Rep. Andy Biggs (R-Ariz.) said on Monday night that he plans to challenge House Minority Leader Rep. Kevin McCarthy (R-Calif.) when the GOP conference convenes on Tuesday to choose its nominee to be speaker of the House.
“We have a new paradigm here, and I think the country wants a different direction from the House of Representatives,” Biggs told Newsmax. “And it’s a new world, and, yes, I’m going to be nominated tomorrow to the position of speaker of the House.”
After unexpected midterm results, Republicans who were hoping to win larger gains in Congress have indicated there is a need to call for new leadership.
Biggs said voters in Republican constituencies were urging their representatives to change direction, noting his decision wasn’t about McCarthy but “about the institutional direction and trajectory.”
“And that’s where we’re going to see if we have enough people who agree that we need to change the trajectory of this place and open it up so people can represent their constituency in a more open and transparent manner,” Biggs said.
Biggs had previously indicated a lack of confidence in McCarthy’s ability to lead, noting that he’s “backpedaled on things like impeachment,” which Biggs said “indicates a willingness to be weakening the oversight authority that we need to have and the leverage points we need to have in order to deal with a Democrat president.”
Rep. Matt Gaetz (R-Fla.) on Monday said he won’t vote for McCarthy, and he’s certain many others won’t either.
“I’m making my announcement, which is that I’m not voting for Kevin McCarthy. I’m not voting for him tomorrow, I’m not voting for him on the floor,” Gaetz told “The Charlie Kirk Show.”
“And I am certain that there is a critical mass of people who hold my precise view, and so the sooner we can sort of dispense with the notion that Kevin is gonna be speaker, then we can get to the important work of actually looking at who are the people that Brian Fitzpatrick and Matt Gaetz can agree on.”
On Nov. 12, Gaetz took to Twitter to remind voters that McCarthy defended Rep. Liz Cheney (R-Wyo.) and said former President Donald Trump should resign after the events of Jan. 6, 2021.
Kevin McCarthy:
Defended Liz Cheney when @jdanbishop first sought her ouster
Told GOP Leadership Trump should resign after J6
Kevin is FLIGHT over FIGHT when the chips are down
Gaetz noted that “a lot of the establishment Republicans” are in denial believing that McCarthy can still become speaker. However, he said there’s enough Republicans who’d “rather be waterboarded by Liz Cheney than vote for Kevin McCarthy for speaker of the House.”
“I think there’s a real desire to have fresh faces, new leadership, new ideas, and to turn a new page so that we can get to the important work that we promised the American people that we can get to,” he added.
Biggs said Gaetz’ arguments were his opinion and that voters had also been telling their Republican representatives that change in leadership was needed.
Biggs acknowledged Gaetz’ reasons for not voting for McCarthy but said there were other reasons led by constituents as well.
After three delays, NASA confirmed a new launch window for the Space Launch System (SLS) rocket, an uncrewed Orion spacecraft, for Wednesday morning.
The Artemis 1 rocket launch was scrubbed in late August (read: here) and early September (read: here) due to a liquid hydrogen leak at an interface between the SLS and mobile launcher at the agency’s Kennedy Space Center in Florida.
NASA appears comfortable with the next launch attempt, with a two-hour window beginning at 0104 ET Wednesday.
The @NASAKennedy clock is counting down to #Artemis I launch. It started with call to stations at 1:24 a.m. this morning. The two-hour @NASA_SLS launch window opens at 1:04 a.m. ET on Nov. 16.
If the launch goes to plan, it will be the first flight of the SLS and send the unmanned Orion Spacecraft around the moon.
“I feel good headed into this attempt on the 16th,” Mike Sarafin, Artemis mission manager at NASA headquarters in Washington, said during a press briefing on Sunday.
“The team is moving forward as one unit,” Sarafin added. “We’ve just got some work to do.”
Besides prior leak mishaps, NASA outlined Hurricane Ian also delayed timelines.
“Engineers previously rolled the rocket back to the Vehicle Assembly Building (VAB) Sept. 26 ahead of Hurricane Ian and after waving off two previous launch attempts Aug. 29 due to a faulty temperature sensor, and Sept. 4 due to a liquid hydrogen leak at an interface between the rocket and mobile launcher. Prior to rolling back to the VAB, teams successfully repaired the leak and demonstrated updated tanking procedures. While in the VAB, teams performed standard maintenance to repair minor damage to the foam and cork on the thermal protection system and recharge or replace batteries throughout the system.”
