Sam Bankman-Fried allegedly directed FTX employees to manipulate the price of the crypto token associated with his exchange, FTT, according to an updated civil complaint submitted by the U.S. Securities and Exchange Commission.
Why it matters: Uncertainty about the FTT token moved investors to begin withdrawing billions of dollars from FTX in early November, which precipitated the company's collapse and exposure of alleged fraud by Bankman-Fried and others.
Two major figures in the FTX scandal, company co-founder Gary Wang and former Alameda Research CEO Caroline Ellison, on Wednesday both pleaded guilty to several federal wire fraud and conspiracy charges. Each also was charged with fraud by the SEC and the CFTC.
Why it matters: The close confidants of disgraced crypto entrepreneur Sam Bankman-Fried are cooperating with federal prosecutors, according to U.S. Attorney Damian Williams.
Chris Inglis, the first-ever national cyber director, is preparing to step down after spending the last 18 months standing up the new White House office, two sources familiar with the matter tell Axios.
Why it matters: The move, which could happen as early as next month and was first reported by CNN, would push the Office of the National Cyber Director (ONCD) into a new era after establishing a core team and solidifying its role in the nation's cyber defense strategy.
Spotify Wrapped, the music service's personalized year-in-review playlist, has grown so popular that all manner of consumer services are now trying a similar approach, from GrubHub to Nintendo to dating services.
Why it matters: Whether presented in aggregate, individually, or both, these year-end wrap-ups are a powerful way to present usage data back to users. The trick for the service provider is to offer fun and findings without creeping people out.
Elon Musk tweeted Tuesday evening that he would resign as Twitter's CEO "as soon as I find someone foolish enough to take the job."
Why it matters: Musk’s day-to-day involvement with Twitter has so far been chaotic and unpredictable, but it’s unclear if a new leader will be able to address the company’s business and morale problems under Musk’s ownership.
