32 Burst results for "June Of 2022"
CoinDesk Podcast Network
"june 2022" Discussed on CoinDesk Podcast Network
"Circle's aspirations to list publicly have been part of a long term strategy as a spokesperson told Bloomberg, though they refrained from commenting on current speculation. Despite the setback of a failed SPAC, Circle's growth has been punctuated by substantial investments from financial giants like BlackRock and Fidelity. In spite of Circle's promising developments, the USDC market value is down fifty five percent from its all time high of fifty five billion dollars in June 2022. Over that same period, stablecoin competitor Tether has increased by 30 percent. The new leadership at FTX, the cryptocurrency exchange that filed for bankruptcy last year, is seeking to sell approximately seven hundred forty four million dollars in assets held on Grayscale and Bitwise Trusts. This move is part of the exchanges efforts to repay creditors efficiently and mitigate potential price fluctuations. The assets include six hundred ninety one million dollars in Grayscale Trusts, holding five hundred ninety seven million dollars in BTC and 90 million dollars in ETH and fifty three million dollars in Bitwise 10 crypto index fund. FTX's November three filing with the US Bankruptcy Court indicates that the sale would enable the preparation for a quote forthcoming dollarized distributions to creditors and allow the debtors to act swiftly to sell the assets at a high price. According to the documents, FTX's legal team also hopes to propose sale or reduce the cost and delays associated with separate motions for each sale. This step is another significant move by FTX's bankruptcy managers to address customer and investor losses following the firm's collapse. The news comes in the wake of FTX founder Sam Bankman-Fried's conviction last week on charges relating to defrauding customers and misusing client funds. Meanwhile, venture capital firm Proof Group, part of the Fahrenheit consortium that acquired cryptocurrency exchange Celsius, is now a contender to help revive FTX. Also in the hunt, former New York Stock Exchange president Tom Farley's crypto exchange Bullis is among the bidders in the bankruptcy auction, according to a Wall Street Journal report.
Unchained
"june 2022" Discussed on Unchained
"Boston based Circle, the powerhouse behind the $24 billion USDC stablecoin, is reportedly in discussions to go public next year. While the company has kept a close lid on its latest valuation, it's worth noting that in February 2022, it was valued at $9 billion during a previous failed SPAC deal. In September, Circle CEO Jeremy Allaire told Laura on an Unchained episode, quote, we're definitely on the path to be an independent public company, and we've had the benefit of having a number of strategic investors in the company over the years, end quote. Circle's aspirations to list publicly have been part of a long term strategy, as a spokesperson told Bloomberg, though they refrained from commenting on current speculation. Despite the setback of a failed SPAC, Circle's growth has been punctuated by substantial investments from financial giants like BlackRock and Fidelity. In spite of Circle's promising developments, the USDC market value is down 55% from its all time high of $55 billion in June 2022. Over that same period, stablecoin competitor Tether has increased by 30%. The new leadership at FTX, the cryptocurrency exchange that filed for bankruptcy last year, is seeking to sell approximately $744 million in assets held on Grayscale and Bitwise Trusts. This move is part of the exchange's efforts to repay creditors efficiently and mitigate potential price fluctuations. The assets include $691 million in Grayscale Trusts, holding $597 million in BTC and $90 million in ETH and $53 million in Bitwise 10 crypto index fund. FTX's November 3 filing with the US Bankruptcy Court indicates that the sale would enable the preparation for a quote forthcoming dollarized distributions to creditors and allow the debtors to act swiftly to sell the assets at a high price. According to the documents, FTX's legal team also hopes to propose sale or reduce the costs and delays associated with separate motions for each sale. This step is another significant move by FTX's bankruptcy managers to address customer and investor losses following the firm's collapse. The news comes in the wake of FTX founder Sam Bankman-Fried's conviction last week on charges relating to defrauding customers and misusing client funds. Meanwhile, venture capital firm Proofgroup, part of the Fahrenheit consortium that acquired cryptocurrency exchange Celsius, is now a contender to help revive FTX. Also in the hunt, former New York Stock Exchange president Tom Farley's crypto exchange Bullis is among the bidders in the bankruptcy auction, according to a Wall Street Journal report.
Crypto Banter
A highlight from ETH Spot ETF Will Trigger A Huge Rally! (Buy These Altcoins)
"This has changed everything for the crypto market. News just broke that the iShares Ethereum Trust has just been registered in Delaware. The exact same thing happened for the Bitcoin Spot ETF, where BlackRock filed for registration just before they officially registered for the Bitcoin Spot ETF. So this leads me to believe that an Ethereum Spot ETF application is looming. And of course, if that's the case, then this could open up the door for a new trade in not only Ethereum, but also the Ethereum ecosystem. Will Clemente also pointed out a good point here that if BlackRock is feeling comfortable now filing for an ETH Spot ETF, then the likelihood that a Spot Bitcoin ETF will get approved is now much higher because obviously they wouldn't be filing if they didn't have confidence, right? So I want to talk about why this could be so massive, not only for the crypto market, but also for the altcoin market, because you have to keep in mind Ethereum is the leader of the alts and it has been Bitcoin's time to shine over the last few months, but with now signs of Ethereum starting to reverse versus BTC with Ethereum dominance increasing and now getting this BlackRock ETF filing, there could be some great news for Ethereum around the corner and definitely trades in the ecosystem that we've got to take a look at. The first thing I want to acknowledge before I get into specific altcoins, by the way, one of the altcoins I'm going to show you at the end of today's video is one of my favorite altcoins in the crypto market at the moment, is the current Bitcoin flush that we just saw. So open interest was steadily increasing, meaning the amount of leverage that was being taken by market participants to the long and the short side, but mostly the long side was increasing. But what we did see is a massive flush, a huge liquidation cascade where a lot of the late longs were wrecked. A lot of the altcoins also had massive weeks down, especially on a liquid alt. Some of these were down 20 to 25%, but the market did slowly end up recovering. And what we did see following this massive liquidation event is open interest essentially getting extremely wiped out to the point where OI is as low as it's been since October 24th, the lowest in over two weeks time. So the market completely flushed out all the leverage. And what I would say about this event is it's extremely healthy. There are a couple lessons here. One, obviously don't take aggressive leverage so you can be subject to these types of wicks. But two, setting limit orders in this market can be hugely advantageous. Let's look at a coin like Pendle. Look at Pendle here. It actually ended up dropping like 16 % just in a minute. And anyone that had limit orders for this coin, so people that wanted to buy the dip on Pendle, their limit orders could have been filled, albeit not all the orders would have gotten filled because they had a plan. So definitely when it comes to old coins, have a plan where you lay out your limit orders on your exchange. In case there are these flushes, then you can catch a nice bit at a key level. And using Pendle as the example here, you can see that this is a major level four Pendle as well that it hit the 84 cent region being a major resistance level newly turned into support. So this is just one example of why setting limit orders in the crypto market is a good idea. Now what about Ethereum? Well, Ethereum in light of the BlackRock ETF filing or the iShares registration in Delaware, it's now starting to reverse on the ETHBTC chart. And you guys know that I've been looking at this chart as pretty much my holy grail of Ethereum and altcoins because this chart tells me whether Ethereum is gaining dominance or losing dominance versus Bitcoin in terms of Ethereum as a trending coin. So what you can see here is Ethereum is now starting to break or at least attempting to break back into this range. So break back above and make this five five level into support. In previous times, for example, in June 2022, it did deviate below and then it ended up consolidating above and having a push to the range high of the ETHBTC chart at the 0 .082 level. So what we're seeing here is that Ethereum deviating below again looks like it wants to do something similar to what it did back in July 2022. The major level that ETH needs to break though once it holds back above the support line is this orange line here, which essentially indicates the trend for Ethereum. If it starts to break back above and make a higher low, that would be amazing for Ethereum as it shows ETH is gaining dominance versus Bitcoin. This BlackRock ETF may just be the thing that spurs on the Ethereum narrative. So that's what I'm looking at in terms of ETH. But what are the best altcoins to take advantage of this trade? Well, I actually don't think it's ETH. I think there are proxy bets to the ETH ecosystem, so ETH beta plays, which could outperform. Let's discuss a few of them in today's video. The first one I want to discuss is Lido and Rockerpool because these two are your ETH liquid staking plays. They also got flushed out massively during this liquidation cascade that we just talked about. So Lido, for example, went all the way up to 2 .4. It did end up coming back down to 1 .9. It's now consolidating in the 2 .1 region. You are watching this video two hours after I'm recording, so maybe it's somewhere in this range. But nonetheless, Lido is now starting to consolidate above a major support level at the 1 .98 region on the daily chart. So Lido for me looks good as an ETH beta play. So does Rockerpool, especially if it breaks above this $31 level on the weekly. Your next target is its range high of $40. So Rockerpool starting to wake up. Lido also looking good. One I'm also looking at is Arbitrum. Once again, this flush took it all the way back down to its support level at the $0 .92 zone. But Arbitrum looks like it wants to break above its major resistance at $1 .1. If it can break above, then we know its next target is 1 .31. Something interesting to note about Arbitrum is that it adheres to market structure really well. A lot of these new coins like Pepe, Arbitrum, they tend to stick to market structure because everyone's fulfilling prophecy. And I guess at the end of the day, this is what TA is, where Arbitrum actually obeys these levels super well. So these are the levels I am using in terms of Arbitrum. Something else I'm doing when it comes to these coins is I'm using Kyber AI to get better entries. So let's say, for example, it does close above retests on the daily, the 1 .1 level. If I want to get an entry into Arbitrum, what I would do is I would search up Arbitrum onto Kyber AI, because it's going to tell me what the trend is like in terms of the on -chain analytics. And I would see here whether the Kyber score is in bullish territory. If it's in bullish territory, this indicates that the market is willing to bid on Arbitrum based on a variety of factors, such as the number and types of trades, trading volume, net flow to whale wallets, etc. So I would use this Kyber score, I would use this data to my advantage to get more confluence to line that up with a break and a consolidation of trend. What I do like to see though, as one general rule of thumb when it comes to Kyber scores and using Kyber AI, is when you see these patterns here, where you get bearish signals starting to turn into bullish signals. So it might go from bearish, it might go up to the 70 to 80 Kyber score region. Once it starts getting into this region, that is assigned to me after two four -hourly closes above this level that you will likely start to see it target the very bullish territory, which is the 90 plus region as we saw happens in this occasion. So especially in the lower timeframes, this is a really nice metric to use when you're trading and you can use it for a variety of alts. So that's how I'm using Kyber AI and you can also use it using the link in the description to sign up for early access. I discussed at the start of the video, there was an altcoin that I was eyeing specifically as an outperformer in this category and that's actually Pendle. Pendle is super interesting because it has exposure to a few narratives. It has exposure to Arbitrum, which is an ETH L2 narrative because of the ecosystem fund that is currently occurring on Arbitrum. So a lot of the protocols are getting grants that they're distributing to their governance holders, which is super bullish for Arbitrum specific protocols. That's why I mentioned Arb as well as a play earlier in the video, but Pendle has exposure to that ecosystem. It also utilizes layer zero technology for its multi -chain strategies. So this is also interesting because it could be a proxy play for the layer zero airdrop as well. And it also gets some of the LSD fi rotation given the fact that Pendle is one of the platforms where you can trade your yield for LSDs and stake your yield. So let's say your staked Ethereum to earn an additional yield on the Pendle platform. So it kind of covers three narratives at once. One is the L2 narrative, one is the ETH LSD fi narrative and another one is the layer zero narrative. It's showing a lot of strength here on the chart and it was actually one of the altcoins that was bought up most quickly during this liquidation cascade here, which indicates to me that it's one of the strongest coins in the market. You can always learn a lot in the market when the market drops and it bounces. Always try and track which coins bounce the most. The coins that bounce the most, typically they are the best longs when it is time to long and Pendle is definitely showing its strength here. Yes, it's pumped a lot. I would love to be able to get some accumulation opportunities on major pullbacks, but for the traders out here, I think you can have a lot of fun trading this token if you're looking to long because it is looking like one of the strongest tokens in the market. I want to give a shout out quickly to one of my major sponsors of the show, which is SmartX. If you want to earn any yield across a variety of layer two ecosystems, but Arbitrum included, like we've just been talking about, you can head over to the platform using the link in the description and get access to some of the strongest APRs in crypto. But not only that, some of the most competitive risk adjusted returns in crypto due to the fact that they have introduced a mechanism to lower or mitigate the negative effects of impermanent loss. You can see here versus platforms like Uniswap on a typical Ethereum pair, SmartX often gets the much better results due to the mechanism that they've introduced. And you can look at on the homepage of the SmartX website using their compare function, how SmartX LPs track versus other LPs here. And you can also simulate the algorithm to see how their LPs actually perform better on chain versus a lot of other pairs, as you can see in front of you. So if you do want to earn some of the strongest yields in the market across any of the ecosystems that you can see on screen, you can use the link in the description below. They've built a nice product. And if you've used it before, you would know how smooth it is to use as well. So thank you to SmartX and thank you to Kyber AI for sponsoring this video. I hope you learned something. Definitely keeping my eye on the ETH beta plays at the moment. I think this could be a watershed moment for the Ethereum narrative because it was dead. Let's be honest, it was just Bitcoin. ETH was lagging. This could finally be what Ethereum needs to start to kick into gear here. Definitely keep your eye on that ETH BTC chart. I will see you in the next video. Hope you have a lovely rest of your day. Good luck trading in this crazy market. There's definitely lots of money to be made. Peace out.
