Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, D.C., on Wednesday, Feb. 9, 2022.
Sarah Silbiger | Bloomberg | Getty Images
FTX founder Sam Bankman-Fried has agreed to testify before the House Financial Services Committee at a hearing about the crypto exchange’s collapse on Tuesday, he said in a series of tweets Friday morning.
There’s been a lot of back and forth in Washington over whether lawmakers would have to subpoena Bankman-Fried, who said he would voluntarily testify since the committee “still thinks it would be useful.” It was unclear whether he would show up on Capitol Hill in person or stay in the Bahamas where he’s been holed up for much of the time since his company filed for bankruptcy last month, holding interviews with reporters.
In his tweet thread, the disgraced former “darling” of crypto appeared to lay blame on Binance founder Changpeng “CZ” Zhao.
The ex-CEO of FTX has been on a media blitz the last month talking about the implosion of his crypto empire, but this will be the first time the public has the chance to hear from SBF under oath.
Bankman-Fried wrote that he still did not have access to much of his data, professional or personal, so there was a “limit” to what he would be able to say.
“I won’t be as helpful as I’d like. But as the committee still thinks it would be useful, I am willing to testify on the 13th,” continued the post.
Bankman-Fried used his tweet thread to antagonize Binance boss Zhao, claiming that he had “won,” and that the restrictions that Zhao wanted to impose as part of Binance’s aborted bailout were excessively onerous.
Bankman-Fried didn’t think there were any winners, he said in a tweet.
“Seeing how CZ talks, I’m pretty sure he does,” Bankman-Fried continued.
“Sam was so unhinged when we decided to pull out as an investor that he launched a series of offensive tirades at multiple Binance team members,” Zhao wrote in a Twitter thread.
In the days leading up to FTX’s collapse, Zhao was heralded as a potential savior for the exchange. FTX was once considered to be the most stable and reliable crypto exchange in the industry, but an article from CoinDesk revealed an alarming concentration of self-issued FTT tokens being used as collateral for billions in loans for Alameda Research, Bankman-Fried’s crypto hedge fund. The article, paired with Alameda CEO Caroline Ellison’s tweet activity, sent FTX into a liquidity crisis.
Bankman-Fried was responding to a series of tweets posted by Zhao about why Binance walked out on the potential acquisition offer. When Binance stepped away, FTX fell into freefall, ultimately filing for bankruptcy protection shortly after.
Zhao torched Bankman-Fried for rampant spending on vanity projects from marketing to “mansions.” He was responding to a Thursday morning appearance by CNBC contributor Kevin O’Leary on “Squawk Box.”
O’Leary had said that he lost his entire $15 million payday and was embarrassed at his lack of due diligence.
Bankman-Fried has played coy with lawmakers, despite a threat to subpoena him from the Senate Finance Committee this week and repeated demands from House Financial Services Chair Maxine Waters, D-Calif., to testify under oath at that panel’s hearing.
Investors and regulators have been seeking answers from Bankman-Fried for some time now. Despite several highly publicized media and Twitter spaces appearances, the former billionaire has revealed little about the chaotic final days at FTX.
A growing number of investors and pundits believe that the only place Bankman-Fried should be is in prison. Legal experts CNBC spoke with say that his sentence could hypothetically run for his entire life, if convicted.
Before Bankman-Fried agreed to testify, CNBC reported that Waters was not planning to subpoena the ex-billionaire. Waters pushed back, claiming a subpoena was “absolutely” on the table.
Rivian will power its DC fast-charging network with renewable energy company RWE’s Champion Wind farm in Texas.
The two companies just signed a 15-year power purchase agreement (PPA) for electricity from RWE’s repowered Champion Wind in Nolan and Mitchell counties, west of Abilene.
The 127-megawatt (MW) Champion Wind is getting new turbine nacelles and blades, which will extend the wind farm’s lifespan. Originally commissioned in 2008, the wind farm is expected to be fully upgraded by mid-2025. When the wind farm is back online, it’ll be capable of generating enough electricity to power nearly 1 billion miles of renewable driving every year for Rivian, or the equivalent of powering 36,000 homes annually in Texas.
This wind power is set to support Rivian’s DC fast-charging Adventure Network with renewable energy. Rivian has set a specific goal to enable 7 billion miles of renewable driving.
Paul Frey, Rivian’s VP of propulsion, charging & adventure products, said, “Champion Wind is a powerful enabler for Rivian drivers to become active participants in building a cleaner grid every time they charge their vehicle. This project shows the potential to meaningfully decarbonize the grid and support a more circular economy through reuse and recovery of existing infrastructure, all while maintaining highly competitive economics.”
