US accuses 'crypto king' Bankman-Fried of fraud
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US accuses ‘crypto king’ Bankman-Fried of fraud

Madison Franz

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US accuses 'crypto king' Bankman-Fried of fraud
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Bahamas court prepares for Bankman-Fried

While we’re watching this committee hearing into the collapse of FTX in Washington DC, there’s activity at the magistrates’ court in Nassau – where Sam Bankman-Fried was arrested by Bahamas police at the request of US authorities on Monday.

It’s thought Bankman-Fried was brought to court on Tuesday morning in a police car, and a Reuters witness has reported his hearing is currently under way.

We will bring you the latest updates as we have them.

Two Bahamian police cars come to the court house in Nassau
Members of Bankman-Fried's family were seen entering the court house
Image caption: Members of Bankman-Fried’s parents were seen entering the court house
Bahamian Police outside the court house

Timeline of the FTX collapse

FTX
  • 2 November: Documents leaked online show Alameda Research – a cryptocurrency hedge fund run by Sam Bankman-Fried – was financially unstable, as its reserves were made up of a crypto token created and issued by its sister company FTX
  • 6 November: Changpeng Zhao, boss of FTX rival Binance announces the firm is selling its holdings in FTX-linked coins “due to recent revelations”. The value of FTX crypto coins plummets and panicked customers rush to cash out
  • 8 November: FTX suspends withdrawals from people trying to access their investments
  • 8 November: Zhao announces that Binance is looking to buy FTX to “protect users”
  • 9 November: Binance walks away from the sale, citing concerns about “mishandling of customer funds and alleged US agency investigations”
  • 9 November: Sam Bankman-Fried attempts to gather emergency funding to plug the $8bn shortfall in finances
  • 11 November: Sam Bankman-Fried resigns and files for Chapter 11 bankruptcy – form of bankruptcy in the US that allows a company to keep trading while it reorgansies its debts

Most of Sam Bankman-Fried’s charge sheet will not surprise many who’ve been watching his case for a while.

Accusations that he misused customer funds have been swirling for weeks. The gist of it is this – If I purchased $100 worth of Bitcoin through FTX I would expect it to be safely tucked away inside my FTX digital wallet for me when I needed and wanted to withdraw it.

US authorities say that in fact he was siphoning off my $100 of Bitcoin to his sister company Alameda Research instead. If proven, this was not only against the terms and conditions of his own platform but also illegal.

So the first seven counts are largely related directly to this fraudulent activity, including the seventh count of money laundering – which was allegedly an attempt to hide the illegal movements of funds.

However, the last count has come as a surprise as he is also being accused of “Conspiracy to Defraud the United States and Violate Campaign Finance Laws”.

It’s widely known that Bankman-Fried was a prolific political investor, but this count accuses him of deliberately hiding certain undisclosed political donations.

No other details are being given yet but the charge will prick the ears of critics who have long accused Bankman-Fried of using his wealth as part of lobbying efforts in the US for favourable crypto industry regulation.

We are dealing with a ‘paperless bankruptcy’

Republican ranking member of the Committee U.S. Rep. Patrick McHenry (R-NC) and House Financial Services Committee Chair Rep. Maxine Waters (D-CA) look on, at a U.S. House Financial Services Committee hearing investigating the collapse of the now-bankrupt crypto exchange FTX after the arrest of FTX founder Sam Bankman-Fried
Image caption: Patrick McHenry and Maxine Waters

The new FTX leader John Ray III, who took over after Bankman-Fried, is still testifying at Congress.

He is asked how bad the situation is around the collapse of FTX.

“We are dealing with a paperless bankruptcy” thanks to the way the company was created, he says.

He adds that it is difficult to trace the assets of FTX and the crypto world “really is unprecedented” due to the lack of documentation.

Could take months to secure FTX assets, CEO Ray says

It could take weeks or months to secure all of FTX’s assets as part of its bankruptcy process, the firm’s CEO has told the US Congress.

John Ray III told the House Financial Services Committee many of the company’s assets are held outside of the US.

Asked about their corporate governance, Ray was unflinching in his criticism of the firm he’s winding up – describing a total absence of risk management in its structure.

US House Financial Services Committee in session

Immaturity of the firm exposed

Samira Hussain

Reporting from the US Capitol

Ray just said staff at FTX were using Slack for expense reports and Quickbooks accounting software.

