February 2025 - cypherpunks - lists.cpunks.org

Fwd: Can Tech Get Nuclear Power to Move at AI Speeds?
by Gunnar Larson 14 Feb '25

14 Feb '25

See here: Wednesday 8 May 2024 Debating Chamber - Peter Thiel - Cambridge Union Society (Video w/ Protests): https://drive.google.com/file/d/1-UzMRXxN5cy1rpUEa9Zn1tC1kSo-sI4a/view?usp=… ---------- Forwarded message --------- From: The Information <hello(a)theinformation.com> Date: Fri, Feb 14, 2025, 1:35 PM Subject: Can Tech Get Nuclear Power to Move at AI Speeds? To: <g(a)xny.io> Read the latest article from The Information. Subscribe today and save 25% on all of our business, tech and finance reporting. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [image: The Information] [image: The Information] <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> Feb 14, 2025 Over the past two years, the explosive growth of artificial intelligence has created a dilemma for tech behemoths: How can their data centers meet AI’s mind-boggling need for electricity without befouling the planet in the process? Amazon, for one, may have found an answer to that question 200 miles southeast of its headquarters, on a patch of sagebrush and tumbleweeds in Richland, Wash. A local public power agency, Energy Northwest, plans to build a new power plant with a new generation of nuclear reactors called small modular reactors, or SMRs. If all goes as planned, the reactors will start pumping out power in the early 2030s, and Amazon will be at the front of the line to buy juice from the new plant. Amazon isn’t the only company that believes nuclear power, a technology invented in the middle of the 20th century, can help solve the 21st-century electricity problems of AI. Google, Microsoft and others are also betting that a new generation of reactors—along with dormant, decades-old nuclear plants that get a new lease on life—can provide virtually limitless, carbon-free electricity, allowing them to power their AI dreams while keeping their pledges to slash emissions. Read the full article <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> Can Tech Get Nuclear Power to Move at AI Speeds? <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> By Nick Wingfield Related articles [image: Apple Partners With Alibaba to Develop AI Features for iPhone Users in China] <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> Apple Partners With Alibaba to Develop AI Features for iPhone Users in China <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> By Qianer Liu and Jing Yang [image: Meta Curbs Privacy Teams’ Sway Over Product Releases] <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> Meta Curbs Privacy Teams’ Sway Over Product Releases <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> By Kalley Huang [image: Anthropic Strikes Back] <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> Anthropic Strikes Back <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> By Stephanie Palazzolo [image: OpenAI Investor Kushner Tells Startup’s Staff: Leaving Is a Bad Idea] <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> OpenAI Investor Kushner Tells Startup’s Staff: Leaving Is a Bad Idea <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> By Natasha Mascarenhas, Erin Woo and Amir Efrati <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> Follow us [image: X] <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> [image: LinkedIn] <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> [image: Facebook] <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> [image: Threads] <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> [image: Instagram] <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> Sent to g(a)xny.io <g@xny.io?utm_campaign=%5BREBRAND%5D+RTSU+-+Aut&utm_content=1109&utm_medium=email&utm_source=cio&utm_term=129> | Manage your preferences or unsubscribe <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> | Help <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> The Information · 251 Rhode Island Street, Suite 107, San Francisco, CA 94103 <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…> <https://e.customeriomail.com/e/c/eyJlbWFpbF9pZCI6ImRnU2kwUVlDQU8yWGxBSHNsNV…>

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Will The UK Supreme Court Decision In PACCAR Affect Hong Kong Litigation Funding? - Litigation Finance Journal
by Gunnar Larson 14 Feb '25

14 Feb '25

Check out my recent article: https://litigationfinancejournal.com/will-the-uk-supreme-court-decision-in-… The Hong Kong Department of Justice’s approach to litigation finance and third party funding is coming into greater focus following the UK Supreme Court’s July 26, 2023 ruling on R. (on the Application of PACCAR Inc) v Competition Appeal Tribunal [2023] UKSC 28. Mondaq reports that PACCAR has defined “damaged-base agreements” or “DBAs” in the United Kingdom. DBAs are strictly regulated in the UK, now including litigation funding agreement contract law. Many UK courts have operated under the assumption that funding of litigation agreements does not fall under the purview of DBAs. PACCAR’s Supreme Court decision has sparked a fervent debate around this topic. Mondaq says that Hong Kong DBA relevancy differs from the UKs DBA approach. Specifically, in Hong Kong, champerty and maintenance are illegal factors that can lead to a fine and prison sentence. It’s important to note that Hong Kong does allow waivers to the general prohibition of litigation investment if: 1. Third parties share a common interest in funding the outcome of a case. 2. Accessible justice is a prime consideration. 3. Insolvency proceedings are necessary.

