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Binance CEO Conducted Months-Long Effort to Bring Down FTX, Says Sam Bankman-Fried

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Ex FTX CEO Sam Bankman-Fried in a recent disclosure claimed that Binance CEO Changpeng Zhao “CZ” conducted a months-long effort to bring down FTX.

The former crypto millionaire, while responding to recent allegations, pointed out a November 6 tweet from Zhao as the culmination of an extremely effective months-long PR campaign against FTX.

In the November 6 Tweet, Binance CEO, disclosed that he would be selling off Binance’s holdings of FTX exchange token FTT.  He further clarified that the selloff was because he wanted to reduce Binance’s risk and no longer wanted to support people who lobby against other industry players behind their back.

See what he tweeted;

As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books.

“We will try to do so in a way that minimizes market impact. Due to market conditions and limited liquidity, we expect this will take a few months to complete.

Binance always encourages collaboration between industry players. Regarding any speculation as to whether this is a move against a competitor, it is not. Our industry is in it’s nascency and every time a project publicly fails it hurts every user and every platform.

“We typically hold tokens for the long term. And we have held on to this token for this long. We stay transparent with our actions”.

After his tweet, FTT’s price plummeted, triggering a major liquidity crisis at FTX. Just five days later, FTX and its affiliated entities filed for bankruptcy on November 11, 2022.

Binance CEO came out again to disclose that his company never caused the FTX collapse. He said they may have been the last straw that broke the camel’s back, but his tweet was not in anyway to spite the now bankrupt crypto exchange platform.

Three things combined together to cause the implosion:

a) Over the course of 2021, Alameda’s balance sheet grew to roughly $100b of Net Asset Value, $8b of net borrowing (leverage), and $7b of liquidity on hand.

b) Alameda failed to sufficiently hedge its market exposure.   Over the course of 2022, a series of large broad market crashes came–in stocks and in crypto–leading to a ~80% decrease in the market value of its assets.

c) In November 2022, an extreme, quick, targeted crash precipitated by the CEO of Binance made Alameda insolvent.

Recall that before FTX filed for bankruptcy, Binance had announced that it had reached a nonbinding deal to buy FTX for an undisclosed amount, in a bid to rescue the company from a liquidity crisis.

However, Binance backed out of the deal after reviewing the company’s structure and books citing too many challenges. The company said via a tweet “Our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.

“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged U.S. agency investigations, we have decided that we will not pursue the potential acquisition of [FTX]”.

CZ again denied that Sam Bankman-Fried was ever a rival, previously calling SBF a “psychopath” for even suggesting such a dynamic existed between the two crypto executives.

Bitcoin has jumped to its highest price in a month Thursday on cooling inflation and after a bankruptcy attorney announced Wednesday that more than $5 billion worth of FTX assets had been located. Another $425 million in crypto is said to be held by the Securities Commission of the Bahamas. Last week, the Justice Department revealed it confiscated — or is planning to seize — banking assets and roughly $450 million worth of Robinhood shares potentially linked to FTX. FTX customers are owed more than $8 billion after the crypto exchange collapsed in November.

FTX founder Sam Bankman-Fried – who is on house arrest – launched “SBF’s Substack” and wrote “I didn’t steal funds” in his first post.

Binance is bucking the “crypto winter” and planning to keep its hiring binge going: Its CEO says it more than doubled staff in 2022, and plans to increase headcount by as much as 30% in 2023. (LinkedIn News)

Ukraine Donates 25,000 Tons of Grains to Nigeria, Plans to Establish Grain Hubs in Africa

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Warring Ukraine has donated 25,000 tons of grains to Nigeria, pledging readiness to establish grain hubs in the country as well as other African countries.

The development, which is aimed at strengthening bilateral ties between Nigeria and Ukraine, was disclosed on Wednesday in Abuja, when Ukrainian Minister of Agrarian Policy and Food, Mykola Solskyi, led a delegation to a discussion with the Nigeria’s Minister of Foreign Affairs, Geoffrey Onyeama and the Minister of Agriculture and Rural Development Mohammad Abubakar.

