Sam Bankman-Fried admits to ‘large mistakes’ in crypto fraud trial testimony

Bankman-Fried says his biggest mistake was not implementing a dedicated risk management team for crypto trading platform FTX

Sam Bankman-Fried admitted to making management mistakes while at the helm of FTX, his former multibillion-dollar cryptocurrency empire, during testimony in his defense at trial.

“I made a number of small mistakes and a number of large mistakes,” Bankman-Fried, 31, said in sharing his version of the rise and fall of crypto trading platform FTX. The biggest mistake, he said, was not implementing a dedicated risk management team.

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Fears of employee displacement as Amazon brings robots into warehouses

Digit will begin its time on the floor by shifting empty tote boxes amid concerns humans will be shifted out of jobs

Amazon is experimenting with a humanoid robot as the technology company increasingly seeks to automate its warehouses.

It has started testing Digit, a two-legged ​r​obot that can grasp and lift items, at facilities this week. The device is first being used to shift empty tote boxes.

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Waitrose in talks with Amazon over online grocery deal, says report

Supermarket said to be considering third-party deal after share of UK market falls

Waitrose is reportedly in talks with Amazon to sell groceries via the internet marketplace, in an attempt to lure in more shoppers and claw back market share.

The Sunday Telegraph reported that the upmarket supermarket, part of the John Lewis Partnership, and Amazon were discussing a third-party deal, after the world’s biggest online retailer struck a similar agreement with the supermarket Iceland recently.

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FTX co-founder testifies he committed crimes with Sam Bankman-Fried

Gary Wang, who previously pleaded guilty to his role in FTX’s downfall, is testifying under a plea agreement

Sam Bankman-Fried’s crypto fraud trial gained steam on Thursday when the co-founder of his fallen exchange, Gary Wang, took the stand as a government witness in Manhattan federal court.

His testimony came as the highly anticipated trial entered its third day. Bankman-Fried faces seven counts on fraud and conspiracy charges in relation to the implosion of his crypto exchange FTX and its related hedge fund, Alameda Research.

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Sam Bankman-Fried arrives in Manhattan court as fraud trial kicks off

FTX founder shed his signature T-shirt and shorts look to don on suit with freshly cut hair as day one of fraud trial commenced

The criminal trial of the former cryptocurrency mogul Sam Bankman-Fried began on Tuesday, with jury selection getting under way in a Manhattan federal court.

Bankman-Fried, who founded the cryptocurrency exchange FTX and associated hedge fund Alameda Research, is facing trial on finance crimes stemming from the shocking collapse of FTX. Before its sudden downfall last year, FTX was valued at around $32bn.

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Indonesia bans e-commerce sales on social media platforms like TikTok

Government says regulation aimed at protecting small businesses from competition

Indonesia has banned goods transactions on social media platforms as it aims to protect small businesses from e-commerce competition.

Calls had grown in recent months for a regulation governing social media and e-commerce, with offline sellers seeing their livelihoods threatened by the sale of cheaper products on TikTok Shop and other platforms.

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EU unveils package of laws to curb power of big tech firms

‘Revolutionary’ Digital Markets Act aims to allow more competition and let consumers delete preloaded phone apps

The EU has unveiled a set of “revolutionary” laws to curb the power of six big tech companies, including allowing consumers to decide what apps they want on their phone and to delete pre-loaded software such as Google or Apple’s maps apps.

The package of laws will also pave the way for more competition in some of the areas most guarded by the tech firms, including Apple Wallet and Google Pay.

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Small firms fear going bust as Amazon extends wait time for sale proceeds

Marketplace sellers in UK and rest of Europe say having to wait over a week means they will struggle to pay staff and loans

Amazon has told thousands of marketplace sellers in the UK and continental Europe it will hold on to sale proceeds for more than a week in a move that small businesses say could force them to go bust.

The company has written to sellers to inform them it will no longer credit their accounts as soon as a sale is made online but will do so a week after an item has been delivered.

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Tory peer faces questions over links to cryptocurrency lobbying firm

Exclusive: James Wharton is helping to forge Westminster connections for the cryptocurrency sector

A former campaign manager to Boris Johnson who was appointed to lead an education quango is facing fresh questions over his role in a cryptocurrency lobbying firm.

James Wharton, a peer and former MP who chairs the Office for Students (OfS), has launched a new public affairs company that pledges to “help clients navigate the complexities of Whitehall and Westminster” and specialises in “disruptive” highly regulated sectors.

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Amazon’s main UK division pays no corporation tax for second year in a row

Amazon UK Services received tax credit of £7.7m for investment in infrastructure under Rishi Sunak’s super-deduction scheme

Amazon’s main UK division has paid no corporation tax for the second year in a row after benefiting from tax credits on a chunk of its £1.6bn of investment in infrastructure, including robotic equipment at its warehouses.

Amazon UK Services, which employs more than half of the group’s UK workers, received a tax credit of £7.7m in the year to the end of December, according to accounts filed at Companies House, advance details of which were shared by Amazon with the Guardian.

