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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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“TikTok represents two national risks to Australians”: should you delete the app?



Democracies continue to ban popular video-sharing app TikTok over national security concerns

Australia recently banned TikTok from all federal government owned devices over security concerns.

Canberra is the latest in a string of U.S.-backed allies to take action against the popular video-sharing app.

The ban centres around concerns China could use the app to trace users’ data, and undermine democratic values.

Senator James Paterson is the Australian Shadow Minister for Home Affairs and Cyber Security, who said TikTok poses a risk to Australians.

“They can get access to awful amount of information on your phone.

“Because it’s beholden to the Chinese Communist Party, there’s no guarantee it won’t fall into their hands,” he said.

Senator Paterson said there are “six or seven million Australians who use the app.”

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Cyber attacks are on the rise, so what is being done to combat them?



Australia experienced two of its worst cyber attacks on record last year, as the world braces for cyber warfare to rise

Ukraine has suffered a threefold growth in cyber-attacks over the past year.

Viktor Zhora is leading Ukraine’s State Service of Special Communications and Information Protection agency, who said cyber attacks are occurring at the same time as missile strikes at the hands of Russia.

Mr Zhora said in some cases, the cyber-attacks are “supportive to kinetic effects”.

On the other side of the planet, Russian hackers were responsible for Australia’s Medibank scandal.

“This is a crime that has the potential to impact on millions of Australians and damage a significant Australian business,” said Reece Kershaw, who is the Commissioner of the Australian Federal Police.

Australian Shadow Minister for Home Affairs and Cyber Security is James Paterson, who said Australia can learn from cyber warfare in Ukraine.

“Ukraine is a lesson for the world.

“They are fighting a hybrid war, one on the ground and one online. If there is to be future conflict including in our own region, in the Indo-Pacific, it’s highly likely that the first shots in that war will occur cyber domain not in the physical world,” Senator Paterson said.

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America focused on “dominance, leadership and primacy” in China spat



Former Australian Foreign Minister Bob Carr says the United States relationship with China is focused on dominance, leadership and primacy.

“Mind your own business” – it’s the stinging message to the West from China’s defence minister.

Li Shangfu told a security conference that China has “one of the best peace records” among major countries.

He lashed out at the so-called rules-based system. Asking – “who made the rules?”

The world is watching China amidst heightened international anxiety.

But while China’s Defence minister says Beijing’s preference is “peaceful unification” with Taiwan, he added that China will never “promise to renounce the use of force.”

Delegates from the Philippines, Vietnam, the Netherlands, the United States and Germany asked about the “apparent disconnect between China’s words and actions”.

But in some of those countries, there is growing concern about America’s increasing level of unpredictability.

Australia’s former Foreign minister Bob Carr is concerned that Canberra had mismanaged the relationship with America under successive governments. #featured #world #china

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