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On August 13th, Reuters, citing sources, reported that Alphabet, the parent company of Google (GOOG.O), is undergoing a major leadership reshuffle at Google DeepMind, with some teams moving from DeepMind to the Google corporate system, further weakening DeepMinds autonomy. Sources said that Google co-founder Sergey Brin has been urging core AI employees in recent months to "fully commit" to the Gemini model and push for AI research in areas such as "recursive self-improvement." Following this reshuffle, DeepMind head Demis Hassabis will become chairman, with his deputy Kolai Kavukuoğlu taking over leadership responsibilities. Google stated that Kavukuoğlu will have final say on major decisions at DeepMind. Sources said that Google has postponed the release of the new flagship Gemini model by two months because internal testing showed it still lags behind competitors in areas such as programming. Analysts believe that Alphabets restructuring aims to accelerate AI commercialization and regain a competitive edge in model development, but some employees worry that DeepMinds long-term research autonomy may further decline.On August 13, according to a statement from the Iraqi Prime Ministers Media Office, Iraqi Prime Minister Mullah Zaidi met with visiting U.S. Central Command Commander General Robert Cooper on August 12. During the meeting, Zaidi reiterated Iraqs commitment to the established timetable, namely, September 30th is the final date for the international coalition forces to end their military mission in Iraq and complete their withdrawal. Zaidi stated that October 1st will be a new day in Iraqi history, when Iraq will completely rid itself of all foreign military presence, realize its territorial sovereignty, continuously enhance its national security and military capabilities, and safeguard its own security and stability.According to Saudi media Alhadath: Yemeni government armed forces launched drone attacks on Houthi gathering points in Yemens Jawf province.Yemeni Presidential Leadership Council Chairman Alimi: The Houthi movement in Yemen will not go unchallenged. There is no contradiction between the governments continued deterrence operations and its pursuit of peace.On August 13th, satellite imagery showed that for the first time in weeks, a very large crude carrier (VLCC) docked at the Al-Juama port near Rastanura, Saudi Arabias main export port in the Persian Gulf, indicating that Saudi Arabia is striving to maintain crude oil exports. However, shipping activity at Saudi ports remains affected by the war with Iran, the situation in the Strait of Hormuz, and the Houthi threat. As the worlds largest oil exporter, Saudi Arabia has recently shifted some of its crude oil shipments to the Red Sea port of Yanbu and exports to the Mediterranean via the Sumed pipeline. Meanwhile, activity at Yanbu port has decreased compared to before, with only three tankers currently observed docked, carrying approximately 3.4 million barrels of crude oil. Analysts believe that Saudi Arabias export routes are shifting from the traditional Bab el-Mandeb Strait to Asian markets to an alternative route via the Red Sea and connecting to the Suez Canal, in order to reduce regional security risks. Due to the disabling of automatic positioning systems on some tankers and the intervals in satellite observations, the actual scale of Saudi crude oil shipments is still difficult to fully confirm.

California’s DFPI Investigating Multiple Crypto Lending Companies

Jul 14, 2022 14:28

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The California Department of Financial Protection and Innovation (DFPI), which regulates the activities of state-licensed financial institutions such as banks and premium finance businesses, has announced that it is investigating whether businesses that suspended customer withdrawals and transfers broke any laws.


More specifically, the government is looking at a number of cryptocurrency businesses with U.S. headquarters after some reputable lenders permanently stopped allowing transfers and withdrawals between user accounts.

Accounts for crypto assets that pay interest

In particular, the Department of Financial Protection and Innovation is concentrating on "multiple companies" that provide customers with interest-bearing crypto asset accounts, also known as crypto-interest accounts, as well as service providers who "may not have adequately disclosed risks customers face when they deposit crypto-assets onto [lenders'] platforms."


To ascertain if they are breaking any laws that fall within the purview of the Department is the main goal of the inquiry.


The DFPI previously emphasized that providers of crypto-interest accounts are not subject to the same regulations and safeguards as banks and credit unions, which is particularly concerning in light of some platforms' restrictions on customers' ability to withdraw money from and transfer funds among their accounts.


Because of this, the agency has advised customers to proceed with "great care" before answering any inquiries about investments or financial services.


Also pointing to two cease and desist orders it recently sent to BlockFi and Voyager Digital to suspend their sales in California, DFPI has shown how certain crypto-interest account providers have been promoting unregistered securities.

securing customer property

Following Voyager Digital, the second well-known cryptocurrency business to file for Chapter 11 bankruptcy in recent weeks, DFPI made its statement. The Toronto-based company calculates that it has between $1 and $10 billion in assets, over 100,000 creditors, and liabilities of the same amount.


According to Voyager Digital, the action is a part of a "Plan of Reorganization" that intends to provide customers access to their accounts once again. Customers will have the option of receiving cryptocurrency, money recovered from Three Arrows Capital, common shares in the newly reorganized business, and Voyager tokens.


Due to worries about liquidity, Celsius (CEL) has stopped withdrawals and transfers since June 12. There are rumors that the management of the firm has been discussing Chapter 11 bankruptcy with attorneys.


As it faces with the potential of bankruptcy, the business is presently seeking restructuring guidance from the advising firm Alvarez & Marsal.


Additionally, the turbulent market circumstances last week caused the Singapore-based cryptocurrency platform Vauld to stop operations. The business instantly halted all trading, deposits, and withdrawals, and said that, up until further notice, it would only accept client deposits for its collateralized loans product.


Currently, numerous platforms have had client money frozen for many weeks while the future of their depositors' assets is still unknown.