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On May 9, Ukrainian President Volodymyr Zelenskyy announced via social media that he had spoken with European Council President Costa, exchanging views on Ukraines cooperation with Europe and its integration into European integration. Zelenskyy stated that he and Costa focused on joint efforts to further Ukraines integration into Europe, clarifying Ukraines commitment to becoming a full member of the EU and that preparations are underway for initiating negotiations and subsequent decisions.On May 9th, the chairman of the Iranian Parliaments Energy Committee stated that production continues uninterrupted at multiple oil fields across the country. He asserted that the actions of adversaries targeting Iranian oil tankers are entirely illegal, and that pressure on Iranian oil exports has been ineffective. There are currently no official reports of an oil spill near Kharg Island. Earlier reports indicated that satellite images suggested a large-scale oil spill near Kharg Island, a key Iranian oil export hub, with pollution covering tens of square kilometers of sea surface.On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, during which a report was heard on the construction of the national comprehensive transportation system. The meeting emphasized the need for coordinated advancement of transportation infrastructure construction, adhering to integrated planning and systematic integration, effectively utilizing existing resources and optimizing new supply. It stressed the importance of improving management and service levels, creating a more convenient travel environment to facilitate the smooth flow of people and goods, and promoting cost reduction, quality improvement, and efficiency enhancement in freight transportation. The meeting also called for deepening reform and innovation, building a unified and open transportation market, actively promoting the application of new technologies, developing new transportation business models safely and orderly, and cultivating more new growth points.On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, which discussed and promoted work related to resolving local government debt risks. The meeting pointed out that since the implementation of the comprehensive debt reduction plan, significant progress has been made in resolving debt risks. It is necessary to continue focusing on key areas and weak links, improve policies supporting debt reduction, enhance local governments ability to repay debts independently, and ensure the timely completion of debt reduction tasks. It is also necessary to establish and improve a long-term mechanism to resolutely prevent the creation of new hidden debt.On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, emphasizing the need to strengthen the planning and construction of water networks, new power grids, computing power networks, next-generation communication networks, urban underground pipe networks, and logistics networks. He stressed that efforts to ensure peoples livelihoods should focus on stabilizing employment and providing a safety net, while also improving education, healthcare, childcare, and rural development. He called for greater efforts and more concrete measures to strengthen basic research, placing it high on the agenda, identifying key areas and priorities based on both urgent national needs and long-term objectives, increasing investment through multiple measures, and fostering a favorable research environment.

FTX collapse being scrutinized by Bahamas investigators

Skylar Shaw

Nov 14, 2022 16:33

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Investigators in the Bahamas are investigating into whether any "criminal behaviour happened" in connection with the collapse of FTX, according to a statement from the Royal Bahamas Police on Sunday.


One of the most high-profile cryptocurrency meltdowns, FTX filed for bankruptcy on Friday after traders rushed to remove $6 billion off the platform in only 72 hours and rival exchange Binance abandoned a potential rescue deal.


In a statement released on Sunday, the Royal Bahamas Police said: "A team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate whether any criminal misconduct occurred in light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd."


FTX did not react right away when Reuters asked for a comment.


John J. Ray III, the newly appointed CEO of FTX, stated on Saturday that the organization was working with law authorities and regulators to address the issue and was "making every effort to safeguard all assets, wherever located."


Sam Bankman-Fried, the exchange's 30-year-old founder who is well known for wearing shorts and a T-shirt, has gone from being the face of the cryptocurrency industry's accomplishments to the main character of the sector's worst crash as a result of the exchange's rapid fall from grace.


Bankman-Fried, a resident of the Bahamas, has also been the focus of suspicions regarding his location; he shot off those claims on Twitter. He texted Reuters on Saturday to say "Nope" in response to their inquiry about whether he had traveled by plane to Argentina. He claimed to be in the Bahamas to Reuters.


At least $1 billion in customer cash have disappeared from the platform due to the upheaval at FTX, sources told Reuters on Friday. According to the sources, Bankman-Fried had transferred $10 billion in customer cash to his trading firm, Alameda Research.


Ryne Miller, the U.S. general counsel for FTX, tweeted on Saturday that the company was moving its digital assets into "cold storage" "to mitigate damage upon spotting unlawful activities," Miller wrote.


In order to protect against hackers, cold storage refers to cryptocurrency wallets that are not connected to the internet.


FTX International and FTX United States have lost $659 million in the previous 24 hours, according to blockchain analytics company Nansen.


FTX Trading claimed in its bankruptcy filing that firm has assets worth between $10 billion and $50 billion, liabilities between between $10 billion and $50 billion, and more than 100,000 creditors. As CEO, Ray, a restructuring specialist, was chosen.


According to a document provided by Bankman-Fried with investors on Thursday and seen by Reuters, FTX has $14.6 billion in assets and $13.86 billion in liabilities. Only $900 million of those assets, however, were liquid, creating a liquidity shortage that resulted in the company declaring bankruptcy.


Investors were surprised by the drop, which renewed calls for regulation of the cryptoasset industry, which has suffered losses all year due to the decline in bitcoin prices.


After Binance abandoned its rescue agreement for FTX on Wednesday, Bitcoin went below $16,000 for the first time since 2020.


Its price on Saturday was about $16,5600, a significant drop from its record high of $69,000 BTC=BTSP in November of last year.