Daily Tech News 14 November 2022

• Recessions unmask fraud. (The Economist)
  
  When the economy is bubbling merrily along, you can get away with fudging the books just a little to make it look like things are going better than they are. At least for a while.
  
  But when the macroeconomic soup turns sour, and your financial papercuts turn into open wounds, it's much harder to hide.
  
  Hence FTX.
  
  
  
• Is Crypto.com next? (WCCFTech)
  
  Since bank runs on marginal financial schemes are self-fulfilling prophecies, now that you ask the question, the answer is, probably, yes.
  
  
  
• FTX CEO Sam Bankman-Fried isn't who you think he is. (CoinGeek)

  As Bankman-Fried seduces more wannabe traders into gambling on so-called digital currencies with the lure of free BTC, it's worth remembering that all of these people have an agenda, and it usually involves you losing money to line their pockets.

  Okay, we know that. So what?
  
  So that article is from February.

• Hell hath no fury like a bluecheck scorned. (The Verge)
  
  Senator Ed Markey (Fascist-MA) got a Washington Post journalist to lie and violate Twitter's Terms of Service and he's mad as hell at, well, what he himself did.
  
  Elon Musk told him he's the punchline of a bad joke, which didn't exactly placate the senator, who is now threatening to Do Stuff.
  
  
  
• Apart from the 3700 full-time employees set adrift on an ice floe with a single axe, and a copy of How to Mince Friends and Rotisserie People, Twitter has cut loose around 4400 contractors. (The Verge)
  
  Apparently that's 80% of their contract workforce. Which means that the true total Twitter staff numbers were something like 13,000, and they still took more than a decade to get a beta version of an edit button.
  
  
  
• Crypto exchange Kraken has frozen accounts related to FTX and its evil twin Alameda Research. (Coin Telegraph)
  
  FTX is registered in the Bahamas. On the 10th, the Bahamian regulators froze the company's assets in the country.
  
  On the 11th, FTX said it was prioritising withdrawals by Bahamian customers under instructions of those regulators.
  
  On the 12th, the regulators said they had never issued any such instructions.
  
  As of the 13th, FTX is under criminal investigation for fraud, and not just for failing to follow regulations.

posted by Pixy Misa at 04:05 AM

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