As per reports, Bahamian police questioned FTX founder Sam Bankman-Fried on Saturday

WION Business News | FTX's Sam Bankman-Fried questioned by Bahamas Police

After firing thousands of Twitter employees in the first week of taking over platform. Reports suggest, the employees were removed without any prior notice. A lot of employees said their access were removed without any prior information

WION Business News | Elon Musk removes Twitter contract workers without notice

In 2021, the amount of debt among the low- and middle-income countries “grew substantially”, said World Bank President David Malpass during an interview with Reuters on Friday. This comes ahead of the bank’s upcoming yearly report on global debt which Malpass says will make clear that private sector creditors also need to participate in debt reductions.&nbsp;

According to the World Bank president, China accounts for nearly 66 per cent of lending in the total for the official bilateral creditors. This also makes Beijing the world’s biggest official bilateral creditor. Meanwhile, he also talked about how the implementation of the common framework created by the G20 economies as well as the Paris Club of official creditors in late 2020 for debt treatments has been halted.&nbsp;

In this context, he gave the example of the African nation, Chad, whose bilateral creditors are countries like China, France, India and Saudi Arabia and also private creditors like Switzerland-based Glencore which reportedly reached an agreement on the country’s nearly $3 billion in external debt. However, Malpass says that it does not account for longer-term debt sustainability as it forgoes any actual debt reduction.&nbsp;

ALSO READ:<a href="https://www.wionews.com/india-news/indias-support-to-poor-during-covid-19-remarkable-says-world-bank-president-david-malpass-522939">&nbsp;India’s support to poor during COVID-19 remarkable, says World Bank President David Malpass</a> 
 
He also said that the World Bank, the International Monetary Fund (IMF) and Western officials have repeatedly criticised China as well as private sector lenders for not moving forward with their plan at a faster pace. Therefore, the World Bank president said that the overall debt issue will be one of the highlights of the upcoming meeting of the G20 leaders.&nbsp;

Malpass also called for an increased pace of debt restructuring for both Chad and Zambia with the latter being the first to make the request under the new common framework. He added that the longer the process of enacting real debt reductions is, it will become increasingly difficult for these countries to “get back on their feet.”&nbsp;

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/wion-climate-tracker-united-states-protests-against-world-bank-investing-in-fossil-fuels-525204">WION Climate Tracker | United States: Protests against World Bank investing in fossil fuels</a>

This comes as Malpass warns about the bank's forthcoming International Debt Statistics report, which he reportedly said was troubling but did not give any specific numbers or statistics on the same. &nbsp;

But the preliminary data released by the World Bank in June hints at the worsening situation as it showed that the external debt stock of low- and middle-income countries on average rose 6.9 per cent in 2021 to $9.3 trillion which is a 1.3 per cent growth witnessed since 2020. “The report makes clear that debt reduction needs to extend broadly to include the private sector and China,” said Malpass.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/cop27-barbados-pm-calls-to-reform-imf-and-world-bank-finds-support-from-us-france-533033">COP27: Barbados PM calls to reform IMF and World Bank, finds support from US, France</a>

Furthermore, the officials at World Bank and IMF have also said that at least 25 per cent of emerging markets and developing economies are in or near debt stress, while the number for low- and middle-income countries is at a staggering 60 per cent. This comes amid climate shocks, inflation, rise in interest rates which increased the pressure on countries still reeling from the Covid-19 pandemic.&nbsp;

&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

In 2021, the amount of debt among the low- and middle-income countries “grew substantially”, said World Bank President David Malpass during an interview with Reuters on Friday.

