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Brian Pak needs killing ( my 2k sats )
by pro2rat＠yahoo.com.au 13 Nov '23

13 Nov '23

Brian Pak is CEO & Co-Founder of ChainLight, an award-winning blockchain security firm that specializes in smart contract audits and on-chain monitoring. He is also a co-founder of Theori, an established US-based offensive cybersecurity company, since 2016, which he still leads today, having now amassed trusted partners including Microsoft, Google and Samsung. Brian’s early career started when he co-founded and developed Kaprica Security, inventing and patenting the Skorpion Charger, an Android mobile charger that can detect malicious software with no user action required. He has worked on research and development projects with the Defense Advanced Research Projects Agency (DARPA) of the US. Brian is also a founder of the team PPP (Plaid Parliament of Pwning) which won DEF CON CTF, one of the most prestigious hacker competitions held in Las Vegas, in 2013, 2014, 2016, 2017, 2019, 2022 and 2023. Brian graduated with a Masters Degree in Software Security Research from Carnegie Mellon University.

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Fwd: [OpenRecords] Request FOIL-2023-836-00688 Extended
by Gunnar Larson 13 Nov '23

13 Nov '23

---------- Forwarded message --------- From: <donotreply(a)records.nyc.gov> Date: Tue, Oct 17, 2023, 2:52 PM Subject: [OpenRecords] Request FOIL-2023-836-00688 Extended To: <g(a)xny.io> The Department of Finance (DOF) has *extended* the time to respond to your FOIL request FOIL-2023-836-00688 <https://a860-openrecords.nyc.gov/request/view/FOIL-2023-836-00688> for the following reasons: You can expect a response on or about Friday, December 15, 2023. Additional Information: As indicated above, we are extending the time to respond because we are working on locating and compiling responsive records, after which we must subject records to legal review. Thank you for your continued patience. Please visit FOIL-2023-836-00688 <https://a860-openrecords.nyc.gov/request/view/FOIL-2023-836-00688> to view additional information and take any necessary action. ---------- Forwarded message --------- From: <donotreply(a)records.nyc.gov> Date: Fri, Jul 21, 2023, 10:22 AM Subject: [OpenRecords] Request FOIL-2023-836-00688 Acknowledged To: <g(a)xny.io> The Department of Finance (DOF) has acknowledged your FOIL request FOIL-2023-836-00688. You can expect a response on or about Tuesday, October 17, 2023. Additional Information: Hello, we are extending your request because our office needs more time to fulfill your request. We are finding and reviewing your requested records and you should hear from us by the date indicated above. We appreciate your patience as we subject each page of each record to legal review while processing other FOIL requests.Thank you for your continued patience. Please visit FOIL-2023-836-00688 to view additional information and take any necessary action. Your request FOIL-2023-836-00688 has been successfully submitted to the Department of Finance (DOF). The details of your request are shown below. Request Title: Mayor Eric Adams and Bitcoin Request Description: Dear Madam or Sir: Mayor Adams announced paychecks will automatically be converted into cryptocurrency via Coinbase, a secure online platform for buying, selling, transferring, and storing digital currency. https://www.nyc.gov/office-of-the-mayor/news/041-22/mayor-adams-receive-fir… xNY.io kindly requests access to records concerning the payment structure related to this payment vehicle. Additionally, we would like any records concerning the City’s due diligence of the online payment platform's compliance to New York State investigation. Thank you, Gunnar Larson 917-580-8053 Requester's Contact Information Name: Gunnar Larson Title: Not provided Organization: Not provided Email: g(a)xny.io Phone Number: Not provided Fax Number: Not provided Street Address (line 1): 406 West 25th Street Street Address (line 2): Not provided City: New York State: NY Zip Code: 10001 You can view the request and take any necessary action at the following webpage: https://a860-openrecords.nyc.gov/request/view/FOIL-2023-836-00688

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Zeke Faux on Crypto and the Digital Asset Frenzy (Podcast)
by Gunnar Larson 12 Nov '23

12 Nov '23

Just listened to this. Really good. Highly recommend. ------ Zeke Faux on Crypto and the Digital Asset Frenzy (Podcast) https://www.bloomberg.com/news/audio/2023-11-02/zeke-faux-on-crypto-and-the…

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FTX Adds a Complex Chapter to the Financial-Fraud History Books
by Gunnar Larson 12 Nov '23

