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Democratic Rep. Jesús “Chuy” Garcia of Illinois, who received more than $150,000 in direct and indirect support from disgraced former crypto CEO and Democratic donor Sam Bankman-Fried, called for more regulation of the crypto industry in an op-ed published Tuesday in The Hill. Garcia, who sits on the House Financial Services Committee — the House committee responsible for oversight of the crypto industry — called for policymakers to force the crypto industry to comply with existing financial service rules, arguing that the “vast majority” of crypto assets ought to be considered securities, pursuant to the rules and regulations implements by the U.S. Securities and Exchange Commission, in the Hill op-ed. Bankman-Fried, currently awaiting trial for allegations that he and other executives at crypto exchange FTX stole billions from customers to fund houses and illegal political donations, donated $2,900 directly to Rep. Garcia, while his Protect Our Future PAC spent $151,420 in … [Read more...] about Dem Lawmaker Boosted By SBF’s Deep Pockets Now Calls For Crypto Regs

Share to Twitter Share to Linkedin Key takeaways Digital assets exchange Crypto.com has laid off 20% of its global workforce. The announcement is the latest in a long line of crypto companies downsizing operations, many citing FTX’s downfall as a key reason. It’s not all bad, as crypto regulation could be introduced and funding remains strong in the sector. We all know by now that the crypto winter is in full swing. The industry can’t seem to stay out of the headlines as more companies fold and scandals are revealed. Crypto.com is the latest casualty of the recession, having announced it will be laying off 20% of its employees. This isn’t crypto’s first bear market, but its effects are being significantly worsened by the collapse of FTX. Crypto faces not only an economic downturn but a lack of trust in the sector altogether. Let’s run through exactly what’s happening with Crypto.com, why FTX is involved with the mass layoffs, and how … [Read more...] about Crypto.com Lays Off More Of It’s Workforce As Crypto Winter Deepens

Failed crypto tycoon Sam Bankman-Fried invested $1 billion into Genesis Digital Assets, a bitcoin miner in Kazakhstan, just months before the collapse of his FTX platform heralded a crypto winter that's looking more like an ice age. Key Takeaways Former FTX CEO Sam Bankman-Fried’s Alameda Research invested about $1 billion in Kazakh bitcoin miner Genesis Digital Assets, bankruptcy disclosure has shown. Bankman-Fried joined the board of the mining firm in October 2021, but resigned in November 2022, a day before FTX filed for bankruptcy protection. The sizable investment, one of FTX's largest assets, is yet another insight into the FTX collapse, which has irked the crypto community as about 1 million FTX creditors await repayment. Bankman-Fried has defended his dealings as the head of FTX on social media, saying he "didn't steal funds." $1 Billion On Mining Firm Alameda invested $1 billion between August 2021 and April 2022 four times: $100 million … [Read more...] about Bankruptcy Reveals $1 Billion FTX-Tied Stake in Bitcoin Miner

Share to Twitter Share to Linkedin Key takeaways: It was announced on Jan. 10, 2022 that Coinbase would be slashing its workforce by about 20% (which translates to 950 employees) in an effort to reduce overall operating expenses by 25%. This is the second round of layoffs for the crypto exchange, as they laid off 18% of the workforce last June as the crypto winter sets in and the space attempts to recover from the disastrous year. Many analysts feel that we’re in for a long crypto winter after the collapse of Luna and the FTX implosion. The recent layoffs indicate that it could take significant time for the crypto space to rebound to the levels it reached in 2021. Coinbase has once again announced that staff layoffs are coming. This isn’t the first round of layoffs the crypto exchange has announced. As the crypto winter continues and the market continues to deal with the aftermath of the collapse of Luna and the FTX implosion , there are … [Read more...] about 950 More Employees To Lose Their Jobs As Coinbase Goes For Another Round Of Layoffs

Disgraced crypto mogul Sam Bankman-Fried allegedly paid former President Bill Clinton roughly $250,000 to give a speech at his Crypto Bahamas Conference in April 2022, according to a Thursday report from the New York Post (NYP). Bankman-Fried’s conference featured Clinton alongside other world leaders and top crypto executives. Not long after, Bill and Hillary Clinton invited Bankman-Fried to speak at the 2022 Clinton Global Initiative (CGI) in September, the NYP reported. How Sam Bankman-Fried’s ties with the Clintons helped him dupe investors https://t.co/ZuIAhCzt0k pic.twitter.com/3iCarFc5Zm — New York Post (@nypost) January 19, 2023 CGI is a philanthropic conference run by the Clinton Foundation. Bankman-Fried’s headshot is featured on the conference’s website next to other prominent names, such as New York City Mayor Eric Adams and Melinda French Gates. Bankman-Fried’s name was also included in a press release leading up to CGI. “SBF [Sam … [Read more...] about REPORT: Sam Bankman-Fried Allegedly Paid Bill Clinton $250,000 For Speech At Crypto Bahamas Conference