In 2021, the amount of debt among the low- and middle-income countries “grew substantially”, said World Bank President David Malpass during an interview with Reuters on Friday. This comes ahead of the bank’s upcoming yearly report on global debt which Malpass says will make clear that private sector creditors also need to participate in debt reductions. According to the World Bank president, China accounts for nearly 66 per cent of lending in the total for the official bilateral creditors. This also makes Beijing the world’s biggest official bilateral creditor. Meanwhile, he also talked about how the implementation of the common framework created by the G20 economies as well as the Paris Club of official creditors in late 2020 for debt treatments has been halted. In this context, he gave the example of the African nation, Chad, whose bilateral creditors are countries like China, France, India and Saudi Arabia and also private creditors like Switzerland-based Glencore which reportedly reached an agreement on the country’s nearly $3 billion in external debt. However, Malpass says that it does not account for longer-term debt sustainability as it forgoes any actual debt reduction. ALSO READ: India’s support to poor during COVID-19 remarkable, says World Bank President David Malpass He also said that the World Bank, the International Monetary Fund (IMF) and Western officials have repeatedly criticised China as well as private sector lenders for not moving forward with their plan at a faster pace. Therefore, the World Bank president said that the overall debt issue will be one of the highlights of the upcoming meeting of the G20 leaders. Malpass also called for an increased pace of debt restructuring for both Chad and Zambia with the latter being the first to make the request under the new common framework. He added that the longer the process of enacting real debt reductions is, it will become increasingly difficult for these countries to “get back on their feet.” ALSO WATCH: WION Climate Tracker | United States: Protests against World Bank investing in fossil fuels This comes as Malpass warns about the bank's forthcoming International Debt Statistics report, which he reportedly said was troubling but did not give any specific numbers or statistics on the same. But the preliminary data released by the World Bank in June hints at the worsening situation as it showed that the external debt stock of low- and middle-income countries on average rose 6.9 per cent in 2021 to $9.3 trillion which is a 1.3 per cent growth witnessed since 2020. “The report makes clear that debt reduction needs to extend broadly to include the private sector and China,” said Malpass. ALSO READ: COP27: Barbados PM calls to reform IMF and World Bank, finds support from US, France Furthermore, the officials at World Bank and IMF have also said that at least 25 per cent of emerging markets and developing economies are in or near debt stress, while the number for low- and middle-income countries is at a staggering 60 per cent. This comes amid climate shocks, inflation, rise in interest rates which increased the pressure on countries still reeling from the Covid-19 pandemic. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Global debt grew considerably in 2021, China leading lender: World Bank president

Changpeng Zhao, the chief executive of cryptocurrency exchange Binance, announced on Sunday that the company no longer accepts deposits of FTX's FTT token on its platform and urged other competing exchanges to follow suit.&nbsp;

The crypto exchange FTX, which declared bankruptcy on Friday, stated it had discovered the unauthorised access on Saturday. Analysts also claimed that hundreds of millions of dollars worth of assets had been removed from the network under "suspicious circumstances."&nbsp;

"(Binance) has stopped FTT deposits, to prevent the potential of questionable additional supplies affecting the market. We will monitor the situation," said CEO Zhao in a&nbsp;tweet.

CEO tweeted, "FTT contract deployers moved all remaining FTT supply worth $400 million, which should be unlocked in batches. Not too sure what's going on."

In one of the most high-profile cryptocurrency meltdowns, FTX filed for bankruptcy on Friday after traders rushed to remove $6 billion off the platform in only 72 hours and rival exchange Binance abandoned a planned rescue package.

John J. Ray III, the chief executive of FTX, stated on Saturday that the business was collaborating with law enforcement and authorities to address the issue and was "making every effort to secure all assets, wherever located."&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/biden-urges-japan-s-korea-to-join-hands-on-n-korean-and-chinese-threat-533744">Biden urges Japan &amp; S Korea to join hands on N Korean and Chinese threat</a>

Sam Bankman-Fried, the exchange's 30-year-old founder, who is well known for wearing shorts and a T-shirt, has gone from being the face of the cryptocurrency industry's accomplishments to the main character of the sector's worst crash as a result of the exchange's rapid fall from grace.&nbsp;

Bankman-Fried, a resident of the Bahamas, has also come under scrutiny regarding his movements. On Twitter, he shot down allegations that he had travelled to South America.

(with inputs from agencies) 
&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

Changpeng Zhao, the chief executive of cryptocurrency exchange Binance, announced on Sunday that the company no longer accepts deposits of FTX's FTT token on its platform and urged other competing exchanges to follow suit.

