Unusual Whales

Canada bans crypto leverage and margin trading

Per Reuters: The Canadian Securities Administrators said that crytpo platforms in the country are not allowed to offer margin or leverage trading. This means that, as the CSA stated, crypto is a high risk investment, and they are directly under supervision. The CSA stated: “Custodians will generally be considered qualified

SBF denied bail

Chief Magistrate of the Commonwealth of The Bahamas Joyann Ferguson-Pratt has denied bail for Sam Bankman-Fried. He said SBF posed a flight risk considering his access to “substantial finances”. SBF's next court hearing is the morning of February 8th. See his last interview: unusualwhales.com/sbf-interview [https://www.

Lawmakers seek to ban Tiktok from the US

The new bill by Sen. Marco Rubio, the top Republican on the Senate Intelligence Committee, and a bipartisan pair of congressmen in the House, was just introduced. Numerous states have banned TikTok from government phones. The legislation would US citizens from interacting with social media companies made by reported foreign

LATCHW Stock Spiked: Here's What Happened

The Situation Latch Inc (NASDAQ: LTCHW) shares – a company that provides keyless security systems, especially for apartment-style buildings – spiked on Tuesday upon expectations for its earnings report. As of 12:00 PM ET, Latch shares spiked by 47.69%. The Explanation Latch Inc officially went public on June 7, 2021,

SBF, FTX, and Alameda Charged for Fraud by the SEC, CFTC, and the US District Attorney for the Southern District of New York

Per SEC The SEC released a press release that they are officially charging Samuel Bankman-Fried (SBF), founder of FTX, with defrauding investors via the trading platform. The CFTC and the US District Attorney's Office for the Southern District of New York are also filing lawsuits against the founder.

Elon Musk's 'Richest Man in the World' Title has been Taken from Him | LVMH CEO Bernard Arnault Now the World's Richest

Per CNBC After briefly losing his title as the "richest man in the world," Elon Musk has lost the title yet again to LVMH CEO Bernard Arnault, who now holds the title. Should the Tesla and now Twitter CEO permanently lose his title, this would make it the

Justin Bieber, Jimmy Fallon, and Other Celebrities are Sued for Alleged Misleading of Followers Into Buying Bored Ape Yacht Club

Per the Class Action Lawsuit via Scribd Shortly after the FTX crash, a class action lawsuit [https://www.scribd.com/document/613412101/Real-v-Yuga-Labs] was filed against multiple celebrities for allegedly misleading their followers into buying the Bored Ape Yacht Club NFT and for pumping its value. The lawsuit demands a

FTX founders Sam Bankman-Fried and Zixiao “Gary” Wang, along with FTX engineer Nishad Singh and former Alameda Research chief executive Caroline Ellison, used a chat group on Signal called "Wirefraud"

Per AFR: FTX founders Sam Bankman-Fried, Gary Wang,  Nishad Singh and Caroline Ellison, used a chat group on Signal called "Wirefraud," to send secret info about operations in the lead up to FTX collapse. SBF said that he denied that this was true, saying he had never heard

The SEC has charged SBF with violations of securities laws

The SEC has charged SBF separately with violations of securities laws. They have written: Gurbir Grewal: We commend our law enforcement partners for securing the arrest of Sam Bankman-Fried on federal criminal charges. The SEC has authorized separate charges relating to his violations of securities laws, to be filed publicly

SBF of FTX charged with wire fraud and securities fraud

SBF of FTX has been arrested by the Bahamas police, and the US is likely to request his extradition. New York Times reports that the charges included wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering. The full indictment will be released tomorrow, reportedly. See full

SBF of FTX arrested by Bahamas for US

SBF of FTX has been arrested, after the United States Attorney for the Southern District of New York shared a sealed indictment with the Bahamian government. Damian Williams, the U.S. Attorney for the Southern District of New York, said on Twitter that the federal government anticipated moving to “unseal

COUP Stock Spiked: Here's What Happened

The Situation Coupa Software Inc stock (NASDAQ: COUP) shares – a global tech platform for Business Spend Management – spiked on Monday after an announcement that Thoma Bravo will buy the company. As of 1:00 PM ET, Coup shares spiked by 26.76%. The Explanation Coupa Software Inc officially went public

ARK Invest's Cathie Wood Says SBF Didn't Like Bitcoin Because He Couldn't Control It