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Everything with a positive attitude: https://www.instagram.com/reel/DCs43ayPAed/?igsh=MXFuMnU1NzlzcmN1Mw== 3%
by Gunnar Larson 14 Feb '25

14 Feb '25

Everything With A Positive Attitude: https://www.instagram.com/reel/DCs43ayPAed/?igsh=MXFuMnU1NzlzcmN1Mw== 3%

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Listen to the Pen:
by Gunnar Larson 14 Feb '25

14 Feb '25

Listen to the Pen: https://www.facebook.com/share/r/16K8KKBD3w/

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Meta Plans Major Investment Into AI-Powered Humanoid Robots
by Gunnar Larson 14 Feb '25

14 Feb '25

Meta Plans Major Investment Into AI-Powered Humanoid Robots https://www.bloomberg.com/news/articles/2025-02-14/meta-plans-major-investm… Meta Platforms Inc., after pushing into augmented reality and artificial intelligence, has identified its next big bet: AI-powered humanoid robots.

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Tesla Dip Buyers Face a Treacherous Path Amid Bearish Signals
by Gunnar Larson 14 Feb '25

14 Feb '25

Tesla Dip Buyers Face a Treacherous Path Amid Bearish Signals https://assets.bwbx.io/s3/readings/SRJCDST0G1KW1739545690916.mp3

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Japan Perfected 7-Eleven. Why Can’t the US Get It Right?
by Gunnar Larson 14 Feb '25

14 Feb '25

Japan Perfected 7-Eleven. Why Can’t the US Get It Right? https://assets.bwbx.io/s3/readings/SRMBWWDWX2PS1739544189912.mp3

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The Unicorn Boom Is Over, and Startups Are Getting Desperate
by Gunnar Larson 14 Feb '25

14 Feb '25

The Unicorn Boom Is Over, and Startups Are Getting Desperate https://assets.bwbx.io/s3/readings/SRO3SET0G1KW1739541967436.mp3

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Crypto Billionaire Sam Bankman-Fried Is Dangling $1 Billion in Political Donations; But He Wants Dangerous Crypto Derivatives Trading in Return
by Gunnar Larson 14 Feb '25

