Crypto exchange Huobi to reportedly lay off 20% of staff as industry reels from FTX collapse

US Top News and Analysis 

The Huobi crypto exchange logo displayed on a smartphone.
Nikolas Kokovlis | Nurphoto via Getty Images

Digital currency exchange Huobi on Friday reportedly said it plans to reduce its global headcount by about 20%, in the latest round of layoffs to hit the beleaguered cryptocurrency industry.

The Seychelles-based company is one of the largest crypto exchanges globally, handling about $370 million of trading volumes on a single day, according to data from CoinGecko.

A company spokesperson told news agency Reuters that Huobi had a “planned layoff ratio” of about 20%. Bloomberg and the Financial Times also reported on the layoff plans Friday.

“With the current state of the bear market, a very lean team will be maintained going forward,” the Huobi spokesperson told Reuters.

Justin Sun, who sits on the company’s advisory board as a member, described the move to Reuters as a “structural adjustment” that had not yet started and was expected to be completed by the first quarter.

Huobi was not immediately available for comment when contacted by CNBC. Sun had not responded to a direct message on Twitter by the time of publication.

Huobi had about 1,600 employees worldwide as of October, according to a Financial Times report.

Huobi’s native HT token at one point sank as low as $4.3355 Friday, down more than 7% from the 24 hours prior, according to CoinMarketCap data.

After the collapse of FTX, crypto traders are scanning for clues as to what will be the next company to fall prey to the downturn in digital assets.

VIDEO9:5609:56
FTX’s collapse is shaking crypto to its core. The pain may not be over

Floods of investors have piled out of centralized exchanges, with nearly 300,000 bitcoins being moved out from Nov. 6 to Dec. 7, according to the most recently available data from CryptoQuant.

Last month, Binance briefly paused withdrawals of the USDC stablecoin, prompting concerns over its own ability to cover client redemptions. It has since resumed USDC withdrawals.

As much as $6 billion in digital tokens were pulled from the exchange between Dec. 12 and Dec. 14.

In a so-called “proof of reserves” statement on Nov. 25, the world’s largest crypto exchange revealed it had a reserve ratio of 101%, indicating it had more assets than liabilities.

Doubts have been raised about the effectiveness of proof of reserves reports, which offer only a snapshot of the assets an exchange holds at a single point in time.

Consultancy Mazars, which had compiled a separate proof of reserves report for Binance, stopped producing such documents altogether for crypto firms on Dec. 16, citing “concerns regarding the way these reports are understood by the public.”

Huobi was acquired by About Capital Management, a Hong Kong-based asset management firm, on Oct. 7. Sun, who founded the Tron blockchain project, serves an advisor to Huobi.

Huobi was originally founded in China, but it was driven out of the country after an intense crackdown from Beijing on the crypto industry.

Today, Huobi only does consulting and research out of China, while its trading operations are run outside of mainland China. The company has offices in Hong Kong, South Korea, Japan and the U.S.

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Mexico nabs son of drug lord 'El Chapo' before Biden visit

MEXICO CITY (AP) — Mexican security forces captured Ovidio Guzmán, an alleged drug trafficker wanted by the United States and one of the sons of former Sinaloa cartel boss Joaquín “El Chapo” Guzmán, in a pre-dawn operation Thursday that set off gunfights and roadblocks across the western state’s capital.

Defense Secretary Luis Cresencio Sandoval said Army and National Guard personnel had captured a son of “El Chapo.” Sandoval identified him only as Ovidio, in keeping with government policy.

Ovidio Guzmán, nicknamed “the Mouse,” had not been one of El Chapo’s better-known sons until an aborted operation to capture him three years ago. That attempt similarly set off violence in Culiacan that ultimately led President Andrés Manuel López Obrador to order the military to let him go.

Thursday’s high-profile capture comes just days before López Obrador will host U.S. President Joe Biden for bilateral talks followed by their North American Leaders’ Summit with Canadian Prime Minister Justin Trudeau. Drug trafficking, along with immigration, is expected to be a top talking point.

“This is a significant blow to the Sinaloa cartel and major victory for the rule of law. It will not, however, impede the flow of drugs into the U.S. Hopefully, Mexico will extradite him to the U.S.,” Mike Vigil, the DEA’s former Chief of International Operations, said Thursday.

