DIRS.INFO The most relevant business & tech news

☆ Bitcoin price hits highest level in 18 months as investors gear up for ETF approval
▼ + stars: | 2023-12-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN —The price of bitcoin soared above $40,000 on Monday, hitting its highest level in 18 months as investors look ahead to a lower interest rate environment and key regulatory approvals that could make the crypto asset more mainstream. Bitcoin, the world’s most popular cryptocurrency, was up more than 5% over the past 24 hours, trading at $41,600, according to CoinMarketCap. Bitcoin is now up 150% for the year, though it remains far from its historical high of $69,000 in November of 2021. A spot bitcoin ETF would allow traditional investors to have exposure to the digital asset without actually owning it. The market has long desired a way to ride the digital asset’s wild rallies, but its volatility has also made owning bitcoin unappealing outside of the digital asset community.

Persons: Jerome Powell, Powell, ”, Antoni Trenchev, Changpeng Zhao, Binance, FTX, Sam Bankman Organizations: New, New York CNN, Federal, Securities and Exchange, SEC Locations: New York

☆ Elon Musk, the world’s richest man remains, desperate for attention
▼ + stars: | 2023-11-30 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —Elon Musk desperately wants to be liked, despite his pronouncement Wednesday that he doesn’t mind being hated. The sentiment is, like so much of Musk’s public persona, a lie designed to keep the public’s focus squarely on him. Watching the interview, even online, you can feel the awkward energy of that moment — cringeworthy for some, but seemingly invigorating for Musk. On Wednesday, Musk sought to shrug off his most recent anti-Jewish post as a “foolish” mistake that got misinterpreted by the media. Musk clearly has “a fairly straightforward case of internet brain rot,” as the Atlantic writer Charlie Warzel put it in a Threads post.

Persons: New York CNN — Elon Musk, “, ”, Andrew Ross Sorkin, Musk, Rich Guy, White, —, shrug, Charlie Warzel Organizations: New, New York CNN, New York Times DealBook, New York Times, Whites Locations: New York, California, Eastern Europe, Israel, Atlantic

☆ Cristiano Ronaldo faces $1 billion class-action lawsuit for endorsing worthless NFTs
▼ + stars: | 2023-11-30 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —Soccer superstar Cristiano Ronaldo is facing a $1 billion class action lawsuit for his promotion of Binance, the world’s biggest crypto exchange. Ronaldo and Binance didn’t immediately respond to CNN’s request for comment. Notably, Ronaldo is still promoting the company, including posting a Binance ad as recently as November 28 on his X account, which has 110 million followers. Celebrities suedOther celebrities have also been the target of similar lawsuits. He also agreed to pay a $50 million criminal fine and a $150 million civil penalty.

Persons: Cristiano Ronaldo, Ronaldo “, Ronaldo, Binance didn’t, Binance, “, Gary Gensler, Kim Kardashian, Celebrities, Tom Brady, Gisele Bundchen, Brady, Bundchen, Kardashian, Floyd Mayweather, Jr, cryptocurrency, Charles Whitehead, ” Whitehead, ”, Changpeng Zhao, ” Zhao, – CNN’s Jennifer Korn, Allison Morrow Organizations: New, New York CNN — Soccer, ” Securities, Exchange, SEC, Cornell Law School, CNN Locations: New York, Florida

☆ GM lavishes shareholders with cash weeks after saying it couldn’t afford workers’ demands
▼ + stars: | 2023-11-29 | by ( Allison Morrow | Chris Isidore | ) edition.cnn.com time to read: +3 min

GM’s stock jumped nearly 10% on the news. The announcement comes just weeks after GM executives argued the company couldn’t afford to give the union the wage and benefit gains it wanted. The UAW strike dragged on for six weeks and shut down production in key manufacturing plants. New contracts for GM’s unionized workers in the United States and Canada will cost the company an additional $9.3 billion through 2028. Even with Wednesday’s surge in GM’s share price, the stock is trading for less than it did at the start of the strike.

