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Sam Bankman-Fried arrested in The Bahamas

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FTX founder Sam Bankman-Fried has been arrested by The Royal Bahamas Police Force

The U.S. is expected to request The Bahamas extradite Sam Bankman-Fried in short order, after the FTX CEO was arrested on Monday.

Authorities declined to comment on what the charges were.

However, the U.S. had already filed criminal charges against Bankman-Fried after the collapse of the FTX cryptocurrency exchange.

“As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek SBF’s arrest and hold him in custody pursuant to our nation’s Extradition Act,” said Attorney General Ryan Pinder.

“At such time as a formal request for extradition is made, The Bahamas intends to process it promptly, pursuant to Bahamian law and its treaty obligations with the United States.”

RYAN PINDER, BAHAMIAN ATTORNEY GENERAL

U.S. prosecutors have indicted Mr Bankman-Fried, however the indictment remains under seal.

The Prime Minister of The Bahamas, Philip Davis said his country will continue to pursue its own investigation into FTX’s collapse.

“While the United States is pursuing criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere,” he said.

Mr Bankman-Fried was expected to testify before the House Financial Services Committee on Tuesday.

FTX had been one the world’s largest cryptocurrency exchanges. However, it filed for bankruptcy in November after traders pulled $6 billion from the platform.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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Is the metaverse the future of social network?

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U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.

 
#metaverse #china #unitedstates #tech #veronicadudo #ozsultan #crypto

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Who will win the global metaverse race?

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China is looking to invest in the metaverse market as numerous cities rollout policy proposals.

Technology continues to change our lives forever.

As new advancements are released to the public—safety continues to be a major concern.

People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.

While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.

Analysts say it’s the next evolution in social connection and the successor to the mobile internet.

According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.

China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.

This comes after tense year of regulatory scrutiny on the countries tech sector.

The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.

The initiative involves the municipal government establishing a nearly $1.5 billion dedicated fund in an effort to foster growth and development in the industry.

So, is the metaverse taking the world by storm?

Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech

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North Korean hacker groups steal billions in crypto assets

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G7 finance ministers are supporting measures to counter growing threats in the crypto space

 
Hacker groups associated with North Korea have stolen over $700 million worth of crypto assets since 2017 from Japanese firms and businesses.

The amount equates to 30 per cent of the total of such losses globally.

This comes on the back of G7 finance ministers supporting measures to counter growing threats.

In total, hackers has stolen a total of $2.3 billion in cryptocurrency from businesses between 2017 and 2022.

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