If all goes well, the Artemis 2 mission could propel four astronauts on a flyby mission around the moon in 2024. Then by 2025, Artemis 3 mission would allow for the first crewed moon landing on the moon.
Retail Sales Preview: Boost From California’s Stimmy Checks
Following big misses in CPI and PPI data, tomorrow’s retail sales should come in line to slightly stronger than expected by consensus. That’s because real-time card spending data, as measured by BAC aggregated credit and debit cards, was a solid +3.1% year-over-year on a per household (HH) basis in October, and rose 0.5% month-over-month.
As a result, BofA’s economists forecast a solid 0.6% m/m increase in the Census Bureau’s ex-auto retail sales figure in October, just above the consensus estimate.
Alas, as has been the case in recent months, much of this retail sales strength will be driven by inflation, namely a pickup in gas spending (due to higher gasoline prices)…
… and restaurant spending.
Therefore, BofA expects a smaller 0.3% m/m pickup in core control sales (retail sales ex autos, gas, building materials and restaurants) in October
As BofA further notes, two special factors appear to have boosted spending in October.
First, there was another round of Prime Day and related promotions last month, in addition to the usual annual July event. This likely contributed to the strong increase in online retail spending in October (+1.5% m/m).
Second, and as we observed above, California (CA) distributed one-off (anti-inflation) stimulus payments last month. Ex-auto retail spending in CA significantly outpaced the rest of the country in October, after lagging in four of the previous five months. CA accounts for about one-seventh of the national economy, so the stimulus checks could move the needle on national spending aggregates.
As an aside, the Census Bureau’s retail sales report for September did not mention any impact from Hurricane Ian, whereas the BofA card data showed a 0.2-0.3% headwind to ex-auto retail sales. Therefore it is likely that the Census Bureau will enact downward revisions to the September data. Such revisions could support stronger m/m retail sales growth in October by creating favorable base effects.
Finally, we shift away from BofA, and present a summary of what JPMorgan economist Michael Feroli expects tomorrow:
We believe that nominal retail sales jumped 1.3% in October. Unit auto sales surged between September and October and we think this suggests that related retail sales picked up noticeably as well—we forecast that sales at motor vehicle and parts dealers jumped 6.0% in October. We also think that price increases boosted sales at gasoline stations in October and we estimate that related nominal sales rose 1.2% that month. Our Chase card data signal a strong gain for food services sales in October along with a decline in sales of the important control group, although we are fading these signals somewhat given recent noticeable deviations between the signals from the card data and the official figures reported by the Census Bureau. We estimate that food services sales increased 1.1% in October while control retail sales—the total excluding food services, autos, gasoline, and building materials—were basically unchanged that month relative to September.
Sen. Ted Cruz (R-Texas) said Republicans missed a “generational opportunity” to retake Congress in the midterm elections, and criticized Senate Minority Leader Mitch McConnell (R-Ky.) for placing personal politics above the party’s best interests.
“We had an extraordinary opportunity. We had a generational opportunity. This should have been a fundamental landslide election,” Cruz said on his podcast “Verdict with Ted Cruz” on Nov. 14.
Cruz added: “We should have won the House and the Senate. We should have a 30, 40, 50-vote majority in the House. We should have 53, 54, 55 Republicans in the Senate.”
Republicans lost control of the Senate after suffering losses in Arizona, Nevada, and Pennsylvania. The GOP is still expected to gain control of the House, though with only a slim majority.
After several races were called Monday night, Republicans are one seat away from the 218-seat majority needed to take control of the House. There are 13 uncalled races left.
Cruz criticized McConnell for the failure of the Republicans to win Arizona’s Senate race with GOP candidate Blake Masters.
“Mitch McConnell pulled the money out of Arizona. We could have won Arizona. We nearly won Arizona. And abandoning Blake Masters was indefensible,” Cruz said.
The Senate Leadership Fund (SLF), a political action committee with close ties to McConnell, slashed millions in campaign spending for the Arizona Senate race in the weeks leading up to the Nov. 8 election.
Cruz explained that SLF’s decision was made because Masters had said he would not support McConnell as leader in the next Congress.
“Because Masters said he would vote against Mitch McConnell. And so Mitch would rather be leader than have a Republican majority. If there’s a Republican who can win who’s not going to support Mitch, the truth of the matter is he’d rather the Democrat win,” Cruz said.