Persons: Mark Reuss, “, ”, Mary Barra, Buybacks, Sen, Elizabeth Warren, Warren, ” Warren, — CNN’s Matt Egan Organizations: New, New York CNN —, Motors, GM, United Auto Workers, nonunion automakers, UAW Locations: New York, salve, United States, Canada

☆ A viral $16 McDonald’s meal won’t go away, and that’s a problem for Democrats
▼ + stars: | 2023-11-27 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Take the $16 McDonald’s meal that struck a nerve on TikTok late last year. Of course, fast food prices have gone up along with everything else in the past few years, but not by as much as the TikTok video suggests. Because the vast majority of McDonald’s restaurants in the United States are independently owned, prices vary from region to region. The social media megaphoneIn an era before TikTok or YouTube, a $16 burger moment would have lasted a few seconds. The real beefPerhaps the more significant economic takeaway from the viral McDonald’s meal is not that the meal actually cost $16 but that the man paid for it.

Persons: CNN Business ’, ”, …, there’d, Joe Biden’s, , —, Biden, Topher Olive, Olive, pollsters Organizations: CNN Business, New York CNN, New York Post, Democratic, Mac, CBS News, CNN, White, Office, Digital Strategy, Washington Post, Consumer Locations: New York, Idaho, America, United States, Darien , Connecticut

☆ What is Binance, why is it in so much trouble, and what does it mean for crypto?
▼ + stars: | 2023-11-21 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Not only is Binance the world’s biggest crypto exchange, it is orders of magnitude larger than its rivals. Up until recently, Binance boasted nearly 60% of the market share for crypto spot trading. The Seychelles-based OKX is second in market share at 5.44% and the US exchange Coinbase is third at 5.37%, according to crypto news site CoinDesk. Today, Binance takes responsibility for this past chapter.”It’s a common refrain among crypto firms who find themselves under scrutiny. “What this plea deal does is give Binance as a chance to live another day,” Yadav said.

Persons: Changpeng Zhao —, Binance, Zhao, “, ” Zhao, FTX, “ Binance, ”, Robert Le, Yesha Yadav, ” Yadav Organizations: New, New York CNN, Justice Department, Binance Holdings, Bloomberg, Getty, CZ, PitchBook, Investors, Vanderbilt University, Binance Locations: New York, Binance, Seychelles

Binance is also expected to expected to plead guilty to the charges. Zhao, the founder and CEO of Binance, has amassed a fortune that Bloomberg pegs at more than $23 billion. This alleged misconduct paved the way for Binance to become king of the crypto exchanges, prosecutors allege. Prosecutors allege Binance, “knowingly failed” to register as a money service business, willfully violated the Bank Secrecy Act by failing to implement and maintain an effective anti-money laundering program and willfully caused violations of US economic sanctions. The SEC also alleged that Zhao and Binance commingled customer assets and even diverted some to an entity controlled by Zhao.

Persons: Changpeng Zhao, Binance, Zhao, General Merrick Garland, Janet Yellen, laundered, “, ” Binance Organizations: New, New York CNN —, CNN, Bloomberg, Wall Street, Treasury, Prosecutors, Court, Western, of, ” Prosecutors, Binance, The Securities, Exchange Commission, SEC, Commodity Futures Trading Commission Locations: New York, of Washington, Canadian, United States, America

☆ What OpenAI’s turmoil is really all about
▼ + stars: | 2023-11-21 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

OpenAI’s incredible upheaval — with former CEO Sam Altman caught in the middle — could have broad implications for who gets to control the future of artificial intelligence. However, Microsoft has already won the war: It is OpenAI’s most important stakeholder, with a promised $13 billion investment. In the past year, he has become the public face of the industry, and was instrumental in forging OpenAI’s partnership with Microsoft, which began in 2019. Altman, sources say, wanted to move quickly, while the OpenAI board wanted to move more cautiously. Both achievements are possible, and OpenAI’s strange structure — a nonprofit overseeing a for-profit company — was designed to contain AI from destroying humanity.

