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Sam Bankman-Fried, CEO and Founder of FTX, walks near the U.S. Capitol, in Washington, D.C., September 15, 2022.

Graeme Sloan | Sipa via AP Images

Sam Bankman-Fried told Reuters he is still in the Bahamas, as rumors swirled overnight that the disgraced ex-CEO of the now-bankrupt crypto exchange FTX had run off to South America.

FlightRadar24 tweeted early Saturday morning that the one-time crypto billionaire was flying from Nassau to Argentina. The account cited tweets as its sourcing that it was Bankman-Fried aboard the flight in question. (Argentina has an extradition treaty with the U.S. and carried out an extradition as recently as October, so it is not an ideal destination for someone potentially looking to evade authorities in the U.S.)

Reuters asked Bankman-Fried whether he had flown to Argentina, and he replied, “Nope,” by text. He added that he remained in the Bahamas, which became his full-time residence last year.

Speculation over SBF’s (a nickname given to the former FTX CEO) whereabouts come as authorities close in on Bankman-Fried and his failed crypto empire.

On Thursday, Bankman-Fried tweeted that he would be winding down his trading house, Alameda Research, and then on Friday, FTX — the digital asset exchange that Bankman-Fried founded in 2019 — filed for Chapter 11 bankruptcy protection in the U.S. That same day, Bankman-Fried stepped down as CEO. The Financial Times is reporting that a day before filing for bankruptcy protection, FTX’s global exchange had $900 million in “easily sellable assets” against $9 billion of liabilities.

It was a very swift fall from grace for FTX this week.

Earlier this year, the exchange was valued at $32 billion, and Bankman-Fried was billed as crypto’s white knight as he bailed out multiple digital asset companies. Now, its ex-CEO is reportedly facing probes by the Department of Justice, the Securities and Exchange Commission, and the Commodity Futures Trading Commission. Meanwhile, the bankrupt exchange appears to have been the target of a hack overnight.

— CNBC’s David Sucherman contributed to this report.

Crypto is one of the largest speculative bubbles I've seen in my career, says Ron Insana

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Tesla launches new Cybertruck RWD for $70,000, removes tons of cool features

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Tesla launches new Cybertruck RWD for ,000, removes tons of cool features

Tesla has officially launched a new version of the Cybertruck RWD for $70,000 in the US and Mexico.

It’s more expensive than previously announced and loses a ton of features, but it has more range.

Earlier today, we reported on Tesla unveiling in the Middle East a new ‘Cybertruck Long Range’.

The automaker confirmed that it had a single rear-wheel-drive (RWD) motor, but unlike the previously announced Cybertruck RWD, Tesla said it had 350 rather than 250 miles of range.

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This would point to having the same battery pack as the Dual Motor and Cyberbeast currently available.

At the time, it wasn’t clear if Tesla was launching this specific version for the Middle East or if it was the new Cybertruck RWD to replace the previously announced $62,000 version.

Now, Tesla has opened orders in the online configurator for the US and Mexico of the new Cybertruck Long Range RWD:

It starts at $70,000 before incentive – $9,000 more than the previously announced Cybertruck, but it has 100 more miles on a single charge at 350 miles.

It’s also $10,000 less expensive than the Cybertruck Dual Motor.

You not only lose a motor, but you also lose the powered tonneau. You can buy a “soft tonneau” for $750 and it increases the range to 362 miles:

The new cheaper version also loses the adaptive suspension, the lightbar at the back, the rear screen, and even the bed outlets, according to Tesla’s website.

Tesla says that deliveries are going to start in June.

Electrek’s Take

I might be wrong, but I would assume that the previously announced $61,000 Cybertruck is not going to happen. The Cybertruck is likely proving to be too low-volume to warrant producing different sizes of battery packs.

However, this version might be just to make the $80,000 Cybertruck look better.

It’s not to lose the AWD, the tonneau, the adaptive suspension, and even the bed outlets for $10,000.

These are all pretty essential features of the Cybertruck. I don’t think this version will sell much at $70,000. Maybe they get a few sales of people trying to take advantage of the $7,500 tax credit.

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This electric excavator has battery swap tech that lets it recharge in minutes [update]

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This electric excavator has battery swap tech that lets it recharge in minutes [update]

The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.

UPDATE: telematics announcement.

Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.

XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.

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We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).

XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?

Easy in, easy out

XCMG battery swap crane; via Etrucks New Zealand.

The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.

You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.

Telematics announcement at bauma

XCMG showcases green, smart tech at bauma 2025; via XCMG.

Earlier today, XCMG launched its next-generation Xrea Global Telematics Platform, integrating IoT, big data, cloud computing, and AI to enable what it’s caling, “seamless cross-border fleet management.”

The new telematics platform supports a dozen languages via PC and mobile interfaces, and offers real-time diagnostics, predictive maintenance, and data-driven optimization of both the vehicle and the vehicle’s batteries, empowering equipment managers and fleet operators to track fleets across town, or across time zones.

“XCMG remains committed to advancing engineering technology to empower a sustainable future. Our mission is to deliver efficient, intelligent, and eco-friendly lifecycle solutions for global clients,” said Mr. Yang Dongsheng, Chairman of XCMG Group and XCMG Machinery. “Today, 19% of our product portfolio comprises green innovations under our ‘Green Mountain’ new energy line, with full electrification across all series underway.”

SOURCE | IMAGES: XCMG; via PR Newswire.

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Tesla (TSLA) is having a terrible month, and it’s only April 10th!

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Tesla (TSLA) is having a terrible month, and it's only April 10th!

On today’s troubling episode of Quick Charge, we explore all the troubles befalling Tesla (and TSLA stock) in the month April – with top executives fleeing the ship, demand plummeting, sales slipping, government incentives at home and abroad under threat, and a raft of receipts brought on by an OpenAI lawsuit hitting the brand, it’s already a bad month for Elon … and there’s still 20 more days to go!

None of this even touches on the $43 million “backlogged” rebate scandal Tesla’s facing in Canada that’s being blamed for people’s negative attitudes about the brand (ha!) or the fact that neither the long-promised Roadster 2.0 or the Tesla Semi will see production anytime this year, either.

The word you’re looking for when you think of Tesla these days is, “cooked.”

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

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New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

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Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

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