Bankruptcy Filings Uncover Billions in Potential Losses for Crypto Exchange Stakeholders

NFL superstar Tom Brady is among several prominent investors who may have collectively lost billions due to the dramatic collapse of the cryptocurrency exchange FTX, as revealed in recent bankruptcy filings. At the time of FTX’s downfall, Brady held approximately 1.14 million shares in FTX Trading. Other notable investors include Robert Kraft, owner of the New England Patriots, and billionaires Dan Loeb and Peter Thiel.

In a bid to recover lost funds from what is alleged to be a significant fraud, FTX plans to petition a U.S. bankruptcy court on Wednesday to approve the auctioning off of various business segments, including LedgerX, Embed, FTX Japan, and FTX Europe. The company is also seeking to keep customer identities confidential for at least six months to protect them from potential scams and privacy violations while it works on recovery efforts.

FTX argues that the standard bankruptcy protocols, which require detailed disclosures about creditors—potentially affecting around 9.5 million customers—could hinder its recovery efforts and decrease the company’s value as it seeks buyers. This request has garnered support from both FTX’s official creditors committee and various ad hoc groups of customers.

Sam Bankman-Fried, the founder of FTX, was indicted last month on two counts of wire fraud and six counts of conspiracy in Manhattan federal court, accused of misappropriating customer deposits to cover debts related to his hedge fund, Alameda Research, and of misleading equity investors regarding FTX’s financial health. He has pleaded not guilty to the charges.

The four companies slated for sale are said to operate independently from the main FTX group, each maintaining separate customer accounts and management teams, as outlined in court documents. While FTX has expressed no firm commitment to selling these companies, it has received numerous unsolicited offers and anticipates generating further bids through scheduled auctions in February and March.

However, the U.S. Trustee, a bankruptcy oversight entity within the Department of Justice, has expressed concerns about selling these affiliates before a thorough investigation into the alleged fraud involving Bankman-Fried has been completed.

Bankman-Fried has admitted to certain failures in FTX’s risk management but maintains that he does not believe he holds criminal liability. Additionally, recent reports from Freedom of Information requests indicate that 13 U.K. investors have filed complaints with Action Fraud regarding losses totaling approximately £1.16 million due to their investments in FTX.

Rail Union Leader Stands Firm Against Changes in Train Operations

Mick Lynch, the general secretary of the Rail, Maritime and Transport (RMT) union, has firmly stated that discussions surrounding “driver-only operation” (DOO) cannot proceed if it remains on the agenda. During a session with the cross-party Transport Select Committee, Lynch emphasised, “We will not accept driver-only operation in any company without a fight. It will never happen while I am general secretary. It will never happen as long as the RMT exists.”

The Rail Delivery Group (RDG) contends that DOO has been safely implemented for nearly 40 years, currently operating on services that carry 55% of passengers. However, Lynch rejected any notion of reducing the number of guards on trains, insisting that talks would not continue if that were a condition.

The ongoing disputes have seen RMT members striking for 20 days over a span of 200 days, from June 21, 2022, to January 7, 2023. These disputes involve Network Rail, a subsidiary of the Department for Transport, alongside over a dozen train operators directed by the government.

Mick Whelan, general secretary of the train drivers’ union, Aslef, echoed Lynch’s sentiments regarding DOO, describing it as “inherently unsafe.” He highlighted alarming statistics, noting a 180% increase in sexual assaults on railway services, and raised concerns about the general safety of the railways when there is insufficient staff presence.

Whelan articulated, “In areas where there are no staff at stations or on trains, we do not believe it is a safe railway for the travelling public.” He argued that comprehensive staffing is essential for operational safety and reiterated that Aslef would not support DOO in any future agreements.

The RDG responded by stating that where trains are adequately equipped, a driver-controlled operation should be the norm. Steve Montgomery, chair of the RDG, informed MPs that around 45% of current services operate under either driver-only or driver-controlled arrangements. He explained that the discussions surrounding these operations are not new and will likely continue.

Montgomery provided an example of operational flexibility, discussing scenarios where delays could be managed by allowing a train to depart on time even if a guard was delayed, with the guard joining the train later. He asserted that this approach would only be implemented on fully equipped trains, balancing punctuality and customer service without compromising safety.

Concerns Arise Over Tesla’s “Full Self-Driving” System Following Public Statement

A recent tweet by Elon Musk suggesting that Tesla may permit some users of its “Full Self-Driving” (FSD) system to disable a reminder to keep their hands on the steering wheel has raised alarms among U.S. safety regulators. The National Highway Traffic Safety Administration (NHTSA) has requested further details from Tesla regarding this statement, as part of a broader investigation into numerous Tesla incidents where vehicles using Autopilot have collided with emergency vehicles.

