Former boss of collapsed crypto-exchange says he has duty to try to recoup investors’ lost money
Sam Bankman-Fried, the former boss of the failed crypto-exchange FTX, has said he hopes to start a new business to help pay back the victims of his old firm’s collapse.
Speaking to the BBC from the Bahamas, he said he would “give anything” to be able to begin a new venture in order to recoup his users’ lost investments.
Continue reading...Hikes set to hit warehouses and online retailers hardest in 2023 as UK government addresses ‘brick v clicks’ tax gap
Amazon’s UK tax bill jump could jump by £29m next year as a result of changes to business rates that are scheduled to hit warehouses and online retailers the hardest.
The online retailer is likely to be among firms facing big tax rises following the chancellor’s autumn statement, according to analysis from the real estate adviser Altus Group.
Continue reading...Employees at the company’s hub outside Cincinnati Northern Kentucky international airport are now mobilizing
Amazon workers at the air hub outside the Cincinnati Northern Kentucky international airport, Amazon’s largest air hub in the world, are pushing to organize a union in the latest effort to mobilize workers at the tech company.
Workers say they are dissatisfied with annual wage increases this year. About 400 of them have signed a petition to reinstate a premium hourly pay for Amazon’s peak season that hasn’t been enacted at the site yet. Their main demands also include a $30 an hour starting wage, 180 hours of paid time off and union representation at disciplinary hearings.
Continue reading...Sam Bankman-Fried continues to say firm’s downfall can be solely explained by misplaced $8bn
The founder of the failed crypto exchange FTX has written to its former employees apologising for his role in its collapse and continuing to insist its downfall can be solely explained by a misplaced $8bn (£6.7bn).
In the letter, first published by the industry news site CoinDesk, Sam Bankman-Fried wrote: “I deeply regret my oversight failure. In retrospect, I wish that we had done many many things differently … I’m going to do what I can to make it up to you guys – and to the customers – even if that takes the rest of my life.”
Continue reading...President Nayib Bukele bet on bitcoin and its tumbling value has put the Central American country in a financially precarious spot
As crypto-Twitter cascaded with apocalyptic memes about the bankruptcy of cryptocurrency exchange FTX and the sharp drop in the bitcoin price, one account has remained notably silent on the topic.
Unlike in previous crashes, the president of El Savlador, Nayib Bukele, who made bitcoin legal tender a year ago, did not exhort his followers to “buy the dip”. The laser eyes, popular among crypto currency traders, have long since been removed from his Twitter profile.
Continue reading...Bankruptcy filing says ‘questions arose’ about founder Sam Bankman-Fried’s leadership
The collapsed crypto exchange FTX expects to have more than 1 million individual creditors, the company has said in its first bankruptcy filing, scattered across more than 100 companies in the wider group.
According to the filing at the bankruptcy court in the US state of Delaware, where FTX US is based, Sam Bankman-Fried, the founder and chief executive, stepped down at 4.30am on Friday, “after consultation with his own legal counsel”.
Continue reading...Founder Sam Bankman-Fried races to find funds to fill multibillion-dollar hole in exchange
The Bahamas securities regulator has frozen the assets of the Bahamas subsidiary of FTX, as the world’s second largest cryptocurrency exchange struggles for survival.
The Securities Commission of the Bahamas said on Thursday it had frozen the assets of FTX Digital Markets and related parties, as well appointing a liquidator for the unit.
Continue reading...The deal was conditional to due diligence of FTX’s balance sheet which raised enough concerns for Binance to back out
Cryptocurrency prices plunged for a second-straight day on Wednesday after crypto exchange Binance announced it was pulling out of its deal to purchase its failing rival FTX Trading.
Bitcoin and other cryptocurrencies were broadly lower on rumors and news reports that the Binance-FTX deal was in trouble. The CEOs of the two exchanges – Sam Bankman-Freid of FTX and Changpeng Zhao of Binance – had publicly agreed to a merger Tuesday, pending the ability for Binance to perform due diligence of FTX’s balance sheet.
Continue reading...Online furniture retailer’s brand, domain names and intellectual property bought by Next
The online furniture retailer Made.com has collapsed into administration after weeks of speculation, putting about 500 jobs at risk and leaving customers disappointed.
The company’s brand, domain names and intellectual property were immediately bought by the fashion and homeware retailer Next.
Continue reading...Search for crypto entrepreneur Do Kwon after Luna and UST collapse drags down rival currencies
The crypto entrepreneur Do Kwon has denied being in hiding, even as Interpol issued a “red notice” for his arrest after the collapse of the Terra project he founded.
After South Korean prosecutors said he was “obviously on the run”, Kwon tweeted that he was making no attempt to evade law officers. “I’m writing code in my living room … I’m making zero effort to hide,” he said. “I go on walks and malls, no way none of [crypto Twitter] hasn’t run into me the past couple weeks.”
