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carlp • Aug 14, 2023, 10:15 am EDT

Sam Bankman-Fried, Former FTX CEO, Ordered to Back to Jail

In a startling turn of events, Sam Bankman-Fried, the once-celebrated former CEO of FTX, finds himself facing a dramatic reversal of fortune—a return to jail. This unexpected development has shocked the cryptocurrency industry and the broader financial world. Bankman-Fried, known for his role in revolutionizing crypto trading, had been a prominent figure shaping the landscape of digital finance. The details surrounding this order back to jail remain shrouded in speculation, but they undoubtedly mark a significant inflection point in Bankman-Fried’s trajectory. The crypto community, which had witnessed his meteoric rise as a leading entrepreneur and advocate, now grapples with the implications of his legal woes.

2 minutes

carlp • Aug 10, 2023, 3:33 pm EDT

President of Eritrea Calls for New Financial Architecture Beyond the Dollar and Euro

In a recent meeting during the second Russia-Africa Summit in Saint Petersburg, Eritrean President Isaias Afwerki expressed his concern about the established global financial system, emphasizing its weaponization by Western nations. President Afwerki, in an address to Russian President Vladimir Putin, underscored the need for a new global financial system, separate from the stronghold of dominant currencies such as the dollar and the euro. The Eritrean leader candidly remarked on the tactics of Western nations: “They are printing money. They are not manufacturing anything at all; it’s all about printing money.” President Afwerki His remarks touched upon a broader issue:

2 minutes

arusso • Aug 7, 2023, 1:30 pm EDT

Fusion Ignition Repeated for Second Time by U.S. Scientists, Marking New Era in Energy Research

In a groundbreaking feat, scientists at the Lawrence Livermore National Laboratory have accomplished a second instance of net energy gain in a fusion reaction, confirming the feasibility of this potentially revolutionary power source. The breakthrough comes eight months after the lab’s initial success, suggests a turning point in the quest for limitless clean energy. The laboratory, based in California, achieved this milestone in a series of experiments conducted at the National Ignition Facility (NIF) on July 30. Preliminary assessments indicate the fusion reaction produced a greater energy yield than the first experiment in December 2022, though the laboratory is still

3 minutes

johnd • Aug 4, 2023, 4:35 pm EDT

Cyberattack Disrupts Healthcare Systems Across Multiple States

Just weeks after a report from the GOA stated that the “U.S. grid’s distribution systems—which carry electricity from transmission systems to consumers and are regulated primarily by states—are increasingly at risk from cyberattacks,” a major cyberattack has paralyzed hospitals and health care services in numerous states. The attack has incited a challenging recovery process and has potentially life-threatening implications. In an era increasingly reliant on digital connectivity, this disturbing incident illustrates the critical threat that cyberattacks pose to healthcare systems and patient safety. Prospect Medical Holdings, a healthcare company that manages hospitals and clinics across California, Texas, Connecticut, Rhode Island,

3 minutes

carlp • Aug 4, 2023, 10:44 am EDT

FCC Issues Record-Breaking $300 Million Fine

The Federal Communications Commission (FCC) has announced a record penalty of nearly $300 million against a transnational network of companies, which made over five billion auto warranty scam robocalls in a three-month span during 2021. The extensive operation executed a scheme violating multiple federal statutes and FCC regulations, marking the largest illegal robocall endeavor the agency has ever tackled. The illegal operation worked under numerous names, including Sumco Panama, Virtual Telecom, Davis Telecom, Geist Telecom, Fugle Telecom, Tech Direct, Mobi Telecom, and Posting Express. Central to the activity were two individuals, Roy M. Cox and Aaron Michael Jones, both of

3 minutes

carlp • Jul 31, 2023, 1:47 pm EDT

Richard Heart, Hex and PulseChain Sued by SEC on Unregistered Securities & Fraud Allegations

The U.S. Securities and Exchange Commission (SEC) launched a lawsuit against Richard Schueler today, best known online as Richard Heart, and his blockchain crypto projects Hex, PulseChain, and PulseX. The suit alleges that Heart defrauded investors while raising over $1 billion across three unregistered securities offerings since 2019. Overblown Promises and Personal Gain The suit details that Heart regularly presented his projects as avenues to substantial wealth, claiming that Hex was “built to be the highest appreciating asset that has ever existed in the history of man.” However, the SEC alleges that these investments served a less noble purpose and

3 minutes

arusso • Jul 31, 2023, 11:59 am EDT

Biden’s Union Pension Bailout: A Lifeline or a Gamble?

The Biden administration recently disclosed its comprehensive guidelines for the bailout of hundreds of embattled union pension plans. The initiative, embedded in the Democrats’ $1.9 trillion American Rescue Plan Act (ARPA) designed to ease the financial strains of the COVID-19 pandemic, aims to secure workers’ pensions for many decades. However, this move has sparked some controversies. The ARPA’s Special Financial Assistance Program will funnel an enormous $90 billion of taxpayer capital into the federal government’s Pension Benefit Guaranty Corporation (PBGC). This entity serves as the insurer for private-sector pensions and was on the brink of insolvency before the ARPA intervention,

3 minutes

johnd • Jul 17, 2023, 3:52 pm EDT

A Historical Precedent for BRICs New Gold Backed Currency

After months of deliberation regarding multiple potential commodity and currency baskets, it appears a consortium led by China and Russia has finally settled on using gold as the foundation for a new international currency system. This system is poised to operate independently from the euro and the U.S. dollar, a remarkable shift in the global economic landscape. State-funded Russia Today recently hinted that the introduction of this initiative could be on the docket at an upcoming meeting of leaders from Brazil, Russia, India, and China this August. Such a development seems to echo the past, specifically the historic Bretton Woods

4 minutes

johnd • Jul 13, 2023, 1:18 pm EDT

Ripple Emerges Partially Victorious as Court Deems XRP Not a Security in Landmark Ruling

Ripple Labs Inc. has achieved a notable legal victory against the SEC, as a U.S. court ruled that its cryptocurrency XRP should not be classified as a security. While this decision serves as a precedent for other cryptocurrencies facing SEC scrutiny, it also determined that Ripple’s sales of XRP to institutional buyers were in violation of securities laws. The court clarified that sales made on exchanges and through algorithms did not constitute investment contracts, distinguishing them from the institutional sales. However, the ruling did not address the status of secondary market sales, leaving some aspects of the regulatory landscape surrounding XRP undefined. This outcome carries potential implications for ongoing SEC lawsuits against major cryptocurrency exchanges like Coinbase and Binance, which offer XRP trading services, as they might face significant legal challenges if secondary sales are also deemed securities. The ruling sparks a broader discussion about the nature of digital tokens and whether their classification as securities depends on various circumstances and distribution methods, highlighting the impact this case may have on the regulatory environment for cryptocurrencies in the United States.

3 minutes

satoshin • Jul 13, 2023, 9:56 am EDT

U.S. Authorities Sue Alex Mashinsky, the Former CEO of the Bankrupt Crypto Lender, Celsius Network Ltd.

According to reports Thursday, the former Chief Executive Officer of the insolvent crypto lending platform, Celsius Network Ltd., Alex Mashinsky, was arrested and charged with fraud in a federal court in New York. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) simultaneously filed lawsuits against Mashinsky and his company. Mashinsky, once infamous for telling customers “banks are not your friends” is now friend to no one and stands accused of executing a deceptive operation designed to defraud Celsius Network customers, as detailed in the indictment, which spanned from 2018 to June 2022. The indictment alleges

3 minutes