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Economy

G7, “extremely close” to agreement on Russian oil price limit of $60 = senior official | Reuters

by archyde

On December 1, senior officials from the G7 countries agreed to cap Russian oil prices at $60 a barrel, with a mechanism to keep them 5% below market prices. said it was “extremely close” to (Reuters/Tatiana Meel)

NEW YORK (Reuters) – Group of Seven (G7) officials said on Wednesday they would set a price cap for Russian oil at $60 a barrel, with a mechanism to keep it 5% below market prices. The G7 said it was “extremely close” to a deal.

A senior official told reporters that a deal is expected to be finalized by Friday at the latest, and expressed confidence that the price cap would limit Russia’s ability to finance its invasion of Ukraine.

G7 officials said they have been in close dialogue with the market about the price cap and that the market seemed comfortable with the cap mechanism.

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Economy

Sam Bankman-Fried, from having 26 billion dollars to a card with 100 thousand dollars after the fall of FTX – El Financiero

by archyde

Sam Bankman-Friedthat in a moment he had a fortune of 26 billion dollarssays he now has “almost nothing.”

The fallen crypto tycoon had all of his assets in his FTX exchange and sister Alameda Research, and only has one left credit card linked to a bank account with 100 thousand dollarshe said in a video interview with columnist Andrew Ross Sorkin in the New York Times. Times DealBook Summit on Wednesday. He said that he is revealing everything and that has no hidden funds.

Bankman-Fried’s fall was swift. In just a few days, she lost 16 billion dollars when his empire went bankrupt.

The Billionaires Index Bloomberg reduced the value of its stakes in FTX and Alameda to zero. He also removed his stake in Robinhood Markets from his wealth calculation after a report that it was held through Alameda and may have been used as collateral for loans.

It is almost impossible to verify if Bankman-Fried is telling the truthand it is possible that the index of Bloomberg have not tracked all of your assets. A November report said he had more than $500 million with venture capital firms, including Sequoia, and that was an investor in the media start-up Semafor. But if those assets were held through Alameda, they could have been wiped out for their losses.

Bankman-Fried denies attempted fraud at FTX, but millions of dollars are still missing

The mystery continues to surround the billions that are missing from the crypto exchange FTX goes bankrupt after its disgraced founder, Sam Bankman-Fried, deny having attempted to commit fraud and admit serious management errors.

In his first major public appearance after the implosion on November 11, FTX and sister trading house Alameda Research, Bankman-Fried said “he screwed up” at the head of the exchange and it should have focused more on risk management, client protection and the links between FTX and Alameda.

“I made a lot of mistakes,” the 30-year-old said by video link Wednesday at the DealBook summit in New York Times. “There are things that I would give anything to be able to do again. I never tried to commit fraud with anyone”.

Bankman-Fried’s involvement was controversial as there are pending questions about how Bahamas-based FTX ended up with an 8 billion dollar hole on your balance sheet and if you mishandled client funds. Reports that FTX loaned client money to Alameda for venture trading have fueled such concerns.

Interviewed by the columnist of the New York TimesAndrew Ross Sorkin, who said Bankman-Fried was joining from the Bahamas, the fallen crypto tycoon he did not give a direct answer on whether he had lied at times.

Bankman-Fried told the summit that “did not knowingly mix funds”. At the same time, he said that FTX and Alameda were “substantially more” tied than anticipated and that he paid no attention to the trading house’s “too large” margin position.

He said he did not run Alameda, adding that he was “nervous about a conflict of interest.” No one person was in charge of the position risk in FTXhe said, describing the lack of oversight as a mistake.

Bankman-Fried reiterated during an interview recorded on Good Morning America which aired on Thursday which I was not aware of any improper transactions involving funds from the exchange and Alameda as their crypto empire collapsed.

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Economy

Parliament wants to regulate cryptocurrencies: “Belgians lost more than 25 million euros in 2021”

by archyde

The problems are linked for Elon Musk: a lawsuit claims 258 billion USD for his support of dogecoin

An investor who lost money by betting on dogecoin, a cryptocurrency originally parody inflated in particular by the interest of Elon Musk, filed a lawsuit on Thursday claiming $ 258 billion from the multi-billionaire and his companies Tesla and SpaceX.

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Economy

who is Caroline Ellison, one of the new figures in the FTX scandal?

by archyde
Par Emma Confrere

Posted , Update

At just 28, she took the reins of Alameda Research, an investment fund specializing in cryptocurrency trading, created by her sidekick Sam Bankman-Fried. Twitter @carolinecapital

PORTRAIT – Close to Sam Bankman-Fried, the trader was, at 28, at the head of one of the companies affiliated with FTX, named Alameda Research.

The chute de FTX never stops revealing its share of secrets. This cryptocurrency platform, once one of the most influential in the world, was placed on November 11 under the protection of Chapter XI of the American bankruptcy law. In question ? Mismanagement of its assets associated with a token, FTT, which lost much of its value as well as a multi-million dollar hack. For some specialists, FTX even represents the “Lehman Brothersof cryptocurrencies, in reference to the bank that went bankrupt during the 2008 crisis.

In its wake, FTX trains 130 affiliated companies, including the investment fund specializing in cryptocurrencies Alameda Research. About $10 billion was transferred from FTX client accounts to Alameda Research, to fund risky trades and investments. If its creator, Sam Bankman-Fried, is the source of the setbacks, new revelations also highlight the role of Caroline Ellison, one of the other faces of this scandal. On November 9, in a video meeting, she confirmed to her employees the transfer of the funds and apologized for disappointing her staff.

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Economy

bankrupt platform FTX owes $3.1 billion to its 50 biggest creditors

by archyde

The amounts owed to these creditors range from $21 million to $226 million, according to a court document.

The bankrupt cryptocurrency exchange FTX owes about $3.1 billion to its fifty biggest creditors, according to a court document seen by AFP on Sunday. The amounts owed to these unnamed creditors range from $21 million to $226 million.

Founded in 2019 by Sam Bankman-Fried, FTX had quickly become one of the biggest platforms in the industry and was considered one of the most trusted. But it collapsed in early November within days after rumors of its fragile financial health. FTX quickly failed to respond to withdrawal requests from its customers.

The group announced its bankruptcy filing on November 11 as well as the resignation of its boss. The person who replaced him, John Ray III, said on Saturday that he had launched a strategic review of the assets of the group and its numerous subsidiaries in order to decide what to sell or reorganize.

Read alsoBankruptcy of FTX: the lessons of a scandal

In the document on file managed by the bankruptcy court of the State of Delaware, he specifies that the list of the 50 largest creditors and the sums owed could evolve according to the information he manages to recover.

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Economy

Founder Sam Bankman-Fried is said to have diverted $300 million out of $420 million in investor money

by archyde
Sam Bankman-Fried

The founder of the crypto exchange FTX is getting more and more criticism.

(Foto: The Washington Post/Getty Images)

New York FTX founder Sam Bankman-Fried is said to have used almost three quarters of the money that investors had pledged in a financing round in 2021 for his own purposes. The Wall Street Journal reports.

FTX had raised $420 million from a number of big-name investors in October last year. The cryptocurrency exchange, now the third largest in the world, stated at the time that it wanted to use the money to promote its own company growth. The investment should also improve the user-friendliness of the platform and cooperation with regulators.

According to the newspaper report, however, it was not mentioned that $300 million did not go to FTX, but rather to founder and CEO Bankman-Fried. He sold part of his stake in the company. The “Wall Street Journal” quotes from relevant financial documents and insider circles.

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