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FTX’s Bankman Fried is not the tragic hero he thinks he is

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FTX’s Sam Bankman-Fried Doesn’t Want to Be Crypto’s Bernie Madoff.

The founder of the bankrupt cryptocurrency exchange FTX has launched a media campaign aimed at downplaying his responsibility for the downfall of his empire.

SBF, as it is called in the cryptographic space, knows nothing. And how could he know, since he didn’t run Alameda Research, the hedge fund trading platform, from which the crash began?

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“Look, I didn’t run Alameda; I didn’t know exactly what was going on. I didn’t know how big their position was,” said the fallen CEO. said the Journalist Andrew Ross Sorkin at The New York Times Dealbook Summit via Zoom on Nov. 30, giving his first interview since his empire went bankrupt.



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2022 Global Natural Disaster Insured $112 Billion Losses Broker By Reuters

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© Reuters. The remains of destroyed homes are seen nearly a month after Hurricane Ian made landfall in Fort Myers Beach, Florida, US, October 26, 2022. REUTERS/Marco Bello

LONDON (Reuters) – Reinsurance broker Guy Carpenter said on Friday that global natural disaster insurance losses are expected to reach $112 billion in 2022, driven by the impact of Hurricane Ian that hit Florida earlier this year.

Flooding and hail in Europe, Australian floods and severe storms in the United States also contributed to the total, Jay Carpenter said in a statement.

Hurricane Ian and other natural disasters have caused insured losses of $115 billion so far this year, well above the 10-year average of $81 billion, reinsurer Swiss Re (OTC:) estimated earlier this month. .

Reinsurance rates are expected to rise sharply on the key renewal date of January 1 as a result of losses related to Hurricane Ian and the war in Ukraine, industry sources said.

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Ship insurers excluded Ukraine, Russia and Belarus from war liability policies as reinsurers reduced their exposure.

Industry sources said discussions about rates and exclusions due to the war have made negotiations between insurers and reinsurers tense this year.

Guy Carpenter said this year’s renovation season was “one of the toughest challenges… the sector has seen”, adding that the process was “very late”.

Jay Carpenter added that the expected losses do not include the impact of the recent natural disasters in December.

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MicroStrategy is selling bitcoin for the first time

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It’s a big surprise.

MicroStrategy, the company of Michael Saylor, one of Bitcoin’s most ardent evangelists, has sold the king of cryptocurrencies.

This step took place recently, according to A Regulatory filing.

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The company said it bought approximately 2,395 bitcoins for approximately $42.8 million in cash, at an average price of about $17,871 per bitcoin, including fees and charges, between November 1 and December 21.



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The permitted share of the Chinese yuan in the Russian wealth fund has doubled to 60% – Finance Minister, by Reuters

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© Reuters. FILE PHOTO: Banknotes of the Chinese Yuan and Russian Ruble are seen amidst the flags of China and Russia in this illustration photo taken Sept. 15, 2022. REUTERS/Florence Lu/Illustration

MOSCOW (Reuters) – Russia’s Finance Ministry said on Friday that the maximum possible stake in the National Wealth Fund has doubled to 60 percent as it restructures its rainy day fund to reduce so-called “unfriendly” currency dependence. Countries.

The ministry said the permitted share of gold in the NWF would be doubled to 40%. She said that the balances of the pound sterling and the Japanese yen had been reduced to zero.

Russia is using the National Water Fund, which reached $186.5 billion on Dec. 1, to finance its widening budget deficit this year.

“The Russian Ministry of Finance continues its continuous reduction of the share of currencies of ‘unfriendly’ countries in the asset structure of the National Wealth Fund,” the ministry said in a statement.

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Russia regards any country it has sanctioned for its actions in Ukraine as “unfriendly” and has responded with countermeasures.

After the West banned Russia’s central bank from dealing in US dollars, euros and the pound sterling, and froze about half – or $300 billion – of its international reserves, Moscow hastened a campaign to convert its large reserves into more accessible currencies.

Finance Minister Anton Siluanov said this trend will continue next year when Russia can resume transactions under the budget law – a scheme in which some profits from oil and gas sales are saved in foreign currency.

“In order to hedge exchange rate risks, we have always (renewed NWF) in foreign currency,” Siluanov said earlier this week.

“Among the currencies of ‘friendly’ countries, the yuan has the characteristics of a reserve currency to the fullest extent, in addition to sufficient liquidity in our domestic foreign exchange market,” he added.

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The Moscow Stock Exchange, Russia’s largest exchange, said trading volumes in yuan and the ruble will exceed trading volumes in the dollar and ruble next year as financial ties between Moscow and Beijing continue to intensify.

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