Daily Archives: November 17, 2022, 9:55 am

Interview: Fallen crypto CEO Sam Bankman-Fried opens up about FTX, Alameda Research, and his regrets – Vox

Last night, Sam Bankman-Fried DMed me on Twitter. That was surprising. I’d spoken to Bankman-Fried via Zoom earlier in the summer when I was working on a profile of him, so I reached out to him via DM on November 13, after news broke that his cryptocurrency exchange had collapsed, with billions in customer deposits apparently gone. I didn’t expect…

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FINRA Targets Crypto-Related Communications – All Things FinReg

FINRA has announced that it is conducting a targeted examination of broker-dealer practices related to retail communications about “crypto asset” products and services. As part of this sweep, FINRA is asking broker-dealers for all retail communications that were distributed or made available by a broker-dealer or its affiliates on behalf of the broker-dealer that refer or relate to crypto assets…

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Elizabeth Holmes Says US Wrong to Suggest She Marry Partner to Pay Debts – Bloomberg

Prosecutors said in their sentencing recommendation memo that the amount “may dwarf her ability to pay,” noting that her “modest assets” are outweighed by $450,000 in loans for her civil settlement with securities regulators and more than $30 million in liabilities for legal fees. But the government also said the US Probation Office reported that Holmes’s family “appears to have…

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Sam Bankman-Fried, Tom Brady and other FTX endorsers face class-action suit – The Washington Post

A lawsuit filed by one of the country’s most prominent attorneys seeks to extract billions of dollars from a cryptocurrency executive as well as a star-studded cast of his 11 paid endorsers, including quarterback Tom Brady, supermodel Gisele Bündchen, comedian Larry David, NBA star Stephen Curry and tennis star Naomi Osaka. The scope of the case filed Wednesday by David…

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Opinion | The collapse of FTX demands a reckoning in the crypto industry – The Washington Post

Crypto assets are just traditional assets but on the blockchain, a digital ledger. The key to figuring out which rules to apply is finding the right analogies: What about crypto is the equivalent of a security, what’s a commodity, what’s a collectible? What’s a broker, what’s a bank? Crypto entities sometimes blur these lines, playing prime brokerage and exchange and…

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FTX’s Collapse Leaves Employees Sick With Anger – WSJ

The implosion of FTX was financially ruinous for some employees. Outside the U.S., many staff were paid via direct deposit to their accounts on the cryptocurrency exchange, so when FTX froze customer withdrawals last week, these employees couldn’t access their funds, people familiar with the matter said. “You have to understand just how devastated the average FTX employee was,” said…

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Former Tesla Motors Australia director pleads guilty to insider trading | ASIC

Former Tesla Motors Australia Pty Ltd (Tesla Australia) director Kurt Schlosser, of Sydney, New South Wales, has pleaded guilty at the Sydney Downing Centre Local Court to two counts of insider trading. On 16 September 2020, Mr Schlosser acquired 86,478 shares in the mining company Piedmont Lithium Limited after being informed, in his role as country director of Tesla Australia,…

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Gary Gensler under pressure over FTX debacle | Fortune

The implosion of FTX has become the financial scandal of the decade, and U.S. lawmakers are already demanding to know who’s to blame. On Tuesday, the Senate banking committee grilled members of the Fed and other financial agencies about how FTX could have torched billions of customer and investor funds without anybody noticing. The hearing produced some finger-pointing and calls…

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Bahamian FTX Liquidators Cite ‘Serious Fraud and Mismanagement’ in Court Filings

There are signs that “serious fraud and mismanagement” occurred at crypto exchange FTX, according to court filings made by the company’s Bahamian liquidators late Wednesday. The crypto exchange, headquartered in the Bahamas, declared bankruptcy in the U.S. after revelations from CoinDesk regarding a blurring of lines with sister trading firm Alameda Research’s financials led to investor panic and significant outflows.…

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