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Home Blog Page 4626

One way wrong driving; you will be held to be the cause of the accident

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A client came to my office yesterday to brief me and to engage my legal services on a case. 

From his briefings; he was bashed by a truck belonging to Dangote Group Ltd on the highway and his car was totally destroyed by the truck. He wants us to sue the driver and also sue the company that owns the truck on a vicarious liability basis so that he will be compensated for the destruction of his vehicle.

I pressed him on to get full facts of what happened. He went on to tell me that there was a traffic build-up on the road which caused a roadblock on one side of the road, out of impatient, he and some other motorists decided to drive on the other side of the road which is “a one-way drive” (driving against traffic) to avoid getting stuck in the traffic; the truck driver seeing him driving against traffic intentionally bashed into him, hitting him off the road into the gutter thereby destroying his expensive vehicle beyond repair.

Although to him, he has a justifiable reason for driving on the wrong side of the road since there is a traffic jam which caused a roadblock and other motorists are also driving against traffic but that is not how the law or the court will look at the case and analyze it.

Driving against traffic which is popularly called “one-way driving” is a traffic offense and it is also a crime, even if you get rammed into by other vehicles while at it, you cannot sue or demand compensation, in fact, you will be liable for the repair of the vehicles that bashed into you so far as the vehicle that rammed into you is driving at the right way and you will be left with no compensation whatsoever.

If your car gets bashed while driving on a one-way, you will be held responsible as the cause of the accident, no one will care to know or enquire about who hit who or take into consideration that you were rammed into.

In Elk Grove, the California Vehicle Code provides a $100 fine on anyone caught driving against traffic. This goes to show how seriously driving against traffic is taken even in the United States. Working with a good Elk Grove Truck Accident Attorney can help you understand your rights and options if you have been involved in an accident while driving against traffic. In most other states, the penalties may be even harsher for this traffic offense.

In the above case, the court will not hold the truck driver responsible for having bashed into my client’s vehicle because the truck driver was driving on his right of way while my client was driving on the wrong way, the truck driver can even hold my client responsible for any damage that happened to his truck. 

My client can as well be held liable for a traffic offense of driving against traffic despite the fact that he just lost his vehicle.

A popular law principle states that he who comes to equity must come with clean hands and if you seek equity you must do equity. You can not do the wrong thing and then run to court when you suffer damages from doing the wrong thing, the court will not grant you an audience.

Do not drive against traffic except there has been an approved diversion duly authorizing the “one-way drive” by road safe authorities if not whatsoever damage you suffer you will not have any legal rights to seek remedies or compensations for the damages.

Binance Resumes Withdrawal of USDC Trading Pairs

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The world’s largest cryptocurrency exchange, Binance, temporarily suspended the withdrawal of USDC digital currency to customer accounts earlier today.

USDC repeated failures at adoption, being delisted on Binance and Circle failing to go public meant that coinbase had to come to the rescue. You can now swap USDT to USDC for free, But there is an issue: You can’t swap USDC to USDT for free on Coinbase—Stable-coins war returns.

The Company’s CEO, Changpeng ‘CZ’ Zhao said it’s “business as usual” as the crypto exchange is under stress by surging user withdrawals. A sudden net inflow of $1.5 billion digital assets somewhat alleviated the soaring outflows.

Binance USDC withdrawals are temporarily paused, because the channel to swap from PAX/BUSD to USDC requires going through a bank in NY in USD. CZ said the situation will be restored when the banks open in a few hours. USDT and BUSD withdrawals are available and unaffected.

However, Binance has announced resumption of Withdrawal on USDC Trading Pairs.

CZ tweeted, It is important for Binance to maintain a level of transparency and trust with its users in order to foster a positive and productive trading environment, this is what CZ is doing.

That can be done with on-chain verifiable Proof of Reserves—customer and aggregate levels, then FULL audits on FIAT, debt, and verification no rehypoth goes on. That’s probably the best a CEX can do.

Binance outflows over last 12 hours, measured by DeFiLlama

Tether swapped $3b in Tron Tether for ERC20 Tether, which accounts for the net ERC20 USDT inflow; Most outflows are stables. Weird that (apparently) no USDC/SHIB/LINK has left wallets. Net stable outflows ~$4b.

DeFiLlama USD Chart.

Inflows in dollars— people are clearly offboarding en masse, ~$7B yesterday and today. Important to remember: if client deposits are backed 1:1, there’s nothing to worry about. Nonetheless, safest place to store funds is in self-custody wallets. 90%+ of Ethereum Binance flows is determined by USDC, USDT, BUSD, ETH and WBTC.

