The former chief financial officer for two SPACs pleaded guilty to wire fraud, the DOJ said Wednesday. Cooper Morgenthau was charged with embezzling $5 million to trade crypto and meme stocks. Morgenthau falsified bank statements to shield his losses to accountants and auditors, the DOJ said. Loading Something is loading. Thanks for signing up! Access… Continue reading Former SPAC exec pleads guilty to defrauding people of $5 million to trade crypto and meme stocks
Russia’s war revenue fell by $15 million in the last week of the year as crude exports plunged to lowest levels of 2022
The EU’s ban and price cap on Russian oil dented Moscow’s export revenue in the last week of 2022. Revenue from Russia’s crude-export duty fell by $15 million, or 12%, to $108 million in the seven days to December 30. The latest sanctions on Russian oil exports took effect on December 5. Loading Something is… Continue reading Russia’s war revenue fell by $15 million in the last week of the year as crude exports plunged to lowest levels of 2022
One of the world’s largest bitcoin miners will shut off thousands of mining rigs tied to bankrupt Celsius as part of the firms’ bankruptcy proceedings
Core Scientific will shut down thousands of bitcoin mining rigs tied to Celsius. Core Scientific says the mining rigs are costing the firm $2 million in revenue per month, per court filings. Both companies filed for Chapter 11 bankruptcy last year amid the crypto bear market. Loading Something is loading. Thanks for signing up! Access… Continue reading One of the world’s largest bitcoin miners will shut off thousands of mining rigs tied to bankrupt Celsius as part of the firms’ bankruptcy proceedings
Gemini’s Cameron Winklevoss accuses Genesis boss of stalling on $900 million loan payments, in another hit to crypto credibility
Gemini’s Cameron Winklevoss has accused DCG’s Barry Silbert of stalling on repaying a Genesis loan. Winklevoss said Genesis, the lending arm of DCG, owes $900 million to the crypto exchange’s clients. Silbert disputed the claims made by Winklevoss in a spat that could again dent faith in crypto, post-FTX. Loading Something is loading. Thanks for… Continue reading Gemini’s Cameron Winklevoss accuses Genesis boss of stalling on $900 million loan payments, in another hit to crypto credibility
Tesla falls short on deliveries, disappointing Wall Street again after shedding nearly $700 billion in market value last year
Tesla fell 4% ahead of Tuesday’s opening bell after it missed Wall Street’s delivery estimates. It logged just over 405,000 deliveries in the fourth quarter, falling short of analysts’ 430,000 forecast. The EV manufacturer’s share price plummeted 69% last year, erasing just under $700 billion in market capitalization. Loading Something is loading. Thanks for signing… Continue reading Tesla falls short on deliveries, disappointing Wall Street again after shedding nearly $700 billion in market value last year
Tesla reportedly elevates its China boss to head of US plants and sales, making him No. 2 after Elon Musk as $700 billion slump spooks investors
Tesla has made executive Tom Zhu head of US plants and sales, according to Reuters. That would make Zhu Tesla’s second highest-profile executive after Elon Musk. Some shareholders have called for Musk to quit as Tesla CEO after the company shed nearly $700 billion in market value last year. Loading Something is loading. Thanks for… Continue reading Tesla reportedly elevates its China boss to head of US plants and sales, making him No. 2 after Elon Musk as $700 billion slump spooks investors
‘Big Short’ investor Michael Burry predicts a US recession in 2023 and another inflation spike
Michael Burry said he expects the US to slump into recession in 2023 and inflation to spike again. The “Big Short” investor predicted inflation would decline overall in 2023 as the economy weakened. The Fed and US government would respond with stimulatory policy, causing inflation to jump again, he said. Loading Something is loading. Thanks… Continue reading ‘Big Short’ investor Michael Burry predicts a US recession in 2023 and another inflation spike
Sam Bankman-Fried is expected to plead not guilty in the FTX fraud case – and prosecutors won’t be lenient
Sam Bankman-Fried is expected to enter a plea of not guilty in his fraud case on Tuesday. The disgraced FTX founder is accused of defrauding investors and is facing eight criminal charges. A former federal prosecutor weighs in on why Bankman-Fried won’t just get a slap on the wrist. Loading Something is loading. Thanks for… Continue reading Sam Bankman-Fried is expected to plead not guilty in the FTX fraud case – and prosecutors won’t be lenient
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