Vigil said that Ovidio Guzmán was involved in all of the cartel’s activities, especially the production of fentanyl. A 2018 federal indictment in Washington, D.C., accused the younger Guzmán of conspiring to distribute cocaine, methamphetamine and marijuana in the United States.

The CDC said last July that more than 107,000 Americans had died from a drug overdose during the year ending January 2022, most of them involving opioids including illegally made fentanyl.

López Obrador’s security approach reversed years of what came to be known as the kingpin strategy of taking down cartel leaders, which led to the fragmentation of large cartels and bloody battles for dominance. López Obrador put all his faith in the military, disbanding the corrupt Federal Police and creating the National Guard under military command.

The capture was the result of six months of reconnaissance and surveillance in the cartel’s territory, and then quick action on Thursday, Sandoval said. National Guard troops spotted SUVs, some with homemade armor, and immediately coordinated with the army as they established a perimeter around the suspicious vehicles and forced the occupants out to be searched.

The security forces then came under fire, but were able to gain control of the situation and identify Guzmán among those present and in possession of firearms, Sandoval said.

Cartel members set up 19 roadblocks including at Culiacan’s airport and outside the local army base, as well as all points of access to the city of Culiacan, Sandoval said, but the Air Force was able to fly Guzmán to Mexico City despite their efforts, and he was taken to offices of the Attorney General’s organized crime special prosecutor.

Sandoval said Guzmán was a leader of a Sinaloa faction he called “los menores” or “the juniors,” who are also known as “los Chapitos,” for the sons of El Chapo.

Other “little Chapos” include two of his brothers — Iván Archivaldo Guzmán and Jesús Alfredo Guzmán — who are believed to have been running cartel operations together with Ismael “El Mayo” Zambada.

The Chapitos have been taking greater control in the cartel because Zambada was in poor health and isolated in the mountains, Vigil said. “The Chapitos know that if el Mayo dies, (the cartel) is going to break apart if they don’t have control.”

“It’s going to be very important that the U.S. requests Ovidio’s extradition quickly and that Mexico does it,” Vigil said.

Foreign Affairs Secretary Marcelo Ebrard confirmed that Mexico received a request in 2019 from the United States for Guzmán’s arrest for purposes of extradition. He said that request would have to be updated and processed, but he added that Guzmán must first face an open case in Mexico.

U.S. Homeland Security Investigations had posted a $5 million reward for information leading to the arrest and/or conviction of Guzmán early last year.

Alleged cartel members responded to Thursday’s operation by carjacking Culiacan residents and setting vehicles ablaze in the cartel stronghold. Local and state authorities warned everyone to stay inside.

Intermittent gunfire continued into the afternoon Thursday in Culiacan as Mexican security forces continued to clash with cartel gunmen and few people ventured out.

Airline Aeromexico said in a statement that one of its jets was struck by a bullet Thursday morning as it prepared for takeoff. Passenger video posted online showed people cowering on the floor of the plane. The company said passengers and crew were safe.

Later, Mexico’s Civil Aviation Agency said in a statement that an air force plane in Culiacan had also been hit with gunfire. In addition to the Culiacan airport, the agency said airports in Los Mochis and Mazatlan were also ordered closed and all flights cancelled for security reasons.

David Téllez was aboard that flight with his wife and children, preparing to return to Mexico City after visiting his in-laws.

Their plane had been waiting for its chance to take off as two large military planes carrying personnel landed as well as three or four military helicopters. Marines and soldiers deployed along the perimeter of the runway.

When the commercial flight was finally preparing to accelerate, Téllez heard gunshots in the distance. Within 15 seconds the sounds were suddenly more intense. “We heard gunshots and threw ourselves to the floor,” he said.

He did not know the plane had been hit until a flight attendant told them. The plane quickly returned to the terminal and they were hustled into a room. Late Thursday afternoon they were still in the airport, unsure of when they would be able to return to Mexico City.

Elsewhere in Culiacan, local reporter Marcos Vizcarra had sought shelter in a hotel after gunmen stole his car.

Then he explained via Twitter that armed men had entered the hotel where he had sought shelter “and are threatening guests to give them their car keys.”

Later, Vizcarra reported that they had taken his phone, but he had made it home safely.

