Mon. 11/11 – FTX Sues Everybody
Techmeme Ride Home
Brian McCullough
4.7 • 984 Ratings
🗓️ 11 November 2024
⏱️ 19 minutes
🧾️ Download transcript
Summary
FTX is suing basically anybody you can think of. Why will your iPhone now reboot itself if you don’t log into it for several days? Is OpenAI’s next flagship model underperforming what they were expecting? And I’ve found the one company most disrupted by AI. At least, so far.
Sponsors:
Links:
- FTX Sues Binance, Ex-CEO Zhao Seeking $1.8 Billion Clawback (Bloomberg)
- FTX Sues Scaramucci to Recoup Money for Creditors (Bloomberg)
- Apple Quietly Introduced iPhone Reboot Code Which is Locking Out Cops (404Media)
- OpenAI Shifts Strategy as Rate of ‘GPT’ AI Improvements Slows (The Information)
- How ChatGPT Brought Down an Online Education Giant (WSJ)
- Painting by A.I.-Powered Robot Sells for $1.1 Million (NYTimes)
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Transcript
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| 0:00.0 | Welcome to the TechMeme right home for Monday, November 11th, 2024. I'm Brian McCullough today. |
| 0:09.0 | FTX is suing basically anybody you can think of. Why will your iPhone now reboot itself if you don't log into it for several days? |
| 0:16.0 | Is Open AI's next flagship model underperforming what they were expecting? |
| 0:20.0 | And I've found the one |
| 0:22.1 | company most disrupted by AI, at least so far. Here's what you miss today in the world of tech. |
| 0:32.9 | FTX is suing, well, everybody? Let me run down this list. FtX is suing Binance, the company itself, |
| 0:40.8 | but also former CEO, CZ, seeking to claw back almost $1.8 billion. It alleges was |
| 0:46.7 | fraudulently transferred by Sam Bankman-Fried in a 2021 deal, quoting Bloomberg. |
| 0:52.1 | Binance Zhao and other Binance executives received the funds as part of a July |
| 0:56.1 | 2021 share purchase deal with Bankman Freed, the FDX co-founder who is now in prison. In that transaction, |
| 1:03.1 | they sold stakes of about 20% in FTX's international unit and 18.4% in its U.S.-based entity, |
| 1:09.8 | according to a legal filing from the FTX estate on Sunday. |
| 1:13.4 | Bankman Freed paid for the stock repurchase using a mix of FTC's exchange token FTT, |
| 1:18.7 | and Binance-branded coins, BNB and BUSD, valued at $1.76 billion at the time, according to the filing. |
| 1:26.8 | FDX and its sister Trading House Alameda |
| 1:29.3 | research, quote, may have been insolvent from inception and certainly were balanced sheet |
| 1:33.7 | insolvent by early 2021, the estate said in the filing. As a result, the share repurchased deal |
| 1:39.0 | was made fraudulently, it alleged. FDX also accused Zhao of posting a series of, quote, false, misleading, and fraudulent |
| 1:46.3 | tweets shortly before FTCS's collapse, the content of which was, quote, maliciously calculated to |
| 1:51.7 | destroy his rival. A November 6, 2020 tweet by Zhao stated that Binance intended to sell its FTT |
| 1:59.7 | tokens worth some $529 million at the time, |
| 2:03.0 | causing withdrawals from the exchange to skyrocket. The claims are meritless, and we will |
... |
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