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WSJ Tech News Briefing

TNB Tech Minute: Star FTX Witness Gets Two Years in Prison

WSJ Tech News Briefing

The Wall Street Journal

Tech News, News

4.31.7K Ratings

🗓️ 24 September 2024

⏱️ 2 minutes

🧾️ Download transcript

Summary

Plus, TikTok will shut down its music-streaming service. And Smartsheet will be taken private by private equity firms in an $8.4 billion deal. Zoe Thomas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

What's 2FA security on Krakan?

0:04.0

Let's say I'm captaining my football team and we're up by a goal against, I don't know,

0:07.6

rover and rovers.

0:09.0

Do we relax?

0:10.0

No way.

0:11.4

Time to create an extra line of defense and protect that lead.

0:14.9

That's like 2FA on Krakan, a sure-fire way to keep what you already have safe and sound.

0:19.8

Go to Krakan.com and see what crypto can be. Don't invest unless you're prepared to lose all the money you invest.

0:25.6

This is a high-risk investment and you should not expect to be protected if something goes wrong.

0:28.8

Here's your T&B Tech Minute for Tuesday, September 24th. I'm Zoe Thomas for the Wall Street Journal.

0:39.0

Former crypto executive Caroline Ellison has been sentenced to two years in prison for her role in what prosecutors called one of the largest financial frauds in US history.

0:50.0

Ellison is the former head of Alameda Research, the sister investment firm of FTX.

0:56.1

She pleaded guilty in late 2022 to seven fraud and money laundering offenses related to the

1:01.7

crypto exchanges collapse.

1:04.0

She was the star witness in FTX founder Sam Bankman-Freed's criminal trial.

1:08.9

Ellison testified that she assisted Bankman-Freed in siphoning billions of dollars of customer funds to cover

1:15.2

Alameda's risky bets. The judge praised Ellison's cooperation but said jail time was needed

1:21.0

to deter others from committing financial fraud.

1:24.7

Tik-Tok is closing its music streaming service, ending its efforts to take on streaming giants

1:30.1

Spotify and Apple Music.

1:32.3

Tik-Tok's parent company, Bight Dance, set its sights on competing with the industry leaders two years ago.

1:38.0

The company says Tic-Toc music will close in November

...

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