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Disgraced crypto-king Sam Bankman Fried arrested and charged



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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Texas man breaks ice off trampoline net



Texas cold snap sees temperatures plummet

How’s this for cold?

Twitter user Brett Hillier has shared a video from his property in Texas, showing ice on the net of his trampoline cracking.

The Dallas-Fort Worth area has been blanketed with snow, with hazardous conditions expected to continue until at least Thursday.

Authorities have responded to hundreds of accident-related calls, with the ice storm wreaking havoc on roads.

The freezing conditions are making making roads slick, sending cars sliding as residents are told to stay home.

Schools across Mississippi and Tennessee have also been shut. #trending #featured

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Kamala Harris demands Congress pass George Floyd Act



U.S. vice President Kamala Harris has implored Congress to pass the George Floyd Justice and Policing Act

While at the funeral of Tyre Nichols, who was beaten and died at the hands of five Memphis police officers – Harris implored for the right thing to be done.

“As vice-president of the United States, we demand that Congress pass the George Floyd Justice and Policing Act. Joe Biden will sign it,” Harris made the call to action while at the congregation in Memphis.

The Memphis Police Department fired five of the officers involved in the attack, who also are Black.

Prosecutors then charged them last week with second-degree murder, assault, kidnapping, official misconduct and oppression.

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Meta stocks soar in ‘Year of Efficiency’



Meta Platforms has announced a better-than-expected sales quarter, as well as a USD$40 billion stock buyback.

The parent of Instagram and Facebook cut its cost outlook for 2023 by $5 billion, and projected first-quarter sales that could beat Wall Street estimates.

Meta stock surged nearly 19% in after-hours trade.

Chief Executive Mark Zuckerberg described the focus on efficiency as part of the natural evolution of the company, calling it a “phase change” for an organisation that once lived by the motto “move fast and break things.”

“We just grew so quickly for like the first 18 years,” Zuckerberg said in a conference call. “It’s very hard to really crank on efficiency while you’re growing that quickly. I just think we’re in a different environment now.”

The cost cuts reflect Meta’s updated plans for lower data centre construction expenses this year.

In November, the company cut more than 11,000 jobs in response, a precursor to the tens of thousands of layoffs in the tech industry that followed.

“Our management theme for 2023 is the ‘Year of Efficiency’ and we are focused on becoming a stronger and more nimble organisation,” Zuckerberg said in a statement.

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