to imply anything about his chances of success. In the memo, viewed by Reuters, Bankman-Fried said for the next week he would be "conducting a raise" to do right by customers and "possible new investors." Bankman-Fried told employees on Wednesday he was exploring all options for his firm after a deal with cryptocurrency exchange Binance collapsed. Reporting by Angus Berwick, writing by Megan Davies Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

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