During the Arizona Republican primary, Masters called for McConnell to be replaced as GOP leader, saying he would support Sen. Josh Hawley (R-Mo.) or Sen. Tom Cotton (R-Ark.) for the position.
“I’ll tell Mitch this to his face,” Masters said during a Republican primary debate in June. “He’s not bad at everything. He’s good at judges. He’s good at blocking Democrats. You know what he’s not good at? Legislating.”
On election eve, Masters told The Wall Street Journal he would support a conservative challenger to McConnell if elected, telling the outlet that “we need new leadership” in the Senate.
Had McConnell directed the millions he spent supporting incumbent Sen. Lisa Murkowski (R-Alaska) in Alaska’s Senate race to Arizona, Cruz said “Blake Masters probably would have won and we would be on the road to a Republican majority.”
And the heavy show of law enforcement and surveillance?
Intimidating, Russo told The Epoch Times.
“Unfortunately, this is how they treat you. If you’re an American who believes in the Constitution and free speech, this is what you get.”
“If you’re not hiding something, why would you do this? I don’t usually barricade something I’m not hiding, you know what I’m saying?”
‘Zero Confidence’
Inside the facility, ballot workers continued their slow, laborious tallying of ballots though a clear winner in the race for Arizona governor remained in doubt Monday afternoon.
However, NBC News projected Democratic Secretary of State Katie Hobbs would defeat Republican Kari Lake in Arizona’s race for governor, 50.4 percent to 49.6 percent, hours later.
“Do I have faith [in the process]?” Russo said. “At this point, you’d have to prove that an election is legitimate. I won’t believe it unless I have proof—so no. I have zero confidence in our elections.”
All Michelle Dillard, a conservative Republican from Mesa, said she wanted was “legitimate results,” given widespread reports of ballot tabulator machine failure on election day.
“Everybody talks about voter suppression all the time,” Dillard told The Epoch Times at the prayer rally. “Voter suppression is super long lines. The morning polls are when people are on their way to work. They can’t stay and wait around for them to fix a printer.
“These people are going on election day to vote in person for a reason. They were disenfranchised. Turned away. Many people did not vote.”
“It’s worse than it was back in 2020,” said Gage, a Maricopa County poll worker at the prayer rally, who said both tabulators at his precinct center stopped working during early voting.
He said he saw many voters step out of line and leave out of frustration.
“They had to go. They didn’t have time to stand and wait any longer,” Gage told The Epoch Times.
Get Woke, Go Broke: Disney To Lay Off Employees After Billions In Operating Losses
The company that once defined family entertainment is going from media giant to epic failure, suffering over $1.4 billion in streaming losses and a stock drop of around 39% for the year. And, it would appear that these financial declines are inevitably leading to employee layoffs.
Disney has put a freeze on hiring, it is limited employee travel and is also reviewing workers for efficiency with plans to introduce cuts as a means to make the company “more nimble.” CEO Bob Chapek noted in a leaked memo to senior staff:
“As we work through this evaluation process, we will look at every avenue of operations and labor to find savings, and we do anticipate some staff reductions as part of this review.
…I am fully aware this will be a difficult process for many of you and your teams. We are going to have to make tough and uncomfortable decisions.”
Chapek mentions in the same memo the problem of “macroeconomic factors” out of Disney’s control. He does not, however, mention his habit of bending the knee and groveling to woke activists, attempting to sabotage Florida’s anti-grooming legislation for public schools, or the company’s steady supply of content that pushes far-left narratives.
It is not so much the “macroeconomic factors out of Disney’s control” that are causing the conglomerate’s downfall. Rather, it is all the factors within their control, including their refusal to produce content that consumers actually want. American audiences are done with leftist propaganda in their films and television and are now actively researching and avoiding any content that promotes woke ideology and social justice talking points. After around five years of consumers withholding their money, Disney is finally starting to feel the pain.
This is what happens when a company markets its products to a tiny minority of leftist activists and LGBT fanatics, most of whom have very little money to spend anyway. Specifically, parents are concerned with Disney’s “family entertainment” evolving to focus on LGBT characters, being that LGBT concepts are purely sexual in nature and far outside of the understanding of the average child. Highlighting the obscure sexuality of characters within a children’s production is a bizarre notion.
Furthermore, the company’s hostility towards Florida’s Parental Rights In Education bill, which makes it illegal for public school teachers to groom young children with sexualized concepts and gender ideology, raises questions among consumers about Disney’s agenda in entertainment.