Such attempts to create chaos often come in response to arrests of important cartel figures in Mexico. One of the most notorious came when federal security forces cornered Ovidio Guzmán in October 2019, only to let him escape after gunmen shot up the city with high-powered weapons.

López Obrador said at the time he had made the decision to avoid the loss of life.

López Obrador entered office highly critical of the toll of his predecessors’ drug war. He embraced the phrase “hugs, not bullets” to describe his approach to Mexico’s chronic violence, which would focus on social programs aimed at weakening the draw of organized crime.

But four years into his six-year term, the death toll remains high.

In July, Mexico captured Rafael Caro Quintero, once one of the godfathers of drug trafficking and the man allegedly responsible for the murder of a DEA agent more than three decades ago, just days after López Obrador met with Biden at the White House.

At the time, the capture was seen as a signal that Mexico could be willing to go after high-profile cartel bosses again, something López Obrador had been loathe to do.

___

Associated Press writer Fabiola Sánchez contributed to this report.

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Republicans were too busy sorting out Kevin McCarthy’s speakership bid to join a January 6 commemoration on the riot’s 2-year anniversary

Business Insider 

Members-elect of Congress stand on the steps of the US Capitol to honor the officers who lost their lives on January 6.

Two years after January 6, the House is now on its fourth day of trying to elect a speaker.
Democratic Leader Hakeem Jeffries organized a bipartisan commemoration of the Capitol assault.
But it overlapped with a GOP conference call, and just one Republican appeared to show up.

On Friday morning, lawmakers gathered on the East front steps of the US Capitol to honor the police officers who died or were injured during the Capitol riot two years ago to the day.

Just one Republican appeared to show up to the ceremony: Rep. Brian Fitzpatrick of Pennsylvania.

“I wanted to be here,” Fitzpatrick told Insider after the ceremony, saying he didn’t know if he was the only member of his party on the steps. All members-elect were invited.

The 10 am ceremony seemed to overlap with a scheduled 10:15 am conference call for Republicans to discuss the latest round of negotiations in Republican leader Kevin McCarthy’s quest to become speaker of the House. However, the ceremony had largely concluded by 10:18am.

Fitzpatrick pointed to the call as the reason other Republicans, including leadership, were not in attendance. “I couldn’t even see who was there, but I do know there was a call regarding this whole speakership thing,” he told reporters.

Voting has been ongoing since Tuesday, and as of Friday morning, McCarthy had lost 11 consecutive ballots.

—bryan metzger (@metzgov) January 6, 2023

During the ceremony, members of Congress honored the four officers who lost their lives as the result of the riot: Capitol Police Officers Brian Sicknick and Howard Leibengood, and DC Metropolitan Police Officers Gunther Hashida, Kyle DeFreytag, and Jeffrey Smith, ringing a bell each time their names were called. Sicknick suffered violent attacks during the riot, while the four other officers died by suicide in the days and months afterward.

The lawmakers then observed a 140-second member of silence to commemorate 140 other officers who were seriously injured during the riot.

“Many more will forever be scarred by the bloodthirsty violence of the insurrectionist mob,” said Jeffries during the ceremony. “We stand here today with our democracy intact because of those officers.”

Fitzpatrick also told reporters that the day has a particular resonance for him. On January 6, 2020 — a year before the assault — he lost his brother, former Rep. Mike Fitzpatrick, to cancer.

“I lost my brother on this day the year before. The insurrection happened on the one year anniversary,” he said. “There’s just a lot, a lot of emotions. It’s a terrible day that we can never let happen again.”

Read the original article on Business Insider

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Putin’s Orthodox Christmas ceasefire has started, but Ukraine thinks it’s a trick and says ‘it’s too late for the Kremlin to think of God’

Business Insider 

A burnt-out car is seen on the street after a missile launched by Russian invaders hit near the Kharkiv Regional State Administration building in March, 2022.

Russian President Vladimir Putin called for a ceasefire in honor of Russian Orthodox Christmas.
But Ukraine think it’s a trap intended to give Russia time to regroup without Ukrainian attacks.
Ukraine’s Ministry of Defense tweeted, “isn’t it too late for the Kremlin to think of God?”

Russian President Vladimir Putin’s 36-hour ceasefire in honor of Russian Orthodox Christmas has begun, but it’s unclear if either side is adhering to it, according to the New York Times

Ukraine has not agreed to the ceasefire, with some officials believing it’s actually a trick. Mykhailo Podolyak, a top advisor to Ukrainian President Volodymyr Zelenskyy, said on social media Thursday that the “‘Christmas truce’ is a cynical trap & an element of propaganda.” 