Persons: Sam Altman, OpenAI, ChatGPT, Altman, Greg Brockman, Satya Nadella, Kara Swisher, ”, Jason Schloetzer, Gil Luria, Davidson, “, Luria, ” Schloetzer, —, — CNN’s Clare Duffy Organizations: New, New York CNN, Microsoft, CNBC, CNN, Georgetown’s McDonough School of Business, D.A, Google Locations: New York, Silicon

☆ With antisemitic tweet, Elon Musk reveals his ‘actual truth’
▼ + stars: | 2023-11-17 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Hate speech, whether uttered by Musk or merely endorsed by him, is amplified when the world’s richest person posts or comments on it. “It’s doubtful that Musk harbors personal animosity toward Jewish people,” wrote the Atlantic’s Yair Rosenberg earlier this year, regarding another incident in which Musk trumpeted antisemitic statements. Mezrich in recent weeks has told several interviewers about how “Elon Musk broke Twitter, and Twitter broke Elon Musk.”It’s a punchy line, and in some ways I’m sure it’s accurate. There’s plenty of evidence that Musk broke Twitter — gutted it, rebranded it, tanked its revenue, and made it unrecognizable to its most active users. But Musk was at this long before, spreading countless conspiracy theories, particularly around the Covid pandemic.

Persons: CNN Business ’, New York CNN — Elon Musk, Musk, Robert Bowers, “, Jonathan Greenblatt, ” Musk, ”, Yair Rosenberg, Walter Isaacson, Ben Mezrich, “ Elon Musk, Elon Musk, Thomas Edison, you’ll Organizations: CNN Business, New York CNN, Whites, Twitter, Defamation League Locations: New York, Pittsburgh

☆ Strikes were just one battle. Hollywood is still fighting a war for survival
▼ + stars: | 2023-11-09 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —Hollywood writers and actors are going back to work after one of the longest strikes ever in the entertainment industry. Hollywood is in a rebuilding era — a painful, awkward transition fueled by tectonic changes in technology and consumer behavior. Strikes, while disruptive, were only a blip compared with the many other existential quandaries weighing on media companies. Cable TV sign-ups have been rapidly falling for a decade, and no one believes that trend is going to reverse. Netflix and Disney aren’t just competing against each other, they’re also competing with YouTube and TikTok and endless podcasts.

Persons: CNN Business ’, Bob Iger, “, ”, We’re, Hulu —, Peacock, HBO Max — we’re, Max, “ OTT ” —, Iger, aren’t, Harrison Ford, Disney, they’re, That’s, Barbenheimer ”, Taylor Swift, Indiana Jones, you’ll Organizations: CNN Business, New York CNN, Hollywood, Studio, Disney, Paramount, Warner Bros, Cable, Netflix, Hulu, Apple, Amazon Prime, HBO, CNN, Discovery, Disney aren’t, YouTube, Intelligence Locations: New York

☆ Americans say the economy stinks. But they’re spending like it’s great
▼ + stars: | 2023-11-08 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

There’s a conundrum that economists and political strategists have been chewing on for more than a year: The economy is good, but Americans say it’s lousy. Just 2% of voters say the economy is excellent, according to a New York Times-Siena College poll. But there’s a conundrum within the conundrum, which is that, despite what Americans say, they are not behaving like a people particularly worried about the economy. That’s why Americans are pulling money from their 401(k)s at an alarming rate to pay the bills. For young people living paycheck to paycheck, the dream of homeownership (and the financial security that comes with it) feels frustratingly out of reach.