Changpeng Zhao, the chief executive of cryptocurrency exchange Binance, announced on Sunday that the company no longer accepts deposits of FTX's FTT token on its platform and urged other competing exchanges to follow suit. The crypto exchange FTX, which declared bankruptcy on Friday, stated it had discovered the unauthorised access on Saturday. Analysts also claimed that hundreds of millions of dollars worth of assets had been removed from the network under "suspicious circumstances." "(Binance) has stopped FTT deposits, to prevent the potential of questionable additional supplies affecting the market. We will monitor the situation," said CEO Zhao in a tweet. CEO tweeted, "FTT contract deployers moved all remaining FTT supply worth $400 million, which should be unlocked in batches. Not too sure what's going on." In one of the most high-profile cryptocurrency meltdowns, FTX filed for bankruptcy on Friday after traders rushed to remove $6 billion off the platform in only 72 hours and rival exchange Binance abandoned a planned rescue package. John J. Ray III, the chief executive of FTX, stated on Saturday that the business was collaborating with law enforcement and authorities to address the issue and was "making every effort to secure all assets, wherever located." Also Read: Biden urges Japan & S Korea to join hands on N Korean and Chinese threat Sam Bankman-Fried, the exchange's 30-year-old founder, who is well known for wearing shorts and a T-shirt, has gone from being the face of the cryptocurrency industry's accomplishments to the main character of the sector's worst crash as a result of the exchange's rapid fall from grace. Bankman-Fried, a resident of the Bahamas, has also come under scrutiny regarding his movements. On Twitter, he shot down allegations that he had travelled to South America. (with inputs from agencies)

Binance halts FTX's FTT token deposits, urges other crypto exchanges to follow

Bankrupt Crypto trading fund FTX confirmed that there was an 'unauthorised access' to its accounts. Moments later, the embattled company's CEO announced that FTX is now switching off the option of trading or withdrawing funds, exactly how much money is involved still remains unclear.

FTX saga continues: Funds vanish at bankrupt Crypto exchange, company confirms 'unauthorised access'

There is simply no end to the woes of Bitcoin exchange FTX and more skeletons are coming out of the closet now. Meanwhile, some experts are calling the crashing of the crypto exchange, the beginning of a financial crisis moment of 2008 for digital assets globally.

Crypto exchange FTX files for bankruptcy; CEO Sam Bankman-Fried resigns

Amazon, the world's largest online retailer, has become first company ever to lose USD 1 trillion in market value, according to Bloomberg. It is akin to losing Google parent Alphabet's worth of market value. Alphabet is now valued around USD 1.13 trillion.

On Wednesday (November 9), Amazon's share price closed 4.3 per cent lower at USD 86.14. This took the company's market capitalisation to USD 879 billion.

This year up to now, Amazon's stock has already lost about 48 per cent of its value. This is quite a contrast from its price in July 2021. At that time, the company's market cap had touched USD 1.9 trillion.

The company's market value fell below USD 1 trillion mark at the start of this month.

Top five US tech companies are bleeding money. Together, they have already lost about USD 4 trillion in market value. Rising inflation and macroeconomic reasons are being reported to be the cause.

Also Read | <a href="https://www.wionews.com/business-economy/binance-walks-out-of-deal-to-bail-out-rival-ftx-citing-mishandled-funds-532777">Crypto market crashes as Binance walks out of FTX deal, amid US govt probe</a>

"We are seeing signs all around that, again, people's budgets are tight, inflation is still high, energy costs are an additional layer on top of that caused by other issues," Amazon CFO Brian Olsavsky told the reporters in a call on October 27, as per Reuters. "We are preparing for what could be a slower growth period, like most companies."

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Amazon, the world's largest online retailer, has become first company ever to lose USD 1 trillion in market value, according to Bloomberg. It is akin to losing Google parent Alphabet's worth of market value.

Amazon, the world's largest online retailer, has become first company ever to lose USD 1 trillion in market value, according to Bloomberg. It is akin to losing Google parent Alphabet's worth of market value. Alphabet is now valued around USD 1.13 trillion. On Wednesday (November 9), Amazon's share price closed 4.3 per cent lower at USD 86.14. This took the company's market capitalisation to USD 879 billion. This year up to now, Amazon's stock has already lost about 48 per cent of its value. This is quite a contrast from its price in July 2021. At that time, the company's market cap had touched USD 1.9 trillion. The company's market value fell below USD 1 trillion mark at the start of this month. Top five US tech companies are bleeding money. Together, they have already lost about USD 4 trillion in market value. Rising inflation and macroeconomic reasons are being reported to be the cause. Also Read | Crypto market crashes as Binance walks out of FTX deal, amid US govt probe "We are seeing signs all around that, again, people's budgets are tight, inflation is still high, energy costs are an additional layer on top of that caused by other issues," Amazon CFO Brian Olsavsky told the reporters in a call on October 27, as per Reuters. "We are preparing for what could be a slower growth period, like most companies." You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Amazon loses USD 1 trillion, first company to shed such value

Is the UK heading for a long recession? UK economy has contracted in the third quarter. Will winter strikes also affect the UK economy? Watch this report.