Ray points out there is nothing wrong with Quickbooks, he says it’s a good product, but not for a multi-billion dollar company.

FTX collapse a result of ‘grossly inexperienced’ people running it

The House Financial Services Committee is asking John Jay Ray III questions now, following his written statement.

Asked about the corporate arrangements and oversight of FTX and other businesses in the group, Ray says the group’s collapse appears to come from “absolute concentration of control in the hands of a small group of grossly inexperienced, non-sophisticated individuals”.

Asked if there was any independent governance or separation between the FTX exchange (where customers could swap traditional currency for crypto) and Alameda Research – Bankman-Fried’s firm which traded cryptocurrency assets – Ray says there was no distinction between the operations.

John J Ray III before the US Congressional committee

The counts against SBF, explained

Sam Bankman-Fried has expressed remorse in interviews for the collapse of his company FTX and the money that was lost, but has denied any fraud.

However, the unsealed indictment accuses him of “knowingly having devised and intending to devise a scheme and artifice to defraud” – and details several types of fraud including commodities fraud, wire fraud, securities fraud, and more.

It states that since 2019, Bankman-Fried had misappropriated customer deposits in a “manipulative” scheme.

It also charges the former billionaire with violating campaign finance laws by making donations to candidates running for office in the names of other people and therefore aggregating more than the alloted $25,000 in one year.

His legal team has released a statement saying Bankman-Fried was reviewing the charges “and considering all of his legal options”.

New FTX boss blames ‘grossly inexperienced individuals’

John Jay Ray III

We’ve just heard from John Jay Ray III who took charge of FTX in November, after Sam Bankman-Fried resigned.

The US lawyer is a veteran of messy corporate bankruptcies – most famously presiding as chairman of Enron, as the energy giant – one of the biggest companies in the US before its collapse – worked through the fallout from a massive accounting and financial scandal.

Ray has earned a reputation for successfully fighting for money to repay creditors, for example, by winning legal cases against banks that worked with Enron and were accused of participating in fraud.

He told the congressional panel FTX’s collapse stems from the concentration of control in a small group of grossly inexperienced individuals.

Making his first comments since being installed as CEO, Mr Ray said there were unacceptable management practices and computer systems that gave certain people unlimited access to customers’ information.

When he came in he was starting from a “near-zero corporate infrastructure” without any of the record keeping he would expect to find.

He also outlined there were loans and other payments to insiders in excess of $1.5bn.

FTX ‘old school fraud with new technology’ – congressman

The arrest of Sam Bankman-Fried is “welcome news” but does not “get to the bottom of what happened” at the cryptocurrency exchange, a US congressman has said.

Patrick McHenry, the most senior Republican on the House Financial Services Committee, says it appears Bankman-Fried was engaged in “same old-school fraud, just with new technology”.

He goes on to say he believes in the underlying technology behind cryptocurrencies and other digital assists, saying it is important to separate this out from alleged fraudsters who use them to exploit people.

The new charges

According to a document unsealed by a New York court on Tuesday, prosecutors are charging Bankman-Fried with eight counts. They are:

  • Conspiracy to Commit Wire Fraud on Customers
  • Wire Fraud on Customers
  • Conspiracy to Commit Wire Fraud on Lenders
  • Wire Fraud on Lenders
  • Conspiracy to Commit Commodities Fraud
  • Conspiracy to Commit Securities Fraud
  • Conspiracy to Commit Money Laundering
  • Conspiracy to Defraud the United States and Violate Campaign Finance Laws
indictment

 

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Features and Benefits of TweakVip

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If you’re looking for an easy way to optimize your website, TweakVip is the tool for you. With its drag-and-drop interface and easy-to-use features, you can customize your website in no time. Whether you’re a novice or an experienced webmaster, TweakVip will take the hassle out of maintaining and updating your site.

In this article, we’ll look at the features and benefits of using TweakVip to improve your website. From automated optimization to page speed testing, get ready to learn more about this powerful tool.

Introduction

TweakVip is a social media platform that enables users to share and connect with friends and followers in a more intimate way. It allows users to post photos and videos, as well as status updates, which can be seen by other users who follow them. TweakVip also provides a messaging service, which can be used to send private messages to friends or groups.

Benefits of TweakVip

  • You can save money.
  • You can save time.
  • You can get the best deals on your purchase.
  • Find nearby places and they will be easily accessible to you now that you have this app installed on your phone or tablet.
  • Increase your savings.