It is therefore no surprise that the company is now floundering, with a vast array of politically motivated box office bombs and streaming disasters that struggle to bring in even moderate viewership. Though they will never openly admit it, ultimately, Disney proves yet again that going woke also means going broke.
Watch Live: Trump Announces 2024 Run For President
Former President Donald Trump has formally filed a statement of candidacy for a 2024 presidential bid, and will make an announcement live Tuesday night.
According to polls, he will immediately become the front-runner for the Republican nomination despite last week’s lack of a “red wave” during the midterm election – after which Democrats held the Senate and lost the House by a much smaller-than-anticipated number.
Democrats probably won’t be able to pass federal legislation codifying the struck-down Roe v. Wade abortion protections, President Joe Biden said on Nov. 14.
“I don’t think there’s enough votes to codify, unless something happens unusual in the House,” Biden said at a press conference while traveling in Asia.
While control of the U.S. House of Representatives is still undetermined because some states have struggled to count votes in a timely manner, Democrats have already lost a number of seats and are likely to be in the minority.
“I think we’re going to get very close in the House. But I don’t—I think it’s going to be very close, but I don’t think we’re going to make it,” Biden added.
The Supreme Court in June struck down Roe, the 1973 decision that concluded access to abortion was a constitutional right, and an associated ruling called Planned Parenthood v. Casey that also barred states from imposing some restrictions on abortions.
Since then, Biden and other Democrats have repeatedly said they want to approve and sign into law a bill that would not only codify Roe but expand abortion protections beyond what they were with Roe.
The Democrat-controlled House in July passed the measure, although Democrats lacked enough support in the Senate, which had already rejected the legislation.
Sen. Joe Manchin (D-W.Va.), who opposed the legislation because it went further than Roe, joined Republicans in voting against the measure.
Meanwhile, several Republican senators, including Sens. Susan Collins (R-Maine) and Lisa Murkowski (R-Alaska), have sometimes voted for pro-abortion legislation but they voted against the bill earlier this year.
Biden claimed over the summer that Democrats only needed a few more votes in the upper chamber to codify Roe.
“We need two additional pro-choice senators and a pro-choice House to codify Roe as federal law. Your vote can make that a reality,” he said, as he condemned the Supreme Court for its decision that struck down Roe.
“The fastest way to restore Roe is to pass a national law codifying Roe, which I will sign immediately upon its passage at my desk,” he also said.
On Nov. 14, Biden also said that he thought the midterms showed “the strength and resilience of the American democracy” and championed voters largely rejecting candidates who have questioned election results.”
NBC Pushes ‘Tripledemic’ Fear Mongering – Claims Children At Risk During The Holidays
Why can’t leftists and the mainstream media let go of the pandemic, accept that it is over and move on? There are a number of reasons, but much of it can be explained by the psychological drivers within the mind of the average progressive.
Leftists are often defined by their addiction to fear. For them, fear is a powerful tool, a great motivator for organization and a means to manipulate large groups into conformity with an agenda that would normally take many years or decades to accomplish otherwise. The hype surrounding covid is just one example – We can also see the political left’s love affair with fear in their obsession with “systemic racism” (which does not exist), or their rantings on the “climate crisis” (which does not exist).
Fear is a path to control over others and society at large and tends to be a tool used by weak people who cannot assert their ideologies through force of arms. It is also a great way to excite a population into mob impulses; a way to use large mindless crowds as a political weapon.
On the individual level, leftists like to live in the midst of constant crisis. For them, crisis creates meaning in their otherwise meaningless existence. The typical mindless leftist drone subsisting day-to-day without producing anything of value, often without marriage, without children and without a greater purpose, is going to be desperate to feel as though they are a part of something. They are looking for anything to make life more interesting; they don’t create value in their own lives, they have to search for it outside of themselves and live vicariously through events and vast groups and governments.
They are part of the hive, and the accomplishments of the hive are their accomplishments as well.
The covid pandemic was one of those moments in history where this collectivist mentality could be justified and all the worst impulses of narcissists and authoritarians and micro-managing control freaks could be put on display without much criticism. It was all being done for the “greater good”, you see. If the covid virus had been an actual large scale mortal threat no one would have been more happy than leftists.
Instead, they got a minimal threat with a 0.23% median Infection Fatality Rate. Covid was not the crisis they were hoping for, and not as useful in asserting dominance as they had originally envisioned. Still, the dream lives on. This is why we continue to see corporate media outlets pumping out not only covid fear, but also fear of any old viruses we have been dealing with for generations.