Siemens Gamesa is supplying 41 turbines with new nacelles and blades on existing towers. The nacelles and blades are being manufactured in the US. In addition, as part of the repowering project, six new Siemens Gamesa turbines rated at 3.1 MW each will also be added to the wind farm.
The decommissioned wind turbine blades from Champion will be repurposed. RWE is working with REGEN Fiber, an Iowa-based company that recycles wind turbine blades to make reinforcement fibers for the construction industry. Those fibers are then used in concrete to add strength and durability, extending the lifespan of infrastructure.
RWE is the third-largest renewable energy company in the US.
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Rivian is bringing back its “All-Electric upgrade offer” from now until November 30th, but with some changes to the program.
Earlier this year, Rivian offered $1k-$5k off a new Rivian if you trade in an old gas car, from April to June. The offer was available for specific vehicles, and with a sliding discount scale based on which Rivian vehicle you order.
Now the program has come back, but with quite a few changes from the previous version.
As of today, October 31, if you buy a new Rivian R1T or R1S new inventory vehicle from the R1 Shop, you can get a $3,000 discount if you also prove that you own or lease a qualifying gas-powered vehicle.
This is simultaneously simpler, more lenient, and more restrictive than the previous offer, in various ways.
First, the discount is a flat $3k (or $4,100 CAD), rather than having a scale based on what model you order, which is more streamlined.
Second, the discount applies to every gas or hybrid vehicle owner – you don’t have to trade in your vehicle, and you’re not limited to a specific list of vehicles. Just prove that you own or lease a gas car (copy of registration, proof of insurance, etc), and you get the discount.
However, third, it’s more restrictive as to what vehicles you can purchase. The current offer applies only to Rivian new inventory vehicles in the R1 Shop, and excludes demo vehicles, pre-owned vehicles, or custom build vehicles. It also does not apply to Rivian’s base Dual Standard models, but everything else is fair game.
In order to qualify, you need to place your order between today and November 30, and you must take delivery of the vehicle before December 31. Check out all the specifics of the offer on Rivian’s site here.
Electrek’s Take
Rivian is clearly trying to round out its yearly numbers with this offer, as the market for pricy cars is somewhat soft with increased interest rates. It just slightly lowered its annual delivery guidance, now planning to see roughly similar deliveries this year than last.
But its R1 vehicles just got a huge refresh to help the company with costs and to offer new features. The R1S is still one of the most popular high-priced vehicles in the US, and the company’s products earn universal acclaim from owners.
The interesting thing is that Rivian had a similar offer earlier this year, before the refresh, to help clear out inventory of older vehicles. It didn’t see it fit to offer the discount last quarter, perhaps buoyed by the updated model, but after a rough Q3 of deliveries it now brought the offer back.
Rivian is still guiding to reach a slight gross profit in Q4, though we’re sure we’ll hear more about that in its upcoming quarterly earnings next week.
If our coverage of Rivian has helped inform you about the brand, feel free to use our Rivian referral code to get 6 months of free charging or 750 Rivian Rewards points with your purchase.
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Hyundai’s new low-cost EV is getting a bold design upgrade. The Hyundai Casper EV Cross was spotted for the first time in public, revealing new design elements.
Although we knew a rugged “Cross” variant was headed to Europe, this was the first time the domestic model was spotted with an upgraded design.
The Inster EV is Hyundai’s overseas version of its domestic Casper Electric model. In Korea, Hyundai’s Casper EV starts at around $20,000 (27.4 million won). Hyundai said its new EV can be bought for under $8,000 (10 million won) with subsidies.
In Europe, it starts at under $27,000 (25,000 euros). The Cross variant is built for “those looking for an EV with a more adventurous look,” Hyundai said.
Although it offers the same versatility as the standard model, the Inster EV Cross gains rugged design elements, including new front and rear bumpers, black claddings, skid plates, a roof rack, and more.
Here’s our first look at the Hyundai Casper EV Cross
After a rugged new variant with the Casper EV logo was spotted in Korea for the first time, a Cross model is expected to debut shortly.
The new video from HealerTV reveals added design elements, including the roof rack and more aggressive black trim.
The reporter notes that the Hyundai Casper EV Cross has a “much more mechanical and futuristic feel than the existing model.”
It almost appears “robot-like” with an added off-road feel. The Inster EV Cross gets up to 223 mi (360 km) WLTP driving range. In Korea, the Casper Electric is rated with up to 195 miles (315 km) driving range.
Although Hyundai Casper (Inster) EV is not expected to launch in the US, the low-cost model was spotted driving in California for the first time this month.
In the meantime, off-road fans can get in line for Hyundai’s upgraded 2025 IONIQ 5, which will be available with a rugged XRT trim. The 2025 IONIQ 5 XRT model was also recently caught testing ahead of deliveries.
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