UK economy contracts in the third quarter; UK heads for a long recession

Australia: Three telecom firms have been ordered by the court to pay a collective of $22 million as it is allegedly making misleading claims about the speed of the internet.

World Business Watch: Australian telecom firms fined $22.1 mn

Crypto exchange coinbase Global has cut over 60 jobs in recruiting and other onboarding teams. It is coming at a time when plummet digital coins risks another contagion in the sector and bigger rival FTX is inching closer to collapse.

World Business Watch: Crypto exchange coinbase cuts jobs

US tech billionaires just have their best day ever on Thursday, when they added $59 billion to their fortunes following Thursday's stock market rally at Wall Street.

Best day on record for U.S. tech billionaires; Asia stocks jump on U.S. inflation numbers

Major cryptocurrency platform Binance has announced that it is walking out of a non-binding deal to purchase failing rival FTX Trading, which has been hit by a liquidity crunch.

The fallout had an adverse impact on cryptocurrencies as bitcoin dropped below $16,000, while shares in cryptocurrency exchange Coinbase fell by more than 9.5 per cent.

In a statement posted on Twitter, Binance said that the issues facing FTX were "beyond our control or ability to help"

"Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market."

It said that the decision of not to move forward with the deal was made after due diligence.

The exchange said that its decision was taken after reports of FTX "mishandling customer funds and alleged US agency investigations".

"As regulatory frameworks are developed and as the industry continues to evolve toward greater decentralisation, the ecosystem will grow stronger,” it added.

Watch |&nbsp;Binance walks away from FTX deal due to 'mishandled funds'

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/binance-walks-away-from-ftx-deal-due-to-mishandled-funds-532770/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

FTX's founder Sam Bankman-Fried and Binance's chief executive Changpeng "CZ" Zhao are regarded as the two of the most powerful people in the cryptocurrency market and high-profile rivals.

Though there was no official reaction from FTX, Mr Zhao&nbsp;tweeted on Wednesday: "Sad day. Tried, but [crying emoji]".

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
In the spirit of transparency, might as well share the actual note, sent to all Binance team globally a few hours ago.<a href="https://t.co/IUNkPcLC8T">https://t.co/IUNkPcLC8T</a> <a href="https://t.co/XGlIJB7EV5">pic.twitter.com/XGlIJB7EV5</a>
— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1590351182513729544?ref_src=twsrc%5Etfw">November 9, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;A notice on its website said, "FTX is currently unable to process withdrawals. We strongly advise against depositing."

Meanwhile, the US securities regulator is investigating FTX's handling of customer funds amid a liquidity crunch, as well its crypto-lending activities, Reuters reported on Wednesday citing a source familiar with the matter.

The Securities and Exchange Commission (SEC) is examining whether the platform is following securities laws related to segregation of customer assets and trading against customers, the source said. The investigation was initiated few months ago.

The Commodity Futures Trading Commission (CFTC) is also probing the issue, Bloomberg reported earlier on Wednesday.

(With inputs from agencies)

WATCH WION LIVE HERE: 

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Major cryptocurrency platform Binance has announced that it is walking out of a non-binding deal to purchase failing rival FTX Trading, which has been hit by a liquidity crunch.

