Sam Bankman-Fried’s political donation activities were allegedly a family affair, involving his brother, mother, and father. Bankman-Fried, the founder of FTX, reportedly directed over 0 million in political contributions with his family’s help, according to emails reviewed by the Wall Street Journal (WSJ) and reporter Alexander Osipovich. Wall Street Journal Report Uncovers Bankman-Fried Family’s Alleged […]
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39% of Family Offices Investing or Exploring Cryptocurrencies: BNY Mellon
The 2024 BNY Mellon Wealth Management Study reveals a divided perspective among family offices regarding cryptocurrency investments. Approximately 39% of the surveyed family offices are either actively investing in cryptocurrencies or considering them, highlighting a keen interest in this modern asset class. These offices are motivated by the desire to stay abreast of new investment […]
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From Historic Banking Family to BTC — Rothschild-Linked Firm Invests in Bitcoin ETFs GBTC and IBIT
According to a recent earnings filing, Edmond de Rothschild Holding S.A., a private banking and asset management entity linked with the distinguished Rothschild banking family from France, holds shares in Grayscale’s GBTC and Blackrock’s IBIT. Edmond de Rothschild Holding’s 13F Filing Reveals Investment in Grayscale and Blackrock Bitcoin ETFs For years now, speculative discussions on […]
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Cartier Family Member Indicted for Using USDT to Launder Hundreds of Millions in Drug Trafficking Money
Maximilien De Hoop Cartier, a descendant of the family famous for their French luxury goods Cartier, has been indicted for his participation in a network that allegedly used several shell companies to launder drug trafficking money proceeds using USDT. Cartier and five Colombian individuals allegedly conspired to directly launder .5 million and used these shell […]
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Starkware CEO Uri Kolodny Steps Down Due to Family Health Issues
Starkware faces a leadership transition as CEO Uri Kolodny resigns over pressing family health issues. While stepping down, Kolodny leaves the company in the hands of co-founder and friend Eli Ben-Sasson.
Starkware Sees CEO Change as Uri Kolodny Resigns, Citing Family Health
Uri Kolodny, CEO of Starkware, announced his resignation from the company’s top position due to pressing family health concerns. Kolodny, who co-founded the Ethereum scaling and privacy technology firm in 2008 with Eli Ben-Sasson, made the announcement via X.
In the announcement post, Kolodny expressed both pride in Starkware’s achievements and sorrow at stepping back from day-to-day involvement. “I am so very proud of what we’ve built. First and foremost: the people who have joined us in building Starkware and Starknet,” he wrote, acknowledging the talented team behind the company’s success. Despite stepping down as CEO, Kolodny will remain active as a board member of both Starkware and the Starknet Foundation, ensuring his continued influence in the company’s strategic direction.
Assuming the CEO role is co-founder Eli Ben-Sasson, the co-inventor of STARKs and current president of Starkware. Ben-Sasson’s appointment is a natural transition, given his deep involvement in the company’s technological advancements and long-standing partnership with Kolodny. “Eli is many wonderful things… and we have been the closest of friends for 35 years, and closer still these past six years,” Kolodny noted.
In his statement, Kolodny expressed confidence in the company’s future under Ben-Sasson’s leadership. “I am sure he will lead Starkware forward with talent and devotion, to great heights,” he remarked.
Ben-Sasson replied to Kolodny’s post on X, acknowledging and thanking Kolodny for his kind words as well as wishing him and his family well. About becoming CEO, Ben-Sasson said to Kolodny,
These are mighty large shoes I need to fill. What fills me with hope is the amazing team you leave behind, and the fact that the ethos and values of StarkWare are things we all share. Your vision will continue and stay true.
Best wishes go out to Uri Kolodny and his family. Share your thoughts and opinions in the comments section below.
Grant Thornton: Family Offices Are Warming Up to Blockchain and Crypto
A report issued by Grant Thornton, a professional services network, has revealed that family offices are eyeing crypto and blockchain to increase their investments in these areas. More than half of the family offices consulted have already invested in digital assets, with 38% allocating less than 1% of their portfolio to these technologies.
