Elon Musk's xAI Unveils Grok-1.5🤖 FTX CEO Sam Bankman-Fried Sentenced to 25 Years in Prison for Fraud 😱

Good morning. It's Friday, Mar. 29, and we're covering, Central Bank of Nigeria Withdraws Cellulant’s Mobile Money License, Former FTX CEO Sam Bankman-Fried Sentenced to 25 Years in Prison for Fraud, Russia's Block of UN Watchdog on North Korea Sanctions Sparks Global Outcry, and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• Today's global cryptocurrency market cap is $2.65 Trillion, a 0.66% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $95.91B, which makes a 20.18% decrease.

• The total volume in Defi is currently $9B, 9.39% of the total crypto market 24-hours.

• The volume of all stablecoins is now $85.14B, which is 88.77% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 52.19%, a decrease of 0.03% over the day.

BUSINESS & FINANCE

Central Bank of Nigeria Withdraws Cellulant’s Mobile Money License

The Central Bank of Nigeria (CBN) has decided to revoke the mobile money license of Cellulant Nigeria, a subsidiary of Cellulant Corporation, one of Africa’s pioneering fintech firms. This development, disclosed in a letter addressed to Cellulant, became effective on December 6, 2023. The CBN, in its letter to Cellulant, stated that the mobile money license was being revoked following Cellulant’s decision to discontinue its operation. Cellulant, which secured $54.5 million in funding across three rounds between 2014 and 2018, faced internal challenges in recent times.

Takeaway: Cellulant Nigeria, however, had already been contemplating an exit from the consumer-facing mobile money market since 2021, opting instead to concentrate on offering payment solutions to businesses. ( Read Deeper )

Xiaomi Unveils Budget Electric Car, Cheaper Than Tesla Model 3

Xiaomi, the renowned Chinese tech giant, has announced the release of its first electric car, the SU7. Priced at a staggering 215,900 yuan ($30,408), Xiaomi's EV significantly undercuts Tesla's Model 3, which starts at 245,900 yuan in China. Xiaomi CEO Lei Jun revealed that the SU7 would be sold at a loss, emphasizing the company's aggressive entry into the burgeoning EV market. Lei Jun highlighted the SU7's superior specifications, boasting that it outperforms the Model 3 in over 90% of its features.

Why it matters: Xiaomi's SU7 electric car represents more than just a new product—it symbolizes a disruptive force in the automotive industry, driving down prices, and expanding accessibility to advanced technology. ( Read Deeper ) 😱 

TECHNOLOGY & SCIENCE

Former FTX CEO Sam Bankman-Fried Sentenced to 25 Years in Prison for Fraud

Former FTX CEO and founder Sam Bankman-Fried has been sentenced to 25 years in prison for his role in a widespread fraud and conspiracy scheme. Bankman-Fried's sentencing follows a tumultuous period for FTX, which experienced a dramatic downfall in 2022, resulting in staggering losses estimated at $8 to $11 billion for customers. In addition to the 25-year prison term, Bankman-Fried was fined $11 billion, which includes forfeiture agreements involving assets such as a private jet.

Takeaway: During the sentencing hearing, Judge Kaplan delivered scathing remarks, highlighting Bankman-Fried's lack of remorse and questioning the authenticity of his public persona. Despite efforts by Bankman-Fried's defense team to mitigate the severity of the sentence, the judge emphasized the profound harm inflicted on FTX customers and the broader implications of financial crimes. ( Read Deeper )

Elon Musk's xAI Unveils Grok-1.5

xAI has announced the imminent release of Grok-1.5, Grok-1.5 boasts improved reasoning capabilities, particularly in coding and math-related tasks, One of the most significant upgrades in Grok-1.5 is its expanded context window, allowing the model to consider a larger amount of preceding text (up to 128,000 tokens) before generating responses. Grok-1.5 will soon be accessible to early testers and current Grok users on the social media platform X, formerly known as Twitter, according to a statement from xAI.

Why it matters: The launch of Grok-1.5 shows xAI's commitment to driving innovation and societal impact through AI technology. By enhancing its reasoning abilities and problem-solving skills, Grok-1.5 sets a new benchmark for AI performance, paving the way for more sophisticated applications across diverse domains. ( Read Deeper )

AROUND DE WORLD & POLITICS

Russia's Block of UN Watchdog on North Korea Sanctions Sparks Global Outcry

Russia's decision to shut down a panel of UN experts tasked with monitoring sanctions against North Korea has triggered international condemnation and raised concerns about the enforcement of global restrictions on Pyongyang. The panel, which has been instrumental in overseeing compliance with sanctions against North Korea for over a decade, was disbanded after Russia exercised its veto power as a permanent member of the UN Security Council to block its renewal.

Why it matters: The dismantling of the UN panel responsible for monitoring sanctions against North Korea undermines global efforts to maintain peace and security. The failure to renew the panel's mandate sends a message to North Korea that international oversight of its actions may be weakening. ( Read deeper )

Fundraiser Attended by Biden, Obama, Clinton Interrupted by Gaza Conflict Protesters

A high-profile fundraising event in New York City, featuring President Joe Biden and former Presidents Barack Obama and Bill Clinton, was interrupted by protesters expressing opposition to Biden's support for Israel in the Gaza conflict. The event, held at the iconic Radio City Music Hall, aimed to raise funds for Biden's re-election campaign, with ticket prices ranging from $250 to $500,000. Despite the interruptions, Obama and Clinton offered perspectives on Biden's presidency, discussing his handling of the economy and foreign policy.

Takeaway: The presence of Obama and Clinton was intended to showcase party unity and fundraising strength for Biden's re-election campaign. Biden's fundraising efforts have been robust, with his campaign raising millions of dollars in recent months. However, despite efforts to appeal to grassroots supporters, Trump's campaign faces challenges in matching Biden's fundraising totals. ( Read Deeper )

ENTERTAINMENT & SPORTS

Beyoncé Set to Release "Cowboy Carter" Album, Highlighting Black Influence in Country Music

Beyoncé, the iconic singer and performer, is gearing up for the release of her highly anticipated album, "Cowboy Carter," which promises to showcase her venture into country music while spotlighting Black influences within the genre. Featuring a 27-song tracklist, "Cowboy Carter" includes hit singles like "Texas Hold 'Em" and "16 Carriages," both of which have already amassed millions of streams on Spotify and reached the top of Billboard's Hot Country Songs chart. ( Read Deeper )

Newcastle Midfielder Sandro Tonali Charged with Betting Rules Breaches

Newcastle United midfielder Sandro Tonali is facing misconduct charges from the Football Association (FA) for alleged breaches of betting rules. The 23-year-old, who joined Newcastle from AC Milan in July for £55 million, is currently serving a 10-month ban imposed by the Italian Football Federation (FIGC) for similar infractions in Italy. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• How to score $200M: Angel City’s playbook for women’s soccer ( Listen )

EXTRA BREVITI

• Evan Gershkovich: Waiting for her brother, Putin's 'bargaining chip' in Russian jail ( Read More )

• The founder of Byju’s, India’s leading edtech unicorn, has proposed a share offer to resolve ongoing disputes and strengthen investor relations. ( Read More )