Crypto customers' money vanishes
Saturday, November 12, 2022 |
Welcome to our latest edition, with news on crypto chaos, the U.N. climate talks, German power-outage classes and more… |
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Three letters that shook the crypto market. Illustration taken November 10, 2022. REUTERS/Dado Ruvic |
- Current state: The crypto exchange's founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to his trading company Alameda Research, and a portion has since disappeared, two sources said. One put the missing amount at about $1.7 billion. The other said the gap was between $1 billion and $2 billion.
- What happens next? The saga began with a rumor on Nov. 2 and culminated on Friday with FTX filing for U.S. bankruptcy court protection and "SBF" resigning as chief executive in the industry's highest-profile collapse. Markets are roiled, but some analysts expect a cap on the volatility in the near future. Plenty of longer-term issues remain.
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- Friday: Kyiv's forces entered Kherson after Russia abandoned the only regional capital it captured since its invasion began in February. The withdrawal of 30,000 troops was Moscow's third major retreat of the Ukraine war.
- The coming days: While it's unclear what Russia's next move will be, the Kremlin said the withdrawal will not change the status of the region, which Moscow has proclaimed part of Russia.
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- A week in Egypt: Global carbon dioxide emissions from burning fossil fuels are on track to rise around 1% this year, scientists said, warning this would make it harder for the world to avoid disastrous levels of climate change.
- Coming soon: Climate-conference participants take a day off on Sunday before spending a week jockeying to include their priorities in a final declaration. In related news, read our stories about farmers fighting soil erosion from the U.S. Midwest to China's Yangtze Basin and about colleges that talk green while causing major pollution.
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- What a week: Senior Twitter executives including the trust-and-safety leader bailed out, Elon Musk warned the company could go bankrupt, the $8 blue check subscription option is gone and a fake Eli Lilly account tweeted the promise of free insulin.
- What could possibly happen now? This latest chapter will be hard for Twitter to overcome, Breakingviews columnist Jennifer Saba writes. She says the big advertisers on which the company relies will find it all too easy to pause their spending. Oh, take time to read about Musk and his upcoming battle with the heavy-metal drummer.
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- Own goal: A Qatar World Cup ambassador called homosexuality "haram" (forbidden), and said it was "damage in the mind" as the Gulf state prepares to host the soccer tournament starting in just over a week. Some soccer players have expressed concern for the rights of fans traveling to the event, particularly LGBT+ individuals and women.
- State of play: Qatar has come under pressure in recent years for its treatment of foreign workers and restrictive social laws. The Netherlands soccer club, one of the few to criticize the country's human rights and working conditions, will talk to migrant workers who helped build the stadiums for the tournament and invite them to join the players in training.
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Before I forget… It might be the weekend, but there is plenty to read at Reuters.com. Arizona's Senate seat went to the Democrats, leaving the party one seat short of maintaining control of the chamber as two more races remain to be decided. President Donald Trump sued the House January 6 committee, divers found wreckage from the space shuttle Challenger off the Florida coast, the Vatican is investigating a French cardinal who abused a 14-year-old girl, prosecutors recommended that Elizabeth Holmes should get 15 years in prison and pay $800 million over the Theranos fraud. And do read this one, especially if you depend on electricity for cooking and hot water at home: Germans are taking classes on how to handle power outages. |
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