Day: October 19, 2023

FTX Diverted Customer Funds to Buyback Stake from Rival Company Binance

It was disclosed that FTX customers’ money was spent on business investments, political and charity donations, and real estate. Beleaguered cryptocurrency exchange FTX spent customer’s deposits for business investments, political contributions, charitable donations, real estate, and the buyback of shares from competitor exchange Binance. During a hearing on Wednesday at the ongoing Sam Bankman-Fried (SBF) trial, professor Peter Easton, an accounting officer hired by the US Department of Justice (DOJ) to investigate the company’s financial records, revealed that the exchange spent billions of dollars repurchasing its stakes from Binance. CZ…

Chip Making Giant TSMC Records Biggest Profit Drop in Five Years

TMSC saw their quarterly profits plunge the highest since 2019. However, the company says that the the PC and smartphone market concerns are abating and chip demand is rising again. On Thursday, October 19, the Taiwan Semiconductor Manufacturing Company (TSMC) reported its Q3 2023 numbers with profit standing at 211 billion New Taiwan dollars ($6.69 billion). This was greater than the expected profit of NT$191.43. This has been the largest profit decline since the first quarter of 2019. TSMC’s revenue declined by 10.83% year-over-year, amounting to NT$546.73 billion, and its…

Expert Figures Out Where The Missing $9 Billion Went

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The trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), continued on October 18 with the direct examination of the prosecution’s expert witness, Peter Easton, an Accounting Professor who works at the University of Notre Dame.  Expert Testimony Shows Customers’ Funds Were Stolen According to a report by Bloomberg, Easton explained that $9 billion in customers’ funds had already gone missing since June 2022, five months before FTX filed for bankruptcy. He specifically alluded to the customers’ deposits, which were made into Alameda Research’s bank…

Finland works on instant payments system, embraces digital euro

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Bank of Finland (BOF) is coordinating the creation of a Finnish instant payment solution compatible with European standards. BOF board member and member of the Governing Council of the European Central Bank (ECB) Tuomas Välimäki made the announcement on Oct. 19.  Välimäki revealed that the Bank of Finland is actively promoting the development of new forms of payment. The official called the digital euro “the most topical project” in the European payment sector: “The possible introduction of a digital euro would give consumers the option of paying with central bank…

Bitcoin’s long-term investors own over 76% of all BTC for the first time

Bitcoin (BTC) is becoming scarcer than ever — if you are a BTC price speculator or new to the market. The latest data from on-chain analytics firm Glassnode shows a record portion of the available BTC supply is locked up in long-term storage. Bitcoin long-term holder presence beats all-time highs At more than 76%, Bitcoin’s long-term holders (LTHs) control more of the BTC supply than at any point in history. Despite the supply increasing with every block, in percentage terms, the low-time preference Bitcoin investor cohort has a record market…

Bitcoin options traders make $300m bet on long-term performance

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Bitcoin (BTC) options traders are placing their bets on the long-term future of the asset, with 10,752 BTC block call options worth over $300 million recently traded.  Geeks.live, a notable options trading platform, recently highlighted the metric. These call options are financial contracts that give the holder the right to purchase a predetermined amount of BTC at a specified price on or before a particular date.  Even though the ETF news is over, there will not be any substantial benefits soon and the hype has come to an end. But…

Google Conducting Another Round of Layoffs in Its News Division

Over the last 2 years, there have been a few cuts within the company as part of its goal to “deliver durable savings through improved velocity and efficiency”. Tech giant Google LLC (NASDAQ: GOOGL) has cut at least 40 jobs in its Google News division. According to those familiar with the matter, the reason behind the layoff round is the uncertainty and sensitive time for online platforms and publishers. The exact number of those who lost their job at the Google News unit is not confirmed. As the spokesperson stated,…

Tesla Earnings Report Show Firm Holding onto Bitcoin in Q3 2023

Tesla continues to hold on to its BTC holding having last sold about 75% of it in the second quarter of 2022. It has now been five consecutive quarters that electric vehicle maker Tesla Inc (NASDAQ: TSLA) has left its sizable Bitcoin (BTC) holdings untouched. That is despite recently spending greatly towards improving its artificial intelligence (AI) ambitions and projects. According to Tesla’s Q3 2023 report that was released on Wednesday, the company still has $184 million worth of digital assets in its possession. That is as of September 30.…