In an overnight address, Zelenskyy said Moscow wants “to use Christmas as a cover” so it can take the time to reposition its troops without the threat of Ukrainian advancement, allowing Russia to come back with renewed force.

Though the Kremlin called the truce, it’s also unclear if Russia itself is abiding by it. The New York Times reported that on Friday, Russian strikes on Ukraine continued, although it remains unclear if they happened before or after the truce was set to start at noon local time on Friday. 

Reuters, meanwhile, reported that artillery fire could be heard at Ukraine’s front lines after the official start of the ceasefire.

Analysts told the New York Times that in addition to the ceasefire potentially being a strategy for Russia to re-group its forces, it also might be an attempt to gather more support at home under the guise of honoring the birth of Christ. 

But Ukraine doesn’t buy it. The official page of the Ministry of Defense of Ukraine tweeted on Thursday, “After 10 months of genocide, after hundreds of destroyed Ukrainian churches, isn’t it too late for the Kremlin to think of God?”

Podolyak, the senior Ukrainian official, also said in a tweet Thursday that Russia “must leave the occupied territories,” arguing that “only then will it have a ‘temporary truce.'”

Read the original article on Business Insider

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[World] NFL star Hamlin breathing on own after cardiac arrest

BBC News world 

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Watch: Damar Hamlin asks doctors who won the game

US National Football League star Damar Hamlin has had his breathing tube removed and is able to talk, his team said on Friday.

The Buffalo Bills player also joined a meeting with his team via Facetime and said: “Love you boys”,

Hamlin suffered a cardiac arrest on the field during Monday night’s primetime game in Ohio, causing an outpouring of grief from fans.

He is now able to breathe on his own and “continues to progress remarkably”.

The Bills cited his doctors in a tweet saying Hamlin’s neurologic function remains intact and he has been able to talk to his family and care team.

The news comes after physicians treating Hamlin said on Thursday he woke up and asked doctors if his team won the game against the Cincinnati Bengals.

The doctor responded: “Damar, you won – you won the game of life.”

He had been communicating with doctors by writing after waking up.

He has been in the intensive care unit at the University of Cincinnati Medical Center, where he was on a ventilator to help his breathing.

Image source, Getty Images

Hamlin’s doctors have said his lungs have continued to heal and the NFL star has made “steady progress,” according to updates from his team.

“We are grateful for the love and support we have received,” The Bills said.

Shortly before Hamlin’s team issued the latest statement on Thursday, his teammate Kaiir Elam wrote in a tweet: “Our boy is doing better, awake and showing more signs of improvement.”

“Keep the prayers coming please,” he added.

His agent, Ron Butler, confirmed to CNN that Hamlin was awake and had been holding hands with his family in the hospital.

Hamlin, 24, suffered a cardiac arrest during the primetime game after tackling Cincinnati Bengals receiver Tee Higgins. He fell on his back to the ground after the collision.

He received over 30 minutes of on-the-field medical care, during which he was resuscitated once, according to the player’s friend and marketing agent Jordon Rooney.

Support for the second-year Bills player has poured in since the accident.

A GoFundMe page for a toy drive launched by Hamlin has amassed more than $7m (£5.9m).

Several NFL players have donated to the cause, including Tampa Bay Buccaneers quarterback Tom Brady and Denver Broncos quarterback Russell Wilson.

Hamlin was drafted to the NFL in 2021 from the University of Pittsburgh, where he played college football.

The NFL has cancelled the Bills’ game against the Bengals in the wake of the incident.

 

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U.S. slaps Iran with another round of sanctions over drones used in Russia’s war on Ukraine

US Top News and Analysis 

A drone flies over Kyiv during an attack on Oct. 17, 2022, amid the Russian invasion of Ukraine.
Sergei Supinsky | Afp | Getty Images

WASHINGTON — The Biden administration on Friday announced a slew of fresh sanctions and additional measures targeting Iran’s aviation and defense sector, as Washington ups the ante in its campaign against Tehran for supplying Moscow with weapons for its war on Ukraine.