Ukraine has been in a war with Russia for nearly one year now, but has managed to retain a prominent place in global wheat production where it currently ranks 7th.

Solskyi said the grains, which are expected to arrive Nigeria next month, are under the initiative called ‘Grains from Ukraine’, aimed at broadening the relationship between the two countries.

“Despite the war with Russia, the Ukrainian food industry wants to have closer relations with Nigeria and we are very thankful to you that your country is ready to develop these relations.

“Despite all the events going on in the world our countries are ready to develop this cooperation. The Ukrainian government and Ukrainian president are ready to pay a lot of attention to this development. We want to have regular contacts every year not only by our agriculture ministers but other ministers as well,” he said.

Nigeria and the rest of Africa were highly impacted by the disruption of global grain supply resulting from the Russia-Ukraine conflict. The cost of food, which skyrocketed in the continent, is yet to be curtailed. Solskyi said the ‘Grains from Ukraine’ initiative will help to minimize the cost of food in Nigeria, which is a priority in the initiative.

“Development of such hubs will make it possible to bring in high quality grains into your country and it will influence prices in your country positively. Ukraine intends to develop two or three hubs in Africa and taking into consideration the capacity of your country, the grain hub in your country is priority number one. If we implement it well it would be a practical step towards businesses reaching a new level,” he said.

In his response, Onyeama lauded the initiative, especially as it is coming at a time when Ukraine is at war with a superior nation.

“Notwithstanding the situation in which your country finds itself, you are able to reach out a hand of friendship not just to Nigeria but to other African countries. This demonstrates superhuman courage and we really admire your generosity, we thank you for this support,” he said.

The Foreign Affairs Minister rued the impacts of the war which he noted to have also affected Nigerians schooling in Ukraine. He added that Nigeria will do its best to see that the war comes to a quick end.

“You have built up real specialization in many disciplines and Nigerian students are the beneficiaries. We can continue to strengthen relations between our two countries and our two peoples.  We will do our best at the multilateral level to bring the war to a very quick end,” he said.

The Russia-Ukraine war has largely contributed to the high cost of flour in Nigeria as wheat imports decline. In 2021, Nigeria imported 51% of its wheat from the Baltic countries, where it is cheapest for its millers. But grain supply has been greatly undermined by, among other things, Western sanctions against Russia.

Against this backdrop, the African largest economy is forecast to import 6 million tons of wheat in the 2022-23 marketing year, a 3% decrease over the previous season, according to a Global Agricultural Information Network report from the Foreign Agricultural Service of the US Department of Agriculture (USDA).

With the depleted supply of grains, Africa has been seeking ways to increase production of wheat and other food products that the continent depends on importation to have. Minister of Agriculture and rural Development Mohammad Abubakar said during the meeting with Solskyi, that Nigeria is very willing and ready to provide the appropriate ports for this grain hub in the country.

“We appreciate and commend you that despite the war you still found time to extend a gesture of friendship to Nigeria and also donated grains. I can assure you that the relations with Ukraine will improve, we have been having businesses with Ukraine especially in the agriculture sector and I can say that over 30% of our agricultural businesses are with Ukraine especially in the area of wheat, fertilizer and other grains. And this I can assure you will continue to improve our relationship.”

The Agriculture Minister told journalists that Ukraine has the technology and know-how to help Nigeria in wheat production, adding that the initiative will strengthen the relationship between the two countries.

He explained that it is necessary to establish the grain hubs to enable Nigeria to have adequate storage for the grains that will be coming from Ukraine.

“We are looking at the Lagos Port and also Onne Port in Port Harcourt. The grains coming from Ukraine will increase the amount of grains here and the hub will eventually become a business hub with other African countries and beyond and it will help to stabilize the price,” he said.

The African Development Bank Group’s Board of Directors, had in May last year, approved a $1.5 billion facility to help African countries avert the food crisis emanating from the Russia-Ukraine war. The fund was aimed at developing the African Emergency Food Production Facility, which will supply African farmers with urgently needed high-quality seeds to immediately boost food supplies.

But the move is yet to fill the alarming gap that has resulted in great hunger in the continent. The African Development Bank said the disruption of food supplies arising from the Russia-Ukraine war puts Africa in a shortage of at least 30 million metric tons of food.