14 Feb '25

https://wallstreetonparade.com/2022/07/crypto-billionaire-sam-bankman-fried… By Pam Martens and Russ Martens: July 6, 2022 ~ Sam Bankman-Fried Sam Bankman-Fried, Co-Founder and CEO, FTX Sam Bankman-Fried is the co-founder and CEO of crypto firm, FTX. He’s also a man on a mission. The mission is to spend tens of millions of dollars on political campaigns until he gets his desired outcome in Washington: permission for FTX to be able to offer highly leveraged derivative contracts on cryptocurrencies with margin accounts and 24/7 automated liquidation of defaulting customers, effectively being able to sell out customer accounts while they’re asleep in their beds. And, by the way, the pesky detail of a regulated brokerage firm intermediary in the transaction would become history. To bring his dream to fruition, Bankman-Fried has been writing out checks in a wild flurry of activity this year. Between February 4 and April 14 of this year, Bankman-Fried wrote out three checks totaling $23 million to Protect Our Future PAC. According to Federal Election Commission (FEC) records, that PAC spent $10.45 million supporting the candidacy of Carrick Flynn who was running in a Democratic primary in Oregon for a seat in the U.S. House of Representatives. The Protect Our Future PAC also spent $935,705 opposing Andrea Salinas in that same Oregon Democratic Primary according to FEC records. (Hold onto that thought for a moment more.) On April 4, 2022, Bankman-Fried also sluiced the astonishing sum of $6 million to the House Majority PAC – whose slogan is “Fighting to protect and expand the Democratic House Majority.” But instead of working to unite Democrats, according to a group of Democratic candidates in that Oregon primary, the House Majority PAC (enriched with all that money from crypto billionaire Bankman-Fried) inserted itself into the Oregon primary with a $1 million infusion to help Bankman-Fried’s preferred candidate, Carrick Flynn, beat out the other Democratic candidates. Andrea Salinas (who went on to win the Oregon Democratic primary despite all of that crypto money sloshing around) released a joint statement with other Democratic challengers in Oregon, stating this: “We strongly condemn House Majority PAC’s unprecedented and inappropriate decision to spend nearly a million dollars in this Democratic primary…This effort by the political arm of the Democratic establishment to buy this race for one candidate is a slap in the face to every Democratic voter and volunteer in Oregon – and is especially concerning in a year when all resources must go to protecting the Democratic majority.” Why might Bankman-Fried have been so opposed to Andrea Salinas for a House seat? Salinas is a strong supporter of saving the planet from climate change. That’s not a particularly appealing platform for crypto kings since crypto mining relies heavily on fossil fuels and uses more energy than numerous countries. According to FEC records, Protect Our Future PAC spent $250,000 in May on ad production and an advertisement buy for Senator Robert Menendez of New Jersey, who just happens to sit on the powerful Senate Banking Committee which might be inclined to pass crypto regulations to safeguard the U.S. financial system. On January 18 of this year, Bankman-Fried also contributed $2 million to GMI PAC, which says it “supports candidates committed to making way for a more secure, competitive, and innovative digital marketplace.” Nothing, absolutely nothing, is going to make crypto secure. It is the instrument of money launderers, hackers and other assorted criminals. The Federal Trade Commission reported in June that “since the start of 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams. That’s about one out of every four dollars reportedly lost to fraud during that period.” (For more on this crypto nightmare, see our report on how customers on the Coinbase crypto exchange are being victimized.) Since August 2, 2021, Bankman-Fried has also donated $1 million to the Senate Majority PAC (a PAC to help Democrats); $10,000 each to Democratic Committees in New York State, New Hampshire and Michigan; $500,000 on May 5 of this year to the Democratic National Committee; and millions of dollars more to dozens of Congressional candidates from a wide assortment of states. Now Bankman-Fried is attempting to burnish his image as an altruistic do-gooder while simultaneously dangling the allure of being the biggest elephant in the room in the 2024 presidential election. In a podcast released in May, Bankman-Fried said he expects to spend “north of $100 million” with a “soft ceiling” of $1 billion. On May 12, the House Agriculture Committee held a specific hearing on Bankman-Fried’s proposal for FTX to engage in leveraged crypto derivatives using an unprecedented structure for U.S. markets. Testifying at that hearing was Walter Lukken, President and CEO of the Futures Industry Association (FIA). Lukken told House Committee members this: “Specifically, the FTX direct clearing proposal would, for the first time, combine margined futures with near real-time margining, 24/7 auto liquidation of defaulting customers, and a self-funded CCP default fund without the benefit of FCM’s risk management processes. “It is important to point out that FTX’s proposal would permit futures trading in any underlying asset class transacted by any type of customer, including commercial hedgers. This requires us to view this proposal with an eye beyond retail cryptocurrencies. We must also consider the core users of our markets, including farmers, refiners, pension funds, and other main street businesses that use futures to hedge price risk in the real economy.” Terrence Duffy, Chairman and CEO of the CME Group which operates registered futures and commodity exchanges in the U.S., testified at the same hearing, calling the FTX proposal “glaringly deficient” and posing “significant risk to market stability and market participants.” On the subject of counterparty due diligence, Duffy told the Committee members this: “Counterparty due diligence is a linchpin of the modern financial system and a key part of current DCOs’ [Derivatives Clearing Organization] risk management practices, used to confirm that clearing members are well-placed to meet the obligations that arise from their risk-taking. FTX would not be the first party, novice or otherwise, to suggest that financial modeling and algorithm design could eliminate the need for best practices in risk management; however, the eventual fate of Long-Term Capital Management and bespoke financially engineered products, such as mortgage-backed securities and collateralized debt obligations, suggest that it would be folly to unwind core risk management practices based on the assurance that ‘this time it’s different.” Market veterans will well understand the reference to Long-Term Capital Management and CDOs. Despite its illustrious roster of Ph.Ds., Long-Term Capital Management blew itself up in 1998 with insanely leveraged derivative bets. Collateralized Debt Obligations (CDOs) and their related derivatives brought much of Wall Street to the edge of bankruptcy in 2008, resulting in a massive taxpayer bailout and trillions of dollars in secret loans from the Fed. Bankman-Fried also testified at the House Agriculture Committee hearing, focusing heavily in his written remarks on the altruistic nature of FTX and the $100 million in philanthropy it has sprinkled around.