Per Coin Telegraph ARK Invest's Cathie Wood recently shared her thoughts on Bitcoin, saying Sam Bankman-Fried, the founder of now-bankrupt FTX, didn't like it because of its transparency. Wood focused on how SBF had a hidden agenda despite owning one of the biggest crypto exchanges in

Elon Musk to Shut Down IP Addresses of Known Bad Actors to Combat the Bot Problem

Per Elon Musk Elon Musk's acquisition of Twitter started with a massive wipeout, with thousands of employees losing their jobs. Notably, after this, the new Twitter CEO launched multiple campaigns that saw the activation of accounts that were previously questionably banned. Musk has decided to reinstate previously banned

World Economy Heads Toward Three-Decade Low | Slowest Growth Expected

Per Bloomberg COVID-19's restrictions on travel and its complications resulted in the global economy coming to a pause. Though the world is slowly opening up, another global event could cause the world economy to reach its record three-decade low. Bloomberg Economy shares how the world economy could be

Sam Bankman-Fried of FTX has said he hopes to start a new business to make enough money to pay back victims of the FTX collapse

Per the Guardian: Sam Bankman-Fried said he hopes to start a new business to to payback the bankruptcy of FTX for users. He said this to the BBC. He said he would “give anything” to do such a venture. “I’m going to be thinking about how we can help

Caroline Ellison hires former SEC lawyer to defense

Per Bloomberg: Caroline Ellison, former Alameda Research CEO, has hired a former SEC official. The lawyer, Stephanie Avakian was a former enforcement chief at the SEC. Ellison is also represented by WilmerHale, per Bloomberg. Avakian focused reportedly on crypto, per Bloomberg, for example, in teh Ripple Labs cases. Read more

Elon Musk is threatening to sue Twitter employees who leak confidential information to the press

Per Zhie Schiffer of the Platformer: Elon Musk is threatening employees who leak info surrounding Twitter. He reportedly said that these leaks "violate their NDA... and you accet liability to the full extent of the law and Twitter will immediately seek damages." Reportedly, he also said: but breaking

The US is probing the FTX founder, SBF, for fraud

Per Bloomberg: SBF is being probed for FTX in fraud by US prosecutors. This includes scrutinizing funds held by FTX held outsid ethe US. They are focusing on transfers from Bahamas around FTX's bankruptcy. Currently, the DOJ, SEC, NY Justice Department are reportedly doing investigations. There are ongoing

LULU Stock Plunged: Here's What Happened

The Situation Lululemon Athletica Inc (NASDAQ: LULU) shares – a Canadian multinational athletic apparel retail – plunged on Friday after news that it had $1.7 billion worth of unsold merchandise. As of 12:00 PM ET, Lululemon shares dropped 12.27%. The Explanation Lululemon officially went public on July 2007 and

Around 70% of Americans Reportedly Suffer from Food Inflation and Now Struggle to Afford Groceries

Per Fox Business Food inflation has affected how Americans can afford to buy groceries. Based on a survey that showed 70% of the 1,500 participants now struggle to buy groceries. The reason why this is critical is that it affects mostly everyday essentials which the average American needs. These

Coinbase Encourages Users to Abandon USDT for USDC, Saying the conversion Fees Will be Waived

Per Coinbase Coinbase has called on its users to switch stablecoins from USDT to USDC. To help with the transition, they announced that they would waive the trade conversion fees. USDT, the stablecoin owned by Tether, has been subject to scrutiny in the past for questions regarding whether or not

Lululemon Unsold Merchandise Rose by 85% to $1.7 Billion

Lululemon released its third-quarter results showing a massive amount of unsold merchandise. The company said it had an inventory balance of $1.7 billion by the end of the quarter on October 30. The high inventory happened despite the recent Black Friday sale and the holiday shopping season is just

Sam Bankman-Fried of FTX has ignored the Senate’s request, missing tonight's deadline and setting up the possibility of a subpoena

Per Axios: Sam Bankman-Fried did not respond to the  Senate Banking Committee request of testifying at the upcoming hearing on the 14th, setting up the possibility of a subpoena. initially, Sherrod Brown sent a letter asking for him to come. He and Pat Toomey said they were prepared to issue

BlackRock says get ready for a recession unlike any other

Per BI: The global economy has entered a period of elevated volatility, and previous investing approaches won't work anymore, BlackRock said. A recession is imminent but central banks won't be able to support markets this time by loosening policy, according to the money manager. "Recession