CoinDesk Podcast Network
A highlight from SBF TRIAL Podcast 10/30: Sam Bankman-Fried Takes The Stand For a Third Day In FTX Fraud Trial
"Welcome to the SBF trial, a Coindesk podcast network newsletter bringing you daily insights from inside the courtroom where Sam Bankman -Fried will try to stay out of prison. Follow the Coindesk podcast network to get the audio each morning with content from the Coindesk regulation team and voiced by Wondercraft AI. Sam didn't do it. He didn't defraud anyone. He didn't steal customer funds. He just built a company, which turned out basically the opposite of the product he envisioned when he founded FTX. A lot of people got hurt, customers, employees, and the company ended up in bankruptcy. At least that's his story. The biggest mistake was, we did not have a dedicated risk management team. We didn't have a chief risk officer, he told the court Friday. We had a number of people who were involved to some extent in managing risk, but no one dedicated to it and there were significant oversights. Bankman -Fried finally took the stand to try and convince the 17 people overseeing his criminal fraud trial that FTX and Alameda Research's collapse were the result of screw -ups and errors and of his handpicked lieutenants' screw -ups and errors, not a deliberate fraud committed by the 31 -year -old. Bankman -Fried's testimony echoed key parts of his attorney Mark Cohen's opening statement from the beginning of this month. Issues happened because ex -Alameda CEO Caroline Ellison didn't hedge, because FTX was a fast -moving company doing big things quickly because a number of market shocks hit and because Sam was just one person who couldn't be everywhere or do anything. We got a preview of sorts on Thursday, but Friday was the first time we saw Bankman -Fried really present his own case for why he shouldn't go to jail. The first half of Friday's testimony was basically a history of FTX presented by Samuel Bankman -Fried. For those following the case over the past year, nothing new. For those of us who have been tracking FTX since its founding, maybe a bit of useful detail, but basically really nothing new. But we're not the intended audience. The jury is. One audience member in the overflow room who said she did not have much familiarity with FTX or Bankman -Fried said she found it useful. And I overheard a few people at the end of the day Friday say they found Bankman -Fried's version of events plausible. Shortly after lunch, Bankman -Fried's defense team strategy continued to become clearer. It's not just that Sam didn't do it, it's that the Department of Justice's key witnesses are all lying. Bankman -Fried didn't say that, of course, but that seems to be the implication with a number of details. Take FTX's insurance fund. Former Chief Technology Officer Gary Wang told the court on October 6th that this was functionally a random number that was posted to FTX's website and later posted to social media. Bankman -Fried said he did not calculate the numbers implying what? I'm not entirely sure. My interpretation is he's implying someone else had the idea of putting a random number on the site or maybe FTX's 2021 revenue. Former head of engineering Nishad Singh testified that Bankman -Fried directed him to find a way to show that the company had generated over $1 billion in revenue for the year and to backdate revenue details to do so, which he ultimately did by marking staking rewards from EcoSerum to FTX's balance sheet at Bankman -Fried's direction. Sam proposed charging EcoSerum to the account that paid the interest, he said. On Friday, Bankman -Fried said he had not thought of EcoSerum staking at all and that he did not remember discussing backdating any documents tied to this. On hedging, Bankman -Fried said he discussed Alameda's risks with Ellison, the company's CEO at the time. She ultimately said that she would look into hedging Alameda's exposure, but I interpreted her to be far less enthusiastic than I was about it, he said. And while he discussed hedging with her every month or two through June 2022, this ultimately never happened. The June 2022 spreadsheet that keeps coming up this trial documenting Alameda's balances and liabilities once again showed its face, though not the infamous one that ultimately led to last year's bankruptcy. Ellison said on October 11th that Bankman -Fried suggested I should prepare some alternative ways of presenting information about the figures, which led to her creating a sheet with seven alternative presentations. She later reiterated that it was Bankman -Fried's idea to do this. On Friday, Bankman -Fried said it was Ellison who had thought about a few different ways of constructing the balance sheet. Intriguingly, Bankman -Fried said he didn't find out about Alameda's $8 billion hole, as documented by the fiat at FTX .com account, until October of 2022. But there are also parts that, at least as of Friday, have not yet been addressed. Assistant U .S. Attorney Nicholas Roos asked Wang why Bankman -Fried said Alameda Research should take on loss from a mobile coin exploit during their discussion about the insurance fund. He said that FTX's balance sheets are more public than Alameda's balance sheets, that investors have access to FTX's finances but not Alameda's finances, Wang said. While Cohen asked Bankman -Fried about Alameda taking on the mobile coin loss, the topic of investors having access to FTX's finances did not come up, and Ellison had previously testified that while she and Bankman -Fried had discussed hedging Alameda's risks and that Bankman -Fried blamed her for not hedging, in her view it was his decision to make venture investments and other financial decisions which put Alameda in an unrecoverable position by the fall of 2022. I felt that the fundamental reason we were in this situation was that we had borrowed these billions of dollars in open -term loans and used them for illiquid investments, all of which were Bankman -Fried's idea, she said. Ellison had also testified that Bankman -Fried knew the only way for Alameda to pay its lenders was using the line of credit, which meant using FTX customer assets. Again, these specific details did not come up. There's also the various group chats and written documents prosecutors have tied Bankman -Fried to, such as the one Singh testified about where Bankman -Fried, Bankman -Fried's brother, former FTX Digital Markets CEO Ryan Salame, or political consultants, organized political donations. On Friday, Bankman -Fried said he did not direct Salame or Singh to make specific donations, but he did hire political consultants, such as Guarding Against Pandemics, which his brother helped run. Bankman -Fried is going to continue his testimony on Monday, with Cohen estimating maybe two more hours of direct examination. Unfortunately for Bankman -Fried, and maybe the narrative he's crafting, that means that he'll again face Assistant U .S. Attorney Danielle Sassoon, you know, the prosecutor who figuratively punched him in the face repeatedly last Thursday for what she described as a significant cross -examination. She said she doesn't think the cross will take a day and a half, but it'll certainly go into Tuesday. The latest plan in what's frankly a pretty dynamic situation is this. Cohen will continue his direct examination of Bankman -Fried on Monday and expects to wrap up before noon. Sassoon will start her cross -examination and that will wrap up sometime Tuesday. AUSA Thane Ren anticipates a two -hour rebuttal case. In other words, that'll probably go through to the end of Tuesday. Reuss and Cohen both anticipate about two or three hours for their respective closing arguments. There will then be a charge conference, which Judge Lewis Kaplan anticipates might be somewhat protracted, which is where everyone will argue over their various proposals for jury instructions. Judge Kaplan will deliver said instructions and jury deliberations may begin sometime Thursday, Friday, or conceivably Monday. Want to follow along? Sign up for Coindesk's new daily newsletter, The SBF Trial, bringing you insights from the courthouse and around the case. You can get the podcast each day right here by following the Coindesk Podcast Network. Thanks for listening.
Unchained
A highlight from SBF Trial, Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX
"The paperback version of my book, The Cryptopians, is out now. It contains a new afterword covering recent developments in crypto since 2021, when the book went to press. Plus, this version names the person I suspect to be the DAO hacker. In case you never got to read the book in hardback, or, like me, you like to read paperbacks or bedtime reading, order today. Check our newsletter and the show notes for the link, or just search for it at any of your favorite bookstores. It's The Cryptopians, idealism, greed, lies, and the making of the first big cryptocurrency craze. Thanks for reading. Thanks for tuning in to the Unchained Recap for Day 14 in the SPF trial. On his second day on the witness stand, but first day in front of a jury, former FTX CEO Sam Bankman -Fried attempted to make a strong defense in his criminal case. Under direct examination by his lawyer in front of a packed courtroom, the defendant tried to recast his image, expressing ignorance about pivotal events in the prosecution's case and putting the blame on the other members of the so -called inner circle. Similar to how cooperators had begun by confessing their crimes, SPF came out with bold statements, albeit of a different nature. Within the first few minutes of testimony, when asked whether he had defrauded anyone, he responded, no, I did not. When asked if he had taken customer funds, SPF responded, no. In support of the failed entrepreneur theory presented in the defense's opening statement, Bankman -Fried admitted, quote, I made a number of small mistakes and a number of large mistakes. By far the biggest mistake was we did not have a dedicated risk management team. We didn't have a chief risk officer. Then, over the next several hours, Bankman -Fried, who already tends to be verbose, gave what felt like a lengthy list of different explanations for many of the damning assertions by other witnesses. While some of his alternate narratives seemed plausible, it remains to be seen if the jury will find them all to be, given their sheer number. Early in his testimony, Bankman -Fried tried to distance himself from the image that prosecutors painted of him. For instance, trying to deflect blame for any malicious FTX code, he said, quote, I'm the director of engineering, Nishad Singh, quote, were both authorized to make decisions on behalf of the company without consulting me, though they often would consult with me about it. He also explained that he kept his hair long because, quote, I was kind of lazy and busy, and that he wore shorts and a T -shirt because, quote, I found them comfortable. His attorney, Mark Cohen, who had previously, in a sidebar discussion with the prosecutors and judge, objected to the fact that the government had shown a photo of SPF holding playing cards pulled the photo up again. He then had SPF explain that he was holding the cards because he likes to fidget, but not because he plays poker. He also said the fact that he'd become the public face of FTX was, quote, an accident, since he was, quote, somewhat introverted. An early indication that SPF would attempt to revise some of the key narratives in the prosecution's argument came when he relayed how he heard about the allow -negative function, which Wang had testified had been coded into FTX's software just for Alameda to be able to have negative balances that were not part of the margin trading feature. He said that in 2020, because the volume on the exchange had grown, the risk engine was updating slowly. This meant, for liquidations that were triggered automatically, sometimes the same liquidation would be triggered multiple times before the risk engine could update and see that it had already occurred. This caused liquidations that should have been in the thousands of dollars to spiral into the millions of dollars and beyond, which had ramifications that affected not only Alameda, but all users. He said he directed Wang and Singh to create a system to prevent these erroneous liquidations, quote, that maybe it would be an alert or delay or something of that form. He then said that although he didn't know the details of their solution at the time, he now believes that feature was allow -negative. For the record, the prosecution showed evidence that this feature was coded into the database on July 31, 2019, so the timeline of events doesn't match. Early on in his testimony, SKF also established that he had thought it was fine for Alameda to borrow money from FTX as part of the margin trading program. When asked where that money was coming from, he said either collateral put up by other margin traders or from assets that were earning interest on the platform. As for Alameda's venture investments, he said he thought those were funded from Alameda's profits or sometimes from loans by third -party lenders. Between his professed distance from the code and what he said was his belief that Alameda's borrowing from FTX was within the confines of the margin trading program, he painted a picture of an owner who thought the relationship between his two companies was above board and whose work kept him above the nitty -gritty details of FTX's codebase. Bankment Freed then gave a different account of key events in the prosecution's argument, beginning with the accounting bug that overstated the liabilities Alameda owed to FTX. While others, such as FTX developer Adam Yedidia, had testified that the bug had been discovered in late 2021 and fixed by June 2022, SKF said he had not heard about it until one day in June 2022 when Ellison had come to the FTX office, expressing concern that Alameda may have gone bankrupt. According to Bankment Freed, after a few hours of sleuthing, Wong and Singh had discovered the bug, which overstated the liabilities by $8 billion.
The Breakdown
A highlight from The Most Shocking Details of Caroline Ellison's Damning SBF Testimony
"Welcome back to The Breakdown with me and LW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Thursday, October 12th, and today we are talking all about Carolyn Ellison's testimony in the SPF trial. Before we get into that, however, if you're enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello, friends. Well, I think that we all thought that there were going to be some fireworks in Carolyn's testimony, but my goodness, it is no wonder the prosecution viewed her as their star witness. Around noon yesterday, Autism Capital tweeted, Even more simply, as Laura Shin put it, it is getting real in the courtroom today. So let's just get going and I'll share some overall thoughts at the end. And the way that I decided to present this is actually going linearly through the prosecution's theme. The reason I chose to do it like that is that I think it gives a picture of the case the prosecution is trying to make and how they're doing it. Remember, the jury heard this information in roughly the same order that you're hearing it now. Now, as we discussed on yesterday's show, Carolyn's testimony had started on Tuesday. For those of you who haven't listened to that and who might be just coming into this for the first time, Carolyn was the CEO of Alameda Research and Sam's on -again off -again girlfriend. Now, by and large, the big takeaway from Tuesday's testimony was an undermining of Sam's argument that he hadn't been really involved in Alameda for some time. There was a decent overview of the sort of misleading conduct that was going on at Alameda, but nothing which would necessarily surprise someone who had been following the case closely. Wednesday's testimony, on the other hand, was significantly more salacious. First prosecutors took us back to June of 2022. Luna had just collapsed, taking much of the crypto market with it. Bitcoin was down 25 % in the past month and would fall another 25 % into mid -June. Alts were, of course, a bloodbath. In that context, unsurprisingly, Alameda's external lenders had begun to call in their loans. Carolyn was presented with Telegram discussions from mid -June, which showed Genesis's head of lending, Matt Ballensweig, asking for repayment. He wrote to Alameda, Hey guys, seeing a fair amount of continued outflows from retail deposit aggregators. So to get ahead of this, we're going to increase the open -term loan pullback to $400 million. Matt also asked for a timeline on the first installment of $250 million, which had been previously requested. Now, as these lenders started to ask for their money back in mid -June, Caroline said, quote, I was very stressed out and we were talking about billions of dollars. And I knew that Alameda had lost a lot of money in the cryptocurrency market downturn and we didn't have the liquid assets to pay all of the money back and that we would have to be taking money from FTX. Now, when asked to clarify about what it meant to take money from FTX, she explained that she meant drawing from Alameda's line of credit, which, quote, would be coming from customer funds. Now, pressing the point, the prosecutor asked about Caroline's mental state as she realized that Alameda had billions of dollars of loans to repay and not enough money to satisfy those requests. Caroline said, I was in sort of a constant state of dread at that point. I knew that we would have to take the money from our FTX line of credit and I knew that the money could be called at any time. Every day, I was worrying about the possibility of customer withdrawals from FTX and the possibility of this getting out and what would happen to people that would be hurt by that. Now, according to Caroline, Sam directed the loans to be repaid using Alameda's line of credit with FTX. While Sam didn't explicitly acknowledge that the loans would be repaid using customer funds, Caroline explained that he had a clear understanding of where the funds would be coming from. She said, quote, I had shared Alameda's balance sheet information with him that showed that that was the only source of capital large enough to repay all our loans. We also had many discussions in the past about using this FTX line of credit for various Alameda purposes, including discussions about using it as a backstop if our loans were called. So I consider that to be the most reasonable and really the only option on the table. On the Alameda balance sheet, the loans funded by customer deposits were simply labeled FTX borrows. Caroline said, I wanted to strike a balance of identifying what it was, but I didn't want to say explicitly something like FTX customer money. According to this balance sheet, Alameda had borrowed 13 billion from FTX customers by mid -June before the external loans had been repaid. Now, already in mid -June, FTX had a serious asset mismatch and shortfall against customer deposits. Caroline said that the exchange was short $10 billion in USD alongside $700 million in Bitcoin. She said, I was really worried that FTX customers would try to withdraw a bunch of money at once and that we wouldn't be able to process those withdrawals. Caroline had analyzed some possible scenarios in May and concluded that if the crypto market went down, quote, we would be in a bad situation. She added that in June 2022, we were in the bad situation, and I was mostly concerned that if anyone would find out, everything would come crashing down. Caroline said that she agreed to use customer funds to pay back the external loans, quote, because Sam told me to. In her mind, it was basically better than the alternative option. Her thinking was that if Alameda went bankrupt immediately, it would be a really bad outcome. But if they used customer funds to remain afloat, there was, quote, some chance that we would be able to fix things somehow that maybe Sam would be able to raise money and repay our loans. Now, from there, the prosecution zoomed in on the events surrounding the recall of loans by Genesis. On June 18th, Genesis asked for an updated Alameda balance sheet. Caroline said she didn't think it would be a good idea to ignore the request and added that, I wanted to reassure them about Alameda's financial state, but the facts were that Alameda was in a very bad situation that we had very risky positions on and that we had been borrowing increasing amounts of money from FTX customers, and I didn't want Genesis to know any of that. A crisis meeting was called between the four key collaborators, Sam, Caroline, Gary Wang, and Nishad Singh. Sam suggested the four could put their personal holdings of Serum, which was of course an illiquid token created by Sam, on the Alameda balance sheet to bulk it out slightly. He also put forward the idea of placing FTX Equity held in a separate shell company on the balance sheet as well. Now, setting the stakes, Caroline explained why there was so much concern about the request from Genesis. She said, I didn't want them to recall the rest of our loans. I was also worried that they would share the information with other people in the crypto markets and that might cause more widespread concern about Alameda and could even cause people to start withdrawing their money from FTX. Sam's response was to suggest preparing some, quote, alternative ways of presenting the information to Genesis. Caroline said, I understood him to be directing me to come up with ways to conceal the things in our balance sheet that we both thought looked bad. Caroline then prepared seven alternate Alameda balance sheets. And given that this is one of the most tweeted about aspects of this whole testimony, you might have heard this part. She said, I wasn't sure what the best thing to send to Genesis would be. I didn't really want to be dishonest, but I also didn't want them to know the truth. Classic dilemma. So I just thought I'd prepare a variety of things and ask Sam what he wanted to do. Now, some of the variations obscured the use of assets as collateral and netted assets against liabilities to make overall leverage and risk appear lower. One of the asset line items used to offset liabilities was around $10 billion in loans made to FTX executives. The best that Caroline could come up with was that Alameda had $7 billion in liquid assets, although that included $3 billion in FTT tokens, which she acknowledged were not liquid enough to sell at the market price. Caroline ended up sending the seventh variation of the balance sheet to Genesis. This version had dramatically reduced the stated liabilities and completely obscured the loans from FTX. Indeed, wildly, it seems like the infamous Coindesk report that set all of these events in motion was actually prompted by this best possible version of the Alameda balance sheet. In other words, even the best possible version out of seven alternatives prepared by Caroline and selected by Sam was still enough to raise major concerns about the health of the firm. Ultimately, Genesis still called Sam up and explained that they needed to, quote, unwind $500 million in 250 clips. They explained that, quote, we're basically in a position where this is no longer a luxury. Caroline's understanding was that, quote, Genesis really needed the money and implied that they might go under or have to default on some loans if they didn't get it. Now, this has become a whole separate issue, with many people asking, did this mean that Genesis actually knew how much trouble FTX and Alameda were in all the way back in June? But we will save that for another conversation. Now, after acknowledging that she considered the creative balance sheet accounting to be dishonest, Caroline discussed Sam's ethical framework. This was one of the most resonant parts of the testimony with me, and I think one of the most explanatory things that we saw. She explained that, quote, he said that he was a utilitarian, and he believed that the ways that people try to justify rules, like don't lie and don't steal, within utilitarianism didn't work. He thought that the only moral rule that mattered was doing whatever would maximize utility, so essentially trying to bring the greatest good for the greatest number of people or beings. She added that Sam said he didn't think rules like don't lie or don't steal fit into that framework. Of course, his actions, as we see, made that quite clear. Now, moving on, after meeting repayment requests in June, Alameda still had $4 billion in loans outstanding to Genesis, BlockFi, Voyager, and numerous other smaller lenders. Celsius had asked for repayment of loans prior to their bankruptcy in July, but Sam refused to send a balance sheet and said that Alameda would repay their loans once Celsius was prepared to return their collateral. In October, Sam suggested that Alameda should sell a few billion worth of Bitcoin if the price rose above $20 ,000. Caroline said, the rationale was to decrease our risk from further cryptocurrency down moves. Now, there were only a few days in early October where Bitcoin reached this price level, although it spent 10 days there in the lead up to the FTX collapse. Now, this is worth mentioning only because it has become wildly distorted on Twitter. Through a game of telephone, the average Bitcoiner tweet about this is that Sam and Caroline were conspiring to keep the price of Bitcoin under $20 ,000. I don't think that that's actually what the testimony suggested. What the testimony was saying is that by October, things were so dire that if markets moved up just a little bit, they wanted to get out of their position in Bitcoin in order to be hedged against crypto going down even more. In other words, it's a desperation move, not some long -term price suppression plan. Now, that certainly doesn't mean that there weren't other points at which there was more price manipulation going on. It just means that in this specific instance, that's not really what they were talking about. Now, by that stage, Sam had agreed that FTX needed to raise additional capital. And rather than going back to the venture firms who had participated in previous fundraising rounds, Sam apparently became convinced that he should try to get Mohammed bin Salman, the crown prince of Saudi Arabia, to become FTX's newest investor. For a little bit of insider color, Sam would occasionally talk about potential FTX fundraising at all -hands meetings on Mondays. The way that he described it was always, we have a couple million dollars in the bank, but we're always open to raising more capital if the right opportunity comes up. Now, in retrospect, obviously, that $2 billion number was a complete lie and or it included FTX customer deposits. And it seems likely to me that part of the reason that he discussed that on those calls was that so if anyone heard through the grapevine through other friends in the crypto industry that FTX had been having funding discussions, it wouldn't come as a shock that suggested the company was in trouble.