Save Money and Time with TweakVip

Saving money is a big part of what TweakVip is all about. You can save money by using the app to find deals on products and services or even find coupons and discounts. We have a lot of ways to make sure that you get the best deals out there!

When you need cash, TweakVip will pick up the tab for all of your online purchases and credit card payments—no more paying fees on top of what’s already been spent!

Features of TweakVip

  • Find places
  • Find people nearby
  • Find deals nearby
  • Find events nearby, and more!
  • Mobile number to bank account transfer instantly.

The best part about TweakVip is that you can send money to anyone, anywhere. You can send money instantly to your friend’s bank account and they won’t even have to worry about changing their own details.

You can also use TweakVip for sending money directly into the bank accounts of your family members as well as friends. This will help them save on fees while also avoiding inconvenient queues at the ATM machine!

Easy To Find Nearby Places

Finding places near you is simple with TweakVip. Simply enter your address and the app will show you all the nearby restaurants, coffee shops, and bars that are currently open.

You can also search for places based on their rating in other cities or countries. This is great if you’re traveling and want to find out what other people think of a particular establishment before visiting it yourself!

Don’t Wait And Download The App Today

Don’t wait and download the app today. It’s free and easy to use and you can find out more about the app at tweakvip.com.

Conclusion

We hope this article has helped you understand the benefits of using TweakVip. It’s a great app that will help you save time and money, as long as it’s used properly. If you’re looking for a way to get around town more easily, then consider downloading this app today!

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Best Power bank available in the market for your iPhone 14 and iWatch in 2023

Madison Franz

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When you buy an Apple device, you usually buy more than one, like the iPhone and AirPods or the Apple Watch. Which is why you need a good device that will help charge all of them fast and easy. Veger has created the MagMulti Wireless Power Bank for iPhone/ iWatch/ AirPods Pro which is designed from the ground up to help provide you with the features and benefits you need as quickly as possible.

What makes the MagMulti Wireless Power Bank different?

Right off the bat, the thing we like is that it has a magnetic function, so your devices will not fall off, which is an extremely important aspect to keep in mind. Another thing to keep in mind is the wide compatibility, since it can work with most of the newer and some older Apple devices. The fact that you can charge 2 devices or more at once is always a great idea.

In fact, you can have high speed recharge too, and the fact that the wireless output for phones and pods is quite fast does come in handy. Granted, the Apple Watch output features just 2.5W, but that’s more than ok for most devices. And that’s why it makes a lot of sense to check it out for yourself, since this is an exceptional power bank with really good features and ideas.

Is the MagMulti Wireless Power Bank reliable?

Yes, the MagMulti Wireless Power Bank is a great wireless power bank so you don’t even have to take cables with you. The Apple Watch charger is also foldable, which is a great idea to keep in mind. Another thing that the unit does is it gives you multiple charging protection. That’s great and it will help provide an exceptional experience and great value for money. A lot of people love using this device, and you will find it to work a lot better than you might expect.

Overall, the MagMulti Wireless Power Bank is the ultimate power bank you can use to charge your iOS devices. It’s impressive, wireless, with a great design and a pleasure to use all around. If you always wanted to charge your devices fast and without any hassle, this is the right way to do it. All you have to do is check it out on their website and give it a try, and you will see how safe and efficient it really is!

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A Free Kids Clothing Checklist For Fall And Winter

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A Free Kids Clothing Checklist For Fall And Winter
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Introduction

Fall is around the corner which means there will be again a shift in your wardrobe. Stashing away all your spring and summer clothes and bringing out the bags with warm clothes. This is the process that you have been following all your life right? But what if you need to check whether you kids have all the important clothes to keep them safe from the colder season or not? Firstly, do you know that custom clothing is something that has been evolving over time and changing the way people wear clothes. And this is not only true for young people but adults and old people as well. And the second thing; do you have a checklist for your kid at all? 

If you are clueless then don’t be stressed because it is not only you but a lot of newly made parents who do not have the idea. And we help them out with a checklist that determines the same. Also, we have some additional help in which we suggest what you should buy and other stuff. So, here we present to you a bucket list or a checklist that you should have for your “kid’s clothing” for the upcoming fall and winter. Maybe for the future too!