Persons: CNN Business ’, Bidenomics, Taylor Swift, they’re, It’s, Jay Powell, it’s squishy, don’t Organizations: New, New York CNN, CNN Business, New York Times, Siena, Starbucks Locations: New York, pollsters

☆ Lawsuits are shaking the NAR’s grip on America’s real estate fees
▼ + stars: | 2023-11-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

It’s easy to forget how much we used to rely on real, physical paper and, like, other people to buy basic things. It wasn’t all that long ago that you’d call a travel agent to book a flight. But the sellers argued that in a competitive market, the buyers should pay their own agent’s commission, and negotiate that fee separately. Because even though the NAR says fees are negotiable, the industry has made 5%-6% commissions so standard that most people wouldn’t question it. According to Bloomberg, Realtor commissions are high by global standards.

Persons: CNN Business ’, Anna Bahney, Keller Williams, Bob Goldberg, ”, you’re, you’ll Organizations: New, New York CNN, CNN Business, National Association of Realtors, Homeservices, Keller, Keller Williams Realty, NAR, MLS, Bloomberg, Department of Justice Locations: New York, Missouri, America, Australia

☆ After a year in FTX’s shadow, the crypto industry is deligting in Bankman-Fried’s conviction
▼ + stars: | 2023-11-04 | by ( Manav Tanneeru | Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —It took just under a year for Sam Bankman-Fried to go from crypto wunderkind to convicted felon. When Bankman-Fried’s crypto empire collapsed last November, it sent the fledgling industry back years. For the crypto faithful who are still standing and striving, the trial couldn’t be over soon enough. “A lot of folks in the crypto industry are delighted,” said Yesha Yadav, a law professor and associate dean at Vanderbilt University. “There’s definitely an element of ‘ding-dong the witch is dead,’” said Eric Soufer, a political adviser to major crypto companies, referring to Bankman-Fried’s conviction.

Persons: Sam Bankman, Fried, ”, Bobby Zagotta, “ SBF, Yesha Yadav, “, FTX, they’ll, Bernie Madoff, Elizabeth Holmes, Gary Gensler, “ There’s, ’ ”, Eric Soufer Organizations: New, New York CNN, Vanderbilt University, BlackRock, Fidelity, Justice Department, Securities and Exchange Commission, SEC Locations: New York, European

☆ Who is former crypto king Sam Bankman-Fried?
▼ + stars: | 2023-11-03 | by ( Samantha Delouya | Allison Morrow | ) edition.cnn.com time to read: +9 min

New York (CNN) — Sam Bankman-Fried, once known as a cryptocurrency whiz kid, was found guilty on Thursday for his role in the collapse of the cryptocurrency exchange FTX. His entrepreneurial drive didn’t stop there: In 2019, Bankman-Fried co-founded cryptocurrency exchange FTX and became its CEO. In December 2022, Bankman-Fried was arrested in the Bahamas after US prosecutors filed criminal charges against him. Jane Rosenberg/ReutersBankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. Immediately following FTX’s crash, crypto exchange Gemini, which was founded by Cameron and Tyler Winklevoss, froze customer redemptions in its lending unit, citing market turmoil.

Persons: — Sam Bankman, FTX, Jane Street, ”, Fried, “, …, ” Sam Bankman, Erika P, Rodriguez, Jane, Caroline Ellison, Binance, Sam Bankman, Danielle Sassoon, District Judge Lewis Kaplan, Jane Rosenberg, Joe Bankman, Barbara Fried, Bankman, Allan Joseph Bankman, Yuki Iwamura, Samuel Bankman, Saul Loeb, ingratiated, Tom Brady, Stephen Curry, Naomi Osaka, Larry David, Cameron, Tyler Winklevoss Organizations: CNN, Jane, Capital, MIT, Alameda Research, Chicago Tribune, Tribune, Service, SoftBank, U.S, District, Reuters, Bloomberg, Royal Bahamas Police Force, Billionaire, Stanford, FTX, Getty, Democratic Party, Federal, Commission, Republican, Agriculture, Nutrition, Forestry, Miami Heat, ”, New Locations: York, Alameda, North Berkeley , California, Nassau, Bahamas, BlackRock, Bankman, Hong Kong, United States, FTT, New York City, U.S, FTX, New York, Washington ,