Major cryptocurrency platform Binance has announced that it is walking out of a non-binding deal to purchase failing rival FTX Trading, which has been hit by a liquidity crunch. The fallout had an adverse impact on cryptocurrencies as bitcoin dropped below $16,000, while shares in cryptocurrency exchange Coinbase fell by more than 9.5 per cent. In a statement posted on Twitter, Binance said that the issues facing FTX were "beyond our control or ability to help" "Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market." It said that the decision of not to move forward with the deal was made after due diligence. The exchange said that its decision was taken after reports of FTX "mishandling customer funds and alleged US agency investigations". "As regulatory frameworks are developed and as the industry continues to evolve toward greater decentralisation, the ecosystem will grow stronger,” it added. Watch | Binance walks away from FTX deal due to 'mishandled funds' FTX's founder Sam Bankman-Fried and Binance's chief executive Changpeng "CZ" Zhao are regarded as the two of the most powerful people in the cryptocurrency market and high-profile rivals. Though there was no official reaction from FTX, Mr Zhao tweeted on Wednesday: "Sad day. Tried, but [crying emoji]". In the spirit of transparency, might as well share the actual note, sent to all Binance team globally a few hours ago.https://t.co/IUNkPcLC8T pic.twitter.com/XGlIJB7EV5 — CZ 🔶 Binance (@cz_binance) November 9, 2022 × A notice on its website said, "FTX is currently unable to process withdrawals. We strongly advise against depositing." Meanwhile, the US securities regulator is investigating FTX's handling of customer funds amid a liquidity crunch, as well its crypto-lending activities, Reuters reported on Wednesday citing a source familiar with the matter. The Securities and Exchange Commission (SEC) is examining whether the platform is following securities laws related to segregation of customer assets and trading against customers, the source said. The investigation was initiated few months ago. The Commodity Futures Trading Commission (CFTC) is also probing the issue, Bloomberg reported earlier on Wednesday. (With inputs from agencies) WATCH WION LIVE HERE:

Crypto market crashes as Binance walks out of FTX deal, amid US govt probe

After buying the microblogging site, Twitter, in a $44 billion deal, billionaire Elon Musk has sold additional shares of his company Tesla. According to the Securities and Exchange Commission in the United States, Musk sold 19.5 million shares of Tesla worth 4 billion dollars after taking over Twitter.

WION Business News: Musk sells $4 bn Tesla shares as it hits 2-year low

Top US financial regulators have undertaken an investigation into whether Sam Bankman-Fried's crypto exchange FTX.com handled costumers' assets properly.

As per a report by Bloomberg they are also looking into the crypto exchange's relationship with other parts of the Bankman-Fried empire.

Watch |&nbsp;WION Business News: Hong Kong plans to legalize retail crypto trading

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-business-news-hong-kong-plans-to-legalize-retail-crypto-trading-529074/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Citing&nbsp;three persons with knowledge of the situation, Bloomberg reports that US Securities and Exchange Commission and the Commodity Futures Trading Commission are looking into the liquidity problem that has brought FTX to its breaking point.&nbsp;

The report further says that two of the individuals, who wished to remain anonymous, claimed that the SEC's investigation into FTX US and its crypto-lending activities was what initially sparked the probe.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/crypto-giant-binance-to-acquire-non-us-operations-of-rival-ftx-in-massive-bailout-532578">Crypto giant Binance rescues rival FTX facing major crunch after dramatic fall in market</a>

Gary Gensler, the chairman of the SEC, has often expressed concern about the dangers of digital asset exchanges. According to him, numerous platforms may be breaking the law by selling unregistered securities to Americans, making unlawful loans, or even front-running the trades of their customers.

Senior CFTC officials have also expressed concern about the possibility of cryptocurrency platforms mismanaging customers' assets.&nbsp;

In a speech last month, Democratic CFTC Commissioner Christy Goldsmith Romero remarked, "There is not enough awareness or attention on this critical area where customer protections dovetail with financial stability risks."&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/3-billion-in-bitcoin-seized-by-us-department-of-justice-in-a-decade-old-case-532176">$3 billion in Bitcoin seized by US Department of Justice in a decade old case</a>

The problems at FTX.com come on the heels of high-profile crypto business failures this year, which have sparked calls for increased US regulation. The topic of who should be in charge of overseeing trading platforms is still up for debate, despite numerous Washington agencies claiming some territory, reports Bloomberg.

This comes as on Tuesday, in a surprise move, the company's rival exchange Binance Holdings Ltd announced that it had signed a non-binding letter of intent "to fully acquire FTX.com".&nbsp;As per AFP, the financial terms of the proposed deal are yet to be disclosed.