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Amazon workers in Coventry to request union recognition after membership doubles

It would be first time a UK union wins formal negotiation rights and comes after GMB-organised strikes at warehouse

Amazon workers at the delivery firm’s Coventry depot are demanding formal union recognition, after membership more than doubled during strike action.

If granted, it would be the first time a union in the UK has won the right to negotiate with the American tech firm.

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Amazon workers in Coventry begin first of two three-day strikes

Workers gather at picket line on Sunday in ongoing demand for pay increase from £11 to £15 an hour

Workers at Amazon’s Coventry warehouse have begun a fresh round of strike action in a dispute about pay during the cost of living crisis.

GMB union members are planning three days of strikes at the huge Coventry centre, known as BHX4, from Sunday 16 to Tuesday 18 April, to be followed by three further days, from 21 to 23 April.

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Man suspected of being crypto fugitive Do Kwon arrested in Montenegro

South Korean CEO of Terraform Labs is accused of multi-billion-dollar fraud involving TerraUSD and Luna currencies

A man suspected of being the fugitive South Korean cryptocurrency entrepreneur Do Kwon, accused of orchestrating a multi-billion-dollar fraud that shook global crypto markets last year, has been arrested in Montenegro.

“Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen, co-founder and CEO of Singapore-based Terraform Labs,” the interior minister, Filip Adžić, tweeted late on Thursday.

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Amazon UK staff plan more strikes as they reject pay rise as an ‘insult’

Online retailer has increased minimum hourly pay for warehouse workers by 50p an hour to £11

Amazon workers in the UK are planning further strike action as they dismissed as “an insult” a 50p an hour increase to its minimum hourly pay for warehouse workers to £11.

The company said the pay rise announced on Wednesday, which will be implemented this weekend, meant minimum pay had risen by 10% in the past seven months, putting it ahead of the legal minimum wage for those aged 23 or over, which will be £10.42 an hour from April.

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USD Coin value falls after revealing $3.3bn held at Silicon Valley Bank

The stablecoin fell as low as $0.87 as Circle broke the news that its reserves were at the collapsed lender

The value of the world’s fifth-biggest cryptocurrency, USD Coin (USDC), slumped to an all-time low on Saturday after Circle, the US firm behind the coin, revealed that $3.3bn of the reserves backing it were held at Silicon Valley Bank.

USDC is a stablecoin – cryptocurrencies designed to maintain a stable value – USDC’s value is supposed to mimic the dollar. But the coin broke its 1:1 dollar peg and fell as low as $0.87 on Saturday morning.

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Crypto bank Silvergate announces liquidation amid sector turmoil

Wind-down and liquidation plan follows mass withdrawal of deposits after collapse of FTX exchange

The cryptocurrency-focused US lender Silvergate is to wind down its operations after it was hit by customer withdrawals following the collapse of crypto exchange FTX.

The California-based bank had warned last week it was “less than well capitalised” after depositors demanding their money back, adding that it was evaluating its ability to operate as a going concern.

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No love for letters: Australia Post’s future under review as traditional mail declines

Questions marks sit over daily letter deliveries as government releases discussion paper on postal service

Australia Post is famous for its “we deliver” slogan – but when it comes to letters, it may soon need to add the caveat “but not every day”.

The government released a discussion paper on the future of Australia Post on Wednesday, with question marks once again sitting over daily letter deliveries.

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Amazon to axe 18,000 jobs citing economic uncertainty

Amazon chief points to company’s rapid hiring in recent years while saying layoffs mainly to hit its brick-and-mortar stores

Amazon has announced it will cut more than 18,000 jobs from its workforce – the largest set of layoffs in the US company’s history – while business software maker Salesforce is to cut 8,000 workers in the latest purge of tech jobs.

Amazon cited “the uncertain economy” and said the e-commerce giant had “hired rapidly over the last several years” in making the announcement on Wednesday.

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FTX assets worth $3.5bn held by Bahamas securities regulator

Authority says it is holding digital assets until they can be returned to creditors and former customers

The Bahamas securities regulator has said it has seized assets worth $3.5bn (£2.9bn) from the failed cryptocurrency exchange FTX and plans to return them to creditors and former customers.

The Securities Commission of the Bahamas said it had transferred all digital assets under the custody or control of FTX Digital Markets, a Bahamas subsidiary of the FTX operation, to its own digital wallets for “safekeeping”.

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Digital Services Act: inside the EU’s ambitious bid to clean up social media

The legislation aims to tackle problems as wide-ranging as misogyny, disinformation and consumer fraud

Nearly two decades after the birth of Facebook ushered in the social media era, the EU is introducing ambitious legislation designed to clean up the world’s biggest online forums.

Intended to tackle misogyny, protect children, stop consumer fraud, curb disinformation and protect democratic elections, the Digital Services Act (DSA) is wide-ranging. The UK is introducing its own statute, the online safety bill, but the EU’s rules are likely to have a bigger impact because they cover a bigger market, and the EU is more influential as a regulatory power.

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