CoinDesk Podcast Network
A highlight from SBF TRIAL PODCAST 10/12: Caroline Ellison Testimony Day 3
"Welcome to the SBF trial, a Coindesk podcast network newsletter bringing you daily insights from inside the courtroom where Sam Bankman -Fried will try to stay out of prison. Follow the Coindesk podcast network to get the audio each morning with content from the Coindesk regulation team and voiced by Wondercraft AI. Before she worked at Alameda Research, Carolyn Ellison did not think she'd break the rules of morality and also accounting. Of course, this was also before her ex -boyfriend and boss, Sam Bankman -Fried, convinced her that such mores were worth bending for the greater good. The FTX chief's creative ethics entered his criminal fraud trial during Wednesday's plotting, but emotionally charged direct questioning of Caroline. According to the government's star witness, Sam was so engrossed in his conception of right and wrong that other people's stop stealing were at best guidelines, if even that. The only moral rule that mattered to Sam was whatever maximized utility, Caroline said. She testified Sam's goal was to create the greatest good for the most number of people. Therein lies the altruist. Sam styled himself a champion of the effective altruist movement, an offshoot of utilitarianism whose proponents seek to make as much money as possible and that was how Sam did it, at least. For a time, his crypto empire appeared to be rocketing the quirky quant toward maximum philanthropic velocity. He'd already started giving massive sums to politicians, charities, and pet causes he thought could save humanity from itself. It came at the cost of his customers, according to prosecutors, as well as Enron John, Ray III. The crisis -era CEO of now -bankrupt FTX Group has spent the past 11 months on a highly lucrative global treasure hunt to claw back millions of donated dollars to make FTX customers whole. Regardless, Sam's maximal utility prompted Caroline to shelve whatever rulebook she'd followed before. It made me more willing to do things like lie and steal. At Alameda, she testified. Her steady words, they later wavered, captured the jury's unbroken attention, a rarity on a day mostly spent discussing balance sheets that almost put Judge Kaplan to sleep. Caroline's seven -hour long direct questioning delved into how things broke bad for the empire of Sam. Months before Alameda collapsed, Caroline said she worried the crypto hedge fund's borrowing of billions of dollars from FTX customers would be both companies undoing. She was right. That said, she said she did nothing at the time to stop the lies enabling it. Instead, she perpetuated them. She bamboozled Alameda's lenders with them. Through a tremendous feat of grotesquely atrocious accounting principles, Caroline said she cooked up seven flavors of balance sheet to serve lenders like Genesis, a subsidiary of Coindesk parent digital currency group, who by June 2022 had grown money hungry in the face of its own possible collapse. Sam chose the seventh. There, Caroline had hidden Alameda's massive FTX borrows as perhaps more palatable long -term loans. I didn't want Genesis or others to know Alameda owed money to FTX, she said. Throughout Wednesday, she repeated what that really meant. Alameda owed money to FTX's customers. It had taken their money to help it make money to help make Sam the money he needed to help save the world. Caroline Ellison pled guilty last December to seven counts stemming from her time running Alameda Research. On Wednesday, she told the jury that she was taking responsibility for her actions. She didn't really say whether her past failure to do so was a result of her steadfast belief in Sam's vision or something else. No matter, she stuck by risk -taking Sam until the castle imploded. This was the man who'd flip a coin that could either destroy the world or make it twice as good, she said Tuesday. Ultimately, the truth did come out, killing FTX, Alameda, their lenders, investors, and customers, and sparking criminal investigations into Caroline and the other members of Sam's inner circle. She said her house was raided by the FBI before she began cooperating with prosecutors, a contrast to the quiet coder, Gary Wang, who volunteered himself to the government barely a week after the company's demise. Deputy Court Clerk Andy Mohan slid Caroline a baby blue tissue box as she tearfully called out to the people that trusted us, people she said she betrayed. Caroline did not betray Sam's own state of mind during all this. She isn't allowed to because of the bothersome mores. That said, she returned to a favorite topic of this newsletter, the artifice of this alleged fraud. Remember the Toyota Corolla we were looking for in last week's newsletter? Caroline told the jury she saw Sam driving one at their home in the Bahamas. He'd switched from an unnamed luxury car to the most normal automobile imaginable because she said he said it would be better for his image. Sitting in the courtroom hearing this, Sam, who was tapping away at his computer when Caroline later broke out in tears, shook at his highest frequency yet. Judge Lewis Kaplan continues to express his respect for the attorneys trying the case, but still wound up almost mocking lead defense counsel Mark Cohen on Wednesday after he objected to Ellison saying she believes former FTX executive Nishad Singh told her that offsetting ledger entries in FTX and Alameda's books were meant for auditors. I believe this is Wednesday. I believe this is Wednesday. That's not speculation. Overruled, the judge said getting the ruling in as Cohen said, withdrawn. He appeared to be losing his patience with the prosecution as well, chiding Department of Justice attorneys across Tuesday and Wednesday for mislabeled exhibits and seeming exasperated with their extensive focus on spreadsheets. The overflow room where most reporters and members of the public are stashed during trial days burst into laughter after Ellison said, Alameda paid what I believe was a large bribe to Chinese government officials to get some of our exchange accounts unlocked and Assistant U .S. Attorney Danielle Sassoon said deadpan, well, let's break that down. During a back and forth after the jury left the room, Judge Kaplan again took aim at arguments advanced by the defense. Cohen and his team asked for permission to bring up artificial intelligence firm Anthropix recent fundraising news. A report said it's in talks for a juicy valuation, saying it speaks to questions of portfolio investing. Prosecutors objected, saying the current value of Anthropix stock is immaterial to whether or not Bankman freed misappropriated customer funds, a view Judge Kaplan agreed with. This is like saying if I broke into the Federal Reserve Bank, made off with a million dollars, bought Powerball tickets and won big, it's okay, he said. Caroline Ellison has one more day on the stand, facing Defense Attorney Mark Cohen as he continues his cross -examination. He only had a few moments with Ellison on Wednesday, trying to ask a question about FTX's fiat account and how it tracked its funds. However, after some initial back and forth, it was clear he and Ellison were on slightly different pages about how different accounts were referenced, culminating in the best objection we've heard so far this trial. Objection, Your Honor, this is confusing, Assistant U .S. Attorney Danielle Sassoon said. Judge Lewis Kaplan seemed to agree, cutting the jury loose. It was just around 4 p .m. 30 minutes early, but keeping attorneys in the room a bit longer to sort out certain issues. It's unclear how long Cohen's planned cross -examination will take. One thought that's striking. While the defense team argued for the right to question prosecution witnesses about recreational drug use, Judge Kaplan said, he and the DOJ need prior notice outside the presence of the jury. We haven't seen any filings as of Wednesday early evening, and the topic did not come up at the close of Wednesday's court session. At any rate, once Cohen is done, prosecutors will have a chance to conduct a redirect. Once that's done, we'll likely hear from BlockFi's Zach Prince. BlockFi both lent funds to Alameda and was briefly set to be acquired by FTX before it all came crashing down. Want to follow along? Sign up for Coindesk's new daily newsletter, The SBF Trial, bringing you insights from the courthouse and around the case. You can get the podcast each day right here by following the Coindesk Podcast Network. Thanks for listening.
Unchained
A highlight from SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life
"Hi everyone, it's Laura here for the Unchained Recap of the SPF trial for Wednesday, October 11th. In Caroline Ellison's second day on the witness stand in the criminal trial against Sam Bankman -Fried, her responses to prosecutors revealed that, in 2022, as the crypto markets crashed and lenders began recalling Alameda's loans, Bankman -Fried continued to make illiquid investments. As the situation grew worse, she, Bankman -Fried, and their alleged co -conspirators Gary Wang and Nishat Singh secretly resorted to ever more desperate Hail Marys, allegedly directed by SPF. In recounting the dramatic week of FTX's downfall, Ellison shed tears, sniffled, and reached for a tissue in front of the jury, composed of eight women and four men, making today the most emotional day in the trial so far. It was also the most dramatic, with references to bribing Chinese government officials, creating accounts using the IDs of Thai prostitutes, and an attempt to raise money by selling FTX shares to a Saudi prince. Plus, she shared insight into SPF's carefully curated public image, and how virtues like not stealing or lying were allegedly a moral gray area for him. Ellison began her testimony about the events in May 2022, and how the collapse of Tara Luna marked the start of an overall downturn in the crypto markets that significantly decreased the value of Alameda's assets. By June 2022, third -party lenders were asking the prop trading shop to pay back their loans. Most of Alameda's loans were open -term, which meant lenders could recall their money back at any moment. The prosecution showed Telegram group chats that included Ellison, Bankman -Fried, other Alameda employees, and lenders about Alameda's multi -billion dollar loans. For example, CryptoLenderGenesis reached out to Ellison in mid -June, asking Alameda to return $400 million of its open -term loans with them. Alameda's inability to pay back its loans in full, according to her calculations, and the size of these loans, put Ellison's mind in a, quote, constant state of dread. Ellison testified that SPF directed her to repay the loans, which meant using Alameda's $65 billion line of credit that drew on FTX customer deposits. Quote, I knew that we would have to take the money from our FTX line of credit, and I knew that that was money that could be called at any time. And every day, I mean, I was worrying about the possibility of customer withdrawals from FTX and the possibility of this getting out and what would happen to people that would be hurt by that, she said. Prosecutors showed more telegram messages between Genesis Head of Lending Matthew Balenzweig and Ellison, where Balenzweig was asking for balance sheet updates that included the value of Alameda's current assets based on current prices. Feeling stressed, Ellison said she wanted to reassure Genesis while not letting the lender know about Alameda's and FTX's internal crisis. Ellison prepared an internal balance argument that she felt exposed how risky Alameda's position was, since it showed that the firm had borrowed $9 .9 billion from FTX customers and given $4 .6 billion in loans to top FTX executives. While this balance sheet had a positive net asset value, Alameda's total assets were greater than all of its liabilities, it was artificially inflated by the inclusion of FTT tokens that would never be able to be sold at the price they were marked as, since selling Alameda's total holding of FTT would cause its price to drop significantly. Moreover, Ellison noted the balance sheet highlighted how much of Alameda's assets were in illiquid investments. Ellison calculated at the time that Alameda had borrowed $13 .25 billion from FTX customers. This number was labeled in the original balance sheet as, quote, FTX borrows, because Ellison wanted to describe what the number actually represented without blatantly calling it, quote, FTX customer money. Quote, SBF always directed us to be careful about what we put in writing and not put things in writing that might get us in legal trouble, she explained. Since she and Banquin Freed agreed this original balance sheet could not be shared with anyone like Genesis, Ellison said she crafted seven different versions of this balance sheet at Banquin Freed's request. Quote, I understood him to be directing me to come up with ways to conceal the things in our balance sheet that we both thought looked bad, she said. The one SBF chose, her seventh alternative, was sent to Genesis. It did not have a line item named FTX borrows. According to Ellison, she hid Alameda's debt to FTX customers to make Alameda look less risky by netting some numbers in order to keep Alameda's net asset value the same while decreasing the size of Alameda's liabilities. Shortly after receiving Alameda's balance sheet, Genesis asked for its money back again. BalanceWide asked Alameda over Telegram to repay $500 million of its loans in mid -June 2022. Ellison admitted in court that she considered her balance sheet manipulations to be dishonest because they falsely stated Alameda's assets and liabilities, making the trading firm look safer than it was. The firm was able to repay some of its lenders in June 2022. Over the next few months, Ellison periodically updated Alameda's balance sheet, and each time she saw FTX borrows increase. In September, they jumped by roughly $4 billion, and by October, FTX borrows stood at nearly $14 billion. Ellison said that Alameda was using the additional FTX customer deposits to continue investing, trading, and repaying loans. Ellison testified that Alameda's internal balance sheet, the one that accurately depicted Alameda's assets and liabilities, showed her that Alameda had incurred a ton of risk and borrowed a large amount of money. In a conversation with Sam, they discussed solutions such as how to reduce risk and how to get more cash. He proposed two ideas that he logged in a Google document. To sell a couple billion dollars worth of Bitcoin if its price were to surpass $20 ,000, and to sell FTX equity to raise capital. Ellison mentioned how Bankman Fried was actively trying to sell shares of FTX to investors, primarily Mohammed bin Salman, Saudi Arabia's crown prince. By selling shares and receiving money, Alameda could theoretically repay the money they borrowed from FTX. The prosecution dove into conversations between Ellison and Bankman Fried that revolved around the ethics of lying and stealing. Ellison testified that Bankman Fried's moral framework was based on utilitarianism, and that he thought, quote, the only moral rule that mattered was doing whatever would maximize utility, so essentially trying to create the greatest good for the greatest number of people or beings. Ellison said Bankman Fried, quote, didn't think rules like don't lie or don't steal fit into that framework. Ellison noted that Bankman Fried's moral compass had made her more willing to steal. Quote, when I started working at Alameda, I don't think I could have believed you if you told me that a few years later I would be sending false balance sheets to our lenders or taking customer money, but over time it was something that I became more comfortable with when I was working there, she said. Ellison also testified that Bankman Fried urged employees to use messaging platform Signal and set the message to auto -delete after seven days. According to Ellison, a large part of Alameda and FTX's culture was a general weariness about putting anything sensitive in writing because of potential legal trouble. The prosecution showed a screenshot of Ellison and Bankman Fried's signal chat, where all the messages had auto -deleted. U .S. prosecutors asked whether Ellison and Bankman Fried used coded language to talk about possible criminal activity. Ellison said yes, bringing up Alameda's role in allegedly bribing Chinese government officials before June 2022. Alameda had trading accounts on two Chinese exchanges, OKEx and Huobi. In 2021, the exchanges froze Alameda's trading accounts because the Chinese government was conducting a money laundering investigation into someone who had previously traded on Alameda. As a result, Alameda couldn't withdraw its funds, which stood at roughly $1 billion. To get their funds off these exchanges, Alameda tried several routes. One effort involved the creation of OKEx trading accounts using the IDs of people she said she had been told were Thai prostitutes. "...we tried to basically have our main account lose money and have those other accounts make money," Ellison said. Alameda would "...do very imbalanced trades between the two accounts so those other accounts would be able to make money and withdraw it. However, this method was unsuccessful." David Ma, a Chinese employee with connections in China, allegedly proposed that Alameda get the accounts unfrozen by sending about $150 million to a few addresses. Alameda followed Ma's plan, but Handy Yang, a former Alameda trader whose father was a Chinese government official, vehemently opposed it. In a chat with Ellison and Bankman -Fried, former FTX Co CEO Sam Tribuco joked about their Chinese bribe, saying, "...did Handy's father immediately turn us in or something?" Additionally, in a document detailing Alameda's state in November 2021, Ellison included a section focused on the large gains and losses Alameda had in the year. The middle of the list said, "...negative $150 million from the thing," which, according to Ellison, referred to Alameda's payments to get their Chinese accounts unlocked. Ellison said she had labeled these payments the thing because, "...I didn't want to put it in writing that we had paid what I believed were bribes to get these accounts unlocked." Ellison also testified that in August 2022, when having a conversation with SPF about Alameda's balance sheet, Bankman -Fried said the trading firm should have hedged earlier and that Ellison was at fault for Alameda's financial footing. Ellison said Wednesday that Bankman -Fried blamed her for being in a situation where Alameda