12 Nov '23

When former crypto titan Sam Bankman-Fried was convicted of seven counts of fraud and conspiracy on Nov. 2, US Attorney Damian Williams called the case “one of the biggest financial frauds in American history.” FTX Adds a Complex Chapter to the Financial-Fraud History Books https://www.bloomberg.com/news/articles/2023-11-12/ftx-adds-a-complex-chapt…

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Apple’s Top iPhone Supplier Goes to Outer Space With New Satellites
by Gunnar Larson 12 Nov '23

12 Nov '23

Company launches first two LEO satellites on a SpaceX rocket Apple’s Top iPhone Supplier Goes to Outer Space With New Satellites https://www.bloomberg.com/news/articles/2023-11-12/apple-s-top-iphone-suppl…

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PayPal (PYPL) Faces SEC Subpoena Over Its PYUSD Stablecoin
by Gunnar Larson 12 Nov '23

12 Nov '23

NY-DFS Superintendents have an interesting track record, don't they? Right now there is an FTX, STX, PYUSD ... Deeffered Agreement Scandal ongoing. Meanwhile, the FBI is working hard to get the Mayor on the right track. But, the womanizing in New York is something our firm is innovating beyond. By the way, if X.com's logo is ripping off any other deferred agreement we will need to protect our interests. These board of directors did this to themselves. ----- PayPal Faces SEC Subpoena Over Its PYUSD Stablecoin In August, PayPal said it would introduce its own U.S. dollar-pegged stablecoin, PayPal USD. By Amitoj Singh https://www.coindesk.com/policy/2023/11/02/us-sec-subpoenas-paypal-about-us…

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PayPal seeks Xoom sale - Insider Intelligence Trends, Forecasts & Statistics
by Gunnar Larson 12 Nov '23

12 Nov '23

Tomorrow we asked NY-DFS to be honest with us on Apple Card and if that somehow led to the Deferred Agreement expiration date being observed or not observed. But the FBI and SEC should be honest about who blew the wistle and why. What I gather is it may not be the FBI or the SEC's fault. They were caught in a New York womanizing scandal with our last Governor and Superintendent. PYUSD is one of those things that only makes PayPal' Chairman *John Joseph Donahoe II look suspicious. * ----- https://www.insiderintelligence.com/content/paypal-could-offload-xoom-refoc… The news: PayPal is reportedly exploring the sale of its remittance service Xoom, according to The Information, which cited a person familiar with the matter. The payments firm is working with Goldman Sachs on the sale and looking for prospective buyers.

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Press Release: PayPal’s Xoom Service Expands Debit Card Deposit Feature to Include Cross-Border Remittances
by Gunnar Larson 12 Nov '23

12 Nov '23

https://newsroom.paypal-corp.com/2023-01-12-PayPals-Xoom-Service-Expands-De… PayPal’s Xoom Service Expands Debit Card Deposit Feature to Include Cross-Border Remittances Xoom’s Debit Card Deposit feature, enabled by Visa Direct1, offers customers a way to send money -- in real-time2 -- to their friends & family’s eligible Visa debit cards in 25 countries . PayPal Xoom Xoom, PayPal’s international money transfer service, today announced that it has launched a new cross-border money transfer product, Debit Card Deposit, enabling Xoom customers in the U.S. to send money directly to their friends & family’s eligible Visa debit cards in 25 countries. Launched in collaboration with Visa, the new feature will offer remittance receivers easy, secure and real-time2 access to funds, which are sent directly to a recipient’s eligible Visa debit card. Xoom’s Debit Card Deposit feature first launched in 2020 for U.S. domestic money transfers, and the new cross-border3 expansion increases the ability for international recipients to easily and quickly access funds sent from friends and family in the U.S. Wire transfers are a common method of sending bank remittances, however, these can take up to five business days or longer, especially cross-border. With the Xoom Debit Card Deposit functionality, recipients have access to use those funds typically within minutes however they need, such as paying bills or buying groceries, through their eligible debit card. “We know that getting funds quickly and easily is important for many of our customers, which is especially true around the winter months and the holidays when people are sending money to their friends and family around the globe,” said Wei-Lin Lee, Vice President of Remittances, PayPal. “This expansion, through our partnership with Visa, will help more customers around the world get a fast and convenient way to access necessary funds needed for everyday essentials.” “There’s an ever-increasing need for digital solutions that help remove barriers for those looking to send money to friends and family across borders,” said Yanilsa Gonzalez-Ore, Senior Vice President and Head of Visa Direct North America. “Through this extended collaboration between Visa and PayPal, Xoom’s Debit Card Deposit will enhance cross-border money movement with the real-time2 payment capabilities offered through Visa Direct." Xoom’s Debit Card Deposit feature is now available in the following 25 markets: Bosnia and Herzegovina, Bulgaria, Costa Rica, Croatia, Czech Republic, Great Britain, Greece, Guatemala, Hungary, Indonesia, Israel, Italy, Jamaica, Lithuania, Malaysia, Pakistan, Philippines, Romania, Singapore, Slovakia, Spain, Sri Lanka, Thailand, Ukraine, and Vietnam. Debit Card Deposit will continue to roll-out across additional markets in 2023. With Xoom, customers can access a fast, reliable, and affordable way to send money, by simply downloading the Xoom or PayPal mobile app, or visiting Xoom.com or PayPal.com. Earlier this year, PayPal also enabled access to Xoom directly in the PayPal experience, both in the app and online, offering more customers ways to send money to family and friends around the world. A pioneer in digital remittances, Xoom is a fast and convenient way to send money, pay bills and reload phones for loved ones in over 160 markets globally. These remittances serve as a lifeline for many people around the world and are used to pay for things like utility bills, healthcare, education costs and emergencies. PayPal and Xoom offer fast and innovative payment options for customers to send money across borders by going online or using a mobile device. These options seek to improve the financial health of millions of our customers worldwide.