Continue reading...€3 charge aims to gives independent booksellers a chance against e-commerce firms that use free delivery loophole
France’s crusade to protect independent booksellers against huge online retailers was stepped up on Friday as the government proposed a €3 (£2.66) minimum delivery fee for all online book orders of less than €35.
The government’s fixed fee for online deliveries is part of a quest to support independent bookshops against the domination of big tech firms, such as Amazon.
Continue reading...Proposed reforms previously delayed by Boris Johnson reannounced amid accusations Tories are soft on ‘dirty money’
Companies House will be given new powers to challenge incorrect or fraudulent claims made by kleptocrats and their agents in an economic crime bill that was previously delayed by Boris Johnson a few weeks before Russia invaded Ukraine.
The new bill – the second of two that had to be hurriedly reannounced amid accusations the government had gone soft on dirty money – is backed by the new security minister, Tom Tugendhat.
Continue reading...Do Kwon’s whereabouts are still unknown since a South Korean court issued an arrest warrant earlier this week
Do Kwon, the South Korean founder of the failed cryptocurrency Terra wanted by police, has denied he was on the run after Singapore investigators said he was not in the city-state as had been believed.
Kwon’s whereabouts have been thrown into question after a statement from Singapore police late on Saturday, and his tweets did not reveal where he was.
Continue reading...The case mirrors a District of Columbia complaint alleging the company pushes sellers to maintain higher prices on other sites
California is suing Amazon, accusing the company of violating the state’s antitrust laws by stifling competition and engaging in practices that push sellers to maintain higher prices on products on other sites.
The 84-page lawsuit filed on Wednesday in San Francisco superior court mirrors another complaint filed last year by the District of Columbia, which was dismissed by a district judge earlier this year and is now going through an appeals process.
Continue reading...Rohan Wahi, the brother of a former product manager at the company, has pleaded guilty to wire fraud conspiracy charges
The brother of a former Coinbase Global Inc product manager pleaded guilty on Monday to a wire fraud conspiracy charge, in what US prosecutors have called the first insider trading case involving cryptocurrency.
Nikhil Wahi, 26, admitted during a virtual court hearing before US district judge Loretta Preska in Manhattan that he made trades based on confidential Coinbase information.
Continue reading...New rules in response to Russia’s invasion of Ukraine cover all notionally valuable digital assets
Crypto exchanges must report suspected sanctions breaches to UK authorities under new rules brought in amid concerns that bitcoin and other cryptoassets are being used to dodge restrictions imposed in response to Russia’s invasion of Ukraine.
Official guidance was updated on 30 August to explicitly include “cryptoassets” among those that must be frozen if sanctions are imposed on a person or company. As well as digital currencies, such as bitcoin, ether and tether, cryptoassets could include other notionally valuable digital assets such as non-fungible tokens.
Continue reading...Inside the protests taking place at the online giant which is accused of exploiting workers and awarding derisory pay offers
Amazon workers say they are working in a “sweatshop” as safety concerns and worries about the cost of living crisis have triggered walkouts at warehouses around the country.
The Observer has spoken to four staff involved in the walkouts, who work at three Amazon warehouses, including Tilbury in Essex, where protests began on 4 August. All say they will struggle to survive this winter with pay rise offers between 35p and 50p an hour – far less than the rate of inflation, which is currently at 13%.
Continue reading...Monthly subscription to increase by 12.5% to £8.99 in latest sign of rising delivery costs
Amazon is to increase the price of its monthly Prime subscription service by 12.5% – or £1 – to £8.99 from September in the latest sign that delivery costs are rising.
The company said the cost of an annual Prime package, which includes unlimited deliveries for online shopping, access to its video and music streaming services and its Amazon Fresh grocery deliveries, would rise by more – 20%, or £16 – to £95, although this remains a discount on the monthly option.
Continue reading...One Medical, the primary care organization, will be acquired by the e-commerce behemoth in a deal valued at roughly $3.9bn
Amazon will acquire the primary care organization One Medical in a deal valued roughly at $3.9bn, marking another expansion for the retailer into healthcare services.
The Seattle-based e-commerce giant said in a statement Thursday it is buying One Medical for $18 a share in an all-cash transaction. It’s one of Amazon’s biggest acquisitions, following its $13.7bn deal to buy Whole Foods in 2017 and its $8.5bn purchase of Hollywood studio MGM, which closed earlier this year.
Continue reading...Kim Kardashian and Floyd Mayweather among those being sued, but prosecuting fraud in the crypto arena is notoriously difficult
With investors worldwide looking at a collective $1.5tn in recent cryptocurrency losses, a blizzard of class-action lawsuits are being prepared. One big question is: who, if anyone, is to blame – and who could be held to account?
With inflation and interest rates rising, the best-known cryptocurrencies have been hit with heavy and continuing losses: Bitcoin has lost more than 50% of its value this year; Ethereum, its largest rival, is down 65%; and the total value of crypto assets has dropped to less than $1tn from its November 2021 peak of $3tn. US federal regulators say 46,000 people have reported losing $1bn in crypto to scams since January 2021.
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