Since 2021, Tesla has been beta-testing its FSD feature with untrained owners, who are monitored by the company. Earlier this year, Tesla reported that around 160,000 vehicles, approximately 15% of those in the U.S., were involved in this testing phase, with plans for wider software distribution anticipated for late 2022.

Despite its name, Tesla clarifies on its website that the vehicles are not capable of full autonomy. While FSD can navigate roads in many situations, experts caution that the system is not infallible. Musk himself stated in October, “We’re not saying it’s quite ready to have no one behind the wheel.”

The controversy escalated when a supporter suggested on New Year’s Eve that drivers with substantial experience using FSD should be allowed to switch off the “steering wheel nag.” Musk responded affirmatively, stating that an update would be forthcoming in January.

The implications of disabling a driver monitoring system, particularly in vehicles that automate steering and speed, could pose risks to other road users, warned Jake Fisher, senior director of auto testing for Consumer Reports. “Using FSD beta, you’re part of an experiment,” he noted, highlighting that other drivers have not agreed to participate in such conditions.

Tesla has not commented on the tweet or its driver monitoring practices. Safety advocates and investigators have long critiqued the company’s monitoring system as insufficient. The National Transportation Safety Board (NTSB) identified poor monitoring as a contributing factor in a 2018 fatal crash involving a Tesla, yet their recommendations for improvement have reportedly gone unaddressed by the company.

Tesla’s current monitoring system measures steering wheel torque to ensure driver engagement; however, it also employs cameras to observe the driver’s gaze. Critics argue that these cameras lack the infrared capabilities found in competitor systems, limiting their effectiveness in low light or when a driver wears sunglasses.

Philip Koopman, a professor at Carnegie Mellon University, expressed concern over Tesla’s messaging, suggesting that the company is sending mixed signals about driver engagement. Tesla’s own guidelines state that both Autopilot and the more advanced FSD systems are designed for use by attentive drivers who are prepared to take control at any moment.

NHTSA documentation indicates that numerous Tesla crashes have involved drivers keeping their hands on the wheel while still failing to pay adequate attention. The agency has observed that many drivers misuse Autopilot, operating it in scenarios where its functionality is limited, leading to accidents despite warnings.

Investigation into Tesla’s automated systems began in June 2016 after a fatal incident involving a driver using Autopilot. Since then, NHTSA has investigated 35 crashes potentially linked to automated features, resulting in 19 fatalities.

Consumer Reports has evaluated Tesla’s monitoring capabilities, which change frequently with software updates. Initially, drivers could go up to three minutes without a warning if their hands were off the wheel, but this has since been reduced to as little as 15 seconds. However, the exact threshold for how long a driver can disconnect before the system reacts remains unclear.

Fisher noted that if Tesla disables the steering wheel reminder, it might shift to relying on camera monitoring instead, though this is not confirmed. Despite the naming of Autopilot and FSD suggesting full autonomy, Fisher contends that Tesla still expects drivers to remain engaged. The NTSB cautions that reliance on such systems may lead drivers to let their guard down.

Those using the FSD system should remain vigilant, Fisher advised, as the technology can produce unexpected results. “I wouldn’t dream of taking my hands off the wheel using that system,” he stated.

Koopman added that disabling the steering wheel reminder may not significantly increase safety risks, given the existing flaws in Tesla’s monitoring system.

A Deep Dive into the Accused and the Shocking Idaho Murders

Bryan Kohberger became widely known following his arrest on 30 December for the brutal slayings of four University of Idaho students. As more details about his life emerge, a picture of a complex individual unfolds—one marked by both academic ambition and troubling past behaviors.

Early Years
Kohberger grew up in Effort, Pennsylvania, where he was often the target of bullying. As a part-time security officer at his local school, he once assisted in a medical emergency, helping save a staff member’s life. This incident marked one of the few mentions of him in local news until his arrest.

Academic Journey
Embracing his passion for criminology, Kohberger pursued higher education, achieving an associate degree in psychology before completing both a bachelor’s and a master’s in criminal justice. His professors noted his dedication and intelligence, recommending him for a PhD programme at Washington State University, where he also served as a teaching assistant.