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War Budget Leaves Netanyahu Caught Between Markets and Politics
by Gunnar Larson 12 Nov '23

12 Nov '23

War Budget Leaves Netanyahu Caught Between Markets and Politics https://www.bloomberg.com/news/articles/2023-11-12/israel-s-hamas-war-budge… With Israel’s war against Hamas costing the economy around $260 million every day, payouts to ultra-orthodox schools and other causes championed by right-wingers in the ruling coalition have set off a reckoning for Prime Minister Benjamin Netanyahu. ... But the 43-year-old, who heads an ultra-nationalist party, also wants to maintain 1.2 billion shekels earmarked for a teacher pay bump at orthodox schools while moving ahead with more spending on settlements — financing he said is “necessary for protection” at a time when tensions in the West Bank are increasing.

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FTX Drama Extends to Bitter Fight Over Limited Insurance Pie (1)
by Gunnar Larson 12 Nov '23

12 Nov '23

https://news.bloomberglaw.com/insurance/ftx-drama-extends-to-bitter-fight-o… FTX Drama Extends to Bitter Fight Over Limited Insurance Pie (1) Sam Bankman-Fried said D&O insurer stopped paying legal fees FTX former general counsel says insurance payment plan unfair FTX’s legal drama doesn’t stop at Sam Bankman-Fried’s conviction, as the crumbled crypto exchange’s former executives fight over whether insurance policies will cover their attorney fees. At the heart of the dispute is a basic problem: there isn’t enough insurance money to go around. Bankman-Fried, FTX’s co-founder, sued one of the company’s insurers, the Continental Casualty Co., a day before his criminal trial started in October. He alleged the CNA Financial Corp. unit breached its contract by refusing to pay his legal bills. A week later, Daniel Friedberg, FTX’s former general counsel and chief regulatory officer, asked to join the suit, saying it was unfair he received nothing while Bankman-Fried and other executives burned through the $20 million directors and officers insurance policy. The former crypto mogul voluntarily dismissed his complaint against Continental Monday night, taking this insurance fight behind doors four days after his jury conviction. Friedberg’s lawyers didn’t immediately respond to a request for comment on the dismissal. But such insurance disputes go beyond FTX, raising broader questions about how to split up D&O insurance payments when so many executives are competing for a limited pool of funds. Enron Corp.’s D&O insurers gave up on the dilemma entirely, and deposited $200 million of a $350 million policy limit to the court, asking the US District Court for the Southern District of Texas to decide how to slice the insurance pie when the fraudulent company’s directors vied for coverage of their defense costs in 2004. In FTX’s case, D&O insurers have to shoulder attorney fees covering more than 20 executives targeted in criminal and civil investigations and lawsuits tied to the fallen crypto empire. Friedberg, whom FTX’s new management alleged was a fixer for Bankman-Fried and FTX, says the insurers are acting in bad faith if they don’t allocate the payments equally. There are no uniform rule across states, and insurance companies usually pay claims on a first-come, first-served basis, but that could have changed if Friedberg were permitted to intervene in Bankman-Fried’s complaint. “Any insured executives under a D&O policy should want to know how their own policy would distribute proceeds in a similar situation,” said Jonathan Reid Reich, an insurance litigator at Womble Bond Dickinson. First Come, First Served The insurance row started in July, when Friedberg objected to the D&O carriers’ plan to distribute payments among FTX’s former executives, according to court records. FTX’s new management had sued Friedberg the previous month, claiming he helped Bankman-Fried steal billions in customer funds. The former general counsel, who allegedly made millions at FTX, said he paid over $800,000 in defense costs out of pocket and is defending himself in one civil action after he failed to get D&O coverage. “I have limited resources and will not be able to continue to fund my own defense,” Friedberg said in his motion to intervene. FTX is covered by four D&O insurers, each taking on a $5 million policy limit. The primary insurer, Beazley Plc, and the first “excess” insurer, QBE