☆ The 5 most memorable moments from the Sam Bankman-Fried trial
▼ + stars: | 2023-11-03 | by ( Jordan Valinsky | Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —Sam Bankman-Fried was found guilty Thursday following a monthlong trial that was almost as wild as the rapid rise and fall of cryptocurrency exchange FTX itself. He was found guilty of stealing billions of dollars from accounts belonging to customers of FTX. During the trial, Bankman-Fried took the unusual – and risky – decision to testify in his own defense. “I was kind of busy and lazy and didn’t bother getting a haircut for long periods of time,” Bankman-Fried said. “No offense to the Kansas City Royals, but we didn’t want to be known as the Kansas City Royals of crypto exchanges,” SBF testified.

Persons: Sam Bankman, Fried, Bernie Madoff’s, Caroline Ellison, SBF’s, Mark Cohen, ” Cohen, “, ”, Cohen, SBF, Ellison, ” SBF, Lewis Kaplan, Kaplan interjected, Bankman, Danielle Sassoon, …, Sassoon, ’ Organizations: New, New York CNN, Alameda Research, Miami Heat, American Airlines, FTX, New Orleans Saints, Kansas City Chiefs, Kansas City Royals, Kaseya, PR, Alameda Locations: New York, FTX, Bahamas, United States, Kansas City, Bankman, China, Alameda

☆ Live updates: Sam Bankman-Fried found guilty in fraud trial
▼ + stars: | 2023-11-02 | by ( Cnn'S Allison Morrow | ) edition.cnn.com time to read: +1 min

US District Court Judge Lewis Kaplan announced that convicted former FTX CEO Sam Bankman will be sentenced on March 28, 2024. Meanwhile, Bankman-Fried will return to the Metropolitan Detention Center in Brooklyn, where he’s been held since August. Located on the industrial waterfront of Brooklyn’s Sunset Park neighborhood, the MDC has earned a reputation as one of the worst jails in America. Bankman-Fried is also “friendly” with Genaro García Luna, the former head of Mexico’s FBI, who is awaiting sentencing for drug trafficking, this person said. He seemed to have lost weight and, most surprising, his trademark wild locks were gone, shorn into a tight crew haircut.

Persons: Lewis Kaplan, Sam Bankman, Fried, he’s, he’d, Genaro García Luna Organizations: Metropolitan Detention, MDC, CNN, FBI Locations: Brooklyn, Bahamas, Palo Alto, Sunset, America, Honduras

☆ Sam Bankman Fried’s fate is now officially in the hands of 12 jurors
▼ + stars: | 2023-11-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —Sam Bankman-Fried’s fate is now officially in the hands of a jury of his peers. Chief among those errors, according to his own testimony, was was not hiring a dedicated risk management team. “I made a number of small mistakes and a number of larger mistakes,” Bankman-Fried said on the stand last week. Although Bankman-Fried made mistakes, he never defrauded anyone, Cohen told jurors. “Poor risk management is not a crime.”Bankman-Fried’s parents, Barbara Fried and Joseph Bankman, were both in the courtroom again Thursday.

Persons: Sam Bankman, Lewis Kaplan, Kaplan, Fried, ”, They’ve, “, Danielle Sassoon, Mark Cohen, Cohen, ” Cohen, Barbara Fried, Joseph Bankman, Bankman, — Sabrina Souza Organizations: New, New York CNN, Prosecutors, Alameda Research Locations: New York, Manhattan, FTX, Alameda

☆ Verdict reached in Sam Bankman-Fried fraud trial
▼ + stars: | 2023-11-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Sam Bankman-Fried was found guilty on Thursday for his role in the collapse of crypto exchange FTX. Bankman-Fried looked sunken as the verdict was read out. Bankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. During his trial, Bankman-Fried said he learned in 2020 that FTX customer funds were held by Alameda but he did not take action to safeguard them. But, unlike bank customers, FTX depositors had no federal insurance fund to compensate them when the cash dried up.

