Tag: Report

SBF says spending FTX customers’ money was part of ‘risk management’: Report

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Sam Bankman-Fried (SBF), the founder of cryptocurrency exchange FTX, claims that spending clients’ fiat deposits was just part of “risk management” for his intertwined crypto hedge fund Alameda Research. During the former crypto executive’s court testimony on October 31, prosecutor Danielle Sassoon of the Southern District of New York asked SBF if he believed that it was permissible to spend $8 billion of FTX customers’ fiat money. “I thought it was folded into risk management,” he said. “As CEO of Alameda, I was concerned with their portfolio. At FTX, I…

Twitter is now worth half of the $44B Elon Musk paid for it: Report

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Elon Musk’s social media platform, X (formerly Twitter), is worth less than half of what the tech billionaire bought it for in October last year, an internal memo has reportedly revealed. According to an Oct. 30 report from Bloomberg, the internal memo and sources familiar with the matter said that restricted stock units recently paid to employees of the company were valued at $45 a share, which puts the company’s value at around $19 billion, less than half of the $44 billion that Musk paid for the company on Oct.…

‘Fuck regulators,’ said SBF behind closed doors: Report

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Despite publicly supporting drafting crypto regulation to protect customers, disgraced crypto exchange FTX founder Sam “SBF” Bankman-Fried appears to have shared a deep disdain for regulators. During SBF’s ongoing criminal trial, Assistant U.S. Prosecutor Danielle Sassoon inquired if the crypto executive could recall his previous Twitter statements regarding his support of blockchain regulation to protect customers. “I don’t remember,” SBF said. Sassoon asked, “But in private, you said, fuck regulators, right?” “I said that once,” SBF replied. Among other profanities, the former crypto executive also stated that he viewed a “subset…

Report reveals reason why wallet users lose crypto

Loading fake wallet apps on search engines is why many people lose coins. According to Bitrace, Telegram often implements malicious backdoors that identify surrogate addresses and cause funds to be sent to malicious addresses. The reason is that the anonymous nature of the blockchain network makes it difficult for ordinary investors and investigators to establish a connection between an on-chain address and a real person. Thereby, they miss the opportunity to freeze losses promptly. “Investors and investigators need to consider how to perceive threats before risky activity occurs, and monitor…

3 unique ways hackers are stealing your crypto: Bitrace Report

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To track down and counter the sudden disappearance of tokens from crypto wallets requires investors to know the various ways bad actors use to steal cryptocurrencies successfully.  Blockchain investigator Bitrace has identified three effective ways hackers gain access to crypto investors’ wallets: through search engines, such as Google and Bing, pasteboard hijacking and liquidity mining and coin theft. Crypto investors claiming “my coins disappeared suddenly” have been found to have recently downloaded crypto applications from unverified sources. Attackers use search engine optimization (SEO) techniques to rank higher on internet searches, unknowingly…

Google to invest another $2B in AI firm Anthropic: Report

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Google has doubled down on its artificial intelligence bets by investing another $2 billion into AI startup Anthropic, according to a new report. Google has already invested $500 million upfront to Anthropic — a rival to ChatGPT creators OpenAI — and will pay off the remaining $1.5 billion over time, according to an Oct. 27 report by the Wall Street Journal (WSJ), which cited people familiar. The mega-deal adds to Google’s $550 million investment into Anthropic earlier in the year. Google Cloud also striked a multi-year deal with Anthropic a…

Sam Bankman-Fried denies knowledge of moving FTX deposits to North Dimension: Report

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Testifying in court but without the jury for his criminal trial present, Sam “SBF” Bankman-Fried faced questions from prosecutors who pressed the former FTX CEO on his alleged involvement in using customer funds for investments through Alameda Research. According to reports from the New York courtroom on Oct. 26, Bankman-Fried denied knowing why crypto exchange FTX began moving user funds from a bank account with Alameda to a firm called North Dimension — a “shadowy entity” allegedly used for money laundering. SBF suggested that banks may have been more comfortable…

Sam Bankman-Fried thought ‘taking FTX deposits through Alameda was legal’: Report

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Former FTX CEO Sam “SBF” Bankman-Fried addressed a New York courtroom under oath without the 12-member jury present. According to reports from the courtroom on Oct. 26, SBF’s highly anticipated testimony kicked off in a hearing with defense attorney Mark Cohen questioning the former FTX CEO on his use of the messaging app Signal and retention of communications data at the crypto exchange. Bankman-Fried reportedly claimed he acted in accordance with company policies on records, and none of the media set to “auto-delete” were “channels for decisions.” “Why did you…

Crypto reshapes the American dream for younger generations: Report

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A new Coinbase report on the state of crypto has revealed the disillusionment of younger generations (Gen Z and Millennials) with the traditional American dream and the financial system. It shows young Americans are more open than older generations to unconventional paths to financial independence, such as crypto, than older generations. According to the report, young people find the American dream less achievable, partly due to high housing costs, inflation and an outdated financial system. Instead of following conventional paths, they are actively building new models of work, ownership and…