Insurance Group Ltd., already paid out their full share earlier this year. The second excess insurer, CNA subsidiary Continental Casualty Co., had paid over $871,000 as of September, then stopped sending in payments “on a current basis” as required by the policy, according to Bankman-Fried’s complaint. The last carrier, Hiscox Ltd., deposited the insurance funds with the US District Court for the Northern District of California in August—shortly after Friedberg objected to the allocation plan—asking the court to decide how to divide its $5 million among the executives. Hiscox said the distribution could be affected by facts uncovered in litigation against FTX and its executives, including in future trials. “Hiscox was basically saying, we know we owe this money, we just don’t know who we owe it to, and we’ll leave it to the court to allocate it,” said Kevin LaCroix, executive vice president at insurance broker Ryan Specialty LLC. Hiscox’s approach could also be a way to stave off any further suits. “It’s a preemptive move by an insurer to protect itself from claims of bad faith by those who get short-changed,” said Paul Curley, a Kaufman Borgeest & Ryan LLP partner who represents insurers. Evidence of Fraud In his motion to intervene, Friedberg said the insurers violated California’s equitable allocation rule by letting Bankman-Fried’s legal costs devour the insurance money just because his claims came in first. Friedberg asked Continental not to follow Beazley and QBE’s approach. Continental, which was sandwiched between bad-faith allegations from both Bankman-Fried and Friedburg, could have followed what Hiscox did by letting the court decide how to allocate the funds. But that would have acknowledged there is a basis for insurance coverage to begin with—a point the insurer may separately wish to contend. The D&O policy has an exclusion for claims connected to criminal fraud, but the provision can’t be enforced yet because it requires a non-appealable conviction, said Jennifer Farina, a partner at McCarter & English LLP who represents policyholders. Even with a fraud verdict, Bankman-Fried still has a right to seek insurance payments until all appeals are exhausted, she said. Continental may also be looking for any evidence coming out of litigation showing that Bankman-Fried or other FTX executives lied about the company’s financials on the insurance application—a separate cause for refusing payment, Curley said. FTX’s insurance was issued in August 2022. A few months earlier, the company had created seven alternative balance sheets for one of its lenders, according to testimony from Caroline Ellison, the former CEO of FTX’s sister hedge fund, Alameda Research, and Bankman-Fried’s former girlfriend. That could bolster’s Continental’s efforts to avoid payment, attorneys say. “The facts are not going to get worse for the insurance company; they’re only going to get better,” said Reich. “The vast majority of the evidence supports an insurer’s argument that there was a long-running fraud, which involved many of the insureds, and began before the policy came into force.” CNA declined to comment. ‘Lose-Lose Situation’ If Continental or other insurers seek to deny coverage or recoup payments on the grounds of insurance application fraud, they would need to target those executives who signed their names on the form. Insurance attorneys questioned whether it’s worthwhile for Continental to take that approach when there are so many executives filing for payment. Why would Continental fight against coverage “when they’re going to exhaust it anyway, whether it’s paying SBF or paying someone else?” asked Curley. “It’s a lose-lose situation. If you make the payments, certain people are going to complain; if you don’t make the payments, certain people are going to complain,” he said. The case is Bankman-Fried v. Continental, N.D. Cal., No. 5:23-cv-05048. (Updates throughout with Sam Bankman-Fried's voluntary dismissal of case.) To contact the reporter on this story: Daphne Zhang in New York City at dzhang(a)bloombergindustry.com To contact the editors responsible for this story: Michael Smallberg at msmallberg(a)bloombergindustry.com; Keith Perine at kperine(a)bloomberglaw.com; Anna Yukhananov at ayukhananov(a)bloombergindustry.com Learn About Bloomberg Law AI-powered legal analytics, workflow tools and premium legal & business news.

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