Day: November 21, 2023

Over 700 OpenAI Employees Threaten to Resign Unless Board Steps Down 

The OpenAI employees said in the letter that the board’s ousting of Altman shows a lack of competence to manage the firm and help it achieve its goal of becoming the leading global artificial intelligence company.  In a dramatic turn of events, hundreds of OpenAI employees, including high-ranking executives, are on the brink of leaving the company unless the current board resigns and reinstates Sam Altman as the company’s CEO. On November 20, Altman and Greg Brockman, co-founder and former president of OpenAI, joined Microsoft to lead its new AI…

Celsius to Transition to Mining-Only NewCo After SEC Feedback in Updated Bankruptcy Plan

“In the coming weeks, the Debtors intend to file a motion with the Bankruptcy Court to approve modifications to the Plan to reflect the new Mining NewCo transaction,” the filing said. “The Debtors do not believe that these modifications will require resolicitation of the Plan. The Debtors still anticipate that distributions to creditors will commence in January of 2024.” Source

Bittrex Global Ceases Operations amidst Regulatory Turmoil

Bittrex stated that the decision to cease operations was not taken lightly, acknowledging the inconvenience this may cause to its customers. Bittrex Global, one of the largest cryptocurrency exchanges in the United States before 2021, unexpectedly announced that it will cease all operations starting Monday, December 4, 2023. According to Bittrex Global’s official statement on November 20, the exchange will halt all trading activities on the platform and only allow users to withdraw funds from that date onwards. The company strongly urged its customers to log in as soon as…

FTX-Backed Anthropic’s CEO Declined OpenAI’s Merger Offer: The Information

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Bitcoin Fees Soar Above Ethereum’s As Investors Flock To Ordinals

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CryptoFees data shows that Bitcoin daily fees averaged $10.65 million from November 16 to November 18, surpassing Ethereum’s average fee of nearly $7 million for the same period. Until 2024, the US Securities and Exchange Commission (SEC) is deferring decisions on several Bitcoin ETF applications, despite the market’s increasing optimism about the approval of a spot Bitcoin exchange-traded fund (ETF) in the US. This hesitation has coincided with a remarkable surge in the top crypto’s average transaction fees, soaring over 1,000% to reach a peak of $18.67 on November 16,…

Tether freezes $225m USDT tied to DoJ trafficking syndicate investigation

The funds seized by Tether were linked to a “pig butchering” scam that cost U.S. citizens $3.3 billion in 2022, according to the FBI.  Stablecoin issuer Tether reported freezing $225 million worth of its cryptocurrency USDT in a U.S. Department of Justice (DOJ) probe targeting an international human trafficking ring operating in Southeast Asia.  Per the FBI, the “pig butchering” scam involved a romantic scheme set up by scammers who engineered fake crypto exchanges to steal billions from American users. The theft usually started with a “Hi” text and ended…

Kraken co-founder slams ‘decel’ SEC, warns others should flee US

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Kraken co-founder Jesse Powell has lashed out at the Securities and Exchange Commission after it sued his crypto exchange for alleged securities law violations.  In a Nov. 21 post to X (formerly Twitter), Powell called the regulator “USA’s top decel” — a term used in tech circles to insult someone who slows progress — and claimed the SEC wasn’t satisfied with the $30 million it levied from Kraken as a settlement in February. USA’s top decel is back with another assault on America. The masochists haven’t been happy with the…