Grant Thornton Report Reveals Family Offices’ Interest in Crypto and Blockchain
Family offices might be considering putting more funds behind crypto and blockchain initiatives. A recent report prepared by Grant Thornton, a professional services network that operates in over 147 markets and employs over 68,000 personnel, has revealed that family offices are warming up to crypto and blockchain. 35% of these offices hope to increase their exposure to blockchain investments, while 27% expect to increase their investments in cryptocurrency.
Nonetheless, these two investment tools are not new for this kind of institution, as more than half of the offices consulted had already invested some of their funds in crypto. As a reference, 38% of the businesses had allocated less than 1% of their portfolio to these investments.
Mian Wong, advisory director of Grant Thornton Hong Kong, stated that even with all of the uncertainty regarding cryptocurrency regulation, digital assets will be vital as alternative investments. She urged the national government to establish guarantees to ensure an orderly virtual assets market. Grant Thornton Hong Kong has attracted more than 30 family offices in Hong Kong and has received inquiries from offices all across China, Southeast Asia, Europe, and the Middle East.
In June, a Goldman Sachs survey revealed that family offices were turning to crypto due to “higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.” Nonetheless, only 15% of the 150 family offices polled by Goldman had invested in crypto and blockchain products.
What do you think about Grant Thornton’s report on the uptick in the interest of family offices in blockchain and crypto investments? Tell us in the comments section below.
The ‘Family Business’ — FTX Founder’s Parents Accused of Siphoning Millions From Bankrupt Exchange
The parents of disgraced FTX founder Sam Bankman-Fried are being accused of misappropriating millions in customer funds from the now-bankrupt cryptocurrency exchange. The attorneys for Joseph Bankman and Barbara Fried firmly assert that the allegations are “completely false.”
FTX Scandal Widens: Bankman-Fried’s Parents Face Major Lawsuit
In a lawsuit filed on September 18, FTX debtors alleged Joseph Bankman and Barbara Fried exploited their status as insiders to enrich themselves through gifts, real estate, and donations to their favored causes. The accusations portray the couple as complicit in their son Sam Bankman-Fried’s (SBF) alleged fraud.
“Bankman recognized and took full advantage of his insider status, explaining in February 2021 that he was ‘very involved in the business,’” the court filing says. “Indeed, Bankman proudly touted that he was an early investor in Alameda—the proprietary trading arm of the FTX Group that its Insiders used to misappropriate billions of dollars in customer and investor funds.”
The court filing adds:
Given his background and positions, and the ear of his son Bankman-Fried, Bankman was well-placed to insist on and implement internal controls and raise alarms about the misconduct within the FTX Group. Bankman, instead, stayed silent and in at least one instance, helped hush a complainant whose allegations threatened to expose the fraud within the FTX Group.
The lawsuit claims Bankman and Fried together received a million cash “gift” from FTX funds in early 2022. It also alleges the couple benefited from the purchase of a .4 million luxury property in the Bahamas using FTX customer funds.
“Bankman used his status as an insider to funnel vast sums of FTX Group money to his chosen causes, including his employer, Stanford University,” the lawsuit claims.
The ‘Family Business’
Meanwhile, the lawsuit portrays SBF’s mother, Barbara Fried, as the most influential advisor to her son regarding political contributions. It accuses her of allegedly encouraging unlawful donations intended to avoid disclosure laws.
“Fried, concerned with the optics of her son and his companies donating money to the organization she co-founded and other causes she supported, encouraged Bankman-Fried and others within the FTX Group to avoid (if not violate) federal campaign finance disclosure rules by engaging in straw donations or otherwise concealing the FTX Group as the source of the contributions,” the FTX estate alleges.
In total, FTX alleges Bankman and Fried siphoned “millions of dollars” out of the now-bankrupt exchange for personal gain. This includes lavish benefits like private jets, ,200-a-night hotel rooms, and even a Super Bowl commercial appearance.
The lawsuit brings claims of fraudulent transfers, breach of fiduciary duty, aiding and abetting fraud, unjust enrichment, and other counts against the couple. It seeks to recover misappropriated funds and deny any bankruptcy claims filed by Bankman or Fried.