Welcome back and welcome aboard. It's a shortened trading week here in the U.S. due to the Martin Luther King Jr. Holiday, but investors are riding in on another week of gains. The S&P 500 and the Nasdaq each posted their second consecutive positive week and best weekly performances since November. The Nasdaq popped 4.8% on the week, while the S&P rose 2.6%, and the Dow added 2%. The December Consumer Price Index (CPI) showed that inflation continues to slow , with consumer prices rising just 0.1% from November and clocking in at a 6.5% annual rate. That's the slowest pace of inflation, and the lowest annual rate of inflation, since October of 2021. It's yet another sign that those aggressive interest rate hikes of 2022 are working their way through the economy—especially the goods part of the economy. Gas and fuel oil prices led the declines last month, but inflation is still sticky high across food, shelter, and transportation prices—that's the services side of the … [Read more...] about Inside the Rise and Fall of America’s Greatest Corporate Empire

Share to Twitter Share to Linkedin The embattled cryptocurrency industry and its wealthy pioneers face a moment of reckoning after the collapse of crypto exchange FTX and hedge fund Alameda Research In January 2022, Sam Bankman-Fried was riding high. His Bahamas-based FTX had just raised $400 million from prominent venture capitalists at a $32 billion valuation. A few weeks later, when Forbes published its annual World’s Billionaires list, SBF, as he’s known, was crypto’s second-wealthiest person , worth $24 billion. Now, Bankman-Fried is likely broke, and awaiting trial. Before he was arrested in the Bahamas, SBF told several media outlets his bank account was down to $100,000, and that he was “not sure” how he’ll pay his lawyers. Gary Wang, FTX’s other cofounder and the company’s former chief technology officer–who entered a plea deal with the Securities and Exchange Commission–has also seen his fortune, once estimated at $5.9 billion, wiped. … [Read more...] about These Crypto Founders And Bitcoin Moguls Lost $114 Billion In 2022

Share to Twitter Share to Linkedin Topline There was a serious “security incident” recently at the Palo Alto, California, home owned by the parents of the disgraced former boss of the crypto exchange FTX Sam Bankman-Fried, lawyers representing Bankman-Fried in his fraud case said in a Thursday letter to the judge overseeing Bankman-Fried’s case. Key Facts “Bankman-Fried and his parents have been the target of actual efforts to cause them harm,” wrote attorneys Mark Cohen and Christian Everdell. After driving into a metal barricade in front of the house, three men told a security guard “something to the effect of: ‘You won’t be able to keep us out,’” according to the letter, before driving away. The individuals have not been identified, Cohen and Everdell said, but come amid severe public backlash against Bankman-Fried as he defrauded customers of billions of dollars. The retelling of the incident came as part of the attorneys’ request … [Read more...] about Three Men Tried Breaking Into Home Of Sam Bankman-Fried’s Parents, Lawyers Claim

Bankrupt crypto exchange FTX reportedly listed large corporations in tech, finance and a range of other industries among its creditors in newly released bankruptcy documents. FTX owes money to Wall Street titans Goldman Sachs and J.P Morgan, and big tech giants including Netflix, Amazon, Apple and Meta, CNN reported . The New York Times and Wall Street Journal are among the media companies listed as FTX creditors, the outlet found. FTX’s 116-page creditor list, this time not redacting institutional creditors, has been filed: https://t.co/trWFJTvqMS — Molly White (@molly0xFFF) January 26, 2023 The 116 page bankruptcy document released Wednesday also lists several airlines — including United, Southwest, American and Spirit — among FTX’s creditors, along with U.S government agencies, businesses, charities, universities, individuals (whose names are redacted) and other entities. (RELATED: Dem Lawmaker Boosted by SBF’s Deep Pockets Now Calls For Crypto Regs) FTX … [Read more...] about FTX Owes Money To Big Tech Firms, Wall Street Titans

Share to Twitter Share to Linkedin Endless eviction bans, bans on credit checks for new residents, and limits on rent increases are just a few of the government interventions that have proliferated in the last several years, even before Covid-19 and government reactions to it that cost people their jobs and incomes. It would be sensible to guess that the risk of entering the housing market place as an investor, developer, or housing provider would have increased along with all these interventions. However, one of the features of the housing market are some counter intuitive realities about risk and how they impact both producers and consumers. Investopedia characterizes financial risk this way : “A fundamental idea in finance is the relationship between risk and return. The greater the amount of risk an investor is willing to take, the greater the potential return.” That’s easy enough to understand for almost everyone. Bet lots of money on the long … [Read more...] about Risk And Reward: Can The Private Housing Sector Stop Chasing Its Tail