By Matt Egan The reeling crypto industry faces a 2008-style crisis that will lead to a much-needed regulatory crackdown, crypto CEO Changpeng Zhao warned on Friday. “It’s devastating for the industry. A lot of consumer confidence is shaken. We’ve been set back a few years,” Zhao, the CEO of cryptocurrency exchange Binance, said during a
Continue Reading By Brian Fung, CNN Just two weeks into Elon Musk’s ownership of Twitter, the company may have already violated its consent agreement with the Federal Trade Commission, legal experts said. If proven, a violation could ultimately lead to significant personal liability for Musk, escalating the risks he faces as he stumbles through a morass of
Continue Reading By Allison Morrow, CNN Business Larry David made a prediction about this week’s crypto meltdown that was prettaaay prettaaay good. In a Super Bowl ad for the FTX crypto exchange in February, Larry David sarcastically predicted that FTX wasn’t going to make it. The ad shows David’s character throughout history, naysaying humanity’s greatest inventions, including
Continue Reading By Allison Morrow, CNN Business Sam Bankman-Fried woke up on Monday still a billionaire, even as his cryptocurrency empire was beginning to unravel. By Friday, his fortune was completely wiped out. Based on net worth calculations by Bloomberg, Bankman-Fried was worth about $16 billion at the start of the week. But as his crypto exchange,
Continue Reading By Allison Morrow, CNN Business The fallout from the spectacular implosion of crypto giant FTX has triggered a cascade of wide-reaching effects: It’s ensnared a number of celebrities who endorsed the now-bankrupt platform, and financial contagion is spreading across the vast crypto and digital-asset ecosystem. On Wednesday, the lending arm of crypto brokerage Genesis suspended
Continue Reading By Brian Fung, CNN Two weeks after Elon Musk completed his acquisition of Twitter, the future of the company has never looked less certain. In the past week alone, one of the world’s most influential social networks has laid off half its workforce; alienated powerful advertisers; blown up key aspects of its product, then repeatedly
Continue Reading By Alicia Wallace, CNN Business Consumers were feeling slightly worse about the US economy in November, amid punishing rate hikes and decades-high inflation, according to a closely followed University of Michigan survey released Friday. The preliminary index reading from the monthly Surveys of Consumers showed sentiment fell to 54.7, from 59.9 in October. Economists were
Continue Reading By Nadeen Ebrahim, CNN As Western states try to wean themselves off their addiction to hydrocarbons, Gulf oil nations have been pushing back hard, warning that a hasty transition away from fossil fuels will be counterproductive. But as they tell the world that it cannot live without the natural resource that has brought them enormous
Continue Reading By Matt Egan and Allison Morrow, CNN Business FTX Group said Friday it has filed for bankruptcy in the United States and that its CEO has resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry. FTX said Sam Bankman-Fried, the 30-year-old founder of the exchange, will
Continue Reading By Matt Egan and Allison Morrow, CNN Business FTX Group said Friday it has filed for bankruptcy in the United States and that its CEO has resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry. FTX said Sam Bankman-Fried, the 30-year-old founder of the exchange, will
Continue Reading By Nicole Goodkind, CNN Business Stocks surged on Thursday in their best day since 2020 after a key inflation indicator came in softer than expected. Investors broke out their party hats as they interpreted the report to mean that peak inflation may finally be behind us. That means the Federal Reserve could be less aggressive
Continue Reading By Steven Jiang and Juliana Liu, CNN Apple has limited the use of the AirDrop wireless file sharing function on devices in China, just weeks after reports that some protesters had used the popular feature to spread messages critical of the Chinese government. Users of iPhones in mainland China who updated their iOS software this
Continue Reading By Michelle Toh, CNN Business China’s Singles Day, the world’s biggest annual shopping event, is known for regularly smashing sales records. This year’s bonanza, which wraps up on Friday and is led by internet titans Alibaba and JD.com, will likely be no exception: Analysts expect it to rack up 1 trillion yuan ($140.8 billion) in
Continue Reading By Hanna Ziady, CNN Business The UK economy shrank in the third quarter, signaling the start of a recession that is likely to hit Europe next. UK GDP fell 0.2% between July and September, ending five consecutive quarters of growth, the Office for National Statistics said on Friday. The United Kingdom is the only G7
Continue Reading By Frank Pallotta, CNN Business “Black Panther: Wakanda Forever” hits theaters this weekend, and with it comes the type of anticipation and box office expectations that Hollywood has not seen in months. The Marvel film not only has to follow 2018’s “Black Panther,” one of the biggest blockbusters ever, but has the challenge of doing
Continue Reading By Steven Jiang and Juliana Liu, CNN Apple has limited the use of the AirDrop wireless file sharing function on devices in China, just weeks after reports that some protesters had used the popular feature to spread messages critical of the Chinese government. Users of iPhones in mainland China who updated their iOS software this
Continue Reading By Rhea Mogul and Swati Gupta, CNN India’s top court on Friday ordered the release of six people convicted of killing the country’s former Prime Minister Rajiv Gandhi, 31 years after their imprisonment. The Supreme Court released Nalini Sriharan, the only woman convicted in the case, and five men, according to Anand Landge, the lawyer
Continue Reading By Kathleen Magramo, CNN Business China has reduced the amount of time travelers entering the country must spend in quarantine and removed a major restriction on international flights, in a sign of a limited easing of its stringent zero-Covid policy. The new measures were announced Friday following a meeting by the ruling Communist Party’s top
Continue Reading By Hilary Whiteman, CNN Cyber criminals in Russia are behind a ransomware attack on one of Australia’s largest private health insurers that’s seen sensitive personal data published to the dark web, the Australian Federal Police (AFP) said Friday. In a short press conference, AFP Commissioner Reece Kershaw told reporters investigators know the identity of the
Continue Reading By Parija Kavilanz, CNN Business Gap announced Thursday that it has officially launched its store on Amazon. While shoppers were able to buy Gap merchandise on Amazon previously through third-party sellers, the new partnership with Amazon Fashion marks the first time that Gap itself is selling its products on the online marketplace. The items, available
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