borrowed $10 billion from FTX while not having the assets to repay the debt. Ellison said she began crying and had trouble continuing the conversation. Despite saying she could have done things differently like hedging earlier, Ellison still believed Bankman -Fried was responsible. For Ellison, SPF's decision to borrow billions of dollars in open -term loans and deploy them in illiquid investments was the, quote, "...fundamental reason for Alameda's predicament." Ellison also testified about how SPF tried to cultivate a certain public perception. For instance, she said, quote, "...he said he thought his hair had been very valuable. He said ever since Jane Street, he thought he had gotten higher bonuses because of his hair and that it was an important part of FTX's narrative and image. Also, upon moving to the Bahamas, they were originally assigned luxury cars, but they switched to a Toyota Corolla for him and a Honda Civic for her because, she said, he said he thought it was, quote, "...better for his image." Although she rarely spoke to the press, she did speak to a Bloomberg reporter for an article about which Bankman -Fried was concerned. It raised questions about the closeness between FTX and Alameda. Describing what, quote, "...conflicts of interest could mean in the context of FTX," Ellison said, quote, "...what I mean is that, because Sam owned both FTX and Alameda, he had a reason not to treat all of the traders on FTX equally. I think allowing Alameda to borrow billions of dollars from FTX customers was not in the best interest of FTX or its customers, but it was important to keeping Alameda alive." Around the time Bloomberg published its piece in mid -September 2022, Ellison met with Singh and Wang about potentially shutting down Alameda. Showing notes that Ellison took pre -meeting, the prosecution pointed to a list of problems she had identified. The final one was, "...true up funds? Ellison said it referred to the money Alameda owed to FTX, and that she had chosen that phrasing because, quote, "...I wanted to refer to the concept, but not write down anything very explicit along the lines of, you know, return customer money that Alameda took. Because of my general practice, as directed by Sam, of not writing problematic things down explicitly." In early 2022, Ellison testified, Alameda invested hundreds of millions of dollars in crypto hedge fund Modulo Capital at Bankman -Friede's direction. Then on June 24, 2022, he sent a message on Slack to Ellison saying, quote, "...50 million dollars to Modulo Capital LP we should send via Signet," and then gave an address. Ellison specified that the date of this message was, quote, "...a week after Alameda had used billions of dollars of FTX customer funds to repay our loans." The prosecution pulled up a spreadsheet of individual loans that Alameda made and called out a loan on September 20, 2022 by Alameda of $100 million, and that represented another investment into Modulo. The FTX empire's downfall began with the leaking of one of the external versions of Alameda's balance sheet to CoinDesk on November 2, 2022. Ellison revealed that she had decided not to comment for the article because, quote, "...I was hoping at the time the news would just blow over." However, a few days later, as customers began to withdraw assets at a fast rate, she testified that Bankman -Fried told her to liquidate Alameda's positions and send the money to FTX, which she said was their general practice at times of customer withdrawals. Although Ellison had testified earlier in the day about SPF's policies around auto deletion, the government was able to display one signal group conversation between Singh, Bankman -Fried, and Ellison. She testified that around this time, quote, "...everyone else in the company was starting to preserve their messages." Singh wrote, quote, "...lots of withdrawals quickly up, negative $1 .25 billion in the last day, negative $230 million in the last three hours, negative $120 million in the last hour." Ellison responded with a frowny face, and explained, quote, "...I was terrified. This is what I had been worried about for the past several months, and it was finally happening. I thought that, at this point, everything about FTX and Alameda was going to come out." SPF's response to Nishad's text was, oof. In the same chat, Ellison mentioned that Salem had asked her if FTX could meet all withdrawals. She asked the others what to say. Ellison explained that even though she knew FTX could not meet all withdrawals, she asked because, quote, "...that was the fact that we had tried to conceal in the past, and I was wondering whether I should continue trying to conceal it or just start being honest with people about it once it was becoming evident." SPF responded, quote, "...maybe something like, we can meet a ton, though it's already getting large. IDK." Ellison said SPF created yet another group chat on Signal with her and a few others about the fact that public concern over Alameda's balance sheet was growing. Eventually, in the chat, they decided that Ellison should tweet. She said that Bankman Free didn't want to be the one to tweet since he didn't want to be associated with Alameda because of the conflicts of interest concern mentioned in the Bloomberg article. Ellison said that even though she did tweet, she didn't want to do it, quote, "...because I knew that the purpose of such a tweet would be to try to mislead people and give them false assurance." Then the prosecution showed the tweets she sent, which began, quote, "...that specific balance sheet is for a subset of our corporate entities. We have greater than $10 billion of assets that aren't reflected there." However, the prosecution then brought up a Google Doc where she and others had collaborated on what to say in this tweet. The top suggestion was by Bankman Fried, which had all the basic points of Ellison's tweet but was written in a list format, such as a few notes, colon, a, another greater than $10 billion in assets not on that balance sheet, b, obviously we have hedges. For those of you familiar with SPF's tweets, you know what style I'm talking about. Ellison said that the group all agreed that it looked like his writing style, so she said she rewrote it in her style before tweeting. A similar discussion in a different signal chat occurred before she replied to Binance CEO Changpeng Zhao, who had tweeted that he planned to sell Binance's FTT holdings. SPF approved her message, saying, quote, "...I think the point is just to counter the PR slash narrative here." Although the price of FTT went up initially on her tweet, it started to go down, and she said that Alameda needed to buy a lot of FTT to keep the price up. She estimated that Alameda had spent in the tens of millions of dollars, or perhaps a hundred million or more dollars, on buying FTT, but that if they hadn't done that, then the money would have been used to process FTX customer withdrawals. Around this time, SPF started a chat with 11 people who included Ellison, SPF, Singh, Wang, and SPF's father, Joe Bankman, amongst others. On November 7th, SPF texted a message that listed a number of assets that started with 1 $300 million BTC, and listed other assets, and then concluded, "...so that's roughly $1 billion to $2 billion left?" SPF added another table of assets that Alameda and FTX could access on a week's timescale, which totaled $3 .9 billion, but Ellison estimated it would still not have been enough since she Alameda calculated owed FTX $8 .1 billion. Next, the government pulled up a screenshot of a chat between Ellison and Bankman -Fried, and began with her replying to an earlier comment of her own, which said, "...if things got a lot worse, I don't think I am going to handle it well." On Monday, November 7th, she had replied to that text, saying, "...this was such a bad prediction. This is the best mood I've been in in like a year, tbh." SPF responded, "...wow, uh, congrats? Because shit's exciting?" Ellison responded, "...I just think I had an increasing dread of this day that was weighing on me for a long time, and now that it's actually happening, it just feels great to get it over with one way or another." The prosecutor asked Ellison why she had written that she was in the best mood she'd been in for a year. Quote, "...to be clear, that was overall the worst week of my life," said Ellison. "...I had a lot of mood swings during that week and a lot of different feelings, but one of the feelings I had was an overwhelming feeling of relief. Because, as I said, this had been something that I had been dreading for so long, for the past several months," she said, starting to cry. "...it's something that had been in my mind every day, worrying about what would happen when the truth finally came out, and I felt a sense of relief that I didn't have to lie anymore, that I could start taking responsibility and being honest about what I had done, even though I obviously felt indescribably bad about all of the people that were harmed and the people that lost their money, the employees that lost their jobs, people that trusted us that we had betrayed." By the end of her comment, she was audibly sniffling, and later she grabbed a tissue out of the tissue box on the witness stand. The prosecutor brought up later messages in small group chat, in which SPF had linked to a Google Doc that began, quote, "...potential to -dos." Top of the list was, quote, "...reach out to Brigger, Dustin, Silver Lake, Sequoia, and Apollo when they wake up." Ellison identified these all as investors or potential investors in FTX, who she said SPF wanted to try to get cash from by selling some equity. The document also showed that FTX only had one -third of remaining client assets, $4 billion of the $12 billion in customer assets that were supposed to be on the exchange. At this point, the prosecution brought up SPF's infamously deleted tweets sent on that exact day, such as the ones saying, quote, "...FTX has enough to cover all client holdings." It also noted that Bankman -Fried retweeted a tweet by Moon Overlord on Twitter, which said, quote, "...can't wait for my FTX airdrop for not moving any of my funds." Next, Ellison asked if she could process loan repayments since lenders were, quote, "...freaking out and calling their loans in," even though if she did, she would be paying them back with customer funds again. SPF responded, quote, "...can certainly do it for all the smaller ones." As Ellison pointed out, this meant, quote, that there was less money available for FTX customers. Finally, prior to the Alameda All Staff meeting on November 9th, SPF also had a hand in comments Ellison was preparing to make to her staff. After she proposed talking about how Alameda would wind down, and it would be appreciated if any staff members stayed to try to repay lenders, SPF added, quote, "...and maybe about there being a future of some sort for those who are excited." Ellison revealed numerous details about her personal relationship with SPF, such as the fact that they wrote each other Google Docs in order to discuss their thoughts on their relationship and their feelings. Ellison characterized her feelings as, quote, "...being unhappy with our relationship," and said she shared concerns with him about their personal and professional relationships affecting each other, and in particular, how the personal one affected her at work. She said that if Bankman -Fried gave her negative feedback, quote, "...it made me feel like sort of an unequal partner in our relationship." Perhaps aspects of that unequal relationship came up earlier when, shortly after the lunch break, the prosecution asked for a sidebar discussion with her, the defense lawyer, and the judge. In a transcript, prosecutor Danielle Sassoon said, quote, "...the defendant has laughed, visibly shaken his head, and scoffed. It's possible it's having a visible effect on her, especially given the history of this relationship, the prior attempts to intimidate her, the power dynamic, their romantic relationship." We'll see if this dynamic continues Thursday, when SPF's lawyers resume their cross -examination of Ellison. Final quick notes. The judge finally decided that the anthropic investment could not be brought up in court. When he did so, he gave a colorful analogy. Quote, "...the crime charged is that he took the money, and what he did with it afterward doesn't matter. This is like saying that if I break into the Federal Reserve Bank, make off with a million bucks, spend it all on Powerball tickets, and happen to win, it was okay." However, he left the door open for the defense to make an argument about the nature of venture investing. Unchained will be back tomorrow with more updates from the courtroom. I expect it to be another dramatic day since Ellison is the prosecution's star witness and this will be the cross -examination. Thanks for tuning in.
Unchained
A highlight from SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact
"Hi everyone, Laura here with your Unchained Recap of Day 3 of the criminal trial for Sam Bankman -Fried. Three people testified during the Sam Bankman -Fried trial Thursday, with one declaring that FTX quote, "...defrotted all of its customers," and another stating that he had committed financial crimes. Former FTX software developer Adam Yedidia, Paradigm co -founder Matt Huang, and FTX co -founder Gary Wong took the witness stand, answering questions about their interactions with Bankman -Fried and his business dealings. Yedidia, who finished his two -day testimony on Thursday, shared with the court why he resigned from FTX. In December 2021, Yedidia became aware of a bug in FTX's codebase that overstated how much money Alameda Research owed FTX. When FTX customers deposited fiat money, namely the U .S. dollar, into the exchange, sometimes they would route it to a bank account controlled by Alameda Research at a bank called North Dimension. This was tracked internally in the FTX database with an account called fiat -at -ftx .com. At the time the bug was discovered, FTX's internal system mistakenly indicated that Alameda Research owed $500 million to FTX customers, but by the time it was fixed in June 2022, it revealed that Alameda owed $8 billion to FTX customers, a large and concerning number to Yedidia. At this point, Yedidia had a conversation with Bankman -Fried and the paddle tennis courts at Albany, the luxury community where they lived in the Bahamas. Yedidia asked the defendant if everything was okay, and Bankman -Fried responded, quote, "'We were bulletproof last year, we're not bulletproof this year.'" When Yedidia asked how long it might be before they're bulletproof again, the former FTX CEO replied that it might be six months to three years. In November 2022, as FTX was imploding and employees had already started leaving, Yedidia told Bankman -Fried via Signal, quote, "'I love you, Sam, I'm not going anywhere,'" to reassure him that he would also not quit. However, Yedidia's attitude changed when he received a phone call from a fellow FTX research had used FTX customer deposits to pay Alameda's loans to its lenders. During questioning by the prosecution, he revealed that in June, when he'd seen that Alameda owed $8 billion to FTX customers, he had assumed Alameda had the ability to repay that debt. But in November, after Leila's call, he said he realized, quote, "'If Alameda was repaying its loans with FTX customer money, that implied it didn't have money of its own to repay the loans with, which means the money was simply gone.'" The prosecutor later asked once more about how Yedidia believed in FTX previously and asked why his belief in the company changed. At that point, he exclaimed, "'Well, FTX defrauded all of its customers.'" That silenced the courtroom for several seconds. Next up was Matt Huang, co -founder of crypto investment firm Paradigm. He detailed how and why Paradigm invested into FTX starting in 2021. Huang said that Paradigm was impressed with FTX's liquidation engine and its growth in market share. He also expressed how Paradigm's investment decision would have been severely impacted if he had known FTX could transfer customer deposits out of the exchange wallets and use them for its own purposes. During his testimony, prosecutors showed email correspondence between Bankman -Fried and Paradigm employee Arjun Balaji, in which the VC firm expressed concern about the lack of traditional corporate governance structures at FTX. Balaji wrote, "'As we understand, FTX is effectively owned and controlled by SAM, lacking more traditional corporate governance model, rights, etc. One example of where this can negatively manifest with crypto companies is through unintended value leverage, e .g. via FTT, Alameda, or some other mechanism.' At another point in his testimony, Huang said, "'It was generally understood that customer deposits are sort of sacred, that when customers deposit into the exchange, they expect the ability to get them back out.' According to Huang, Paradigm had invested roughly $278 million into FTX since 2021, and that investment has since been marked to zero. Gary Wang, the co -founder of Alameda Research and FTX, began his testimony by declaring that he had committed financial crimes—specifically wire fraud, securities fraud, and commodities fraud—during his time at FTX. Wang, who was also FTX's chief technology officer, had said Bankman -Fried had directed him to place code inside FTX's software that gave special privileges to Alameda. As a result, Alameda could withdraw and transfer out an unlimited amount of customer deposits from FTX, even with a negative balance on the exchange, as well as place trade orders faster than other customers, giving Alameda a strategic advantage. Additionally, Wang stated that Alameda had a credit line of $65 billion—substantially bigger than large market makers—on the exchange that only had single - to double -digit million -dollar credit lines. During his testimony, the prosecution also explained how the name Alameda Research was chosen for the proprietary trading firm. They played a clip from a Blockworks podcast interview with Bankman -Fried in which he said, quote, We knew banks were going to shut us down if we named our company Shitcoin Day Traders Inc., but no one doesn't like research. Wang will continue his testimony tomorrow, Friday, after which Zach Prince, CEO of BlockFi, will take the witness stand. Tune back in tomorrow with another update from Unchained on Friday's testimony.
The Breakdown
A highlight from UPDATED: How Big A Deal Are The Changes to Crypto Accounting Standards?