Tekedia Is Trademarked, Respect It!

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He has been taken offline. He began a “business” by violating the intellectual property of my companies. He cloned our hosting business by registering tekediahost dotcom. He went ahead to clone the messaging of Fasmicro Group which holds our agreement with Intel Corp through which we serve Africa on programmable microprocessor business.

They went live on Jan 7, 2023 with our logo and everything. On Jan 9th, our global IP scanning system picked up everything. On Jan 10th, my team filed paperworks to three organizations in Europe, US and international, providing our trademarks, etc, to demonstrate that the owner is the one writing. Today, they’re gone.

People, do not take a fight with a rugged village guy. I will not even ask any lawyer to send you a cease and desist letter: we will cut-off from the head. And it will come suddenly.

It took more than a decade to build the Tekedia brand. The day I picked that name, the main test was clear: “Google must return nothing when googled”. We worked to make it a brand and for any crazy human to think he/she can build on it without our approval, that person is dreaming. On Fasmicro Group business, it took different levels of certifications, PhD ECE – microelectronics engineering, travels to Intel Ronler Acres campus, etc, for us to have that relationship. Why not go get yours instead of coming to mine?

We built Tekedia from scratch and Fasmicro Group working with Intel Corp ensures Africa is provided support on the best programmable microprocessors in the world.

Remember, Ndubuisi does not work the way they do in one country in Africa where a government agency (empowered by law to stop imports of banned goods) will see criminals importing banned products, etc, and decides to spend money on newspaper adverts, to warn them to stop doing so, even though the agency knows where they are. In Ndubuisi’ world, he will not give notice and will attack. So, if you think you can appropriate my IPs, be sure that we will take you off the Internet.

Next time, I will not be generous: we will pursue compensatory damages for violating our IPs. No country will hide you!

Sample of the infringement

Central Bank of Nigeria (CBN) Guidelines on Targeted Financial Sanctions on Proliferation Financing

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The Central Bank of Nigeria Guidelines on Targeted Financial Sanctions (TFS) relating to Proliferation Financing (PF) were released in November, 2022 and were made pursuant to the United Nations Security Council Resolutions, the Financial Action Task Force (FATF) recommendations and the Terrorism Prevention & Prohibition Act 2022.

This article will be focused on dealing with topics of :-

  1. The definition of Proliferation Financing.
  1. The scope of the CBN Guidelines.
  1. The objectives of the CBN Guidelines on Proliferation Financing.
  1. The nature of TFS applicable to Proliferation Financing.
  1. Obligations imposed under these guidelines.
  1. Red flag indicators under the guidelines.

What is the scope of the CBN Guidelines on Proliferation Financing?

The Guidelines apply to all Financial Institutions in Nigeria licensed by the CBN.

What are the objectives of the CBN Guidelines?

The objectives of the Guidelines are :-

  1. To assist FIs in complying with the requirements of extant laws and regulations relating to Proliferation Financing.
  1. The provision of directions to FIs on implementation of Targeted Financial Sanctions (TFS) to prevent and suppress Proliferation Financing.
  1. The provision of directions to FIs on implementation of TFS to prevent and suppress Proliferation Financing in accordance with the relevant United Nations Security Council Resolutions.

What exactly is Proliferation Financing as explained in the Guidelines?

An overview of Proliferation Financing involves the  act of raising funds, moving or making available funds, other assets or economic resources or financing in whole or part to persons or entities for the purposes of manufacturing, acquiring, possessing, stockpiling, storing, developing, transporting, selling, supplying, transferring, importing, selling, supplying, transferring, importing, exporting, shipping, trans-shipment, providing technical training, advice, service, brokerage or assistance related to or using in a non-legitimate capacity any of the following:-

  1. Nuclear weapons
  1. Chemical weapons
  1. Biological weapons
  1. Materials related to nuclear, chemical or biological weapons that are proscribed by the extant laws and regulations.

Proliferation Financing is usually carried out in 3 stages which are :-

– Fund raising.

– Disguising the funds raised.

– The procurement of materials and technology.