  • Long sleeves sweatshirts

Okay, so let’s start with the topwear as it should already be on your clothing checklist for kids right? One of the most important outfits that you should buy well in advance is a long-sleeved sweatshirt. You can put some regular clothes on and then use these sweatshirts on the top. It not only keeps them warm but also gives them comfort. A fleece jacket is another similar item that you can replace with sweatshirts. It is one amazing outfit to keep your child stylish and warm at the same time. 

  • A windproof and waterproof jacket

Unpredictable rains will not only drench your children while playing outside but also make them a bit uncomfortable. When wet clothes stick to the body it annoys kids and you would not want them to get annoyed. For keeping such situations at bay, we suggest that you should put a waterproof or a windproof jacket in your checklist. There are multiple manufacturers who create one outfit that has both these qualities. It might cost you a bit but would be worth every penny.

  • Waterproof pants

It is not only the upper body that gets drenched during rain but even the bottom wear can make things uncomfortable. To protect your baby from catching cold after getting wet, help them enjoy rain at their best, go out in the rain to explore the weather, or anything else-waterproof pants would turn out to be a wonderful purchase for you. Several manufacturers in today’s world create custom clothes for kids and that includes waterproof pants as well.

  • Boots or shoes

We live in a world that has evolved and developed immensely even in the fashion industry. It might surprise you a bit but the children’s wear section has immensely evolved as well. Which is why you will get multiple boots and shoes for young children. Not only that, there are segments in which manufacturers have introduced waterproof shoes for kids. Yet again this will not only help your child to stay away from soaking their feet but also isolate them during colder days. 

  • Warm socks

Okay so this is no brainer right? Having warm socks is something that you might have already put in your bucket list or checklist. But if there are any reasons that you haven’t, we suggest that you go for it. Also when it comes to warm socks you have to keep in mind the versatility and multiple use of the socks. For example, you will have to buy slimmer and warmer socks for wearing in their shoes. On the other hand, you will also have to get some socks for home wear. Which means thicker socks that your child is going to wear when they are at home. Because at home kids prefer walking bare feet. 

  • Innerwear

Call it innerwear, body warmers, inner lining, or whatever you wish to. But with this we want to suggest that you get some warmers that are worn by people under their shirts or outfits. For kids it is not only the upperwear but also the bottom wear that matters. They can catch a cold by any exposed part of the body. So you need to keep them warm from head to toe. While buying innerwear we would suggest that you go for good brands because they have mastered the art of making warm clothes by keeping them as thin as possible. This will not buff up your kid unnecessarily.

  • A hat or a cap

Didn’t we tell you that your children need to be protected from head to toe? So that means you will have to spend on headgears as well. Why? Because this will keep your child away from catching cold from the head. If you have a young child, it becomes so much more important to prevent them from catching a cold. This will warm their heads and ears, so make sure that you get something that covers both these things. On the other hand, you can also try getting something that can be tied on the chin. It will cover the complete face and we also suggest that you too get something like this for yourself. Actually, to make your child wear such caps you will have to motivate them this way.

  • Gloves

If you live in a place that gets snow or extra cold then it will be a mandate to have gloves for you kids. Motivate them to keep wearing it and stay away from snow. You can surely let them enjoy it for some time but don’t miss out on the gloves at any cost. Put it in your bucket list so that you can cover the hands of your children. 

  • Snow suit

This is an exception that is only for those who live in a place that receives snowfall. A snowsuit is a wonderful problem solver that has topwear and bottom wear attached to each other. It is like a one-piece suit that’s easier to wear and comfortable. And not to forget warm enough. But it is not warm enough to wear alone. Make sure your child has worn enough warm clothes already. You can also use a hoodie under a snow suit so that your child stays protected. 

  • Muffler

You must have already seen that kids nowadays have become so much centric to the new-age trends. They are more attracted towards the upcoming or popular fashion that is available in the market. If you are looking for something to improvise on their overall look, try getting a cute kid’s muffler. Yes, you heard that right! There are manufacturers who have designed and created mufflers of this kind. Even your kids can flaunt their taste and give away some amazing fashion statements. Don’t you think so? Try getting some mufflers for them. Try some printed, colorful, or any other type of mufflers that your kid might like.

Conclusion

We believe this blog would have helped you right in all the ways (maybe most ways if not all). This is not only a checklist but one way to ensure that your child is completely protected during cold and that they have all the necessary items. So, we strongly suggest that you can make the additions according to your need or desires but do not compromise with what we have mentioned. And if you are clueless, where to go for custom children clothes, then there are many online manufacturers who can deliver top-notch products at your doorsteps

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