Persons: Sam Bankman, Fried, Joe Bankman, Barbara Fried, Bernie Madoff’s, FTX, Tom Brady, Gisele Bundchen, Gary Wang, Nishad Singh, Wang, Singh Organizations: New, New York CNN, Alameda Research, Bankman, Miami, Chief Locations: New York, Alameda, FTX, Bahamas

☆ Sam Bankman-Fried ‘told you a story, and he lied to you,’ prosecutors tell the jury
▼ + stars: | 2023-11-01 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

US Assistant Attorney Nicholas Roos presented the government’s view that Bankman-Fried is guilty of stealing money and engaging his business partners in a cover-up. The fraud, according to the government, was happening behind the scenes, while Bankman-Fried’s other firm, Alameda Research, was secretly siphoning money from customer deposits. “The answer is clear: He took the money, he knew it was wrong, he did it anyway,” Roos said. Repeatedly, Bankman-Fried told reporters, customers, investors and lawmakers that customer deposits were safe. As Roos spoke to the jury, Bankman-Fried kept his eyes trained on his laptop, occasionally typing and scrolling.

Persons: Sam Bankman, Nicholas Roos, Fried, Roos, —, ’ Roos, “, ” Roos, ”, Fried “, FTX, Joseph Bankman, Barbara Fried Organizations: New, New York CNN, Bankman, Alameda Research Locations: New York, FTX, Alameda

☆ Sam Bankman-Fried’s fourth day on the stand is not going well
▼ + stars: | 2023-10-31 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —Sam Bankman-Fried is back in court Tuesday for a fourth day of testimony as his federal fraud trial continues. Bankman-Fried testified that he attended a dinner with the island nation’s prime minister, alongside former US president Bill Clinton and former UK Prime Minister Tony Blair. In November last year, after FTX had frozen customer withdrawals amid a liquidity crunch, Bankman-Fried offered to open up withdrawals for all Bahamian customers. Bankman-Fried testified he did open those withdrawals “for a short period.”Bankman-Fried also testified that he doesn’t recall ever directing Alameda employees not to spend the FTX customer deposits. ‘Uninvolved’ in AlamedaMark Cohen, Bankman-Fried’s lead attorney, gave him a chance Tuesday morning to clarify some of his testimony regarding the relationship between FTX and Alameda.

Persons: Sam Bankman, Bankman, Fried, Danielle Sassoon, Bill Clinton, Tony Blair, FTX, ”, Alameda Mark Cohen, SBF, “ Organizations: New, New York CNN, Prosecutors, Alameda Research, Bankman, Bahamian, Alameda Locations: New York, Bahamas, Alameda, FTX

☆ Live updates: Sam Bankman-Fried's cross-examination begins with a grilling from federal prosecutors
▼ + stars: | 2023-10-30 | by ( Cnn'S Allison Morrow | ) edition.cnn.com time to read: 1 min

US Assistant Attorney Danielle Sassoon is leading the government's cross-examination of FTX founder Sam Bankman-Fried. Sassoon was a law clerk to Justice Antonin Scalia, whom she said taught her "how to fire a pistol and a rifle, and made me feel like I had grit," she wrote in 2016. "He thickened my skin, which was the best preparation for a career in a male-dominated field." Sassoon received her law degree from Yale and has a bachelor's degree in History and Literature from Harvard.

Persons: Danielle Sassoon, Sam Bankman, Sassoon, Antonin Scalia Organizations: Yale, Harvard

☆ Takeaways from Sam Bankman-Fried’s second day in front of a jury
▼ + stars: | 2023-10-30 | by ( Lucy Bayly | Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —Prosecutors grilled former crypto king Sam Bankman-Fried on Monday as his criminal fraud trial entered its third week. The pace of withdrawals then increased further, with about $4 billion in net withdrawals the following day, or 100 times more than a typical day. A market downturn meant that assets associated with FTX’s sister company, the hedge fund Alameda Research, “declined massively in value,” he said. Ellison agreed Alameda should have been hedgedBankman-Fried on Monday recalled a conversation he had with Caroline Ellison, his ex-girlfriend and then-CEO of Alameda Research. “Do you recall saying FTX and Alameda acted separately?” Sassoon asked.