In what forms are Targeted Financial Sanctions (TFS) effected in cases of Proliferation Financing?

TFS under the CBN Guidelines typically involves the use of measures such as asset freezing, blocking & rejection of transactions by persons to prevent, suppress and disrupt the proliferation of Weapons of Mass Destruction (WMDs) and their financing in line with sanctions imposed by the UN Security Council through its resolutions.

TFS relating to PF are applicable to persons and/or entities designated by the UN Security Council or relevant committees set up by it. 

What are the criteria for qualifying as adesignated personunder the CBN Guidelines?

The criteria for qualifying as a designated person under the CBN Guidelines were actually set by the UN and includes :-

– Any individual, person or entity engaging in or providing support for proliferation-sensitive activities and programs.

– Any individual or entity owned or controlled by designated persons or entities.

– Persons or entities assisting designated persons or entities in evading sanctions.

What are the regulatory obligations imposed on FIs under the CBN Proliferation Financing Guidelines?

The obligations imposed on FIs are the same as contained in the relevant provisions on compliance obligations contained in the Terrorism Prevention & Prohibition Act (TPPA) 2022.

What categories of funds are subject to freezing obligations under the CBN PF Guidelines?

The following categories of funds are among those subject to freezing measures under the CBN Guidelines  on Proliferation Financing :-

  1. Cash, cheques, or claims on money.
  1. Debts and debt obligations, including trade debts.
  1. Insurance and Reinsurance policies.
  1. Letters of Credit.

What are FIs required to do under the CBN Guidelines regarding the receipt of additional funds into frozen accounts that usually constitute legitimate or running earnings?

Regarding the receipt of funds which would classify as :-

– Payments due under contracts, agreements or obligations;

– Interests or other earnings;

FIs are required to file a report of the receipt of such funds with the Nigerian Financial Intelligence Unit (NFIU) and where there is no existing account for the receipt of such additional funds the FIs are required to create an escrow account and inform the Attorney-General of The Federation for appropriate further steps to be taken.

What are some of the identifiers classified asred flag indicatorsunder the CBN Guidelines on Proliferation Financing?

Red flag indicators under the Guidelines are categorized as red flag customers, red flag transactions and red flag jurisdictions with their descriptions as follows :-

Red Flag Customers

– Having ties to a foreign country of Proliferation concern or a neighbouring or sympathetic country.

– A military or intelligence body connected with a high risk jurisdiction of proliferation concern.

– Where the customer activity does not match his business profile.

Red Flag Transactions

– Involving an individual or entity in a foreign country of Proliferation concern.

Red Flag Jurisdictions

– Having a presence of an industry producing Proliferation-sensitive items or military goods.

ChatGPT and Skill Thug with Media Practitioners

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Technologies have and continue to control, supervise, and manipulate people’s natural abilities and capacities to perform a wide range of tasks, either directly or indirectly. As our analyst previously stated, from small to large chatbots, everyone has been concerned about how emerging technologies are replacing some human tasks or duties at work and at home. According to our analyst, the various forms of panic that are generated whenever new technological products are released by IT professionals will not stop because man, no matter what, needs to use his intellect to create tools, objects, and machines that will continue to make life easier for him.

Despite this, machines will never completely replace man’s intellect in all aspects. In light of the ongoing discussion about the benefits and drawbacks of ChatGPT, our analyst questions the tool about the possibility of it replacing media practitioners. Professionals in other fields have expressed concern about the tool taking over core processes of creating value for customers. ChatGPT’s interrogation and responses indicate that it cannot replace media practitioners because it lacks the ability to gather information, knowledge, experience, creativity, critical thinking, and strategic thinking required to provide superior and unbiased value.

Our analyst: Can you write news headlines for me about Nigerian 2023 presidential election?

ChatGPT: I can certainly generate some news headlines for you about the Nigerian 2023 presidential election, but please keep in mind that my knowledge cutoff is 2021 and the election is in 2023, so some events, candidates, or information may not be accurate.

Our analyst: Can you rewrite this news headlines “INEC final list: North-West, S’West top 93 million voter register”?

