Fun

News Feed - 2023-10-26 01:10:10

Jesse Coghlan4 hours agoFTX probes $6.5M in payments to AI safety group amid clawback crusadeBankrupt crypto exchange FTX wants to look into the millions it has given to the Center for AI Safety, a nonprofit that has argued AI should be a global priority next to pandemics and nuclear war.824 Total views4 Total sharesListen to article 0:00NewsJoin us on social networksBankrupt crypto exchange FTX is looking to demand information on millions of dollars in payments it had previously given to a nonprofit artificial intelligence (AI) safety organization, the Center for AI Safety (CAIS).


In an Oct. 25 bankruptcy court filing, the lawyers helming FTX claimed the firm had given $6.5 million to CAIS between May and September 2022 — months before the crypto exchange collapsed and declared bankruptcy.


FTX wants a Delaware Bankruptcy Court judge to approve issuing subpoenas to CAIS that query if it received payments, funds, communications, or entered into agreements or contracts with FTX, its affiliates and former executives.Highlighted excerpt of FTX’s filing outlining its proposed request. Source: Kroll


The exchange claims CAIS rejected “requests to voluntarily provide an accounting related to the transfers,” and the two firms had an August phone call and emails in early October.


CAIS did not immediately respond to a request for comment.


FTX’s request to probe CAIS is likely part of its efforts to recover funds to repay its creditors and customers caught in its collapse in November 2022. In a June report, FTX said it had recovered around $7 billion and needed another $1.7 billion to cover customer funds it alleges were misappropriated.


Related:Will Sam Bankman-Fried fix his case when he takes the stand?


CAIS is likely best known for an open statement on AI risk published in May, which said mitigating extinction risks from AI should be prioritized alongside nuclear war. The statement was signed by multiple high-profile figures, including OpenAI CEO Sam Altman and the “Godfather” of AI, Geoffrey Hinton.


FTX’s proposed subpoenas request that CAIS produce an array of transfers, documents and communications it received from FTX, FTX Philanthropy, the FTX Foundation, the FTX Future Fund “or any officer, director, contractor or employee” of FTX.


It also asks for communications specifically from co-founders Sam Bankman-Fried and Gary Wang, Bankman-Fried’s father, Joseph Bankman, and brother, Gabriel Bankman-Fried, former Alameda Research CEO Caroline Ellison, and former FTX lawyers Can Sun and Daniel Friedberg, among others.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:Deposit risk: What do crypto exchanges really do with your money?# Business# Bankruptcy# United States# AI# Court# FTXAdd reactionAdd reactionRead moreUK’s FinProm a welcome change, but challenge persists — Transak compliance headWill Sam Bankman-Fried fix his case when he takes the stand?How long could Sam Bankman-Fried go to jail for? Crypto lawyers weigh in

News Feed

Marcel Pechman10 hours ago4 reasons why the Ether price can’t break $1,970The Ethereum network has faced withdrawals from its smart contract applications, putting the recent ETH price rally in check.7489 Total views91
Tom Mitchelhill3 hours agoWorldcoin to cease paying Orb operators in USDC as early as NovemberAside from ditching USDC for its native token, Worldcoin announced some changes to the terms of its WLD loans to market makers
Helen Partz10 hours agoCrypto investor protections won’t take effect in EU until late 2024Crypto asset service providers may not benefit from full rights and protections afforded to them under MiCA until as late as Jul
Crypto’s Dotcom Era Begins as Handshake Launches Decentralized Domains
Crypto’s Dotcom Era Begins as Handshake Launches Decentralized Domains Handshake, one of the more original crypto projects to have spawned during the ICO era, has completed its
Altcoin Market Decline Reaches Final Act, Bottom Expected In 2025–Analyst
Este artículo también está disponible en español. After enjoying a mini price run in the last week of October, Bitcoin’s price has corrected below $68k to start the fir
Why is Bitcoin DeFi blooming? Developers share their insights
Zhiyuan Sun6 hours agoWhy is Bitcoin DeFi blooming? Developers share their insightsExperts say that the lack of base yield and fragmented liquidity have made Bitcoin DeFi a challenging environment to navigate.805 Total v
Wifi Sharing Platform Wicrypt Gets Government Grant in Nigeria
Wifi Sharing Platform Wicrypt Gets Government Grant in Nigeria A crypto startup providing wifi hotspot sharing services in Nigeria has won funding from the country’s teleco
US Bankruptcy Judge Freezes Crypto Hedge Fund Three Arrows Capital’s Assets
US Bankruptcy Judge Freezes Crypto Hedge Fund Three Arrows Capital"s Assets A federal judge in a New York bankruptcy court has frozen the assets of crypto hedge fund Three Arrows C
Steemit for Sale: Popular Crypto Blogging Platform Sold to Tron, Community Reacts
Steemit for Sale: Popular Crypto Blogging Platform Sold to Tron, Community Reacts Crypto blogging platform Steemit is undergoing a big change, migrating from its own Steem blockc
South Korea Proposes Law Allowing Direct Seizure and Sale of Crypto Assets to Pay Overdue Taxes
South Korea Proposes Law Allowing Direct Seizure and Sale of Crypto Assets to Pay Overdue Taxes The South Korean government has proposed an amendment to the tax
Crypto Analyst Warns Bitcoin Price Could See Further Crash If It Falls Below This Level
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Price Could Be Preparing For Fresh Wave Of Volatility — Here’s Why
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu