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FTX sues founder Sam Bankman-Fried’s parents

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FTX sues founder Sam Bankman-Fried’s parents

Bankrupt crypto exchange FTX on Monday sued the parents of founder Sam Bankman-Fried, saying that Stanford professors Joseph Bankman and Barbara Fried used the company to enrich themselves at the expense of FTX’s customers.

FTX, now being led by turnaround specialist John Ray, said that company founder Sam Bankman-Fried ran FTX as a “family business” and misappropriated billions in customer funds for the benefit of a small circle of insiders, including his parents.

Sam Bankman-Fried has pleaded not guilty to charges that he defrauded FTX customers by using their funds to prop up his own risky investments. He is currently jailed ahead of a trial scheduled to begin Oct. 3. Other former FTX executives have pleaded guilty to criminal charges.

Bankman and Fried’s attorneys, Sean Hecker and Michael Tremonte, said in a joint statement that FTX’s claims were “completely false” and that the new lawsuit was a waste of funds that could be returned to FTX customers.

“This is a dangerous attempt to intimidate Joe and Barbara and undermine the jury process just days before their child’s trial begins,” Hecker and Tremonte said.

FTX’s lawsuit alleges that Bankman and Fried accepted a $10-million cash gift and a $16.4-million luxury property in the Bahamas from FTX, even as the company teetered on the brink of collapse. Bankman and Fried also pushed FTX to make tens of millions of dollars in charitable contributions, including to Stanford University, FTX said.

Bankman-Fried’s father, a tax specialist at Stanford Law School, often positioned himself as the “adult in the room” in a company run by his son, now 31, and other executives with little management experience. But Bankman “stayed silent” when he saw warning signs of fraud and did little to prevent FTX’s leadership from misappropriating customer funds, according to the lawsuit.

Fried was the strongest influence on FTX’s political contributions, causing Bankman-Fried and other executives to contribute millions of dollars directly to a political action committee that she co-founded, according to FTX.

FTX filed for bankruptcy in November 2022 in the wake of claims that it misused and lost billions of dollars worth of customers’ crypto deposits.

FTX has recovered more than $7 billion in assets to repay customers, and it is pursuing additional recoveries through lawsuits against FTX insiders and other defendants that received money from FTX before it went bankrupt.

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Israeli Power Company Reports Employee Fatally Struck By Attack From Lebanon

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Israeli Power Company Reports Employee Fatally Struck By Attack From Lebanon

Shalom Abudi, a 56-year-old employee of an Israeli power firm, was murdered by an anti-tank missile strike that came from the other side of the Lebanese border.

The Israel Electric Corporation acknowledged that the event happened in the Dovev area, about half a mile (800 meters) from the border between Lebanon and Israel.

The bombing increased hostilities between Israel and Hezbollah, a militia supported by Iran.

The region has experienced heightened confrontations, especially between Israel and Hezbollah, in the aftermath of Hamas’s October 7 onslaught from the Gaza Strip.

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Base station antennas produce six signal beams

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Base station antennas produce six signal beams

With the changing needs of carriers in mind, MatSing has made its new 6-beam MBA product set generally available. In order to provide 4×4 MIMO support, greater beam separation, and significant signal gain increase, the high-performing antenna solution is made to deliver the best possible coverage and capacity for 4G LTE and 5G networks.

The whole low- and mid-band spectrum is covered by MatSing’s extensive 6-beam lens antenna portfolio, which supports frequencies from 600 MHz to 4200 MHz. Some of the new Gen II antennas that are perfect for capacity relief and macros are as follows:

For all forms of connection, including 4G LTE and 5G, the new 6-beam panel lens antenna portfolio offers an instant capacity relief alternative with scalability supplied in a highly economical manner. The performance of the 4G LTE networks has to be improved continuously, even as 5G deployments around the world continue to move quickly and are predicted to continue expanding over the next ten years. Carriers’ primary objective continues to be connecting more devices to the network at the same time while improving customer happiness.

See also: RF Engineers Gain Access To Technical Data And Simulation Models Through Modelithics And RFMW Collaboration

The enhanced coverage and increased capacity that carriers have been requesting are met by the new 6-beam MBA product set. The new Gen II antennas provide the best coverage and capacity option for 4G LTE and 5G networks due to their significant signal gain improvement, improved beam isolation, and support for 4×4 MIMO. These features are in response to the growing need for connection.

The extensive portfolio of 6-beam lens antennas covers all low- and mid-band needs, supporting frequencies from 600 MHz to 4200 MHz. The new antennas are perfect for macros and capacity relief since they offer a scalable, instantaneous solution at a very low cost for all connectivity types, including 4G LTE and 5G.

The ideal coverage and capacity solution for 4G LTE and 5G networks is offered by MatSing’s new 6-beam panel lens antenna portfolio, which is designed to offer significant signal gain enhancement, greater isolation between beams, and support for 4×4 MIMO. With quick capacity relief and scalability offered in a highly economical way for all forms of connection, including 4G LTE and 5G, the new Gen II antennas are perfect for macros and capacity relief.

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Indonesia Receives Almost 200 Rohingya Refugees, Reports Local Official

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Indonesia Receives Almost 200 Rohingya Refugees, Reports Local Official

The largest group of Rohingya refugees to arrive in Indonesia’s westernmost region in months, approximately 200 people, including women and children, did so on Tuesday. The Rohingya, a marginalized ethnic group from Myanmar, frequently embark on risky maritime expeditions, enduring protracted and costly voyages in delicate vessels in an attempt to reach Malaysia or Indonesia.

Local navy commander Andi Susanto claimed that the 196 refugees landed in the Pidie region of Aceh Province, in a remote place.

Some of the evacuees left right away after arriving inland; accounts vary as to how many of the ten or seven who made their way to the neighboring hills sought safety. A representative for the local fishing community, Marfian, surmised that these people might have been middlemen who brought refugees to the area on purpose.

Residents and local authorities helped the refugees by bringing food and drink to those who were left stranded on the shore.

Images sent to AFP showed exhausted refugees—including mothers holding small children—waiting for assistance on the shore. With around 200 Rohingya reported dead or missing during such treacherous sea crossings last year, the UN refugee agency predicts that over 2,000 Rohingya have tried the dangerous trek to Southeast Asian countries in 2022.

There is a pattern to the Rohingya migrants traveling by water to Indonesia, which is followed in this episode. 184 Rohingya refugees were forced to swim ashore after being abandoned at sea before arriving in the town of Peureulak in eastern Aceh in March. The difficulties and dangers Rohingya refugees encounter on their journey to safety and a better life in Southeast Asia are brought to light by their continuous arrival.

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