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Act Daily News
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FTX founder Sam Bankman-Fried has agreed to be extradited to the United States, the place he faces eight federal counts of fraud and conspiracy that might land him behind bars for all times.
Jerone Roberts, the lawyer representing Bankman-Fried within the Bahamas, confirmed that SBF’s subsequent courtroom look might be to finish the extradition course of and is anticipated to occur this week — doubtless Tuesday.
Here’s the deal: All indicators pointed to a swift extradition to the US after individuals accustomed to SBF’s plans stated he supposed to desert his combat towards returning to the US.
But at Monday’s listening to in Nassau, the temper was pure chaos.
The tl;dr model: It appears that SBF’s US legal professionals labored out an settlement with Bahamian prosecutors to drop the extradition combat, which might have taken months, if not years, to play out.
But SBF’s native protection lawyer, Roberts, stated he wasn’t included in that plan, and claimed prosecutors wouldn’t share the US indictment with him. Prosecutor Franklyn Williams dismissed Roberts’ accusation, saying that it was “not to be believed.”
A consultant for SBF’s American legal professionals advised me it was “robust to offer specifics whereas counting on the Bahamian courts.
At the top of the listening to, the understandably annoyed Justice of the Peace choose cleared the courtroom in order that Bankman-Fried might name his US attorneys along with his Bahamian lawyer current.
KEY CONTEXT
SBF had initially deliberate to combat efforts to return him to the United States. He has repeatedly denied knowingly defrauding prospects, whereas admitting to managerial errors at FTX, his crypto alternate, and Alameda, its sister buying and selling home (each of which are actually bankrupt).
But then he was denied bail within the Bahamas, that means he wouldn’t be capable of combat extradition from the consolation of his luxurious house. Instead, he’d have to remain within the nation’s infamous Fox Hill jail — a spot the US State Department has described as overcrowded, soiled and missing medical care. Its crowded cells usually lack mattresses and are “infested with rats, maggots, and insects,” in keeping with a current report. Toilet entry is, at occasions, nonexistent.
After per week of that, SBF is able to face the music on US soil.
To be certain, the federal detention facility in Brooklyn the place SBF might find yourself whereas awaiting trial isn’t precisely the Ritz. Inmates, legal professionals and human rights advocates say the circumstances inside that facility are additionally inhumane, citing overcrowding, frequent lack of heating and poor sanitary circumstances general. But he might additionally make one other try at bail earlier than a US courtroom… It appears both of these choices are preferable to an interminable keep at Fox Hill.
Epic Games, maker of the hit online game “Fortnite,” pays a file $520 million to settle US authorities allegations that it tricked thousands and thousands of gamers, together with youngsters and teenagers, into making unintended purchases and that it violated a youngsters’s privateness regulation.
It is the biggest advantageous the Federal Trade Commission has ever imposed, the company stated Monday.
Well, the votes are in: Twitter customers suppose Elon Musk ought to step down as CEO of the platform, in keeping with a (extremely unscientific) survey of Musk’s followers.
57.5% of respondents stated sure, Musk ought to step down, whereas, 42.5% voted no. Musk did say he would abide by the outcomes, although as of this typing he hadn’t stated whether or not he was stepping down or indicated who would possibly change him.
For these protecting observe at house: It’s now been two chaotic months of Musk-era Twitter. In that point, Musk has:
- Laid off about half of Twitter’s workers.
- Given an ultimatum to the remaining workers that they should do “extremely hardcore” work or depart.
- Fired workers who disagreed with him and publicly shamed former workers who have been engaged in troublesome moderation discussions as a part of the “Twitter Files.”
- Started, stopped after which restarted a revised user-verification system that prices $8 a month for a blue test.
- Frequently modified Twitter’s guidelines by government fiat and with no discover, banning individuals who violate the brand new guidelines — together with a number of tech journalists and an account that tracked his jet.
- Spread a conspiracy principle concerning the violent assault on Paul Pelosi.
- Welcomed again among the platform’s completely banned accounts, together with former President Donald Trump and a minimum of one distinguished neo-Nazi.
- Rolled out after which promptly retreated on a coverage that will stop customers from sharing hyperlinks to different social media on Twitter.
In abstract: Musk seems to be making it up as he goes alongside.
That’s not very reassuring for advertisers, which make up the overwhelming majority of Twitter’s income. The firm is on tempo to lose $4 billion a yr due to an advertiser exodus, estimates Dan Ives, analyst at Wedbush Securities.
A successor gained’t be simple to search out. One of Musk’s first orders of business as CEO was to intestine Twitter’s C-suite — the manager ranks who would, in regular occasions, be pure candidates for the highest job.
“No one wants the job who can actually keep Twitter alive. There is no successor,” Musk tweeted. “The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive.”
And even when he recruits externally, you’d want an iron abdomen to take the helm of the financially and reputationally broken social media platform, which Musk purchased for $44 billion. Any new CEO will nonetheless need to reply to Musk, the only board director.
RELATED: Elon Musk’s administration of Twitter has “severely damaged” market sentiment round Tesla, and dangers sparking a backlash from advertisers and customers, a Wall Street analyst warned.
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