A timeline of the downfall of Sam Bankman-Fried and the colossal failure of FTX

[ad_1] Sam Bankman-Fried went from cryptocurrency golden boy to the face of the industry’s collapse. The founder and former CEO of the massive cryptocurrency exchange FTX was sentenced to 25 years in prison Thursday after being convicted of fraud for stealing at least $10 billion from customers and investors. The collapse of one of the … Read more

Puerto Rico’s power company holds a massive debt. A key hearing to restructure it has started

[ad_1] SAN JUAN, Puerto Rico — A key hearing over the future of Puerto Rico’s crumbling power company and its staggering $9 billion debt began Monday in federal court following years of acrimonious talks between the U.S. territory’s government and creditors seeking to recover their investments. The hearing, which is expected to last up to … Read more

Vice Media says ‘several hundred’ staff members will be laid off, Vice.com news site shuttered

[ad_1] NEW YORK — Vice Media plans to lay off several hundred employees and no longer publish material on its Vice.com website, the company’s CEO said in a memo to staff Thursday. Vice, which filed for bankruptcy last year before being sold for $350 million to a consortium led by the Fortress Investment Group, is … Read more