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Thursday, September 7th, and today we are asking how big a deal are new crypto accounting rules? Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on The Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Now, reiterating that point, I said this on my AI show as well, but today you are listening to a birthday episode. Yes, 39 years ago today I was born, and if you would like to give me a beautiful gift, leaving a rating or a review for this show wherever you happen to listen to it would be an awesome, awesome thing to do. I appreciate all of you listeners and participants, and so let's talk new crypto accounting rules. The Financial Accounting Standards Board, or FASB, have changed their recommendations for how crypto holdings should be recorded in corporate financial statements. The FASB oversees reporting and accounting standards for companies that follow generally accepted accounting principles or GAAP guidelines. On Wednesday, the FASB unanimously passed a vote to recommend fair value accounting for crypto assets held on corporate balance sheets. This means crypto will be marked at the prevailing market price in financial reporting. Previously, corporations were recommended to record impairment losses on their balance sheet when the price of crypto fell. This impairment was not removed if crypto prices recovered, making it difficult to quickly determine the value of corporate crypto holdings using this method. Michael Saylor, the chairman of MicroStrategy, has been railing against this recommended accounting for years, claiming that it made little sense it was misleading to investors. MicroStrategy and some other companies worked around this problem by providing an alternative accounting within their financial disclosures, which included the current fair value of crypto holdings. Now, the FASB kept the proposed changes simple and elected not to address NFTs, wrapped tokens, or stablecoins for now. Companies may begin using this method in their official accounting immediately, with the rules officially changing in 2025. FASB member Christine Bodasan said, It's not very often that we can both take cost out of the system and improve the decision usefulness of information, and it makes it a really easy vote to do both of those. Jeff Runlet, the head of accounting strategy at accounting software company Cryptio, said, It's a great step forward for the entire crypto market. I think it's a great step towards mainstream adoption. I can see finalizing this proposal to help large corporations that are maybe scared to hold crypto on their balance sheet because they're scared of the technical complexities. Now, by and large, the community greeted the news as something that was unlikely to cause big widespread attention, but which was quietly significant. Michael Saylor tweeted, Fair value accounting is coming to Bitcoin. This upgrade to FASB accounting rules eliminates a major impediment to corporate adoption of Bitcoin as a treasury asset. Stack Hodler says, Huge FASB votes in favor of fair value accounting for Bitcoin on corporate balance sheets. Most public corporations couldn't stack Bitcoin without this rule change. Now, cash rich companies have a way to ensure their bond portfolios against debasement. Dr. Chris Dark said, They voted unanimously to change the rules to fair value accounting, which is logical by the end of the year. FASB rule change for crypto matters for corporates a lot. It's boring and wonky, but it fixes one of the most silly accounting rules where it was an indefinite lived intangible asset. TLDR, corporates will be able to hold Bitcoin or ETH or crypto, and in quarterly accounts it will be valued at its fair value, not by the current rules, which is at its purchase cost minus impairment. Genuinely big news that no one will care much about. Well, Dr. Dark, we care about it here at The Breakdown. Next up, another bit of news along the same theme of institutionalization, which really one could joke, pretty reasonably, that the perpetual bull narrative in crypto is institutions just around the corner. Anyway, a pair of asset managers filed applications for Spot Ethereum ETFs on Wednesday. ARK, in partnership with 21Shares as well as VanEck, will try their luck to get the first of their kind products approved by the SEC. Now a reminder about process, once the regulator acknowledges the applications, that will start the clock on a 240 -day deadline for a final SEC decision. The first interim deadline for the regulator comes after 45 days, and these Spot ETH filings join 16 existing applications for products offering exposure to Ethereum futures. Now if you want a little more insight into 21Shares and their parent 21 .co, go check out my interview with CEO Hani Rashwan on Bitcoin Builders. We talk about how much the company and the industry has changed since they got their first -ever crypto exchange -traded product approved in December of 2018. Now back to this news, both of the applications filed on Wednesday featured a surveillance sharing agreement with Coinbase. This feature is intended to monitor Spot crypto markets for manipulation and has been seen as a key difference in the latest round of Spot Bitcoin ETF applications. Coinbase will also serve as the custodian for the ARK 21Shares ETF, although VanEck has not yet named a custodian. Up until now, the SEC has always summarily requested the withdrawal of Spot ETF applications. And yet, Grayscale's recent courtroom win has been widely viewed as making the SEC's continued rejection of Spot crypto ETFs for major tokens, if not untenable, then certainly at least on borrowed time. One of the key rulings is that there was no fundamental difference between how futures -based and spot -based ETFs should be considered, given that the markets are 99 % correlated. When all is said and done, Bloomberg analysts expect additional Spot ETH ETF applications to pour in over the rest of the week. Bloomberg analyst James Safard tweets, The Spot Ethereum ETF race is officially on. It's early, but I'd estimate a final deadline on these applications to be around May 23, 2024. Now, all the same, many crypto traders noticed that, once again, a bullish piece of news had basically no impact on price. ETH pumped an anemic 2 % on the news and then fully retraced. Based Carbon tweeted, We used to pump coins harder on fake Grayscale trust filings than we did on a real ETH ETF filing. Still, I think analyst Ilo has it when they write, Price action still looks like it's going to be bleak in the short term. No liquidity, no volume, everything basically dead. But 2024 is shaping up like this. Approved ETH futures and spot ETFs, hard to ask for a better setup. You get to buy the lows before all the flows are with us again. Shoot your shot. However, because we are in this in -between moment, that means that any day that has a bunch of good news is also going to have, if not bad news, then at least news of the cleanup and fallout of last year. On that front, bankrupt crypto lender Genesys have sued parent company Digital Currency Group for payment of over $620 million in loans, which came due in May. These loans have been at the center of the Genesys bankruptcy, with allegations that they were made in an attempt to paper over problems within the DCG empire after the collapse of Three Arrows Capital in May of last year. And yet, despite their notoriety, relatively little has been known about the details of these loans until this lawsuit was filed. According to the complaint, Genesys loaned DCG almost 19 ,000 Bitcoin in June 2022 under the terms of an open loan agreement first signed in 2019. In November, the loan was converted to a fixed term due on May 11th this year. The filing states that the loan was partially repaid with a balance of 4 ,550 .5 Bitcoin outstanding. The two parties underwent mediation, which ended in August, but continued to negotiate. According to a separate document also filed on Wednesday, Genesys extended four cash loans to DCG throughout 2022 worth a total of $500 million. DCG claimed that it was able to convert the loans back to open term loans under the prior agreement, but Genesys disagreed. Genesys is seeking the repayment of principal without late fees. Now, it's unlikely that this lawsuit will move forward anytime soon, as Genesys has stayed the court process. A DCG spokesperson said, Genesys has agreed to stay the turnover action so that we can move forward with documenting the deal in principle that was reached with Genesys, the Unsecured Creditors Committee, and DCG. We are documenting a forbearance agreement and expect to file it with the court shortly. At that point, we will initiate the distribution of funds and continue on the path to significant recovery for Genesys creditors. Now, you'll remember that this in -principle agreement was filed in late August and promised repayment of 70 -90 % on unsecured creditor claims. The deal was widely panned as a bad deal by commentators, and Gemini, who are the largest creditor in the Genesys bankruptcy, do not support the agreement. Roe Rider tweets, SEC needed a new reason to deny Grayscale ETF. Well, they just got it. Pending litigation against a parent company from lenders involving substantial underlying shares and assets is all the excuse they'll need. DCG can only hide behind its entity structure for so long. Now, one more smaller side story staying in the DCG world. Arkham Intelligence believes that they have identified a Bitcoin wallet cluster belonging to Grayscale. The on -chain tracking platform has flagged over 1 ,750 wallet addresses linked to Grayscale's Bitcoin trust holdings. Each wallet holds less than 1 ,000 Bitcoin worth around $25 .7 million. In total, the wallet cluster sums to $16 .1 billion in Bitcoin holdings, matching Grayscale's public disclosures. Arkham did not disclose the full list of wallet addresses. In addition to the Bitcoin wallets, though, Arkham has also identified Grayscale wallets containing other assets including $4 .9 billion in ETH. Moving on to other Fallout stories. The assets of former Celsius CEO Alex Mashinsky have been frozen according to a court order unsealed on Wednesday. The order was originally issued on August 16th, and the list of assets included accounts held with Goldman Sachs, Merrill Lynch, and SoFi Bank, as well as a property in Austin, Texas. It included assets held in the name of companies Koala LLC and AM Ventures Holdings, as well as in the personal names of Alex Mashinsky and his wife Christine. Financial institutions are no longer permitted to facilitate transactions to and from the listed accounts. Mashinsky was of course arrested in July in relation to criminal fraud charges surrounding his operation of Celsius. Prosecutors claim Mashinsky defrauded customers and lied about Celsius's profitability. Mashinsky has pleaded not guilty to the criminal charges, which his lawyers have called baseless. He was released on bail after posting a $40 million bond. Mashinsky also faces civil lawsuits from the SEC, the CFTC, and the Federal Trade Commission. Over in FTX world, SPF's request for immediate release from jail has been rejected, pending appeal. Sam is currently appealing a decision to revoke his bail made last month by the Federal Circuit Judge assigned to his criminal case. The Court of Appeals denied a motion for immediate release on Wednesday, but will hear the appeal before a panel of three judges at the next available opportunity, although it's unclear how long that will take. Now, Sam's trial is set to begin in less than four weeks. Defense attorneys have been protesting Sam's lack of access to a suitable laptop to review volumes of evidence, which have been disclosed by prosecutors in discovery. They've complained of low -quality internet access on a laptop with insufficient battery life when Sam is brought to the courthouse to look over documents in a holding cell. But according to a joint letter filed by the DOJ on Tuesday, Sam now has an upgraded battery and access to the laptop seven days a week, with copies of the discovery documents downloaded to hard drives. The letter also claimed that the internet access provided is sufficient for most internet review activities. Sam's defense team has until the close of this week to apply for a delayed start to the trial on account of the claimed difficulty accessing documents. That said, during a hearing last week, the judge made no indication of whether they were likely to grant a delay on the information currently disclosed. Now, earlier this morning, Bloomberg also reported that Ryan Salem was going to be pleading guilty, but as of recording, we don't have more info as to what, so we'll have to circle back to that later this week. Lastly today, tornado cash developer Roman Storm was arraigned on Wednesday. He has pleaded not guilty to charges of conspiracy to operate a money transmitter, facilitate money laundering, and sanctions evasion. Storm was released on a $2 million personal recognizance bond secured by his residence in Washington state immediately after his arrest last month. The tornado cash co -founder will remain on house arrest with limited travel allowed in central California, as well as to New York and New Jersey to attend court hearings. A Russian passport was seized from Storm who maintains dual citizenship. Fellow tornado cash co -founder Alexei Perseve is facing similar charges in the Netherlands and remains on house arrest awaiting his trial, and a third co -founder Roman Semenov has been charged by the DOJ but remains at large. Authorities allege the trio knowingly facilitated over $1 billion in money laundering through tornado cash without mitigating its illegal use. Tornado cash was for a time believed to be the primary money laundering system used by notorious North Korean hackers the Lazarus Group. Storm's lawyer, considered one of the top criminal defense attorneys in the crypto legal community, has said that authorities are In that, this case will be much more significant than just whether this set of people happen to do wrong. Anyways friends, that is going to do it for this birthday edition of The Breakdown. I appreciate you listening as always. Until tomorrow, be safe and take care of each other.
Markets Daily Crypto Roundup
A highlight from Crypto Update | Bitcoin Rallies on Grayscale Court Win Over SEC
"This episode of Markets Daily is sponsored by Kraken and Simpliras. It's Wednesday, August 30th, 2023, and this is Markets Daily from CoinDesk. Hi, I'm Michelle Musso here with your crypto markets roundup. On today's show, we're talking Bitcoin, Grayscale Spot, Bitcoin ETF and more. And just a reminder, CoinDesk is a news source and does not provide investment advice. Bitcoin gained nearly 8%, topping $28 ,000 at one point on Tuesday afternoon, after a federal appeals court ruled that the SEC must review its rejection of Grayscale investments, attempt to convert its GPTC, Grayscale Bitcoin Trust, into an ETF. We'll dive deeper into this story after the break, but first we'll look at markets. Just as it has been typical with such rallies for many months, crypto quickly gave back a chunk of those gains. Bitcoin was trading just under $27 ,400 this morning, still up more than 5 % over the past 24 hours. GPTC also saw its busiest trading session in 14 months with nearly 20 million shares, changing hands through the day. According to Yahoo data, this was the most since the June 2022 crypto market crash. Other movers included Bitcoin Cash, which has surged 15 % over the last 24 hours, and Stacks, a Bitcoin layer 2 protocol, was also a top gainer following the news, gaining 20 % on the day. DCG, the parent company of Grayscale, also owns CoinDesk. Bitcoin's price on Tuesday after weeks of slumber was caused by traders reacting to hopes of the long -contended Grayscale Bitcoin Spot ETF, getting approved in the U .S. While most market participants are rejoicing, some remain cautious about the optimism, draining out the current euphoria amongst loyalists. In a note to CoinDesk on Wednesday, a research analyst at Fincua International said, quote, Grayscale obtained the chance of seeing their filing reevaluated by the SEC as the causes of rejection did not seem fair to the judge. End quote. The analyst continued, quote, It doesn't mean that now Grayscale will be 100 % able to list a spot Bitcoin ETF, nor that this will happen in the future. End quote. The crypto market also received good news from the U .S. Labor Department's job openings and labor turnover survey, which showed vacancies dropped to the lowest level in over two years in July. The data diminished the attractiveness of the U .S. as a comparatively robust economy, eroding the rationale for ongoing Federal Reserve rate increases, consequently pushing down Treasury yields and the value of the dollar. The dollar index fell by nearly 0 .5 percent on Tuesday. Among the pivotal factors that triggered Bitcoin's mid -August decline were the strengthening U .S. resilience narrative, coupled with the subsequent rise in yields and the dollar index. While the degree to which the job survey contributed to Bitcoin's rise on Tuesday is not known, the report has created a supportive environment for risk assets for now.
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Bitcoin Rallies on Grayscale Court Win Over SEC
"This episode of Markets Daily is sponsored by Kraken and Simpliras. It's Wednesday, August 30th, 2023, and this is Markets Daily from CoinDesk. Hi, I'm Michelle Musso here with your crypto markets roundup. On today's show, we're talking Bitcoin, Grayscale Spot, Bitcoin ETF and more. And just a reminder, CoinDesk is a news source and does not provide investment advice. Bitcoin gained nearly 8%, topping $28 ,000 at one point on Tuesday afternoon, after a federal appeals court ruled that the SEC must review its rejection of Grayscale investments, attempt to convert its GPTC, Grayscale Bitcoin Trust, into an ETF. We'll dive deeper into this story after the break, but first we'll look at markets. Just as it has been typical with such rallies for many months, crypto quickly gave back a chunk of those gains. Bitcoin was trading just under $27 ,400 this morning, still up more than 5 % over the past 24 hours. GPTC also saw its busiest trading session in 14 months with nearly 20 million shares, changing hands through the day. According to Yahoo data, this was the most since the June 2022 crypto market crash. Other movers included Bitcoin Cash, which has surged 15 % over the last 24 hours, and Stacks, a Bitcoin layer 2 protocol, was also a top gainer following the news, gaining 20 % on the day. DCG, the parent company of Grayscale, also owns CoinDesk. Bitcoin's price on Tuesday after weeks of slumber was caused by traders reacting to hopes of the long -contended Grayscale Bitcoin Spot ETF, getting approved in the U .S. While most market participants are rejoicing, some remain cautious about the optimism, draining out the current euphoria amongst loyalists. In a note to CoinDesk on Wednesday, a research analyst at Fincua International said, quote, Grayscale obtained the chance of seeing their filing reevaluated by the SEC as the causes of rejection did not seem fair to the judge. End quote. The analyst continued, quote, It doesn't mean that now Grayscale will be 100 % able to list a spot Bitcoin ETF, nor that this will happen in the future. End quote. The crypto market also received good news from the U .S. Labor Department's job openings and labor turnover survey, which showed vacancies dropped to the lowest level in over two years in July. The data diminished the attractiveness of the U .S. as a comparatively robust economy, eroding the rationale for ongoing Federal Reserve rate increases, consequently pushing down Treasury yields and the value of the dollar. The dollar index fell by nearly 0 .5 percent on Tuesday. Among the pivotal factors that triggered Bitcoin's mid -August decline were the strengthening U .S. resilience narrative, coupled with the subsequent rise in yields and the dollar index. While the degree to which the job survey contributed to Bitcoin's rise on Tuesday is not known, the report has created a supportive environment for risk assets for now.
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Bitcoin Hovers Around $26K, Thailands New Pro-Crypto Prime Minister
"This episode of Market Staley is sponsored by Kraken. It's Wednesday, August 23rd, 2023, and this is Market Staley from CoinDesk. Hi, I'm Michelle Musso here with your crypto markets roundup. On today's show, we're talking Bitcoin, XRP, Thailand and more. And just a reminder, CoinDesk is a news source and does not provide investment advice. Bitcoin has dropped back below $26 ,000 as the market awaits developments from the central bankers meeting at Jackson Hole on Friday. The world's largest cryptocurrency by market value dropped just below the $26 ,000 mark on Wednesday, after trading in a tight range over the past 24 hours, hitting a weekly low of $25 ,500. The cryptocurrency rebounded slightly from the low but remains down 9 % over the last seven days. The head of digital asset strategy at Fundstrat wrote, It is possible that any semblance of dovishness from Jay Powell on Friday could help inspire a recovery. Continuing, Beyond that, we also have a potential ruling in the grayscale case to look forward to. The analysts added that they believe the market is closer to a local bottom rather than top, given the absence of industry -specific catalysts and a decline in liquidity. On Monday, we discussed that the past week saw an increase in the Ether -to -Bitcoin ratio. The Ether -Bitcoin ratio rose more than 2 % last week, contrasting with its record of taking losses during bouts of risk aversion. Still, options data tracked by Amberdata show a strong bearish outlook for Ether, with traders hedging against potential price weaknesses over a number of timeframes. Meanwhile, traders remain bullish on Bitcoin over the long run. The persistent bias for long -term BTC calls perhaps stems from the belief that the top cryptocurrency would be the first beneficiary of an eventual positive flip in the macroeconomic environment. Noelle Acheson, author of the Crypto is Macro Now newsletter, said, Bitcoin continues to be the macro asset for the crypto market and could also see some strong inflows as the macro environment shifts. Many large investors will continue to prefer Bitcoin exposure for its liquidity, market cap, and relative stability. Bitcoin's short -term holders, which tend to be sensitive to short -term price gyrations, are largely underwater on their coin holdings after the recent price slide, according to on -chain data. The head of digital assets in Merrick Solutions said the unrealized losses of short -term holders are one of the critical problems for the market right now. The real problem is the current fragile market set up for Bitcoin because short -term holders are underwater in both price and narrative. They said this in an email. BNB, a cryptocurrency closely linked to Binance, fell to its lowest in more than a year after a report regarding fresh risks over Russia sanctions added to already mounting regulatory and legal pressure on the crypto exchange. The token sank to its weakest level since June 2022's crypto market crash. It's since pared some of those losses down by 7 % over the past week. The latest decline happened after The Wall Street Journal reported that Binance was facilitating Russian users' ability to move money abroad, despite widespread international sanctions. Bearish sentiment in the broader market has weighed down on tokens that may have been otherwise fueled by positive fundamentals. This comes as traders look to take profits on price movements instead of a buy -and -hold approach. Data shows XRP, among the world's largest tokens by market capitalization, has lost nearly all gains after Ripple Labs' landmark court ruling over the U .S. Securities and Exchange Commission in July. XRP exchanged hands at $0 .50 on Wednesday, down 14 % in the past week and 30 % over a 30 -day period. Price chart data shows the tokens hit a yearly high on July 20th, but Wednesday's prices are back to levels before the SEC ruling. Today's market updates come from CoinDesk Lilladezma, Amkar Gbole, and Shariah Malwa. Stay tuned for after the break when we'll take a look at the news from Australia and Thailand.
Markets Daily Crypto Roundup
A highlight from Crypto Update | Bitcoin Hovers Around $26K, Thailands New Pro-Crypto Prime Minister
"This episode of Market Staley is sponsored by Kraken. It's Wednesday, August 23rd, 2023, and this is Market Staley from CoinDesk. Hi, I'm Michelle Musso here with your crypto markets roundup. On today's show, we're talking Bitcoin, XRP, Thailand and more. And just a reminder, CoinDesk is a news source and does not provide investment advice. Bitcoin has dropped back below $26 ,000 as the market awaits developments from the central bankers meeting at Jackson Hole on Friday. The world's largest cryptocurrency by market value dropped just below the $26 ,000 mark on Wednesday, after trading in a tight range over the past 24 hours, hitting a weekly low of $25 ,500. The cryptocurrency rebounded slightly from the low but remains down 9 % over the last seven days. The head of digital asset strategy at Fundstrat wrote, It is possible that any semblance of dovishness from Jay Powell on Friday could help inspire a recovery. Continuing, Beyond that, we also have a potential ruling in the grayscale case to look forward to. The analysts added that they believe the market is closer to a local bottom rather than top, given the absence of industry -specific catalysts and a decline in liquidity. On Monday, we discussed that the past week saw an increase in the Ether -to -Bitcoin ratio. The Ether -Bitcoin ratio rose more than 2 % last week, contrasting with its record of taking losses during bouts of risk aversion. Still, options data tracked by Amberdata show a strong bearish outlook for Ether, with traders hedging against potential price weaknesses over a number of timeframes. Meanwhile, traders remain bullish on Bitcoin over the long run. The persistent bias for long -term BTC calls perhaps stems from the belief that the top cryptocurrency would be the first beneficiary of an eventual positive flip in the macroeconomic environment. Noelle Acheson, author of the Crypto is Macro Now newsletter, said, Bitcoin continues to be the macro asset for the crypto market and could also see some strong inflows as the macro environment shifts. Many large investors will continue to prefer Bitcoin exposure for its liquidity, market cap, and relative stability. Bitcoin's short -term holders, which tend to be sensitive to short -term price gyrations, are largely underwater on their coin holdings after the recent price slide, according to on -chain data. The head of digital assets in Merrick Solutions said the unrealized losses of short -term holders are one of the critical problems for the market right now. The real problem is the current fragile market set up for Bitcoin because short -term holders are underwater in both price and narrative. They said this in an email. BNB, a cryptocurrency closely linked to Binance, fell to its lowest in more than a year after a report regarding fresh risks over Russia sanctions added to already mounting regulatory and legal pressure on the crypto exchange. The token sank to its weakest level since June 2022's crypto market crash. It's since pared some of those losses down by 7 % over the past week. The latest decline happened after The Wall Street Journal reported that Binance was facilitating Russian users' ability to move money abroad, despite widespread international sanctions. Bearish sentiment in the broader market has weighed down on tokens that may have been otherwise fueled by positive fundamentals. This comes as traders look to take profits on price movements instead of a buy -and -hold approach. Data shows XRP, among the world's largest tokens by market capitalization, has lost nearly all gains after Ripple Labs' landmark court ruling over the U .S. Securities and Exchange Commission in July. XRP exchanged hands at $0 .50 on Wednesday, down 14 % in the past week and 30 % over a 30 -day period. Price chart data shows the tokens hit a yearly high on July 20th, but Wednesday's prices are back to levels before the SEC ruling. Today's market updates come from CoinDesk Lilladezma, Amkar Gbole, and Shariah Malwa. Stay tuned for after the break when we'll take a look at the news from Australia and Thailand.
CoinDesk Podcast Network
"june 2022" Discussed on CoinDesk Podcast Network
"This episode of Markets Daily is sponsored by Kraken. It's Friday, August 18th, 2023, and this is Markets Daily from CoinDesk. Hi, I'm Michelle Musso here with your crypto markets roundup. On today's show, we're talking Bitcoin's latest price plunge, Ripple and more. And just a reminder, CoinDesk is a news source and does not provide investment advice. Bitcoin has dropped 7% over the past 24 hours, plunging to a two-month low. The world's largest cryptocurrency by market value briefly fell to $25,234 on Thursday. All coins performed slightly better, with Ether losing 6% over the same time period and Solana Sol losing around 5%. Traders say market structure and liquidations were likely the reason for the sudden drop instead of a singular fundamental catalyst. Cryptocurrency traders suffered $1 billion of losses in liquidations over the past 24 hours, according to CoinGlass data, as digital asset markets suffered one of their worst sell-offs of the year. According to CoinGlass data, some $820 million of long positions, traders who bet on prices to rise, were wiped out during the rush to the exits. Bitcoin traders took the brunt of the losses, enduring $470 million of long liquidations, followed by Ether with $300 million. This was the largest level of BTC liquidations for a single day since June 2022, Coinalized data shows. Funding rates in Bitcoin perpetual futures listed worldwide crashed late Thursday after a sudden price slide put the recently popular short volatility bets at risk. Perpetuals are futures with no expiry, with a funding rate mechanism that helps tether perpetual prices to the index price. A negative funding rate suggests the dominance of bearish short positions, with shorts paying longs to keep their bets open. Positive rates indicate otherwise. Perhaps traders who shorted options in recent weeks, a popular strategy to profit from a continued volatility lull, sold perpetual futures to hedge risks from volatility spikes, pushing perpetuals into a steep discount and adding to the price swoon. Stay tuned for after the break when we'll take a look at Ripple and ETFs. Meet the all-new Kraken Pro, the powerful, customizable, beautiful way to trade crypto. It's Kraken's most powerful trading platform ever, packed with trading features like advanced order management and analytics tools, all in a redesigned, modular trading interface. So head to pro.kraken.com and trade like a pro. Not investment advice? Some crypto products and markets are unregulated. The unpredictable nature of the crypto assets market can lead to loss of funds and profits, maybe subject to capital gains tax.
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Bitcoin Tumbles Below $26K
"This episode of Markets Daily is sponsored by Kraken. It's Friday, August 18th, 2023, and this is Markets Daily from CoinDesk. Hi, I'm Michelle Musso here with your crypto markets roundup. On today's show, we're talking Bitcoin's latest price plunge, Ripple and more. And just a reminder, CoinDesk is a news source and does not provide investment advice. Bitcoin has dropped 7 % over the past 24 hours, plunging to a two -month low. The world's largest cryptocurrency by market value briefly fell to $25 ,234 on Thursday. All coins performed slightly better, with Ether losing 6 % over the same time period and Solana Sol losing around 5%. Traders say market structure and liquidations were likely the reason for the sudden drop instead of a singular fundamental catalyst. Cryptocurrency traders suffered $1 billion of losses in liquidations over the past 24 hours, according to CoinGlass data, as digital asset markets suffered one of their worst sell -offs of the year. According to CoinGlass data, some $820 million of long positions, traders who bet on prices to rise, were wiped out during the rush to the exits. Bitcoin traders took the brunt of the losses, enduring $470 million of long liquidations, followed by Ether with $300 million. This was the largest level of BTC liquidations for a single day since June 2022, Coinalized data shows. Funding rates in Bitcoin perpetual futures listed worldwide crashed late Thursday after a sudden price slide put the recently popular short volatility bets at risk. Perpetuals are futures with no expiry, with a funding rate mechanism that helps tether perpetual prices to the index price. A negative funding rate suggests the dominance of bearish short positions, with shorts paying longs to keep their bets open. Positive rates indicate otherwise. Perhaps traders who shorted options in recent weeks, a popular strategy to profit from a continued volatility lull, sold perpetual futures to hedge risks from volatility spikes, pushing perpetuals into a steep discount and adding to the price swoon. Stay tuned for after the break when we'll take a look at Ripple and ETFs. Meet the all -new Kraken Pro, the powerful, customizable, beautiful way to trade crypto. It's Kraken's most powerful trading platform ever, packed with trading features like advanced order management and analytics tools, all in a redesigned, modular trading interface. So head to pro .kraken .com and trade like a pro. Not investment advice? Some crypto products and markets are unregulated. The unpredictable nature of the crypto assets market can lead to loss of funds and profits, maybe subject to capital gains tax.
Markets Daily Crypto Roundup
A highlight from Crypto Update | Bitcoin Tumbles Below $26K
"This episode of Markets Daily is sponsored by Kraken. It's Friday, August 18th, 2023, and this is Markets Daily from CoinDesk. Hi, I'm Michelle Musso here with your crypto markets roundup. On today's show, we're talking Bitcoin's latest price plunge, Ripple and more. And just a reminder, CoinDesk is a news source and does not provide investment advice. Bitcoin has dropped 7 % over the past 24 hours, plunging to a two -month low. The world's largest cryptocurrency by market value briefly fell to $25 ,234 on Thursday. All coins performed slightly better, with Ether losing 6 % over the same time period and Solana Sol losing around 5%. Traders say market structure and liquidations were likely the reason for the sudden drop instead of a singular fundamental catalyst. Cryptocurrency traders suffered $1 billion of losses in liquidations over the past 24 hours, according to CoinGlass data, as digital asset markets suffered one of their worst sell -offs of the year. According to CoinGlass data, some $820 million of long positions, traders who bet on prices to rise, were wiped out during the rush to the exits. Bitcoin traders took the brunt of the losses, enduring $470 million of long liquidations, followed by Ether with $300 million. This was the largest level of BTC liquidations for a single day since June 2022, Coinalized data shows. Funding rates in Bitcoin perpetual futures listed worldwide crashed late Thursday after a sudden price slide put the recently popular short volatility bets at risk. Perpetuals are futures with no expiry, with a funding rate mechanism that helps tether perpetual prices to the index price. A negative funding rate suggests the dominance of bearish short positions, with shorts paying longs to keep their bets open. Positive rates indicate otherwise. Perhaps traders who shorted options in recent weeks, a popular strategy to profit from a continued volatility lull, sold perpetual futures to hedge risks from volatility spikes, pushing perpetuals into a steep discount and adding to the price swoon. Stay tuned for after the break when we'll take a look at Ripple and ETFs. Meet the all -new Kraken Pro, the powerful, customizable, beautiful way to trade crypto. It's Kraken's most powerful trading platform ever, packed with trading features like advanced order management and analytics tools, all in a redesigned, modular trading interface. So head to pro .kraken .com and trade like a pro. Not investment advice? Some crypto products and markets are unregulated. The unpredictable nature of the crypto assets market can lead to loss of funds and profits, maybe subject to capital gains tax.
The Bitboy Crypto Podcast
"june 2022" Discussed on The Bitboy Crypto Podcast
"Keep your hands off my mic. What is going on guys? I hope you're having a good day. As you watch me, my all my dreams crumble right in front of me. But guys, obviously we are getting a pretty nice move on Bitcoin, so we actually do have some interesting stuff to look at. We broke some very, very, very, very key levels to the downside and then we just broke them back to the upside. So things are actually looking pretty good. We do have some decent signs on the medium hourly time frames. We also have some pretty bullish stuff on the higher time frames that could indicate a potential continuation to the upside. So let's go ahead and jump right into the charts. So hopefully, okay, seems to be working better than last week. I think it was, I don't know if it was Friday when we were on the show, the computer was freezing. It was absolutely brutal. But seems to be much better. But first off, guys, I do want to kind of just zoom out a little bit and show you guys kind of how I am looking at the charts as of right now. Obviously looking at price action in terms of ranges as we usually do. Now I do just want to mark off that key level that we broke to the downside. And just to kind of break down what we were looking at before and kind of how things have changed since the weekend, right? So if we pull our fixed range volume profile all the way through this entire range of price action coming all the way back here to about June 2022, you guys can see one of those major, major key levels we were watching saying basically if we break this value area high at about 21,600, this is likely where we will see price breakdown much further. One of those targets to the downside was that CME gap at about $19,500, it's pretty insane these CME gaps how accurately sometimes they can just come down and fill. What? We have a new one. We do. Yes, we do have a new CME gap. I'll try to pull that up in a second here. But we did. I told y'all. I told y'all we were going to go fill that gap. I tried to tell y'all. I tried to show you the importance of it. And I tried to say no matter how bullish I get, unless we get above like 30 K,
Daily Tech Headlines
"june 2022" Discussed on Daily Tech Headlines
"First wave of PCI Express 5 drives are hitting store shelves. The PCI 5 SSD gigabyte oris gen 5 10,000 catchy name and micro center exclusive inland TD 5 ten both promised peak read speeds of up to 10,000 megabytes per second up from 7450 megabytes per second for the PCI Express four based Samsung 9 90 pro. But cost is a factor ours tactic says the two terabyte versions are the drives are more than twice the price of equivalent PCI Express four versions. And the drives heat sinks are very large and that fit into some installations. It remains a tough market to sell PCs and its Q four del beat analyst earnings and revenue estimates, but its client solutions group, which includes consumer PCs, and its consumer PC group saw revenue fall down 23% and 17% on the year, respectively. Earlier this week, HP saw similar steep declines in its PC revenue with consumer and commercial PC sales down 36% and 18% of the year, respectively. According to a regulatory filing, zoom terminated the contract of its president, Greg toom without cause to join the company in June 2022, previously working as VP of sales for workspace at Google. Last month, zoom cut 15% of its staff impacting 1300 jobs. The reserve Bank of India issued a $373,300 fine against Amazon pay saying it proved non compliant with its guidelines on prepaid payment instructions and know your customer rules, although provided no specifics. An Amazon spokesperson said, we remain deeply committed to operating as per regulatory guidelines and maintaining a high compliance bar. U.S. prosecutors announced the telecommunications company Ericsson pled guilty to violating anti bribery rules in the foreign corrupt practices act, agreeing to pay a $206 million penalty. This comes after the company entered into a deferred prosecution agreement in a 2019 settlement over an alleged years long campaign of corruption that saw the company bribe officials and falsify records in Djibouti, China, Vietnam, Indonesia, and Kuwait. This latest guilty plea comes as the U.S. Department of Justice found Ericsson failed to disclose all factual information and evidence involving its activity in Djibouti and China, as well as possible evidence about similar activity in Iraq. Ericsson paid over $1 billion in penalties in 2019 over these charges. Twitter expanded its blue subscription service to over 20 new countries in Europe, including the Netherlands, Poland, Ireland, Lithuania, Croatia,
Techmeme Ride Home
"june 2022" Discussed on Techmeme Ride Home
"Friday, February 17th, 2023, I'm Brian McCullough today. The U.S. is suing terraform labs and Doe Quan. The UK is investigating rumors that Google paid apple not to spin up its own search engine, Susan wojcicki is stepping down as YouTube CEO, marking a major end of an era. And of course, the weekend long read suggestions. Here's what you missed today in the world of tech. The SEC is officially suing terraform labs and its founder do Kwan for allegedly selling unregistered securities, specifically the Terra USD stablecoin and perpetrating a fraudulent scheme that lost more than $40 billion in market value according to the agency, quoting Bloomberg. The agency also accused the company and Kwan of misleading investors, including by making false statements about a relationship with a popular South Korean mobile payment app called chai and about the stability of the stablecoin, which was marketed as maintaining a one to one peg to the U.S. dollar. Terraform and Quan didn't immediately respond to requests for comment. Separately, federal prosecutors in Manhattan are investigating terraform labs, people familiar with the criminal probe said. That inquiry also involves looking into the actions of Kwan, they said, and the commodity features trading commission has been probing the events surrounding the Terra USD collapse according to one of the people familiar representatives for the prosecutor's office and CFTC declined to comment. Tara USD or UST was supposed to maintain its peg to the dollar through an algorithm and trading in a sister token called Luna. The arrangement failed spectacularly when the stablecoin crash last May, the tokens implosion kicked off a domino effect that directly or indirectly fueled bankruptcies in high profile companies, including hedge fund three arrows capital, Voyager digital and most prominently Sam bankman freed's Alameda research and FTX and quote. Not only that, headlines this morning are coming in that the SEC believes Quan and terraform labs have withdrawn more than a $100 million in Fiat currency from a Swiss bank since June 2022 after moving more than 10,000 Bitcoin out of a cold wallet.