Behavioral Concerns
Despite his academic achievements, former friends and classmates describe a significant personality shift after he lost weight in high school. Reports suggest he became more aggressive and bullying towards peers. At WSU, his behavior raised further concerns; classmates reported unsettling comments and an intense, sometimes arrogant, attitude.

The Idaho Murders and Arrest
Following the tragic murders in November 2022 of Ethan Chapin, Kaylee Goncalves, Xana Kernodle, and Madison Mogen, Kohberger returned to Pennsylvania with his father. His subsequent arrest and charges of four counts of murder shocked many. His family has publicly maintained his innocence, urging the public to hold off judgment.

While some of his acquaintances express disbelief at his alleged involvement, others recall his unkind nature and admit they are not entirely surprised by the allegations. “He was mean-spirited,” one former peer commented. “I never thought he would do something like that, but it doesn’t really surprise me.”

Conclusion
As Kohberger prepares for trial, the inquiry into his true character continues. A diligent student of criminology with a history of aggression, his narrative serves as a stark reminder of the intricate links between personal history and criminality.

TUT.BY Journalists Face Serious Charges Amid Repressive Measures in Belarus

In a significant development, journalists from TUT.BY, Belarus’ leading independent news outlet, have begun trial proceedings in the capital, Minsk, as the government continues its relentless crackdown on dissenting voices in the country.

The trial commenced on Monday, with editor-in-chief Maryna Zolatava and director general Lyudmila Chekina facing serious charges, including “hurting national security,” “inciting hatred,” and tax evasion. Three other TUT.BY journalists, currently outside the country, are being tried in absentia as part of the same case.

If convicted, the defendants face up to 12 years in prison. The proceedings are taking place behind closed doors at the Minsk City Court, with access denied to Western diplomats and independent journalists. Zolatava and her colleagues have also been designated as “terrorists” by Belarus’s KGB, a nod to the agency’s Soviet-era roots.

The backdrop to this trial is a climate of repression following widespread protests against President Alexander Lukashenko’s disputed re-election in August 2020. These protests, which were met with a brutal crackdown resulting in over 35,000 arrests and numerous beatings by police, have led to the closure of numerous media outlets and NGOs.

TUT.BY was the most popular online news source in Belarus, boasting over 3.3 million users, and it played a critical role in covering the protests before being banned in 2021. Currently, the Belarusian Association of Journalists reports that 32 journalists are imprisoned, awaiting trial, or serving sentences.

In response to the ongoing repression, many former TUT.BY journalists have fled Belarus and launched a new outlet, Zerkalo.io, which has also been blocked within the country. Zerkalo.io condemned the TUT.BY trial as a fabricated case, stating, “The regime fears journalists, fears real news. Belarus is rushing forward on a path to an alternative reality where real news is considered evil.”

Aslef’s Mick Whelan Highlights Impact of Pay Dispute on Sustainability Goals

According to Aslef general secretary Mick Whelan, the ongoing six-month deadlock between striking rail workers and the Government is hindering advancements in green transport. Whelan emphasized that the focus on protracted pay negotiations is detracting from efforts to enhance the sustainability of the UK’s rail network.

He pointed out that insufficient investment in railways, coupled with rising train fares, has led commuters to choose less environmentally friendly alternatives, such as driving. Whelan participated in a strike outside London’s Euston station on Thursday, joining thousands of other Aslef members who established picket lines across the country on the sixth day of action since last summer.

When asked if the dispute was obstructing rail leaders from improving green transport, Whelan stated he “couldn’t see how” the Government could meet climate change targets without prioritizing rail in their policies. He remarked to the PA news agency, “Electrification, decarbonisation, and developing transport links for the future—these should be our focus.”

Whelan criticized the current situation, noting, “We’re witnessing less investment and truncated timetables that push people back onto the roads. It’s not strikes causing this shift, but the rising fares.”

In response, a spokesperson for the Department for Transport (DfT) urged unions to cease strike actions, stating, “We need to start 2023 by resolving this damaging dispute.”

Met Office Confirms Last Year Was the Hottest on Record

The UK has officially recorded an annual average temperature exceeding 10°C for the first time in 2022, as confirmed by the Met Office. This milestone underscores that 2022 was the hottest year in the country’s history.

Research conducted by Met Office scientists indicates that human-driven climate change significantly increased the likelihood of this record-breaking temperature, making it approximately 160 times more probable.

The full temperature data for 2022 reveals a provisional annual average of 10.03°C, surpassing the previous record of 9.88°C set in 2014 by 0.15°C. This marks a notable shift in the UK’s climate patterns, with implications for the environment and society.