‘Big Short’ author Michael Lewis meets SBF; Another blockbuster on the way?

With the assistance of a renowned writer who wrote the Oscar-winning film “The Big Short,” disgraced FTX founder Sam Bankman-Fried already appears to be turning his crypto story into a blockbuster.

Just hours after Bankman-Fried touched down on Friday, “Moneyball” author Lewis spent several hours inside his house.

Sam Bankman-Fried will enter plea next week over FTX fraud case

Sam Bankman-Fried is expected to enter a plea next week in response to allegations that he deceived investors and stole billions of dollars from customers at his bankrupt FTX crypto exchange.

According to court records, the 30-year-old is set to be arraigned in Manhattan federal court on the afternoon of January 3, 2023, before U.S. District Judge Lewis Kaplan.

Class action filed against FTX by customers to claim dwindling assets

The lawsuit requests that the court rule that funds kept in FTX Trading accounts for non-U.S. clients and in FTX U.S. accounts for U.S. customers are not FTX property.

The complaint also states that the customers want the court to specifically rule that any property held at Alameda that may be linked back to customers is not Alameda property.

Spending on credit cards declines for the first time in six months in India

Spending on credit cards decreased by more than 12% sequentially, with November’s average being around Rs 14,280 compared to October’s average of Rs 16,343.

Credit card spending overall continued to surpass Rs 1 lakh crore for the ninth consecutive month. On e-commerce platforms, credit card spending per card was around Rs 8,495, down from Rs 9,473 in October.


Crypto is effectively nonexistent asset for big institutional investors: JPMorgan

JPMorgan Asset Management’s Jared Gross said “as an asset class, crypto is effectively nonexistent for most large institutional investors. The volatility is too high, the lack of an intrinsic return that you can point to makes it very challenging.”

He continued, “most institutional investors probably are breathing a sigh of relief that they didn’t jump into that market.”

Stock traders made $15 billion by shorting Tesla shares this year

S3 Partners’ analysis revealed that bets against Tesla shares turned out to be the most successful of 2022, with shorts against Amazon shares yielding a $6.2 billion profit.

As the stock started to decline in April, interest in betting against Tesla began. Tesla is the second-largest US short with about 3% of its shares shorted after Apple.

What is SBF doing after getting bail?…Chilling in business lounge

FTX’s former CEO was spotted by the crypto community in the business lounge at JFK airport. Before his journey to San Francisco, SBF was “relaxing” with his laptop and other possessions.

The pictures called into question the veracity of Bankman Fried’s claim that he was on the verge of bankruptcy and was without access to his personal or professional data.


SBF, Caroline Ellison, other FTX execs hide billions of Dollars of loans from FTX investors

Secret loans totaling billions of dollars from the crypto mogul’s Alameda Research were given to Sam Bankman-Fried and other FTX executives.

Caroline Ellison testified before a US District Judge that she agreed with Bankman-Fried to conceal from FTX’s investors, lenders, and clients the fact that Alameda Research could borrow an infinite amount of money from the exchange.

FTX seeking permission to pay bankruptcy lawyers over $2,100 per hour

FTX is being represented by the New York-based legal firm Sullivan & Cromwell in its Chapter 11 case and is being assisted in its efforts to return assets to clients.

FTX requested permission from the Delaware federal judge presiding over the case to pay the firm’s partners and special counsel between $1,575 and $2,165 for each hour of labour.

SEC official warns investors against trusting proof-of-reserve audits

Investors shouldn’t have too much faith in a company presenting a proof-of-reserves audit, said SEC’s acting top accountant Paul Munter. He made the implication that these audits’ findings don’t always represent the company’s financial health.

Munter said, “we’re warning investors to be very wary of some of the claims that are being made by crypto companies.”

Mercedes-Benz files five trademarks linked to NFT and Metaverse

Mercedes-Benz filed trademarks for Maybach, S-Class, G-Class, and Mercedes-Benz. Mercedes-Benz plans to introduce NFTs, virtual goods and clothes, parts for virtual cars, financial services, crypto trading, and much more.

In the filing of the “Maybach” model, “crypto-collectibles” with faux or real animal furs, blankets, carpets, rugs, and mats were specified.

FTX founder Sam Bankman-Fried released on $250 million bail

Magistrate Judge Gabriel Gorenstein approved the bond and house arrest proposal for Bankman-Fried but stipulated that he get his ankle bracelet placed in the courtroom before departing.

If found guilty of the accusations against SBF, which include wire fraud, securities fraud, conspiracy, money laundering, and campaign financing crimes, he could spend 115 years in prison.

FTX founder Sam Bankman-Fried extradited to US

SBF is scheduled to arrive in New York and will probably appear before a US judge on Thursday.

The disgraced founder showed up in court in Nassau to inform a magistrate judge of his choice after days of confusing signals from SBF and his legal teams. Bankman-Fried gave his permission for extradition to the US during the hearing.

Polygon, Mastercard, and Neobank hi team up to launch NFT debit card

Personalized, web3-focused NFT debit cards can be created by users using a platform that will be made available by collaboration.

Owners of the NFT Debit Mastercard can make purchases at 90 million businesses worldwide using cash or cryptocurrency. Users can also print any personal NFT for their debit card’s cover at no additional cost for gas.

Polygon co-founder Sandeep Nailwal launches Web3 accelerator Beacon

By developing in-house tools that can connect entrepreneurs and investors, Beacon aims to differentiate itself from other accelerators.

For prospective investors to examine projects, discover more about entrepreneurs, and watch video pitches, Beacon has already developed a unique platform. Beacon is developing a social network for founders and alumni to keep them in touch.