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Top US financial regulators have undertaken an investigation into whether Sam Bankman-Fried's crypto exchange FTX.com handled costumers' assets properly. As per a report by Bloomberg they are also looking into the crypto exchange's relationship with other parts of the Bankman-Fried empire.

Top US financial regulators have undertaken an investigation into whether Sam Bankman-Fried's crypto exchange FTX.com handled costumers' assets properly. As per a report by Bloomberg they are also looking into the crypto exchange's relationship with other parts of the Bankman-Fried empire. Watch | WION Business News: Hong Kong plans to legalize retail crypto trading Citing three persons with knowledge of the situation, Bloomberg reports that US Securities and Exchange Commission and the Commodity Futures Trading Commission are looking into the liquidity problem that has brought FTX to its breaking point. The report further says that two of the individuals, who wished to remain anonymous, claimed that the SEC's investigation into FTX US and its crypto-lending activities was what initially sparked the probe. Also read | Crypto giant Binance rescues rival FTX facing major crunch after dramatic fall in market Gary Gensler, the chairman of the SEC, has often expressed concern about the dangers of digital asset exchanges. According to him, numerous platforms may be breaking the law by selling unregistered securities to Americans, making unlawful loans, or even front-running the trades of their customers. Senior CFTC officials have also expressed concern about the possibility of cryptocurrency platforms mismanaging customers' assets. In a speech last month, Democratic CFTC Commissioner Christy Goldsmith Romero remarked, "There is not enough awareness or attention on this critical area where customer protections dovetail with financial stability risks." Also read | $3 billion in Bitcoin seized by US Department of Justice in a decade old case The problems at FTX.com come on the heels of high-profile crypto business failures this year, which have sparked calls for increased US regulation. The topic of who should be in charge of overseeing trading platforms is still up for debate, despite numerous Washington agencies claiming some territory, reports Bloomberg. This comes as on Tuesday, in a surprise move, the company's rival exchange Binance Holdings Ltd announced that it had signed a non-binding letter of intent "to fully acquire FTX.com". As per AFP, the financial terms of the proposed deal are yet to be disclosed. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Crypto-exchange FTX's troubles far from over over; top US finance watchdogs probe its costumer assets handling

It is not just tech giants like Meta and Twitter that are going for massive lay-offs, some big Wall Street banks are also cutting hundreds of jobs. Barclays has got about 200 across its banking and trading desks this week.

WION Business News | Wall Street lay-offs: Citigroup, Barclays cut hundreds of jobs

A US judge granted final approval to a class action settlement worth $80 million. To resolve claims, Volkswagen and Porsche unites skewed emissions and fuel economy data on 50,000 Porsche vehicles in the United States.

WION Business News | Porsche US emission data case: Judge approves $80 mn settlement

After a gap of two years, auto shows are back to auto enthusiasts globally. One such show is the world's largest two wheeler and motorcycle show EICMA.

WION Business News | WION at EICMA 2022: Electric two-wheelers dominate show

In what could possibly be more trouble for Meta, the EU anti-trust regulators are drawing charges against the parent company of Facebook, Instagram and WhatsApp. Meta is being charged over its use of customer data.

WION Business News | EU regulators about to charge Meta: Reports

A deal for leading cryptocurrency exchange FTX has collapsed after bigger rival Binance said that it was pulling out of the deal. Binance has now signed a non-binding agreement on Tuesday to buy FTX's non-United States' unit to help cover a liquidity crunch.

Binance walks away from FTX deal due to 'mishandled funds'

Cryptocurrencies tumble over failed FTX deal

Crypto giant Binance announced on Tuesday that it has signed an agreement to acquire the non-United States unit of its rival – FTX. The cryptocurrency market has been going through a major crisis for the past year and this deal will aid FTX in managing its current “liquidity crunch”. The deal, which was signed between Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried, ended up causing panic among the FTX investors as over $6 billion was withdrawn in the past few days.

Also read |&nbsp;<a href="https://www.wionews.com/world/trump-threatens-to-release-unflattering-information-about-desantis-if-he-pursues-a-presidential-run-532458">Trump threatens DeSantis, warns him not to run for US president</a>

FTX was one of the major crypto exchanges in the world but the dramatic fall in the market meant that they required Binance to rescue them from a major crunch. The deal also directly impacted the FTX crypto token which fell under $6 – a 11 per cent drop since the announcement was made.

