Crypto exchange FTX emerges as the winner of the crisis

CEO Sam Bankman-Fried reveals in an interview what he did differently from his rivals. Also: Uber has problems with a hacker and SpaceX is testing a new business area at an altitude of 10,000 meters.

Billionaire Sam Bankman-Fried has a good laugh: his crypto exchange FTX has come out of the crypto winter strengthened.
Jeenah Moon/Bloomberg via Getty Images

Good morning! Even over the weekend, work continued in the digital scene in many places.

Top Topics:

The crypto exchange FTX has survived the crypto market crash relatively unscathed so far. Manager Sam Bankman Fried even looked for good offers in the middle of the crisis. He also said he has other money to spend if the opportunity presents itself. Other multi-billion dollar crypto companies have gone bankrupt this year. Main competitor’s shares Coin base has fallen by 70 per cent. At the same time, FTX has continued to develop steadily.

In an interview with US broadcaster CNBC, Bankman-Fried attributed this to saving plenty of cash, keeping overhead costs down and avoiding debt. In addition, as a private company, FTX has been able to move quickly. In the weeks surrounding the cryptocurrency implosion Terra USD and the collapse of the crypto hedge fund Three arrows capital Billions of dollars have been wiped out in the crypto industry. Bitcointhe world’s largest cryptocurrency, has lost more than half of its value this year. [Mehr bei CNBC]

on Founders scene: At the end of the year, the federal government will cancel Financing of plug-in hybrid cars, i.e. internal combustion engines with batteries. It’s an advantage for the environment, says our torque columnist Don Dahlmann. The cars would hardly be charged. [Mehr bei Gründerszene]

And here are the other headlines of the night and the last few days:

Over investigates a cyber security incident. Apparently, a hacker gained control of the ride-hailing company’s internal systems after breaking into an employee’s Slack account. Slack, a workplace messaging service, is used by many tech companies and startups for daily communication. A Washington Post report said the suspected hacker told the newspaper he was attacking Uber for fun and could reveal the company’s source code within months. [Mehr bei CNBC und Washington Post]

SpaceX preferably via its Starlink satellite system Netflix and Youtube offer on the flight. The US company held a demo aboard a jet operated by its first airline customer, regional carrier JSX. CEO Elon Musk wants the satellite providers’ onboard business intel sat and Viasat attack. [Mehr bei Bloomberg]

Byte dance plans to spend $3 billion buying back stock from investors. If shareholders approve the plan, it will be valued at approximately $176.90 each. The latter would value the Chinese company at around $300 billion. The buyback is being offered to allow investors to cash in after there is currently no clear timeline for the Tiktok parent to go public. [Mehr bei Reuters]

Intuitive machines becomes public. The company, which develops lunar landers and other technology to enable lunar exploration, plans to list on the US technology exchange Nasdaq via a Spac deal. Founded over nine years ago and based in Houston, Intuitive Machines will merge with Inflection Point Acquisition Corp. merge. After completion of the merger, the total value of the company will be approximately $815 million. [Mehr bei Techcrunch]

Daimler trucks presented an electric truck for long-distance transport. The commercial vehicle manufacturer announced on Sunday evening that the “eActros LongHaul” would be ready for series production in 2024. The new model has a range of around 500 kilometers and three battery packs are expected to deliver a total installed capacity of more than 600 kilowatt hours. [Mehr bei Handelsblatt]

Our reading tips about Gründerszene: Come during her design studies Alina Eynck the idea for new types of dildos. But it wasn’t until eight years later that it became a business. Now she sells sex toys made of porcelain. [Mehr bei Gründerszene]

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Have a great start to the week!

Your Gründerszene editors

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