Crypto King’s Desperate Appeal

CRYPTO
Crypto King’s Desperate Appeal

Just three years ago, Sam Bankman-Fried was the crypto king of Washington, D.C., donating millions to Joe Biden’s 2020 campaign and pushing crypto-friendly policies. Now, after FTX’s collapse and a 25-year prison sentence, he’s appealing to Trump for a pardon. His recent right-wing media push, including an unauthorized Tucker Carlson interview that landed him in solitary confinement, is seen as a long shot.

Despite past bipartisan donations—some through “dark money” channels—Bankman-Fried remains widely reviled in the crypto space. His father has also tried boosting Trump’s favor by praising his economic plans. While Trump has embraced crypto and previously pardoned Silk Road founder Ross Ulbricht, the broader crypto community hasn’t rallied behind Bankman-Fried.

One lobbyist noted that while Trump’s crypto ties are growing, “it doesn’t feel like the broader crypto community has made SBF a priority.” Without that support, a pardon remains unlikely.

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FINANCE
Volkswagen Profits Drop 15% in 2024

Volkswagen reported a 15% drop in annual operating profit for 2024, citing rising costs and restructuring expenses. Despite this, revenue increased to €324.7 billion ($352.8 billion) from €322.3 billion in 2023. The automaker forecasts up to 5% revenue growth in 2025, with an operating margin between 5.5% and 6.5%.

Vehicle sales declined 3.5%, but the company highlighted “solid results in a challenging environment.” Volkswagen shares rose 2% in early London trading on Tuesday.

The company proposed a 30% dividend cut, offering €6.30 per ordinary share and €6.36 per preferred share. Its auto division ended 2024 with €36 billion in net liquidity, down 10.5%.

Volkswagen warned of political uncertainty, trade restrictions, and increasing competition in 2025. CFO Arno Antlitz acknowledged “global economic challenges” but emphasized resilience amid industry shifts. The company remains committed to a strong liquidity strategy despite market volatility.

TECH
Massive Cyberattack Hits X Platform

Elon Musk attributed widespread X platform disruptions to a "massive cyberattack," suggesting a large, coordinated group or nation was responsible. Tens of thousands of users worldwide reported outages on Monday, with posts failing to load in the U.S., U.K., France, and India. The disruptions lasted only minutes but occurred throughout the day.

Musk acknowledged the issue, stating, "We get attacked every day, but this was done with a lot of resources." The pro-Palestinian hacktivist group Dark Storm claimed responsibility via Telegram but provided no proof. A representative told Bloomberg the attack was part of broader cyber efforts against Israel.

X declined to comment on the disruptions. This isn’t the first time Musk has blamed a cyberattack—last year, he cited a "massive DDOS attack" for delaying his conversation with Donald Trump. DDOS attacks flood servers with excessive traffic to overload systems, disrupting normal operations.

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