In a shot message to the investors, Bankman-Fried said that the decision was taken as "protecting shareholders is our highest priority" but added that the full details were "still being hashed out."

Also read |&nbsp;<a href="https://www.wionews.com/world/us-midterm-elections-2022-live-updates-voting-begins-with-experts-favouring-republicans-532269" hreflang="en">US midterms LIVE | 'Bloodbath!!!': Trump's son tweets as Republicans surge</a>

The announcement also came as a surprise for several people as FTX had earlier pledged support to struggling crypto exchanges. In May this year, FTX acquired a 7.6 per cent stake in Robinhood Markets Inc and said that they will be looking to take advantage of the dip in the crypto market.

It came as a bigger surprise that it was Binance that agreed to save FTX from their troubles. Binance invested in FTX back in 2019 but decided to withdraw in 2021. By that time, FTX had already become a competitor for Binance and the friction between Zhao and Bankman-Fried was well-known.

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Crypto giant Binance announced on Tuesday that it has signed an agreement to acquire the non-United States unit of its rival – FTX. The cryptocurrency market has been going through a major crisis for the past year and this deal will aid FTX in managing its current “liquidity crunch”.

Crypto giant Binance announced on Tuesday that it has signed an agreement to acquire the non-United States unit of its rival – FTX. The cryptocurrency market has been going through a major crisis for the past year and this deal will aid FTX in managing its current “liquidity crunch”. The deal, which was signed between Binance CEO Changpeng Zhao and FTX CEO Sam Bankman-Fried, ended up causing panic among the FTX investors as over $6 billion was withdrawn in the past few days. Also read | Trump threatens DeSantis, warns him not to run for US president FTX was one of the major crypto exchanges in the world but the dramatic fall in the market meant that they required Binance to rescue them from a major crunch. The deal also directly impacted the FTX crypto token which fell under $6 – a 11 per cent drop since the announcement was made. In a shot message to the investors, Bankman-Fried said that the decision was taken as "protecting shareholders is our highest priority" but added that the full details were "still being hashed out." Also read | US midterms LIVE | 'Bloodbath!!!': Trump's son tweets as Republicans surge The announcement also came as a surprise for several people as FTX had earlier pledged support to struggling crypto exchanges. In May this year, FTX acquired a 7.6 per cent stake in Robinhood Markets Inc and said that they will be looking to take advantage of the dip in the crypto market. It came as a bigger surprise that it was Binance that agreed to save FTX from their troubles. Binance invested in FTX back in 2019 but decided to withdraw in 2021. By that time, FTX had already become a competitor for Binance and the friction between Zhao and Bankman-Fried was well-known.

Crypto giant Binance rescues rival FTX facing major crunch after dramatic fall in market

As Twitter takes up more and more of Elon Musk's attention, concerned Tesla Inc. shareholders sold their shares, bringing the billionaire's net worth below $200 billion.

Reportedly they dumped their shares of the firm out of concern that Musk, the company's chief executive and main shareholder, is becoming more and more focused on Twitter.

Watch |&nbsp;Gravitas: Twitter in a debt trap after Musk takeover?

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-twitter-in-a-debt-trap-after-musk-takeover-532011/embed" width="560"></iframe>

As per Reuters, since he made his bid for Twitter in April, the company's valuation has decreased by almost half, and his personal wealth has decreased by $70 billion.

Forbes estimates that Musk's current net worth is $194.8 billion, with a significant portion of that coming from his approximately 15 per cent ownership in Tesla, which has a market value of $622 billion.

Meanwhile, Musk has sold 9.5 million Tesla shares worth $4 billion, according to the US Securities and Exchange Commission filings.

The SEC documents revealed on Tuesday show Musk, who financed much of his Twitter purchase with Tesla stock, has sold more than 19 million shares worth in excess of $3.9 billion, reports AFP news agency.

Also read |&nbsp;<a href="https://www.wionews.com/world/twitter-users-may-soon-have-to-pay-more-than-just-8-as-musk-deliberates-putting-platform-behind-paywall-532351" hreflang="en">Twitter users may soon have to pay more than just $8 as Musk deliberates putting platform behind paywall</a>

Musk hasn't tweeted much about Tesla since he bought Twitter, despite the fact that this is what helped him earn followers on the platform. Instead, he announced plans for the social network via Twitter.

