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May 16th - The meeting between the Chinese and US leaders has drawn significant global attention. International figures expressed their expectation that, under the strategic guidance of head-of-state diplomacy, China and the US will forge a new path for proper relations between major powers in the new era, jointly creating a bright future for bilateral relations while bringing more stability and certainty to a world fraught with uncertainty. William Jones, former White House correspondent for the US magazine *Global Strategy Information*, stated that as the most important bilateral relationship in the world today, the smooth progress of the US-China relationship depends on the two leaders ability to "see the direction, grasp the overall situation, and stabilize the course." He emphasized that effective dialogue and communication are especially crucial at critical moments. "This meeting has drawn a clear roadmap for the future development of bilateral relations, once again demonstrating the stabilizing force of head-of-state diplomacy in US-China relations."On May 16, Iraqs newly appointed Oil Minister, Bassim Mohammed, stated at a press conference that Iraq exported 10 million barrels of oil via the Strait of Hormuz in April. Mohammed indicated that Iraq plans to engage in discussions with OPEC to increase the countrys crude oil production and export capacity, adding that Baghdads goal is to increase crude oil production capacity to 5 million barrels per day.Iraqs oil minister said Iraq is seeking discussions with OPEC to increase its crude oil production and export capacity, and hopes to increase production capacity to 5 million barrels per day.On May 16th, it was reported that on May 15th, 2026, Nvidia CEO Jensen Huang ordered a "Peach Four Seasons Spring" drink at a Mixue Ice Cream store in Nanluoguxiang, Beijing, sparking attention. A Mixue Ice Cream staff member responded that after the "Celebrity Endorsement" feature was launched on their mini-program, sales of the Peach Four Seasons Spring drink increased by nearly 140% compared to the previous day and by over 90% compared to the previous Friday. At the Nanluoguxiang store visited by Huang, sales of the Peach Four Seasons Spring drink increased by over 90% compared to the previous day.Iraqi Oil Minister: We exported 10 million barrels of oil through the Strait of Hormuz in April.

FTX was run as ‘personal fiefdom,’ faces hacks, missing assets -attorneys

Jimmy Khan

Nov 23, 2022 16:03

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Attorneys for the defunct cryptocurrency exchange FTX outlined continuous issues like cyberattacks and sizable missing assets during its first bankruptcy hearing, claiming that it was governed as a "personal fiefdom" of former CEO Sam Bankman-Fried.


The biggest cryptocurrency scandal to date saw FTX file for protection in the US after users withdrew $6 billion in three days, and rival exchange Binance abandoned a rescue plan. An estimated 1 million creditors are now dealing with losses amounting to billions of dollars as a result of the collapse.


At a bankruptcy court on Tuesday, an attorney for FTX stated that although the company currently plans to sell off healthy business units, it has experienced cyberattacks and "significant" assets have gone missing.


On Saturday, FTX announced that it had started a strategic evaluation of its global assets and was getting ready to sell or reorganize some companies. On Tuesday, FTX announced that it had received interest from possible buyers for certain of its assets and will go through the process of reorganizing or selling them.


A livestream of the proceeding from the U.S. Bankruptcy Court in Wilmington, Delaware, was seen by about 1,500 people on YouTube and Zoom.


A lawyer also claimed that Bankman-Fried had ran the company as his "personal fiefdom," spending $300 million on real estate, including residences and holiday homes for key workers. FTX, which has been run by new CEO John Ray since the bankruptcy filing, has charged Bankman-Fried with collaborating with Bahamian regulators to "undermine" the U.S. bankruptcy case and transfer assets abroad.


An email asking for comment did not receive a prompt response from Bankman-Fried.


According to official property records, Bankman-FTX, Fried's his parents, and senior executives of the defunct cryptocurrency exchange purchased at least 19 homes in the Bahamas for close to $121 million over the last two years, according to a previous story by Reuters.


Additionally, lawyers argued that Binance's July 2021 sale of FTX ought to be the subject of an investigation. In 2019, Binance invested in FTX.


Separately, FTX's cash balance of $1.24 billion as of Sunday was "significantly larger" than previously believed, according to a filing made late on Monday by Ed Mosley of Alvarez & Marsal, a consulting firm that advises FTX.


Along with $172 million at FTX's Japan division, it also contains over $400 million in accounts linked to Bankman-cryptocurrency Fried's trading company Alameda Research.


According to Reuters, Bankman-Fried utilized $10 billion in customer cash in secret to support his trading company, and at least $1 billion of those deposits had disappeared.


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