Streetbeat News

Legal

BTCUSD

US prosecutors are opposing former Binance CEO Changpeng Zhao's return to the UAE on a $175 million bond, citing flight risk concerns. Zhao, who stepped down as CEO after admitting to failing to maintain an effective Anti-Money Laundering program at Binance and paying a $50 million fine, is scheduled for sentencing in February 2024. The case is a significant legal action against a cryptocurrency executive. Bitcoin is currently trading at $36,344.38, down 3.11%.

Portfolio Pulse from Mehab Qureshi

November 23, 2023 | 7:01 am

BTCUSD

COIN

Coinbase's director J Conor Grogan stated that Binance could pay a $4.3B DOJ fine without selling any crypto assets, citing Binance's Proof of Reserves showing $6.35B in assets. Binance CEO Richard Teng affirmed the company's strong fundamentals. Binance admitted to anti-money laundering lapses and agreed to pay the fine, with former CEO Zhao contributing $50M and stepping down. The company's violations involved transactions linked to terrorist groups and dealings with US and Iranian participants.

Portfolio Pulse from Mehab Qureshi

November 23, 2023 | 6:50 am

DOGE-USD

NFLX

Netflix Inc. (NASDAQ:NFLX) invested $55 million in a sci-fi series 'Conquest' by filmmaker Carl Erik Rinsch, who is accused of misappropriating at least $11 million for personal trading and purchases. Rinsch gambled away $5.9 million in stocks and made $27 million from Dogecoin (CRYPTO: DOGE), later spending on luxury items. Netflix and Rinsch are engaged in a confidential arbitration, with Rinsch claiming a breach of contract and Netflix denying the claims. The project remains unfinished, and Netflix has ceased funding.

Portfolio Pulse from Ananya Gairola

November 23, 2023 | 6:22 am

META

TWTR

Amid controversies with Elon Musk's X (formerly Twitter), Democrats and corporate leaders are exploring alternative communication platforms. High-profile individuals like President Biden and VP Harris, who have been active on X, are considering other options due to issues with leadership at OpenAI and allegations of misinformation on X. Mark Zuckerberg's Threads, a rival to X, has been identified as a potential alternative, despite concerns about Meta's own issues. This shift is partly due to dissatisfaction with X's content moderation policies, as highlighted by a letter from Democratic House members accusing X of profiting from misinformation.

Portfolio Pulse from Benzinga Neuro

November 23, 2023 | 4:42 am

USDTUSD

Binance, a cryptocurrency exchange, reportedly transferred $3.9 billion in Tether (USDT) from its cold wallet ahead of a $4.3 billion settlement with the DOJ over money laundering allegations. The transaction occurred on November 9, and the purpose of the funds is unclear. Binance has not commented on the transfer or the settlement, which includes $1.8 billion in criminal fines and $2.5 billion in forfeitures, concluding U.S. investigations into its regulatory compliance.

Portfolio Pulse from Mehab Qureshi

November 23, 2023 | 4:30 am

BTCUSD

Changpeng Zhao, known as CZ, resigned as CEO of Binance following a $4.3 billion settlement with the US Justice Department over alleged violations. A new token named 'CZ coin' surged 4,000% on DEXs post-announcement. Richard Teng will replace CZ as CEO. Bitcoin saw a 3.11% increase in the last 24 hours.

Portfolio Pulse from Mehab Qureshi

November 23, 2023 | 3:41 am

MSFT

The Cambridge Dictionary's Word of the Year, 'hallucinate', reflects a growing concern in the AI industry about the accuracy of AI-generated content. The term now describes AI systems presenting false data as true, leading to issues like job loss and misinformation. Microsoft has faced criticism for inaccuracies in AI-produced articles. Morgan Stanley analysts have noted the problem of AI fabricating facts. The release of Vectara's open-source Hallucination Evaluation Model represents a step towards responsible AI and reducing misinformation risks.

Portfolio Pulse from Benzinga Neuro

November 23, 2023 | 2:49 am

BIDU

DE

MARA

SPRC

TSLA

U.S. stock indices rose on Wednesday, with the Dow Jones up by 0.5%, NASDAQ by 0.46%, and S&P 500 by 0.41%. SciSparc Ltd surged 16.80% after announcing a non-binding letter of intent to merge with an Israeli vehicle importer. Deere & Company's stock fell 3.11% post Q4 FY23 results showing decreased net sales and revenue. Baidu Inc. climbed 5.91% due to positive Q3 financial results and analyst coverage. Marathon Digital Holdings rose 5.92% amid an uptrend in the crypto market. Tesla Inc. dropped 2.90% following legal concerns over its Autopilot system.

Portfolio Pulse from Benzinga Neuro

November 23, 2023 | 1:42 am

MSFT

Sam Altman, CEO of OpenAI, was reportedly dismissed following a staff letter about a significant AI breakthrough named Q*. Elon Musk expressed extreme concern over the development. The AI, Q*, is a step towards AGI and has shown the ability to solve certain mathematical problems. Over 700 employees considered leaving for Microsoft due to the revelation. Altman is set to return as CEO with a new board. Earlier, Musk had called for a pause in advanced AI development, to which Altman had responded skeptically.

Portfolio Pulse from Benzinga Neuro

November 23, 2023 | 12:25 am

ARGT

YPF

Argentina's president-elect Javier Milei plans to privatize national companies, cut public spending, and replace the peso with the U.S. dollar. The Global X MSCI Argentina ETF (ARGT) rose 10% after his election. Milei also intends to renationalize YPF (YPF), which is involved in a legal dispute over a 2012 seizure, with a $16.1B fine currently under appeal in the U.S. Additionally, Milei claims sovereignty over the Falkland Islands, sparking a response from the UK government.

Portfolio Pulse from Neil Dennis

November 22, 2023 | 9:08 pm