"It seems like Elon Musk is spending 100% of the time on Twitter and, you know, it might need more capital," said Infrastructure Capital Management's Jay Hatfield.

Also read |&nbsp;<a href="https://www.wionews.com/world/millions-of-followers-blue-tick-go-down-the-drain-as-twitter-suspends-accounts-for-impersonating-elon-musk-532034">Millions of followers, blue-tick go down the drain as Twitter suspends accounts for impersonating Elon Musk</a>

It took an equity commitment of $33.5 billion and a $13 billion loan commitment last month to close the contentious $44-billion Twitter deal.

Initially, investors fled Tesla because of concern over Musk's stock sale -- he had&nbsp;divested more than $15 billion in shares. Now,&nbsp;Wall Street as per Reuters is&nbsp;concerned that Musk has overextended himself, especially at&nbsp;a time when Tesla, the EV manufacturer is ramping up production and facing increasing competition.

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

As Twitter takes up more and more of Elon Musk's attention, concerned Tesla Inc. shareholders sold their shares, bringing the billionaire's net worth below $200 billion.

As Twitter takes up more and more of Elon Musk's attention, concerned Tesla Inc. shareholders sold their shares, bringing the billionaire's net worth below $200 billion. Reportedly they dumped their shares of the firm out of concern that Musk, the company's chief executive and main shareholder, is becoming more and more focused on Twitter. Watch | Gravitas: Twitter in a debt trap after Musk takeover? As per Reuters, since he made his bid for Twitter in April, the company's valuation has decreased by almost half, and his personal wealth has decreased by $70 billion. Forbes estimates that Musk's current net worth is $194.8 billion, with a significant portion of that coming from his approximately 15 per cent ownership in Tesla, which has a market value of $622 billion. Meanwhile, Musk has sold 9.5 million Tesla shares worth $4 billion, according to the US Securities and Exchange Commission filings. The SEC documents revealed on Tuesday show Musk, who financed much of his Twitter purchase with Tesla stock, has sold more than 19 million shares worth in excess of $3.9 billion, reports AFP news agency. Also read | Twitter users may soon have to pay more than just $8 as Musk deliberates putting platform behind paywall Musk hasn't tweeted much about Tesla since he bought Twitter, despite the fact that this is what helped him earn followers on the platform. Instead, he announced plans for the social network via Twitter. "It seems like Elon Musk is spending 100% of the time on Twitter and, you know, it might need more capital," said Infrastructure Capital Management's Jay Hatfield. Also read | Millions of followers, blue-tick go down the drain as Twitter suspends accounts for impersonating Elon Musk It took an equity commitment of $33.5 billion and a $13 billion loan commitment last month to close the contentious $44-billion Twitter deal. Initially, investors fled Tesla because of concern over Musk's stock sale -- he had divested more than $15 billion in shares. Now, Wall Street as per Reuters is concerned that Musk has overextended himself, especially at a time when Tesla, the EV manufacturer is ramping up production and facing increasing competition. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Elon Musk's net worth falls below $200bn; Investors dump Tesla shares as he becomes ‘more focused on Twitter'

Just before the crucial year end, Apple has warned it expects lower iPhone 14 pro and iPhone 14 pro max shipments than previously anticipated, this has covid-19 restrictions temporarily disrupt manufacturing at an assembly facility in China which is Foxconn's largest iPhone facility across the world.

WION Business News | Apple warns of hit to iPhone shipments due to covid-19 restrictions at Foxconn

Automakers see higher month-on-month sales in October this year aided by discounts as consumers are coming out in good numbers. Watch this video to know more.

Festive season brings cheer to India auto firms

Auto firm Stellantis said, it is pausing all paid advertising posts on Twitter as it waits to see what the platform will look like under the leadership of Elon Musk.

Auto firm Stellantis joins others, pause paid ads on Twitter

According to Barclaycard, almost half of Britons plan to cut down on Christmas gifts to try to save money amid the biggest cost of living crisis in the country.

48 percent people plan to spend less this Christmas, says Barclaycard