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A Sam Bankman-Fried Company that Was Not in Bankruptcy Has Gone Poof; Regulators Are Drawing a Dark Curtain
by Gunnar Larson 14 Feb '25

14 Feb '25

https://wallstreetonparade.com/2022/12/a-sam-bankman-fried-company-that-was… By Pam Martens and Russ Martens: December 16, 2022 ~ James L Bromley, Partner at Sullivan & Cromwell James Bromley, One of the Partners at Sullivan & Cromwell Overseeing FTX Bankruptcy Over the past week Wall Street On Parade has reached out to a number of individuals connected to FTX Capital Markets, the stock trading platform and SEC-registered brokerage firm that was majority owned by the indicted crypto kingpin, Sam Bankman-Fried. We’ve received two answers to our questions: Either, “I can’t talk about it” or “no comment.” Regulators have been just as tight-lipped. When we emailed one of the lawyers handling the bankruptcy process for FTX, James Bromley of Sullivan & Cromwell, the response came back from a crisis management/public relations firm, Joelle Frank. Their response was “decline to comment.” Bankman-Fried’s ability to enter the regulated world of stock trading in the U.S. while, according to Justice Department prosecutors, he was operating a vast fraud, raises red flags about what other crypto firms may be doing or contemplating. Despite all of the stonewalling, Wall Street On Parade has been able to significantly pull back the curtain at FTX Capital Markets. Here’s what we’ve discovered thus far. The Wall Street self-regulator, FINRA, has documents on file showing that Sam Bankman-Fried is the indirect owner of 50 to 74 percent of FTX Capital Markets, which was purchased outright by an FTX related firm, West Realm Shires. Despite the fact that the bankruptcy handlers for FTX are supposed to be maximizing value for the defrauded customers and investors, this brokerage firm has “ceased doing business” as of November 30 according to FINRA, just 19 days after the bankruptcy filing, and despite the fact that it was not part of the bankruptcy filing. FINRA states that FTX Capital Markets had two primary business lines: “retailing corporate equity securities over-the-counter” and “arranging for transactions in listed securities by exchange member.” Bankman-Fried bought this brokerage firm, previously called RJL Capital, in August of last year. It had been in operation since 2011. The price he paid is unknown at this time. In the declaration that the newly appointed FTX CEO, John Ray, filed with the bankruptcy court on November 17, he stated that “Based on the information that I have reviewed at this time” both FTX Capital Markets and an affiliated company, Embed Clearing LLC, are “solvent.” Neither firm was part of the bankruptcy petition. If FTX Capital Markets was solvent, why wasn’t it sold quickly so that customer accounts could move easily to another SEC-registered brokerage firm, as is typically the case? If FTX Capital Markets was insolvent and Bankman-Fried used it also as his personal piggy bank, why wasn’t this mentioned in the SEC complaint filed against Bankman-Fried or the indictment filed by the Justice Department? According to the FTX Capital Markets customer agreement, Embed Clearing was the entity that would execute the stock trades for customers; clear the trades; and custody the securities for the customers. Embed Clearing and its parent, Embed Financial Technologies, Inc., were also not part of the bankruptcy filing. According to a motion filed just yesterday in bankruptcy court, the court is being asked to authorize a quick sale of Embed Clearing and its parent. Notably, those in charge of the bankruptcy want to offer Embed for sale “free and clear of liens, claims, interests and encumbrances.” A notice has been posted on the Embed Clearing website advising FTX Capital Markets’ customers as to how they can gain access to their account records. It reads in part: “The Account Recovery Portal will let you: “View current stock and cash balances “Enter sell orders during market hours to dispose of current holdings at market prices “Create a funding source to securely disburse funds to your requested bank account “Retrieve account document such as statements, trade confirmations, and tax forms “View transaction history* “We appreciate your prompt action. “The Embed Clearing Team *For FTXCM customers: Your transaction history will include the deposits and withdrawals of cash that were settled automatically between your FTX US fiat balance and your brokerage account. Note that portfolio values are calculated using the prior trading day closing price.” Based on this language, it suggests that only closing “sell” orders are being allowed and continued trading in the account is not being allowed. Embed Clearing is also an SEC-registered broker-dealer and a member of the Securities Investor Protection Corporation (SIPC), the organization that in case of a brokerage firm failure protects securities in the account up to $500,000, including