The Treasury Department imposed sanctions on six executives and board members from Iran’s Qods Aviation Industries, the country’s top defense manufacturer, for producing unmanned aerial vehicles, or UAVs. Tehran has transferred UAVs to Moscow for use on the battlefield across Ukraine, according to the Treasury.

The administration also designated Nader Khoon Siavash, the director of Iran’s Aerospace Industrial Organization, for his work in overseeing the country’s ballistic missile program. In addition, Treasury also imposed sanctions on Qods Aviation Industries Chairman Seyed Hojatollah Ghoreishi, managing director Ghassem Damavandian, board members Hamidreza Sharifi-Tehrani, Reza Khaki, Majid Reza Niyazi-Angili and Vali Arlanizadeh.

“The Kremlin’s reliance on suppliers of last resort like Iran shows their desperation in the face of brave Ukrainian resistance and the success of our global coalition in disrupting Russian military supply chains and denying them the inputs they need to replace weapons lost on the battlefield,” wrote Secretary of the Treasury Janet Yellen in a release.

“The United States will act swiftly against individuals and entities supporting Iran’s UAV and ballistic missile programs and will stand resolutely in support of the people of Ukraine,” she added.

People walk past cars damaged during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine April 21, 2022.
Alexander Ermochenko | Reuters

In recent months, Moscow has carried out devastating missile and drone strikes against what Ukraine said were civilian targets as well as critical infrastructure such as energy facilities. The Kremlin has repeatedly denied that it uses Iranian-made drones in Ukraine and that it targets residential and other high civilian areas.

In a separate statement, U.S. Secretary of State Antony Blinken said “Iran has now become Russia’s top military backer.”

“Iran must cease its support for Russia’s unprovoked war of aggression in Ukraine, and we will continue to use every tool at our disposal to disrupt and delay these transfers and impose costs on actors engaged in this activity,” the nation’s top diplomat added.

Following the series of punishing drone strikes, NATO Secretary-General Jens Stoltenberg announced that the 30-member alliance would send drone-jamming equipment to Ukraine.

Kyiv has meanwhile invited U.N. experts to inspect what it says are downed Iranian drones in Ukraine.

Some U.N. Security Council members have argued that by providing Russia with drones, Iran has violated a 2015 resolution.

The U.N. Security Council resolution, known as 2231, prohibits the transfer “of all items, materials, equipments and goods and technology” from Iran to another nation unless it is approved in advance by the U.N. Security Council on a case-by-case basis.

Tehran has rejected this claim.

VIDEO1:1101:11
Russia blames use of cellphones for deadly Makiivka attack

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Somebody Bought A ‘Brand New’ 2017 Dodge Viper In 2022

Carscoops 

Each January we get a chance to look back at the previous year in auto sales to see how each brand performed. This year, we’re surprised to see that a number of cars no longer in production still sold brand-new examples in 2022. Here’s a quick peek at a few cars that just won’t go silently into that good night.

For example, last year, we were shocked to find out that the Chrysler 200, which left production in 2017, saw 15 ‘new car’ sales in 2021. Well, prepare to be shocked again because, in 2022, two more were sold to buyers as brand new.

Amazingly, the Dodge Dart, which left production a year earlier in 2016, is still finding its way into garages as a ‘new car’ too. Two years ago, Stellantis reported 10 sales of the Dart, and in 2022, four more left dealerships as new cars.

Read: First Production 2024 GMC Hummer EV SUV Could Sell For Millions

The Dart wasn’t the only surprising sale of a long-dead Dodge product though. Somehow, 194 Journey SUVs were sold along with 27 Caravans. The wildest of the bunch though has to be the single Dodge Viper that sold sometime during the second quarter of 2022. It’s not the only two-door under the Stellantis brand sold after leaving production though.

Fiat, which is soon to be leaving North America, didn’t even sell a total of 1,000 cars last year but 40 of them were models no longer in production. That includes 24 Spiders, 8 500Ls, and 8 more 500s.

Alfa Romeo managed to shift a single 4C to someone. Here’s the caveat about all of these vehicles. While not necessarily the case for any of these cars, it’s not unheard of for dealers to stow desirable cars away for themselves to potentially sell at a later date.

At the same time, it’s plausible that these vehicles just happened to all get sold to everyday buyers. If one of you picked up that 4C or the Viper we want to know what that transaction was like.

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