Daily Pop
"june 2022" Discussed on Daily Pop
"Oh. You got me down. 50 cameras around you. Yes. It is not yours. At all times, but some things are off topic. Some things are too much. That has a man ever grown on you. You met him in the beginning of your life. Yes. Oh, yes. Okay. That's really great. Like, I love what I am surprised by how much I like somebody because what that says to me is it's about their persona about their soul about their spirit about their conduct. Like you may be attracted to them, but like when it really blossoms into something over time, that means that my appreciation for them is really, really more than just surface. And I know Pete Pete has a really good confidence. He has a really good energy. He has something else that's really good too. What I hear. Lonnie. All right here. All right, do you tell, where is the popcorn, you guys? Listen, you know, Kim said that she did SNL. She felt a little spark, and she was just down with the abbreviated term down to hang out. We'll say. Right. And it turned into more, but I think sometimes you're right. You can hang out with someone and you discover who they are on the inside and all of a sudden you're like, oh my God. Oh my gosh, I can't. And I think it's important that you become friends first. I think we're so busy in our society that we see someone that's attractive. We get into this mode. No, take your time, see if you'd like the person. And I think that's what's, you know, it's actually happening. Now, Kim also revealed a little something else Pete did that got her all hot and bothered. Pete is such a good, good person. I can't even explain it. Like he just has the best heart and always thinks of the small things. One time, Pete was like, babe, let's go get some ice cream at thrifty. And I was like, oh my God. You are making me so corny Rite Aid thrifty. It was literally like one of the best nights of my life. What? Can I say that thrifty has the best ice cream? Okay, see now I'm gonna have to have some on the way home. Oh yeah. Really? Yeah. But enough to make you right, exactly. I don't know. As a woman, I mean, it's the little stuff that I think she was talking about. It is the little things. It's when you know someone is paying attention to you and they are taking inventory, not only to learn you better, only to learn what you like and what you appreciate and what makes you smile. I love those things. I love the attention to detail. Someone's really, really intentional about learning. Yeah. Every experience that is Lux and high end, she can access. For something simple about baby, let's go to thrifty. I mean, that's kind of that is kind of hot. You know how many men are probably like, I could have took her to church. That's all they say. Literally. They're all like, I should have shot my shot. Oh my God. Not a Leroy's in the rays. It's like, that's all I need. Right, exactly. I love it. We love to see it. Now, Jennifer Lopez looked incredible for her world premiere of her documentary halftime at the opening night of the Tribeca festival. She told us what still makes her nervous and why she thanked her haters at the MTV Movie and TV awards. I want to thank true love and I want to thank the way that I lied to myself..
a16z
"june 2022" Discussed on a16z
"And our banks, trust commercial banks and commercial banks, trust the fed, and it's kind of a hierarchy. And if for whatever reason a fraudulent transaction happens, there's like a legal mechanism by which those things can actually kind of be reversed. And that doesn't exist in crypto necessarily because the whole point of it is to be decentralized and kind of prevent any one party from having that power. And so what ends up happening is a lot of people will trust third parties to custody these private keys for them. So this most commonly happens with cryptocurrency exchanges, the exchange keeps an internal balance of how much crypto that I own, but they are the one that maintains this private key. So the best exchanges and the best wallet products out there use the most cutting edge cryptographic and computer security techniques. What you're getting there is best in class security. Like you would see at a bank in terms of their level of digital protection. So we've talked about Bitcoin's underlying properties now in section two of this podcast on the expansion of crypto. Let's quickly explain the blockchain and talk about how it enabled crypto to move beyond Bitcoin. First, here's a 16 Z data scientist Eddie explaining why it's called the blockchain. When transactions are submitted to a blockchain, they go into a large queue that miners who are continuously verifying the state of the network, they grab these transactions, and they bundle the new transactions into these blocks that are committed to the end of the chain of blocks. This block is inextricably tied to the previous block using cryptography, specifically a hash function, is connecting your transactions to the most previous recognized status of the blockchain. Everything that's in the new blocks state can't disagree with the previous block. And in fact, any of the blocks before that. So that's how the blockchain works, but that basic concept opens up many new possibilities for computing. So let's go up a level to the big picture. A 16 Z general partner Chris Dixon has talked about crypto in the blockchain being a new computing paradigm, similar to mainframes in the 50s, the Internet in the 90s, and mobile in the 2000s. Here's Chris on how he sees the blockchain and what you can do with it. The way I think of what a blockchain is, it's a virtual computer that sits on top of a network of physical computers. Sometimes called minors are validators. That can make strong game theoretic guarantees that the code runs will continue to operate as designed. In other words, it's a computer that can make commitments can make commitments to users. It can make commitments to developers and make commitments to anyone that's accessing it. And you can rely on those commitments by simply reading the code and looking at the architecture of the computer without knowing anything about the people that created the computer or the people that are running the computer, you just have to look at the code and you can trust in the code. Why would you want a blockchain? Because a blockchain can do new things that prior computers couldn't do..
The Garden Report | Boston Celtics Post Game Show from TD Garden
"june 2022" Discussed on The Garden Report | Boston Celtics Post Game Show from TD Garden
"Was a fourth quarter this game. And he showed up. Facts dog. We talked about that before you hopped on. Those back to back possessions, which actually were not good possessions where he's forced into a late in the clock kind of pull up three, which he makes. And then the other one, which the out of bounds plays 2.8 seconds left on the shot clock he gets it kind of jukes butler. That was and play, yeah, he butler thought he's going baseline to his right for sure and he spun it around to the left. Beautiful shot those 5 points goes back to back buckets. That was everything right there. That's what you needed. And people were crying for it at that point. It's like, oh my God, please step like, take over. Right, because the offense was looking just not great. And Tatum stepped up and saved them. And that was huge. And Jalen made a nice driving bucket as well. They got the bucket when they needed them. To push that lead to a comfortable enough zone where they could basically absolutely melt down like they did over the last 90 seconds and still hold on to win. Thanks to those guys, obviously. And yeah, I'm going to keep bringing that up because I don't appreciate that they did it to us. I didn't want to experience that. Let me ask you guys. I didn't want to feel that, Jimmy. No. I'm serious here. And I was going to ask, but across the mind a few times. And towards the end of the game, I was like, man, you know, even though something's didn't win it, even though Jason Tanner got the MVP award and his name after Larry Bird and all that was something fans wanted to see. But did any of you guys cross your mind for a second that they might pull the Jerry West and give it to Jimmy Butler? Because, man, when's the last time you seen someone was a series like this? I would have known it. I would have given it to butler. Right? No. He was a level up. The three bad bird trophy isn't going to Jimmy bother. The three bad games cost him. When? You got to look at the whole series, the three bad games cost him. So I take it back. He won two games entirely on his own. And that counts for a lot, but he did disappear for three. And I think that that's probably why. We're pretty consistent. Two games ago, y'all was in the shit. At least he didn't have 6 points. They won. They won. At the end of the day, the team that wins is going to move on. You're not very bird isn't going to give his trophy out to a freaking loser, bro come on. Well, Larry Bird. Larry Bird. Larry Bird. Name to a loser though. They're not going to attach everything. Well, you should have wanted, then you should hit that three pointer. It was the Jerry West award. If Jean brother hits that three pointer, he probably gets that award, but guess what? We're having a much different conversation. I think if he hits that point. Yeah, obviously, because that's the hell. Right. Right. That would have been a meltdown of all meltdowns. And bizarre way, and none of us would have been shocked if that shot went down. I don't think it was. Oh, this would have been a different job. And then I would have said it enjoy the enjoy the warrior sweep of the files, that would have been. Oh, that's real. I feel much. And that's real. I started looking at I started looking at the mattress of the two different days against Golden State. I don't know how they win one game. Let's go to steak out boy. Oh, let's go to the session. Jordan Poole, we need you to take over, Steph, hit the night off. Draymond. Don't you don't you got some TNT stuff to do, draymond? We're good. I thought, I thought Jalen had a good bounce back night tonight too. He had some really good shots in the lane, some strong man. I have some putbacks. You know, she went to free throw line. I know he wasn't that great from the three point line, but I thought jaylen Brown really had a good night after the situation that I guess we took all the situation at the free throw line in game 6 where he missed those two and that kind of that kind of I want to say it was a snowball from there. So you got to give Janet brown a little credit. We've talked about ten and brown deserves a flower tonight too. He does. And you know what, Jimmy, if I'm the Celtics, especially when the season ends and you're like, you know, you put together the highlight tape or stuff you want guys to study. I want Jalen to look at this game. Over and over and over again. And look at the decision making that he made when he had multiple options to choose from. Do I go deep with the driver? Do I pull up for the mid range? Do I reset and swing at the top of the key to Marcus and then just run the office and reset it that way? Or do I just shoot this damn 60, 70 foot jump shot that I can literally make in my sleep if I really, really wanted to. I thought his decision making was so accept. This was the best decision making game. I think jaylen Brown has had as a selfie. I mean, he had four turnovers, but I really didn't have an issue with his overall thought process and his game. He didn't just take what the defense gave. He recognized what the defense was willing to give, even when they weren't giving it to him. Yeah. Great ball movement. I mean, you know, a lot of hockey is just, this was a great game for Jalen Brown. And he said better scoring games, I know that, but his overall for sure. It was really good. It was real good. Yeah, I think one of the things about Jalen is just given the game what it needs. Sometimes he doesn't do that. He tries to force it. And I felt like he did that. From the book of Paul Pierce, you have the game where the knees. I see you, Jimmy. I show that. There you go. Yeah. Well, where I do, I will play devil's advocate because obviously like, you know, here we go. 'cause that's your thing. It just plays devil. Yeah, that's my thing. Right. Well, wait, Jimmy. Okay. No, I mean, I'll be the first person to go to go all in on Tatum and Brown because their expectation level is considerably higher than everybody else's. So there's no reason to judge them and be like, he had 20, doesn't matter. You're supposed to elevate the team. Right. And so that's that with it. But really it does come down. The problem with it is there's so much pressure on them to take over. Last game was one of those games where they were both actually playing fairly well and they got and they were playing in control and they weren't forcing the issue, but they got a ton of heat for not taking over late. Jayson Tatum was probably the most talked about guy for the last 48 hours and sherrod you went in on him after the game of like, you gotta, you gotta step up. You gotta take the shots here. It can't be everybody else doing it. So hell yeah. The pressure on them is sometimes to force the issue. And the other team knows that that's coming. And this is where they run into kind of the worst. This is where they become the worst version of themselves is they're trying to stuff it into traffic. They're trying to be it's that fine line between aggressive and forcing. And they haven't figured it out fully, which is why sometimes they get themselves into trouble and you've had these really high turnover games like they had in the playoffs. That.
Talk 1260 KTRC
"june 2022" Discussed on Talk 1260 KTRC
"Anything on your mind? You'd like to talk about want to talk about your favorite Rolling Stones concert. I know some people who have seen the stoned many, many, many times. Many times I saw him once. Charlie Watts. Passed away today in England and hospital in London at 80 years old. Talk about that. You wanna talk about Covid? You want to talk about anything on just anything? Anything? Tom 5054 to 4. 12 60. So I got this email yesterday from the Democratic Party of New Mexico to handle laugh. Handle that. Um It's kind of reminded me at the time. Read it. It's like They often say in golf tournaments. You cannot win the tournament on Thursday and Friday, but you can lose it. You know you can, you know, just play yourself out of making the cut on Thursday and Friday. And it reminded me of what Rebecca Taoist kind of do and say representative from TRC. I mean, we're 10 months out, nine months out. From the Republican primary. June 2022. For statewide elections. Like governor, she says she's running for governor. But I sense I fear I don't fear and it doesn't really matter. Um, but she's going to basically just convince people she's not right. She's not ready. To be governor. Not saying it because the age or experience or anything else just From her from her statements and the latest that I got yesterday from the Democratic Party in New Mexico. Rebecca Dow. Attacking mile inseminate from the from the new Mexican Which is fine, you know. Democratic Party's, You know, says she's taking, you know, taking a page out of Trump's playbook. Maybe. I mean, you know what she's doing, attacking the governor and being kind of pro trump when it comes to Getting vaccinated. And all of that. And attacking the governor for mandating mask and vaccinations and nurses and healthcare workers, which is The most reasonable people and no brainer. And you know, I started Been talking about Rebecca Dow or other Republicans who are kind of nuts in New Mexico. I mean, the theme song for them now on this show is dead skunk in the middle of the road..
KOA 850 AM
"june 2022" Discussed on KOA 850 AM
"3931 of the text line. Hey, guys, can you tell me what procedure Kathie Lee had done on her eyes? Was it cosmetic? Or was it LASIK? Also? Who was her doctor? Would you like her Social Security number two? Um, it was well, I would say mine was cosmetic. I think some people would say that it's about a lot of people need it Site. Yeah, it's the upper I live, which is called the Upper Bluff. Right, And they took off the extra skin that covers your I and my doctor was named Dr Michael McCracken. Here we go again, not fill. It's Michael. Different. McCracken. Yeah, that's Michael. Not Phil. I know. Brother fills twin Brother McCracken's Are they? Both doctors know you guys are joking. Bill is not his name. There is no one such name film a cracking that was that wasn't the boob job. Doctors really thought there was No Doctor Bush was the IVF doctor. Okay? I forgot or confused. You have so many doctors through all my doctors. Would you like a sheet to get on my doctor? Dr. Bush? Doctor, We need a program. Yes, Doctor hurt. Dr Judd, right, Okay, Yeah. All right. I feel like you want a cliff notes. I feel like a carpet in water that just had a huge hook pulled out of its mouth saved his life. But he'd already bit, you know. Completely took the bait. Uh, all right. We're talking about the, uh The court case being vacated. We got that news yesterday late afternoon. With respect to the ownership of the Denver Broncos. And now the speculation is everywhere. As to whether or not there's some sort of settlement That has been agreed upon and if, in fact that is true. What exactly does that settlement Mean? In terms of The Broncos ownership moving forward. And as we said, when we started the show today at nine o'clock, um just talking to a handful of people that normally have really Good intel with respect to the Broncos, and and even people within the organization, nobody and I mean nobody is commenting at least as of right now, so we are left. To speculate. As to what happened. How did this take place? Why was the court case vacated yesterday and My guess is there is some sort of Agreement in place. That the team is going to be sold. The other. I think Thing that pops into my mind is that the kids have with her legal representation, gotten together and just said, You know what? We're not. We've got to figure this out. Maybe the kids have had some sort of agreement. I think there were things that again. Talking to a couple of people, um, that have worked this story very closely. There were things that were going to come out in that trial that would have been and this would be an understatement. Very unflattering to The bowling family and Path in particular. And so I, You know, I have. I don't know that this is the case that the kids said we can't let that happen. But it would stand reason if they knew that there was More than just potential of certain things coming out. It was going to get I feel very safe in saying this. It was going to get very nasty, very sorted. And you know what people don't need to be brought into Your family's business like that. I totally get that. You know, that makes a lot of sense. Hope they tell us what's going on. Yeah, because right now there's a lot of speculation. Well, what we know now is that the lawsuit? Um, that was being brought by Beth and Annie. And the lawsuit was against the trustees. And that is, um Joe Ellis, and that's Rich Slivka and Mary Kelly. Is No longer there. The lawsuit is off. So if you if you were going, you know you can speculate and that's what we're doing. If you were going to Vacate. The court case. You'd have to have some sort of reason as to why to do it right. And they're therein lies the Conjecture by many, including me as to what those reasons are. Wanted to get your take on on. Governor Polis in Colorado banning Native American mascots. That, uh Schools. In Colorado and They have to change their name. It looks like by October And public universities. By June 2022. I saw the public universities what high schools Whatever high schools use the Native American mascot, they say, As of June 8th about 1900 schools across the country still use American Indian themed mascots. I don't know how many in Colorado so this this has been mandated by the federal government by governor Poloz by governor governor Polish, Colorado, they will no longer be allowed it. And in some cases, we know that The the Indian tribes like Having their name used. Look at Florida State Seminoles. The Seminoles. Yeah, and so I wonder if they will force them. Even if the you know some of the tribes. Like having their name used. I do see that there's one Here is, uh, southern Ute tribal chairman. Melvin J. Baker said. My people have worked hard to overcome these policies aimed to exterminate our existence. In any record of our history and culture, and I wonder if he's referring to getting rid of the names. I don't understand that statement. Well there so Arapahoe High school Do they use? They have been the Warriors. I'm not sure. I mean, you know, that's all I can think of off the top of my head. Well, I mean, Nevada used to be the Redskins. They're not anymore. Um I'm just going through. Schools that I'm from. Yeah, right here. That's what I was thinking of two, um, a texture, said Loveland High Indian. They used to be the Indians. Not anymore. I don't know. I mean, I'm not sure. Had a really good tradition sports tradition for a long time at Loveland. Um Loveland. I believe the For a state champion in football last year for the For the regular season. Um What we look and see about that couple of tidbits of news information as we have on a daily basis, and I'm sure you have as well been following the tragedy in Surfside, Florida. There are now 16. People that are confirmed dead. Uh, with 147. Still unaccounted for, and you hate to think of those people alive, trapped. Buried under all that rubble. I mean, they, you know they're the authorities. There are still at least publicly holding out hope that they're going to be able to find some survivors. But when did that, When did the building Crash was that was Thursday, wasn't it? Last week. Maybe Friday, Thursday, Thursday. Yeah, it's been six days. Wow. That's yeah, That means six days. I don't know, man. What? Uh, already three lawsuits that have been filed. So you know, that number is going to go up and you just You know your heart breaks for You hear some of the stories periodically when you catch tidbits of news during the day, and, uh, you know, family member that the camp one This guy is probably in his thirties. His mom and his grandmother were living together in the building. And he can't He hasn't been able to find either one of them. So it's just you know, you just, uh, shake your head is just awful. Oh, territory. Yeah, I can't imagine being Family waiting to hear if they can find your loved one. We said are alive. We saw this story yesterday, the World Health Organization. Urging masks. For the.
