Daily Archives: November 14, 2022, 5:16 pm

Exclusive: At least $1 billion of client funds missing at failed crypto firm FTX | Reuters

At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter. The exchange’s founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried’s trading company Alameda Research, the people told Reuters. A large portion of that total has since disappeared, they said. One source put…

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You Can Forget About Crypto Now – The Atlantic

Even the legions of crypto skeptics, now basking in I-told-you-so’s, would acknowledge that even as recently as this past spring, the industry was crackling with a kind of potential energy. “We’re so early,” goes one popular crypto mantra, the idea being that despite the ricketiness of the whole system, despite the constant feeling that everything might fall apart at any…

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Elizabeth Holmes Should Get 15 Years’ Prison for Fraud, US Says – Bloomberg

Former Theranos Inc. Chief Executive Officer Elizabeth Holmes should spend 15 years in prison for committing one of the most serious white-collar crimes in Silicon Valley history, prosecutors told the judge who will sentence her. *** Holmes’s own lawyers say she should be spared from prison and sentenced to home confinement and community service so she can continue her volunteer…

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More Zealot Than Showman: Elizabeth Holmes Admirers Speak Out – Bloomberg

Elizabeth Holmes presented more than 130 letters to US District Judge Edward Davila in a bid for leniency when he sentences her for fraud. The letters are aimed at humanizing Holmes, the founder of blood-testing startup Theranos Inc., whose lawyers say she has become a caricature in the public eye after being endlessly “mocked and vilified” by the media. The first…

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From Enron to FTX: Who is John Jay III, the New CEO of Bankrupt Exchange FTX?

John Jay Ray III, who led disgraced energy titan Enron through rocky bankruptcy proceedings and a slew of settlements in the early-mid 2000s, has taken over as CEO at beleaguered crypto exchange FTX. Now-former CEO Samuel Bankman-Fried, who led FTX to its major international crypto presence, resigned the same day as the company’s bankruptcy filing, Friday morning. Ray has garnered…

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‘FTX Has Been Hacked’: Crypto Disaster Worsens as Exchange Sees Mysterious Outflows Exceeding $600M

The collapse of FTX, already one of the most spectacular disasters in financial history, worsened as hundreds of millions of dollars were drained from the cryptocurrency exchange hours after it filed for bankruptcy. More than $600 million was siphoned from FTX’s crypto wallets late Friday. Soon after, FTX stated in its official Telegram channel that it had been compromised, instructing…

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