ChatGPT:

  1. “North-West and South-West regions lead voter registration with 93 million on INEC’s final list”
  2. “93 million registered voters in North-West and South-West regions according to INEC’s final list”
  3. “INEC releases final voter list with 93 million registered in North-West and South-West regions”
  4. “North-West and South-West regions dominate INEC’s final voter register with 93 million names”
  5. “INEC’s final voter list shows 93 million registered in North-West and South-West regions”

Please note that this is not a prediction or a news and it’s not based on any real data or facts, it is just a demonstration of the model’s capability to generate headlines on a topic.

Our analyst: It is obvious from the tool’s note of caution that users should exercise caution when using it, especially when writing headlines. Its responses to a request to change the headline on The Punch’s front page for January 12, 2023, are wholly inaccurate. While the newspaper reported that out of the 93 million registered voters, the north- and south-west regions have the largest number of voters for the general elections in 2023, ChatGPT completely altered the framing and meaning by highlighting the two regions as having the entire number of voters.

The Views of ChatGPT on Select Aspects of Media Industry

Public Relations

No, ChatGPT is a language model that can assist public relations practitioners in generating written content, but it cannot replace the strategic thinking, relationship building, and creativity of human PR practitioners. Additionally, ChatGPT lacks the ability to engage with stakeholders, build relationships and deal with crisis management in real-time, which are important aspects of public relations.

Journalists

No, ChatGPT is a language model that can assist journalists in generating written content, but it cannot replace the knowledge, experience, and creativity of human journalists. Additionally, ChatGPT lacks the ability to gather information, interview sources, and report on events in real-time, which are critical aspects of journalism. Additionally, human journalists have a broader set of skills such as critical thinking, fact-checking and ethical considerations that are important for accurate and unbiased reporting.

Advertising Copywriters

No, ChatGPT is a language model that can assist copywriters in generating written content, but it cannot replace the creativity, strategic thinking, and market understanding of human copywriters. Additionally, ChatGPT lacks the ability to understand the target audience and tailor the message to them. In advertising, creativity and ability to connect with the audience is key to creating successful ad campaigns. Human copywriters have a broader set of skills such as creative thinking, understanding the market and brand positioning that are important for creating effective and engaging ads.

News Editors

No, ChatGPT can assist news editors in generating written content, but it cannot replace the knowledge, experience, and critical thinking of human editors. News editors are responsible for overseeing the production of news content, fact-checking, editing, and ensuring that the content is accurate, balanced and unbiased. Additionally, they must be able to make quick and informed decisions on what stories to cover and how to present them. ChatGPT can assist in generating written content, but it lacks the ability to evaluate and make decisions on the newsworthiness, accuracy and ethical considerations of the content.

Fact-checkers

ChatGPT is a machine learning model that can assist in fact-checking news, but it cannot replace the critical thinking, knowledge, and experience of human fact-checkers. While it can be trained on large sets of data and can potentially identify patterns and inconsistencies in the text, it is not able to fully understand the context and nuances of the information it is presented with. Human fact-checkers are able to evaluate the credibility of sources, verify the information and cross-reference it with other reliable sources. Additionally, they are able to assess the implications of the information, and take into account ethical considerations when presenting the information to the public.

ChatGPT can aid news fact-checkers in several ways:

Automated Text Generation: It can generate written summaries of news articles, which can help fact-checkers quickly scan a large number of articles for relevant information.

Text Comparison: It can be trained to compare different versions of a story and identify any inconsistencies or changes in the text, which can help fact-checkers identify potential errors or inaccuracies in the reporting.

Data Analysis: It can be used to analyze large datasets, such as social media posts, to identify patterns and trends that can help fact-checkers identify false or misleading information.

Sentiment Analysis: It can be trained to perform sentiment analysis on a large set of text data, which can help fact-checkers identify bias or misleading information in the text.

Text generation: it can also be used to generate text similar to the input text, which can be used to detect potential plagiarism.

However, it’s important to note that ChatGPT is not a fact-checking tool and it’s results should be double-checked by human fact-checkers, it’s an aid to them not a replacement.

Note: ChatGPT’s ability to replace specific areas was written by ChatGPT itself.