Persons: Sam Bankman, Bernie Madoff, ”, Fried, Judge Lewis Kaplan, Bankman, FTX, “, SBF, Ellison, Caroline Ellison, Danielle Sassoon, ” Sassoon, “ I’m, Sassoon, ” SBF, What’s Organizations: New, New York CNN, Prosecutors, Alameda Research, “, PR Locations: New York, Alameda, Alameda . Alameda

New York CNN —Former crypto billionaire Sam Bankman-Fried took the stand in front of a judge and jury last week in his criminal fraud trial. “I was kind of busy and lazy and didn’t bother getting a haircut for long periods of time,” Bankman-Fried said. Bankman-Fried is being accused of using this “back door” to transfer billions of dollars in FTX customer funds to Alameda. He initially thought FTX would failWhen Bankman-Fried and Gary Wang started FTX in 2019, there were already dozens of crypto exchanges. I’m not sure that I would quite answer yes to the question as you most recently phrased it.

Persons: Sam Bankman, Fried, “, ”, we’ve, Caroline Ellison, Bankman, Mark Cohen, ” Cohen, Cohen, didn’t, FTX, Gary Wang, Binance, ” SBF, Lewis Kaplan, Kaplan interjected, Danielle Sassoon, I’m Organizations: New, New York CNN, Prosecutors, Alameda Research, Miami Heat, American Airlines, FTX, New Orleans Saints, Kansas City Chiefs, Kansas City Royals, Kaseya Locations: New York, Bahamas, Alameda, Kansas City, Bankman, FTX

☆ Sam Bankman-Fried set to take the stand in his fraud trial
▼ + stars: | 2023-10-26 | by ( Cnn'S Allison Morrow | Nicole Goodkind | ) edition.cnn.com time to read: +1 min

FTX founder Sam Bankman-Fried attends as FBI agent Marc Troiano testifies as Bankman-Fried faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, at federal court in New York City, today. Jane Rosenberg/ReutersMost days, Sam Bankman-Fried gets up around 4 am to prep for his defense. Breakfast at the Metropolitan Detention Center in Brooklyn, where he’s been held since August, is served at 6 am. Bankman-Fried is also “friendly” with Genaro García Luna, the former head of Mexico’s FBI, who is awaiting sentencing for drug trafficking, this person said. When his trial began earlier this month, observers quickly noted changes to Bankman-Fried’s appearance.

Persons: Sam Bankman, Fried, Marc Troiano, Jane Rosenberg, he’s, Genaro García Luna Organizations: Metropolitan Detention, Southern, of, MDC, CNN, FBI Locations: New York City, Brooklyn, of New York, Honduras

☆ Sam Bankman-Fried built a career around big risks. Now he’s making his biggest wager yet
▼ + stars: | 2023-10-26 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —FTX founder and former CEO Sam Bankman-Fried has made a career out of risky bets that, for a while, paid off. Typically, defense attorneys advise their clients not to testify because it leaves them vulnerable to grilling by the prosecution. But at this point, Bankman-Fried doesn’t have much of a choice, legal experts say. Before his world came undone last year, Bankman-Fried was a rising star, even outside the insular world of crypto. It nonetheless helped to propel his star power and secure a $32 billion valuation for FTX.

Persons: New York CNN —, Sam Bankman, Fried, ”, Howard Fischer, Moses Singer, “, ” Fischer, Cory Booker, Caroline Ellison, Mary, — Organizations: New, New York CNN, Prosecutors, SEC Locations: New York

Search resuls for: "Allison Morrow"

25 mentions found