up to $250,000 protection for cash that is held in the account for the purpose of trading securities. If these Embed Clearing/FTX Capital Markets customer accounts are being processed as a SIPC liquidation, no regulator is willing to discuss it. According to the FTX Capital Markets customer agreement, cash in the account was to be held by an unnamed, federally-insured bank. The most recent audited financial statement for the period ending March 31 for FTX Capital Markets states this: “The Company’s cash is held at one financial institution which is insured by the Federal Deposit Insurance Corporation and at times may exceed federally insured limits. The Company has not experienced losses in such accounts and believes it is not subject to any significant credit risk on cash.” FTX Capital Markets does not appear to have employed many licensed brokers or staff. The audited financial statement shows that the lease on its headquarters was only costing “$722 per month.” That will get you the office space the size of a large closet in lower Manhattan. (At the time of the audit the firm was located on Broad Street in the financial district in lower Manhattan.) We called the current phone number listed by FINRA for FTX Capital Markets on multiple occasions this week. No one answers the phone and there is no voice message regarding whom to call to retrieve the assets in your account. Even more bizarre, the phone number that FINRA lists for the firm is the same phone number for a cricket company called DreamCricket. The man FINRA lists as the President of FTX Capital Markets, Venu Palaparthi, has a Twitter page listing himself as “Opening Batsman for DreamCricket.com.” Palaparthi’s LinkedIn profile shows him as Founder of DreamCricket. Palaparthi’s LinkedIn profile indicates that he is a Fellow at the Center for Financial Markets and Policy at Georgetown University McDonough School of Business. We attempted to reach him there via email yesterday. The Center advised he is no longer affiliated with the Center. While Palaparthi’s LinkedIn page does not show him employed at FTX Capital Markets, FINRA shows him registered at FTX Capital Markets since May 18, 2022 through the present. FINRA files are typically kept up-to-date with little more than a few days lag. We attempted to reach Palaparthi through multiple channels but have yet to receive a return email or phone call. Adding to the bizarre nature of this firm, one licensed broker who FINRA lists as currently employed at FTX Capital Markets is Stacey Lynn Lavender (a/k/a Stacey Lynn Lavender-Mayes; a/k/a Stacey Lynn Mayes). FINRA shows Lavender simultaneously working at seven different firms. This includes serving as Chief Compliance Officer simultaneously at two firms: Sequence Financial Specialists LLC in Florence, South Carolina and Level Four Financial LLC in Dallas, Texas. Lavender is also listed as a Director of Compliance at Dalmore in New York City; as the CEO at a firm called SLLM-Inc./CCS in Los Angeles; as a Registered Principal at Cherry Trading in Los Angeles; and as an Options Principal at FTX Capital Markets. FINRA records indicate that both Cherry Trading and FTX Capital Markets show recent requests to have SEC terminate their registration as a broker dealer as well as requests to terminate their state licenses. FINRA also shows that Cherry Trading is majority owned by an individual named Seiji Kawajiri through a company called SK World Group 1. Anyone who has ever held a securities license through a major retail brokerage firm, such as Merrill Lynch, Morgan Stanley or Wells Fargo, knows that one has to get special permission to engage in any employment outside of your brokerage firm. It is highly discouraged because it can lead to conflicts of interest and an inability for your firm to monitor these outside activities. The possibility that someone would be allowed to work in the critical position of Chief Compliance Officer and Director of Compliance simultaneously at three firms while functioning as a CEO of another company, while finding time to be an options principal at a Sam Bankman-Fried operation, is beyond bizarre. Lavender’s LinkedIn profile shows her working “full time” at Level Four Financial. Attempts to reach her by phone, in order to clarify the situation, failed. An email to her superior at Level Four Financial, inquiring if she is still employed there as Chief Compliance Officer, has yet to elicit a response. Stacey Lynn Lavender Current Employment History at FINRA's BrokerCheck Stacey Lynn Lavender’s Present Employers Listed at FINRA Clearly, the American people still have very limited visibility on what Sam Bankman-Fried was up to in U.S. markets. Related Articles: No One Trusts the FTX Bankruptcy Case: News Outlets Intervene; Justice Department Trustee Demands Independent Examiner; SEC Orders Disclosures Big Law Firm, Sullivan & Cromwell, Did Significant Legal Work for Bankrupt Crypto Exchange, FTX

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