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November 9th - Trump: I am pleased to announce that the great attorney John Coale has been nominated as the U.S. Special Envoy to Belarus. He has successfully facilitated the release of 100 hostages and is working to secure the release of another 50. I would like to express my sincere gratitude in advance to the esteemed President Lukashenko of Belarus for considering the release of these additional hostages.U.S. Treasury Secretary Bessant: Substantial progress is being made on the inflation issue, and prices are expected to fall in the coming months.On November 9th, local time, Ukrainian President Volodymyr Zelensky signed a new sanctions decision, imposing sanctions on several Russian government officials and institutions. Ukraine called on the international community to increase pressure on Russia and sanction all individuals and organizations that fund war and spread disinformation. Ukraine stated that this round of sanctions includes "Russian government members involved in the plunder of occupied Ukrainian territories" and personnel from Russian military intelligence. Ukraine also plans to take further measures against publishing institutions within Russia engaged in war propaganda and defense of aggression. According to Ukrainian sources, the sanctions list includes individuals such as Russian Presidential Special Representative Kirill Dmitriev.Iraqs State Oil Marketing Organization (SOMO) announced that Iraq has set its official selling price for December Basra medium crude oil to Asia at a discount of $0.35 to the average price of Oman/Dubai crude oil.November 9th - According to Japans TBS News, a 5.6-magnitude earthquake struck off the eastern coast of Honshu, Japan, at 6:28 PM local time on the 9th, with a focal depth of 10 kilometers. The epicenter was located off the coast of Sanriku, and Morioka City in Iwate Prefecture experienced noticeable tremors with an intensity level of 3. A 6.7-magnitude earthquake had just struck the same area at approximately 5:03 PM local time on the 9th, triggering a tsunami. According to the latest observations, the tsunami has reached several locations in Iwate Prefecture, including Miyako, Kuji Port, and Ofunato. No casualties have been reported so far.

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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