NBC is spearheading the latest fear narrative with the threat of the “Tripledemic”, a supposed spike in cases involving covid, the flu and a respiratory illness called RSV. Not surprisingly, the outlet is making the risks to children the focus of their propaganda. This makes perfect sense give the fact that covid was a non-issue for younger people, and leftists have learned over the past two years that fear is far more effective if the danger involves children.
NBC goes on to suggest that letting unvaccinated people near children should be avoided and that vaccines are the best option for protection. What their “medical expert” does not mention is that there is no vaccine for RSV and covid vaccination for kids is pointless. But why is NBC trying to tie covid together with the flu and RSV?
First, because the public at large no longer sees covid as a reason to isolate, nor a reason to spurn their unvaccinated relatives. So, they need to now lump covid in with a host of other diseases in order to maintain a sense of urgency.
Second, and perhaps most importantly, is that Big Pharma companies like Moderna are currently promoting the release of a new type of vaccine that combines a flu shot with an RSV and covid immunization. It’s not a coincidence that the mainstream media is suddenly hyping a “Tripledemic” of those same diseases.
In other words, if you want to get a flu shot you would also have to take a new mRNA RSV shot and covid shot at the same time. A problem to note is that Moderna is attempting to introduce this new vaccine product without the extensive clinical trials necessary to ensure safety. No surprises there.
The establishment is seeking to make the existence of viruses a perpetual crisis that requires steady injections of new mRNA technology to stay safe, and leftists are eating up the propaganda. Yes, it’s about money for companies like Moderna, but it’s also about control. When people are separated from their families due to vaccination status and worried about their children’s health they are more likely to submit to untested treatments and also unconstitutional rules. Fear is the fuel that keeps leftist movements alive.
Is there a questionable relationship between Sam Bankman-Fried’s bankrupt FTX, Ukraine, and the Democrats? In the aftermath of the collapse of the cryptocurrency exchange, new questions are being raised surrounding these connections, from crypto partnerships to the billionaire’s contributions to Democrats.
But is there something behind the curtain or was it a group of young people in over their heads?
It All Begins with ‘Aid for Ukraine’
In March, the Ukrainian government established a crypto donations website, allowing Kyiv to convert digital token contributions into fiat money that would be deposited at the National Bank of Ukraine. The Ukraine government maintained a goal of $200 million. By October, it had raised more than $60 million.
The contributed funds have been used to purchase everything needed for the war effort, such as digital rifle scopes, medical supplies, field rations, fuel, military clothing, and other critical items.
The initiative, known as “Aid for Ukraine,” garnered the support of FTX, staking outfit Everstake, and Ukraine’s Kuna exchange. It has been powered by the Ministry of Digital Transformation.
“At the onset of the conflict in Ukraine, FTX felt the need to provide assistance in any way it could. By setting up payment rails and facilitating the conversion of crypto donations into fiat currency, we have given the Central Bank of Ukraine the ability to deliver aid and resources to the people who need it most,” Bankman-Fried said in a statement in March. “We are grateful for the opportunity to work with Sergey [Vasylchuk] and the Everstake team as they continue to work tirelessly in helping Ukrainians as they suffer from this conflict.”
Days after the launch of the Ukraine–FTX collaboration, U.S. President Joe Biden announced an extra $800 million in security assistance to Ukraine, bringing the total contribution to $2 billion since the start of the administration. In total, it’s estimated that the United States has given more than $60 billion to Kyiv.
While it’s unclear if reports that Ukrainian officials have invested in FTX are accurate, many are seeking an explanation as to whether Ukrainian officials have used funds delivered to Kyiv through FTX to funnel money to Democratic campaigns.
Bankman-Fried’s Donations to Democrats
Bankman-Fried was the second-largest Democratic donor for the 2021–22 cycle, donating $39.8 million. This was behind George Soros’s total donations of $128 million. Bankman-Fried gave the most amount of money to the Protect Our Future PAC, a group that “endorsed Democratic candidates such as Peter Welch, who won his bid to become Vermont’s next senator, and Robert J. Menendez of New Jersey, who secured a House seat,” according to Fortune. But this past summer, Bankman-Fried suggested that he could’ve spent $1 billion on the midterm elections to support the Democrats, although he stepped away from this proposition.