Despite lots of Binance FUDs, Wintermute Trading withdrew $153M $USDC from Coinbase and transferred $149.85M $USDC to Binance in the past 4 hours. This is not a daily operation of Wintermute, the last time he transferred $USDC to Binance was 20 days ago.

Justin Sun, withdrew 33,911,530 $BUSD and 15,432,715 $USDT from Binance 9 hours ago. Then he transferred 33,911,530 $BUSD to Paxos Treasury and exchanged 15,432,715 $USDT for 15,435,455 $USDC and transferred to Circle.

However, he made a $100M USD deposit on Binance via Tron Lend a situation Crypto Degenerate sees as manipulative.

The Lion of Argentina with no Mercy Before Opponents

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When Argentina fell to Saudi Arabia at the beginning of the current World Cup,  I wroteCongratulations Saudi Arabia. It was indeed a moment that Messi’s Argentina fell to the Saudis.  This takes me back to secondary school when Cameroon’s Omam Biyik defeated Diego Maradona’s Argentina 1-0. Africa rejoiced …But you know what? Argentina went to the finals and later lost to West Germany. 

“We will see how Argentina responds; in 1990, Maradona single handedly combed together a largely weak team to the finals (outperforming his 1986 victory moment and “hand of god ” spectacular). Can Messi do that for Argentina?’

Today, Messi responded as Argentina crushed Croatia 3-0. As the Igbo Nation says “Ejighi ?t?t? ama nj? ahia” [do not use how your customers are responding at the early hours of the market to predict how the day will turn out”.  Great players need to win the World Cup but the problem is that Morocco is playing for all of us!

Nonetheless, all fans of the game appreciate the peerless nature of Lionel Messi – a lion with no mercy before opponents.

FTX Was An Utter Failure, Acting CEO John Ray Reviews

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After FTX’s bankruptcy, John J Ray III took charge of FTX, becoming the new CEO. In fact, he was a Chicago-based lawyer who managed Enron Corp’s liquidation back in 2001 when it collapsed.

John J Ray III’s Comment on FTX

However, JJ Ray’s comments about the company are nothing short of disappointing. Ray said that the company’s failure came from the concentration of control in a very small group.

Furthermore, this is a group of grossly inexperienced and unsophisticated individuals.

He further added that he had never seen such an “utter failure” of corporate controls. Ray also discovered some unacceptable practices at FTX.

For example, there are senior staff members gaining access to customer assets and poor private key management.

Furthermore, the assets of Alameda Research and FTX are all mixed up, allowing Alameda to trade using customer assets.

Ray also talked about FTX US. As a subsidiary company, it is in fact not operating independently of FTX as SBF has claimed.

He mentioned that the Chapter 11 bankruptcy was merely a safety net for SBF and his team to locate and secure the available assets. Now, John J Ray III will proceed to the House Financial Service Committee on Tuesday’s hearing.

FTX US “was not independent” of its parent company, new FTX CEO John Ray III plans to say in his testimony before the House Financial Services Committee.

After a month, much insider information about FTX is slowly coming to light. SBF on the other hand certainly did not expect his arrest so quickly. What will John J Ray III do to remedy the situation?

Today we will see what are the statement from all parties during the hearing along with details of the indictment.

FTX founder charged, denied bail

The founder of FTX has been charged, reports LinkedIn News.

Former FTX CEO Sam Bankman-Fried was denied bail on Tuesday by a magistrate judge in the Bahamas who said the former billionaire is a heightened flight risk. Earlier in the day, federal prosecutors in New York City unsealed a federal indictment charging Bankman-Fried with eight criminal counts, including wire and securities fraud, money laundering and conspiracy to defraud the U.S. Bankman-Fried was arrested in the Bahamas on Monday and is expected to be extradited to the U.S.

  • Prosecutors in the Southern District of New York said Bankman-Fried used the crypto exchange to engage in criminal activity from 2019, and that from 2020 he tried to defraud the U.S. government by making illegal donations to political candidates.

  • The Securities and Exchange Commission is also suing Bankman-Fried for defrauding investors.

  • FTX’s new CEO, John Ray, told a congressional committee Tuesday that “old fashioned embezzlement” had taken place at the crypto exchange. He added that FTX has incurred losses “in excess of $7 billion.”

  • At The New York Times’ DealBook Summit last month, Bankman-Fried admitted he “made a lot of mistakes,” but said he “did not ever try to commit fraud.”

Tekedia Capital: mission and overview [video]

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Tekedia Capital invests in technology-anchored early stage startups and companies. Our opportunity antenna and grassroot connections with innovators enable us to see patterns as they develop. We invite you to partner with us as we nurture and build category-king companies in Africa and beyond, and in the process advance citizens, communities and nations. At Tekedia Capital, we fund the foundations of the NEXT African economy.

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