Sean Hecker and Michael Tremonte, counsel for Bankman and Fried, vehemently deny the accusations. “This is a dangerous attempt to intimidate Joe and Barbara and undermine the jury process just days before their child’s trial begins. These claims are completely false,” Hecker stated in an editorial featured by The Block.
The allegations add to the legal troubles surrounding the FTX collapse, which has spawned investigations and lawsuits targeting Bankman-Fried, executives, advisors and others connected to the firm. Bankman-Fried himself faces criminal charges over the alleged fraud.
What do you think about the lawsuit against SBF’s parents? Share your thoughts and opinions about this subject in the comments section below.
Schiff Family Divide: Economic Doomsday vs. AI-Powered Prosperity
While the gold bug and economist Peter Schiff insists the U.S. economy will experience a financial crisis of epic proportions, his son Spencer continues to espouse a diametrically opposed view of the future. Spencer Schiff is an ardent supporter of artificial intelligence (AI), and in recent times, he has been forecasting that the latter half of the 2020s will witness an “enormous hyper-deflationary economic boom.”
Schiff Saga: Father and Son Differ on U.S. Economic Fate
Following our report on Spencer Schiff‘s change in perspective on bitcoin (BTC), the younger Schiff has persisted in sharing his future predictions. Spencer’s forecast sharply contrasts with that of his father, Peter Schiff, the renowned advocate for gold and economist. Recently, his father cautioned of a “massive crisis” and predicted a rush of people exiting the U.S. dollar.
Peter Schiff elaborated on the looming prospect of a significant flight from the U.S. dollar, driven by the persistent specter of colossal deficits. These deficits, surpassing the staggering mark of trillion annually, extend into an indefinite future. Spencer’s perspective diverges significantly, as he insists that “very few people understand the economic implications of what’s happening right now.”
“Throughout history, the intelligence growth rate was just a function of the human population growth rate,” Spencer explained in a missive posted to the social media platform X. “Now we’re removing the biological constraint to the intelligence growth rate, so instead it’s only constrained by the growth rate of effective compute, which is orders of magnitude more rapid than the growth rate of the human population.”
The younger Schiff added:
That’s why I believe the second half of the 2020s will be characterized by an unfathomably enormous hyper-deflationary economic boom that will never end (unless humanity gets wiped out by misaligned ASI). The average person’s standard of living will likely improve by more over the next 10 years than it did over the past few hundred years — maybe even the past few thousand years.
Spencer concludes that he envisions a near future where the economy’s growth accelerates exponentially. He predicts an unimaginable scenario of it doubling, not just yearly, but potentially every month or at an even more frenetic pace. “It’s hard to comprehend how wealthy our society is about to become,” Spencer said.
He emphasized the certainty of this vision, considering it his fundamental outlook. Of course, variables like an unexpectedly rapid and stringent regulatory response or unforeseen challenges from advanced superintelligence could alter his timeline. Yet, at this moment, Spencer declared his prediction about the forthcoming era is nothing short of extraordinarily “optimistic.”
Peter Responds to His Son’s Predictions
Following Spencer’s declaration, his father Peter responded to the X thread. “You make some good points, but there’s a lot of short-term problems that will likely manifest first,” the older Schiff told his son. “Also misguided government and central bank policy will delay the type of benefits you are expecting. But over a longer time horizon, AI looks extremely promising and there’s a lot to look forward to on the other side of the coming crisis. You’re still very young, so you have a lot to look forward to.”
Regardless of perspective, both Schiffs hold two sharply contrasting views of the future economy. One is filled with pessimism and ‘doom and gloom,’ while the other is brimming with exuberant optimism, underscoring a bright economic future driven by AI technology. Then there’s the possibility of a balance between both scenarios, where significant economic calamity precedes a Renaissance of growth.
What do you think about Spencer Schiff’s predictions about the future of the economy in the latter half of the 2020s? Share your thoughts and opinions about this subject in the comments section below.
Wealthy Investors and Family Offices Embrace BTC Following Bank Failures, Says Swan Bitcoin Executive
According to Steven Lubka, the head of private clients and family offices, as well as the managing director at Swan Bitcoin, wealthy investors and private offices have been gravitating towards bitcoin since the downfall of Silicon Valley Bank (SVB). Lubka stated that his firm has also observed “corporations engaging in treasury diversification” and emphasized that these investors “want to own an asset that is outside” of the troubled financial system.
