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  • FTX sues Binance, CZ seeking $1.76B clawback, as it settles with former Alameda co-CEO for $70M+

FTX sues Binance, CZ seeking $1.76B clawback, as it settles with former Alameda co-CEO for $70M+

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Bay Area Times
November 12, 2024

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Top stories today:

  1. FTX sues Binance, CZ seeking $1.76B clawback
  2. Bitcoin touches $90K, Tesla +9% on continued Trump trade
  3. LG’s new stretchable prototype display can grow by 50%

0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. FTX sues Binance, CZ seeking $1.76B clawback, as it settles with former Alameda co-CEO for $70M+

  • 2021: Binance got $1.76B from FTX as part of a share repurchase deal of its 20% stake in FTX International and 18% stake in FTX U.S.

  • FTX and Alameda “may have been insolvent from inception and certainly were balance-sheet insolvent by early 2021,” the estate alleges.

  • FTX accused CZ of posting “false, misleading, and fraudulent tweets,” “maliciously calculated to destroy his rival.”

  • “The claims are meritless, and we will vigorously defend ourselves,” a Binance spokesperson said.

  • Meanwhile, former Alameda co-CEO Sam Trabucco has forfeited his yacht, apartments, and $70M claim to FTX, in a new settlement.

  • FTX is also alleging a Mauritian trader cost $1B in losses to FTX and Alameda due to flaw exploits.

2. Bitcoin touches $90K, Tesla +9% on continued Trump trade

BTC and Tesla are now the #8 and #11 most valuable assets in the world:

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4. LG’s new stretchable prototype display can grow by 50%

  • 2.5x previous record of 20% elongation.

  • 12-inch screen with 100-pixel-per-inch resolution that can expand to 18-inches when pulled.

  • Our view: it may look cool, but what are the actual use cases of this technology?

5. Americans see UK, Israel as top allies, Germans see U.S., France

Americans are more likely to see China, Russia, and Iran as threats

6. Interesting videos, posts, and memes

7. Other headlines

AI

  • Scaling up pre-training has plateaued: Ilya Sutskever, co-founder of OpenAI, SSI.

  • Orion may not outperform GPT-4 in coding: OpenAI employee.

  • Amazon steps up effort to build AI chips to rival NVIDIA’s.

  • Ecosia, Qwant leveraging AI, new rules to target Google.

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Tech

  • Apple reportedly prepping smart home camera for 2026.

  • Amazon reportedly building driver eyeglasses to shave seconds off deliveries.

  • SoftBank hits largest profits in 2 years on Didi, Coupang IPOs.

  • Monday.com’s revenue +33% to $251M.

  • Argentine fintech Ualá raises $300M at $2.75B.

  • NYT tech workers end strike.

  • hear.com's groundbreaking devices that make everything loud and clear*

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Tech & law

  • Biden admin to support controversial UN cyber treaty.

  • Apple to face lawsuit by Chinese developer in Beijing.

Biotech

Crypto

  • MicroStrategy buys another 27K BTC for $2B, now holds 279K BTC.

  • Peter Schiff urges traders to buy his 50 NFT collection on Ordinals.

U.S. politics

  • Marco Rubio likely chosen as secretary of State: CNN.

  • Kristi Noem picked as Homeland Security secretary.

  • Rick Scott gets support from Trump allies in Senate GOP leadership race.

  • Powell ready for legal fight if Trump tries to fire him.

  • Donald Trump Jr. won’t be joining administration, opts instead for 1789 Capital.

  • Chris Wallace to quit CNN after 3 years, to venture into streaming.

World

  • Iran says it will pursue “its interest” when asked about possible Trump talks.

  • Hamas, Fatah say they want apolitical committee in charge of Gaza post-war.

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