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The Ukrainian military stated that it had attacked an oil refinery in Russias Omsk region.International oil prices remained volatile, with Brent crude holding steady above $71. A quick overview of the pre-market conversion prices of crude oil between domestic and international markets is provided in the chart.The Indian government reported that diesel sales in India rose 6.2% year-on-year in June, while gasoline sales increased 7.4% year-on-year. Overall, fuel sales in India fell 3.1% year-on-year to 19.42 million tons in June.Spot gold and silver prices edged lower during the session, with spot silver falling nearly 1.00% intraday. A quick chart shows the pre-market conversion prices of precious metals between domestic and international markets.July 6 - As a surge in global supply intensifies competition for buyers, Saudi Arabia has cut its official selling prices for key crude oil grades to Asian customers in August, the largest reduction in at least 26 years. According to a price list, Saudi Aramco lowered the price of its Arab Light crude oil exports to Asia by $11 per barrel in August, representing a discount of $1.50 per barrel to the regional benchmark price. This reduction is larger than the $8 per barrel expected in an institutional survey. Middle Eastern crude oil prices have recently fallen. After resuming exports from the Gulf port of Rastanura in the Persian Gulf, Saudi Aramco had increased its crude oil shipments to approximately 90% of pre-war levels. Before the war, Rastanura was Saudi Arabias main port of call for crude oil exports. Due to the wars blockade of the Strait of Hormuz, Saudi Aramco diverted most of its crude oil to the port of Yanbu on the Red Sea. Previously, the OPEC+ oil-producing group agreed to continue a small increase in production in August. Now, with the resumption of shipping through the Strait of Hormuz, Gulf oil producers such as Saudi Arabia, Iraq, and Kuwait will be able to utilize their higher quotas.

FTX gets court approval to subpoena founder Bankman-Fried, other insiders

Jimmy Khan

Feb 09, 2023 15:30

Sam Bankman-Fried, the founder of the defunct cryptocurrency startup FTX, and his family members were served subpoenas on Wednesday with permission from the court as part of the company's inquiry into "misappropriated and stolen" cash.


The once-respected cryptocurrency exchange FTX filed for bankruptcy protection in November amid claims that Bankman-Fried diverted funds from FTX clients to bolster the financial position of the hedge fund Alameda Research, which is connected to FTX. In order to find instances of misspending that may be recovered in order to pay back FTX's clients, FTX claimed that it requires additional information from former insiders, including its accused founder.


FTX's request to serve subpoenas on Bankman-Fried, his parents Barbara Fried and Joseph Bankman, his brother Gabriel Bankman-Fried, former FTX Chief Technology Officer Gary Wang, former Alameda Research CEO Caroline Ellison, and former FTX Chief Operating Officer Constance Wang was granted by U.S. Bankruptcy Judge John Dorsey, who is presiding over FTX's Chapter 11 proceedings.


In court documents submitted on Wednesday, FTX said that the majority of the people named in the subpoena targets had started participating with its inquiry. Ellison and FTX are still in communication, and Sam Bankman-Fried "remains non-responsive," according to FTX.


In relation to their involvement in the demise of FTX and Alameda, Ellison and Gary Wang have admitted guilt on fraud-related offenses. Bankman-Fried will go on trial in federal court in Manhattan in October after entering a not guilty plea.


The subpoenas are focused on shady transactions by FTX insiders. In addition, the parents of Bankman-Fried spent $16.7 million on property in the Bahamas, and the Bankman-Fried brothers' advocacy group, Guarding Against Pandemics, bought a headquarters facility in Washington, D.C.

Additionally, FTX is looking for data on political contributions. Along with contributions from Sam Bankman-Fried, his mother established Mind the Gap, a political action committee that makes suggestions to a network of political contributors.


Bankman-Fried refused to speak, and family members could not be contacted for comment right away. Sam Bankman-Fried did not give directly to Mind the Gap, according to earlier reports, but he did contribute to some of the organization's suggested projects.

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