850 WFTL
"june 2022" Discussed on 850 WFTL
"You know, I'll still standing bitter man I've ever been looking like a do. Let me give you do have to harvest time. Think about the This is my about you, My mom. Don't Still stand. Never could hope to win. Starting down the road. Believe in me, I again threats you made momentum continues down and their beloved just to the circus. You'd be a town by Go out still little than ever. This looks good locker, too. That kid to stand after all this time. I still love the bear My back without my mom. No damage. I know that feel than hell. Lack of truth Beautiful, Okay? Girl standing there all this power. Get the feast. Do that. Well, like you my mouth. I felt bad. After No, I don't. Sunny Windows 79 the greatest hits of the seventies, eighties and nineties, It's Bath and Joan Jett and the Blackhearts will be on the bill for the stadium. Jordan. It'll be here next summer in June 2022 Boys and Def Leppard and also on the line up your chance to win tickets. It's sunny when I was 79 dot com. By the record machine. The master's been about 17 from Hey, my favorite star. Tell it could belong with me. Yeah, me and I can tell it wouldn't be long these with me. Oh smiled. So I got up and asked for his name that don't matter, he said, because it's all the same. Take your home where we back along the next room moving on with me, Danny. Next room moving on me. Oh, Where we Next room, moving on with their me and will be moving on and singing at some old song with me. Singing in another diamond and your body, baby, I love rocking. No, come and take your time and dance with me. No. Right? You know what it is? It's an all eighties weekend on sunny one of 79. You're telling me I mean, this Cuba isn't gonna rube itself. That is awesome. Bangkok Oriental sitting.
WTVN
"june 2022" Discussed on WTVN
"This is will be considering whether it's constitutional for states a ban abortions before a fetus can survive outside the womb. Critics fear if the court sides with Mississippi it could open the gates for more restrictions on abortions across the country. The Supreme Court is expected to rule on the case in June. 2022 ABC is faith of Blue Bay and Washington. The 5500 Mile long colonial pipeline is back in operation, but the damage was done. The government reporting the national average price for regular unleaded gas shot up seven cents in one week. 23 oh three a gallon and many gas stations in the Southeast. US continue to report no gas Experts attribute the current gas shortage to panic buying fueled by concerns. Colonial wouldn't be able to meet market to man surge in demand for gas is also boosting prices. BC's Elizabeth Scholesy Continuing confusion over a face mask wearing after federal public health officials decreed fully vaccinated Americans can go massless in most situations in Southern California, Susan Hernandez is vaccinated but worries about catching cove it again. I'm gonna continue to wear my mask because I don't want to bring something home to my father, who has cancer. Louisville, Kentucky Bar owner Jeremy Johnson wants patrons to show their vaccine card at the door. We just Would feel a little more comfortable if you're willing to prove that you're vaccinated. President Biden announced the U. S. Will share an additional 20 million doses of vaccine with world boosting total commitment to 80 million Pascua TANK County, North Carolina. District Attorney Andrew Womble will meet with reporters on Tuesday to talk about the state's probe of the killing of Andrew Brown Jr by sheriff Deputies. You're listening to ABC News The Ohio Lottery and the Department of Health laid out the rules for the Ohio Vax a million contest where while adults can win a million dollars, and teens can win college tuition for four years, those vaccinated against covert 19 must opt in to be eligible. The five weekly winners will be chosen by a computer with several alternate names pulled as well. The winners eligibility will be verified and the name announced on Wednesday, May 26 During the 7 29 televised lottery minute for the five full ride tuition prizes. Those 12 to 17 consign upto win and their parent or legal guardian will have to verify the registration if they're chosen. The website will open up Tuesday morning at eight a.m.. Is Ohio vaccine million dot com. Sandy Collins, the Ohio Department of South reported 729 new cases of covert 19 this afternoon 72 new hospitalizations and seven new ICU admissions were also a part of that update over 4.9 million Ohioans have now started the vaccination process that ends up being about 43% of the state's population. While I was secretary of state. Frankly, Rose says he's gonna be running for another term, LaRoche said. In the video, he tweeted out that he ran a flawless election in Ohio and 2020. Every.
WLS-AM 890
"june 2022" Discussed on WLS-AM 890
"Is some good news when it comes to wearing a mask in Illinois governor Pritzker says. The state will go along with the new CDC guidelines. Governor Pritzker says It may take some time getting used to not being masked up. There's a comfort factor. I think that all of us are going to have to adjust to even this morning. You know, I came out of my home. I was holding my met. You know, I tentatively walked out of my home without my mask on for the first time in quite some time going toe work I was holding onto my mask. You know, I have to think about it a little more. I must admit. That means anyone two weeks out from their second vaccination shot does not have to wear a mask. Except for some situations. Those situations include healthcare facilities, wearing a mask on airplanes and Busses, schools, daycare centers and it businesses that require maths. And off duty Chicago police officer was killed in a single car crash this morning. Nick Gale has more Arlington Heights. Police say the 29 year old driver was speeding north bond on Wilkie Road when he lost control hit a power pole before going airborne. Then traveled through three yards before the SUV came to a stop against the home. The driver was ejected from the SUV taken the Lutheran General Hospital where he died. Chicago police spokesman Tom Ahern confirming that the man was an off duty Chicago police officer who worked in the 15th district. Passenger in the vehicle was taken to the hospital, where they were treated and released. Nick Gale 8 90 WLS news and the officer has been identified as 29 year old Jose Castro from the northwest side him a police continue to search for a 12 year old autistic boy who disappeared from the best Western hotel in the 3800 block of West 179th Street. This weekend, Keuren Carter and his family came to Hammond for a family engagement party there from Kansas City. Dozens of volunteers have come out to help search and pass out fliers couldn't sleep this morning I came out to see what I could do to help find this poor child. You know, we're moms and I wouldn't want the entire world to come out and help me find my son. So No, this is what we're hopefully all gonna be able to do for Karen, who is nonverbal was last seen on hotel surveillance video Saturday afternoon. He was wearing blue shorts with blue or white stripes of blue T shirt but was not wearing socks or shoes. The U. S Supreme Court announced today it plans to hear the challenge to an abortion ban that critics say is a threat to the landmark abortion rights case. Roe v. Wade, a B C's faith Aubrey has more. The case stems from Mississippi's ban on all abortions in the state after 15 weeks of pregnancy. Subject cases where it's deemed a medical emergency or the fetus is at risk of severe abnormality. The justices will be considering whether it's constitutional for states to ban abortions before a fetus can survive outside the womb. Critics fear of the court signs with Mississippi it could open the gates for more restrictions on abortions across the country. The Supreme Court is expected to rule on the case in June, 2022. Faith of Booby. ABC NEWS Washington Triple A reporting the national average price for a gallon of gas is just over $3. That's the highest level of more than six years. The search is in demand is getting blamed after a crippling pipeline. Cyber attacks still fueling gas shortages and is blamed on panic buying gas. Buddy says The biggest shortages are in Georgia, the Carolinas and D. C with 83% of stations in the nation's capital. Still, without gas, we found Rita Gunther near one of them. Her car out of gas on the side of the road. So how long have you been stuck here Since Friday night. The colonial pipeline responsible for supplying 45% of the East Coast. Fuel is up and running. That's a B C's Elizabeth Sheltie. Mayor life. It hits the midpoint of her four year term on Thursday, but she's pushing back against the critics who are giving her low grades. Look, I'm a tough grader, and I'm never satisfied keeping in mind that No one.
KIRO Radio 97.3 FM
"june 2022" Discussed on KIRO Radio 97.3 FM
"One shows up burning building, noting people that should bring posters, eggs truck, whatever. Now what seems to have gotten protesters upset here are passed anti LGBT Q statements from Franklin Graham, who have to be hosting That dinner at Bellevue Height tonight honoring police. Sylvia Police Major Andrew Papa Jock Phil's case, He teaches Jason Rand's. He's aware of at least two planned demonstrations, including one at downtown Bellevue Park, and both of those events or something. Well, we're gonna make sure we have adequate staffing on to make sure that those people can have their first met rights and have an event least expect these protests to begin it around seven o'clock. The U. S State Department right now calling for Israel and Gaza to tamp down the violence. We're deeply concerned about the escalation between Israel and those launching rockets from Gaza, and we call for restraint. And for Collins Department spokesman Ned Price speaking today is Israel bounced to step up its attacks. Three women in Israel were killed by rocket fire. The death toll in Gaza rose to 32. Including 10 Children. Ah, sign of normalcy in our region. Despite Covad the arts plan to go back on stage with fans in the audience, Kyra radios Heather Bosch reports Pacific Northwest Ballet, announcing that it's September 2021 through June 2022 season will be live at Seattle's McCall Hall that includes performances of Swan Lake Romeo and Juliet and the Holiday favorites. The Nutcracker Masks will be required, at least at first. And seating will be socially distanced. With subscribers getting priority accommodations for the lingering pandemic that likely won't deter patrons of the arts, who haven't seen PNB in person for more than a year. Settle opera also announced today. A returned alive in person performances for 34 have already real time traffic..
KFI AM 640
"june 2022" Discussed on KFI AM 640
"I guess Eric are steady is gonna be replaced at some point and the field of elected officials who are leaving the door open. Is growing yesterday, representative of Council representative of Council President Nury Martinez said she is weighing a run to replace Eric Garcetti as mayor in the June 2022 election. All right. Well, I'm weighing a run, aren't you? Jen? Schur Went ou weighing a run? Yes. I'm sitting at my trial balloon right now. John. Yeah, Fantastic. Johns. We're also putting in their bid or later on. So this is I really honestly just announced when you're actually running But I should I think, though, honestly, this has to do with what Caitlyn Jenner was just saying. This is this is a low cost low bar to entry. Way of testing the waters, right. You let it out that you're considering it. You just see what reaction there is. But also you're lining up donors. Prospective donors. You're letting donors No, don't donate to let's say Eric Garcetti's campaign or someone else's. Save your money. Because I may be jumping in. You're giving your sending out a message to your donors as well. Is it that you're trying? You're trying to figure out how many donors you might have. That's part of it. But also you're trying to see who you can line up who will hold out and wait and support you as opposed to endorsing or donating to someone else. All right. Well, I'll have to go back to the tattoo parlor today and add her name to the running list of potential candidates that I'm having put across my back. There's about 700. Migrant kids being held that Long Beach Convention Center and 47 of them tested positive for coronavirus,.
Seattle's Morning News with Dave Ross
When will the West Seattle Bridge be fixed, and how much will it cost?
"Has been nearly a year since the West Seattle Bridge closed down because of the cracking concrete, and now we're getting some prediction on when it might be open again. Here's Chris Sullivan, and that prediction is the end of June 2022 that is the target goal for returning traffic to the West Seattle Bridge, But that's about a space Civic is the city can be. I would like to be very, very specific about the time and date when you will be able to drive across the bridge. I cannot give that to you today that Seattle's mobility director, Heather Marks, who also also cautions West Seattle residents that include herself that even when the repairs are complete, that doesn't necessarily mean the traffic is going to immediately return. This is not a repair where we're just going to drop tools when we're done and open up the bridge, too. Traffic. We want to make sure that this is safe and we want to be able to measure and see how the bridge and the repairs respond to additional live load. Drivers should expect that the lanes to will open little by little over the days and weeks after repairs are complete, primarily just for safety and to prevent backups. We also need to think about how to create the conditions under which when we open up that first lane Everybody doesn't you know, heard to the bridge and we have backups from follow. Right, Fareed I five. So we need to think about that to the city has reached the 30% design Fresh Holden milestone on this project, and the request for bids went public yesterday. It's gonna be an interesting partnership. The way that they're doing. This is that they're bringing the contractor on board at this point. That will allow the contractor the winning contractor to work with the city on final design, from 30% completion to the end that allows them to see any potential problems and design as they're doing it that also helps speed up the process. It's expected that the repairs we will begin in November, repairs to the lower Spokane Street Bridge or also included in this contract that needs a little shoring up works and cracked filling, and it also might need some repair to the center locking mechanism. Mark says. It is possible that there will be times when both the high and the low bridge will be closed the same time, But she expects those to be brief. To the extent that we have to close the low bridge. We're gonna aim for weekends or holiday weekends to make sure that we're disrupt. Thing as few people as possible. Now, Speaking of that low bridge discussions are ongoing about how to allow more access to that lower bridge on call. Medical workers have been added to the list of people who can use that bridge while racing to the hospital. But they end up getting it a photo enforcement ticket and then have to prove they were an emergency call to get that wiped away. Not really the most efficient way to do things. Seattle police have told me that automated photo enforcement issued more than 7500 tickets in the 1st 15 days of February. That's just a two week period. But since then, and more the word has gotten out. The city says that more than 2000 fewer vehicles a day are now using that bridge, which means okay, maybe we have a little extra capacity. And there's a big push right now to allow people who need life saving medical care like chemotherapy or dialysis to use the bridge, but The problem is Terminal five, is going to reopen for business on Harbor Island next year. And so the city is worried that if they allow more access now, they'll have to take it away later and they don't want to do that. They don't want to carry that. Briscoe start opening a lot more. We'll be exactly because they're going to see significant amount of freight traffic. And because of that, they're going to see the capacity go away. As for the money, the dollar figures in all of this $175 million is the budget. That covers the repairs to the West Seattle Bridge. The lower Spokane Street Bridge also includes the money already spent for the showing process, traffic mitigation improvements being made in West Seattle. The monitoring work city already has about 124 million of that, and it's aggressively looking for Mawr's, according to Sam, Zimbabwe, the head of the Transportation Department. We're moving are a lot of different paths forward. We don't project that funding is going to be the challenge that Holds us up in this, but we still have some some fresh holds across and make sure that we have the resources needed to bring this resource back online.
Xtra Sports Radio 1300 AM
"june 2022" Discussed on Xtra Sports Radio 1300 AM
"1 806 368686 is the number you wanna dial Adam Hawk standing by. Swing at your telephone calls. He and I both are screening out food. Until 6 P.m.. We're on the clock. Here is your bottom of the hour. Sports update. And here is Andrew bogus. See me for sports flag. Jim knew. Lion's head coach, Dan Campbell is answering questions as we speak, and he is not messing around. When asked about his team's attitude, Campbell said, this quote we're going to kick you in the teeth, and when you punch us back, we're going to smile at you. When you knock us down, We're going to get up and on the way up. We're going to bite a kneecap off that is not the knee injury. Antonio Brown suffered some day in New Orleans. Monday's Emery reportedly showed no structural damage, but Brown was not seen at practice again this morning. The Eagle's head coaching interview with Colts offensive coordinator Nick Syriani, has reportedly carried over into today. And former Packers GM Ted Thompson reportedly passed away last night. He was just 68 years old. The Memphis Grizzlies will not play tomorrow. Sunday or Monday after last night's game with the Blazers was postponed as well. The Grizz don't have enough available players because of covert and contact tracing Larry Scott's tenure is Pac 12 commissioner is ending this June, even though his contract ran till June 2022. Scotts had the job for 11 years, the conference says. A new leader should take them into the future and the MLS super drafts arts at two Eastern Austin FC has the first pick. I'm Andrew Bogut's listen to CBS Sports Radio with the radio dot com app free and available in the Google play and iTunes APP store. The way our Colorado Spring Sports station in Olympic City USA Extra Sports 1300. 2021 marks the 35th anniversary of the American Eagle Coin program. And these historic gold coins will never be.