High-Net-Worth Individuals and Family Offices Are ‘Concerned About Long-Term Stability in the Financial System’
In 2023, three of the largest bank failures in the history of the United States occurred. Since then, affluent investors, family offices, and individuals with high net worth have been gravitating towards bitcoin. This information was shared by Steven Lubka, an executive at Swan Bitcoin, during an interview with Michelle Makori, the lead anchor and editor-in-chief at Kitco News. The conversation took place at the Bitcoin 2023 conference held in Miami.
“Since the collapse of Silicon Valley Bank we’ve seen a huge uptick,” Lubka informed Makori. “We’ve always had a slice of family office clients that have used the platform, but ever since SVB that has massively increased. These people are taking large bitcoin positions.” Lubka emphasized that these investors have a keen interest and “they want to learn more.”
Swan’s managing director further expressed that if any institutional segment is expected to be an early adopter, it is likely to be family offices due to their greater control over investing in alternative assets. Lubka told Makori that bitcoin (BTC) exhibited a positive response when the banks faced pressure. He also highlighted that high-net-worth individuals and family offices approached Swan expressing they were “concerned.”
The executive mentioned that Swan caters to a diverse range of clients but specified that, for high-net-worth individuals, his firm is “generally looking at million on the individual side” and “as much as a billion on the family office side.” Lubka said that these investors “are concerned about long-term stability in the financial system.” He added:
They want to own an asset that is outside of that system.
Lubka commented to Makori that investors and family offices perceive bitcoin as a means of “diversification.” He emphasized that when BTC experienced a surge during the bank contagion, it demonstrated its resilience as a hedge. “That wouldn’t have happened in the same way, I don’t think, five years ago,” Lubka stated. He expressed confidence in bitcoin reaching the six-figure range by the end of 2024, and he further suggested the possibility of a “million-dollar bitcoin by 2030.”
What are your thoughts on the trend of wealthy investors and family offices turning to bitcoin for diversification? Share your thoughts and opinions about this subject in the comments section below.
New Robinhood Feature Allows Users To Gift Crypto To Family And Friends
Trading app Robinhood has announced a new feature that would allow users to gift cryptocurrencies to their friends and family. This comes as the holiday season is in full bloom and people are scrambling to get the perfect gifts for their family and friends this Christmas. This new feature will allow for the seamless transfer of crypto from one user to another inside the Robinhood app.
Crypto Gifting Made Easy
Robinhood announced via a blog post on Thursday that it was rolling out a new feature on its platform. The gifting feature would allow users to share crypto with their friends and family through the app. The push behind the feature was encouraging holiday shoppers to instead skip the long lines and pressures of last-minute shopping for gifts that end up worthless after the holidays in favor of something that appreciates in value like cryptocurrencies.
Related Reading | Crypto Market Bloodbath Creates Largest Stretch Of Fear Since April Peak
Robinhood has made its name as one of the leading trading apps in the United States, with 22 million users in the country. A large demographic is Millenials who are more likely to gift crypto to their friends and family.
Users can choose from a list of seven cryptocurrencies that they want to gift to family and friends and then send the crypto gift to them inside the app. In addition, users are able to send a unique design and personal message with their crypto gift to make it even more meaningful.
How To Gift With Robinhood
Inside the Robinhood app, users can click the “Gift” button and then choose from a list of seven cryptocurrencies that they want to gift. These include Bitcoin (BTC), Ethereum (ETH), and investor favorite Dogecoin (Doge). Next is to choose the method of delivery for the users. This could either be by text or by email and the recipient will get a link to redeem the gift.
Related Reading | FED’s Powell Doesn’t Think Crypto Risks Financial Stability
Once a crypto gift is sent, the recipient will have a total of 14 days to redeem it. If they are already a Robinhood user, they are able to redeem the gift inside of the app. However, if they are not a user, they will need to sign up to claim the gift. If 14 days elapse and the recipient does not redeem the gift, then the crypto is sent back to the sender at no cost.
Robinhood users can send as little as to their recipient of choice and pay 0% in commission when they do so.
Featured image from 9to5Mac, chart from TradingView.com
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