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Disgraced crypto-king Sam Bankman Fried arrested and charged

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The disgraced crypto-king faces life in prison if convicted on all counts

FTX co-founder Sam Bankman Fried has been arrested in the Bahamas less than 24-hours before he said he was going to testify before lawmakers on Capitol Hill remotely.

The disgraced crypto-king faces eight-counts including fraud and money laundering.

Bankman Fried, 30, is accused of diverting money from customers of the cryptocurrency trading platform to Alameda Research, his crypto hedge fund and then used that money for his own personal use.

Federal authorities in New York unsealed the indictment on Tuesday.

Gurbir Grewal from the Securities and Exchange Commission said Bankman Fried was, “Improperly diverting FTX customer funds to his crypto hedge fund Alameda research and his alleged in our complaint he then misused those funds to make undisclosed venture investments, lavish real estate purchases, and large political donations.”

Bankman Fried’s claims about FTX’s sophisticated risk controls and other customer protections were simply bogus. Similarly his representations to FTX investors and trading customers concerning Alameda were also part of that carefully crafted veneer and were similarly false and misleading.”

Meanwhile in Washington D.C. the current FTX CEO John Ray testified on the collapse of the cryptocurrency company before the House Financial Services Committee.

Bankman Fried was supposed to answer lawmakers’ questions about how FTX lost billions of dollars of customers’ money.

Ray became CEO after the company filed for bankruptcy last month.

“The FTX group’s collapse appears to have stemmed from absolute control in the hands of a small group of grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company entrusted with other people’s money or assets,” Ray said.

Federal officials say Bankman Fried was a flight-risk, so they needed to move quickly. If convicted on all 8-counts— Bankman Fried could spend up to life in prison.

Veronica Dudo is the U.S. Correspondent for Ticker News covering America’s biggest headlines. As an Emmy® Award nominated global journalist, Veronica has traveled across the country and around the world reporting on historical events that connect all citizens. Lauded as an award-winning international journalist, Veronica has executed stellar news coverage for NBC News, CBS News, The Hill, ME-TV Network and AOL. Her stories have highlighted a plethora of topics ranging from breaking news and politics to economic affairs across the USA, European Union, and Asia; cultural affairs; globalization; governance; education; and sustainability.

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Calls for tougher protest laws following terror attack

Former minister urges NSW-style protest restrictions after synagogue arson, calling for stronger action against antisemitism.

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A former minister of the Andrews government has criticized Victoria Police for overlooking terror symbols in Melbourne and is urging state Labor to adopt stricter protest regulations akin to those in New South Wales.

Philip Dalidakis, who served from 2015 to 2018, linked the recent arson attack on the Adass Israel synagogue to a failure in public safety measures.

He is advocating for the introduction of protest permits and enhanced police authority to disperse gatherings.

Prime Minister Anthony Albanese has labeled the synagogue attack an act of terrorism, a stance not shared by Victorian Premier Jacinta Allan, who refrained from such a designation to avoid hindering police investigations.

She characterised the attack as designed to instill fear within the Jewish community.

Community fear

Albanese signaled that the attack fits the definition of terrorism due to its intent to incite community fear.

He highlighted Labor’s commitment to Jewish community safety, referencing $25 million allocated to enhance security and an additional $32.5 million pledged.

Opposition Leader Peter Dutton condemned the attack as a national disgrace and accused Labor of failing to address rising antisemitism.

He, along with former Liberal treasurer Josh Frydenberg, called for a formal terrorism designation and the formation of a police taskforce against antisemitism.

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Assad granted asylum in Russia amid regime change

Bashar al-Assad granted asylum in Russia; Biden emphasizes opportunities and risks post-Assad era in Syria.

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Former Syrian President Bashar al-Assad and his family have been granted political asylum in Moscow, according to a source from the Kremlin reported by TASS.

Assad, who was last in Damascus on Saturday, fled the country early Sunday, as confirmed by both Syrian and Arab security officials.

Russia’s foreign ministry indicated that he had officially stepped down and left the country.

Though Assad planned to address the nation Saturday evening, the speech never took place.

His wife and children had previously departed for Russia in late November, with his brothers-in-law moving to the United Arab Emirates.

Potential risks

President Biden referred to the fall of the Assad regime as a “historic opportunity” for Syrians to shape their future.

He acknowledged both the potential and risks involved.

Biden credited his administration’s actions, such as supporting conflicts in Ukraine and Israel, for weakening Assad’s position by diverting the resources of his allies: Russia, Iran, and Hezbollah.

He reiterated the ongoing U.S. sanctions against Assad’s regime.

The U.S. plans to send senior officials to the region and provide humanitarian aid to support the Syrian people during this transition. Biden confirmed that the U.S. military presence in eastern Syria will continue, particularly to secure prisons housing Islamic State members.

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Young men profit from risky crypto and political betting

Young men are increasingly investing in risky crypto and political bets, yielding high returns despite potential risks and disadvantages.

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Young men are increasingly taking risks in cryptocurrency and political betting, reporting substantial gains as markets rise.

Investments by young men are significantly outperforming traditional ones.

A diverse portfolio consisting of bitcoin, gold, GameStop, and DraftKings yielded a 62% return in 2023.

Many young male investors view their speculative trades as a pathway to traditional goals, supported by the entertainment aspects of mobile trading. However, owning cryptocurrency and meme stocks is influenced by gender attitudes. Data from the Pew Research Center shows a stark disparity between young male and female investors in crypto ownership.

Political expectations

The recent surge in bitcoin prices is partly due to favorable political expectations surrounding the newly elected administration. Political betting has also grown, with a majority of participants being male and under 30.

Many young men feel compelled to pursue risky investments due to economic pressures and perceived barriers. While they report higher earnings, nearly half claim to face discrimination, contributing to feelings of alienation.

The pandemic fueled increased retail participation in investing, especially among younger demographics. Influencers on online platforms significantly impact investment decisions, often promoting risky behavior.

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