In the first half of 2022, he contributed $865,000 to the Democratic National Committee, $66,500 to the Democratic Senate Campaign Committee, and $250,000 to the Democratic Congressional Campaign Committee.
In addition, Bankman-Fried made multiple visits to the White House. According to White House visitor logs, he met with White House counselor Steve Ricchetti on April 22 and May 12. The FTX founder also met with Charlotte Butash, a policy adviser to the White House deputy chief of staff, on May 13.
Mark Wetjen, the head of policy and regulatory strategy at FTX, who served as a commissioner on the Commodity Futures Trading Commission (CFTC) under former President Barack Obama, also attended some of the meetings.
Visitor logs also show that Bankman-Fried’s younger brother, Gabe, made visits to the White House on March 7 and May 13. His first appointment was with Nathaly Maurice, special assistant to the president and director of partnerships at the White House. His second visit was with Butash.
Gabe had previously worked as a Capitol Hill staffer and is the founder and director of Guarding Against Pandemics.
Bankman-Fried has been open about his attempts to influence public policymaking, explaining that he’s championing crypto regulations, including legislation that would codify licensure for crypto assets. The bill, the Digital Commodities Consumer Protection Act of 2022, was proposed by Senate Agriculture Committee Chair Debbie Stabenow (D-MI) in August. A key aspect of the legislative pursuit is that it would allocate crypto regulatory power to the CFTC. Bankman-Fried donated $5,800 to Stabenow’s campaign in February.
“One in five Americans have used or traded digital assets—but these markets lack the transparency and accountability that they expect from our financial system. Too often, this puts Americans’ hard-earned money at risk,” Stabenow said in a statement. “That’s why we are closing regulatory gaps and requiring that these markets operate under straightforward rules that protect customers and keep our financial system safe.”
So everything that has transpired between Bankman-Fried, FTX, Ukraine, and the Democrats has raised some eyebrows. Billionaire CEO Elon Musk is also intrigued by the latest developments.
“Was FTX being used to launder money for the Democratic Party?” a Twitter user asked.
Alex Bornyakov, the deputy minister of Digital Transformation of Ukraine, took to Twitter on Nov. 14 to dismiss this “narrative.”
“A fundraising crypto foundation @_AidForUkraine used @FTX_Official to convert crypto donations into fiat in March,” he tweeted. “Ukraine’s gov never invested any funds into FTX. The whole narrative that Ukraine allegedly invested in FTX, who donated money to Democrats is nonsense, frankly.”
A fundraising crypto foundation @_AidForUkraine used @FTX_Official to convert crypto donations into fiat in March. Ukraine’s gov never invested any funds into FTX. The whole narrative that Ukraine allegedly invested in FTX, who donated money to Democrats is nonsense, frankly 🤦♂️
Is there truth to any of the speculation that Ukraine funneled money to Biden through FTX or that there was anything iniquitous in the Ukraine-FTX partnership?
A cryptocurrency expert, who wished to remain anonymous, told The Epoch Times that there isn’t much credence to the suggestions. Although Bankman-Fried was a significant Democratic donor, the downfall of FTX was because of mismanagement, poor decision-making, and a lack of experience and corporate controls. It was an enormous financial firm that was run by 20-somethings.
The other factor was that FTX’s assets were denominated in volatile cryptocurrencies, and many of these tokens’ valuations crashed in 2022. FTX’s balance sheet, which was obtained by the Financial Times, shows that its assets were comprised of joke coins or unreliable tokens, including TRUMPLOSE, the Brazilian Digital Token, Oxygen (OXY), and FTT (FTX’s native coin).
In recent months, FTX has been acquiring troubled assets throughout the crypto and tech industries. In May, Bankman-Fried revealed a 7.6 percent stake in Robinhood, but the value had tumbled by more than 5 percent since the purchase.
It has been a year of turmoil for a wide array of crypto firms, such as Coinbase, crypto lending firm Celsius, BlockFi, and Singapore-based crypto trading platform Three Arrows Capital—which Bankman-Fried bailed out with a $750 million credit line.
“We’re willing to do a somewhat bad deal here if that’s what it takes to sort of stabilize things and protect customers,” he said in June.
The FTX scandal will likely have a domino effect in the sector. BlockFi, a crypto lender, revealed that it had large exposure to FTX. The Wall Street Journal also reported that BlockFi is exploring a bankruptcy filing, citing people familiar with the matter.
There’s growing concern that Gate.io and Crypto.com could be the next two giants in the crypto ecosystem to experience financial troubles.
