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November 30, 2023 Coin Telegraph

board

Sam Altman addressed his employees in a company memo on Nov. 29, marking his official return to the top leadership position at OpenAI.

Sam Altman, one of the founders of OpenAI, has officially returned to office as the firm’s CEO, ending a whirlwind few weeks caused by his abrupt and unexpected temporary departure.

Addressing OpenAI employees in a company memo made public on Nov. 29, Altman confirmed that interim CEO Mira Murati will step down from her position and return to her previous role as chief technology officer.

Altman also revealed a new initial board, chaired by Salesforce CEO Bret Taylor, along with Larry Summers, who previously served as the United States Secretary of the Treasury, and Adam D’Angelo, the CEO of social question-and-answer website Quora. D’Angelo was on OpenAI’s board before the saga that unfolded in mid-November. Greg Brockman will also resume his role as OpenAI’s President.

❤️ https://t.co/9JnRmJMptH
— Sam Altman (@sama) November 30, 2023

"I have never been more excited about the future. I am extremely grateful for everyone’s hard work in an unclear and unprecedented situation, and I believe our resilience and spirit set us apart in the industry. I feel so, so good about our probability of success for achieving our mission," said Altman to employees.

Microsoft gets non-voting seat on OpenAI board

Altman revealed that Microsoft will also be included as a non-voting observer on the new board.

"We clearly made the right choice to partner with Microsoft and I’m excited that our new board will include them as a non-voting observer," he said.

A board observer is an individual who is permitted to attend and participate in meetings of the board of directors, but as implied, has no voting rights, acting more as an advisor.

Microsoft initially wasn't expected to be offered a seat by OpenAI, according to a Nov. 29 report by Reuters, which cited a person familiar with the matter.

This is despite Microsoft having invested $13 billion into OpenAI, the creators of ChatGPT, across several deals dating back to 2019.

Looking ahead, Altman said he would be focused on advancing the firm’s research plan, improving its products, and better serving customers as the top three priorities for his (technically) second stint as CEO.

The OpenAI team is irreplaceable -- I couldn’t be happier to be back at work alongside @sama and @gdb . The mission continues.
— Mira Murati (@miramurati) November 30, 2023

In the same official announcement, Taylor stressed OpenAI will "enhance the governance structure," and put together "an independent committee of the Board to oversee a review of the recent events," in effort to provide more stability to the firm. He hopes Microsoft's addition to the board will help steady the ship.

"From technology to safety to policy [...] we are pleased that this Board will include a non-voting observer for Microsoft," he said.

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SafeMoon CEO bail release goes on hold after Feds cite flight risk

November 10, 2023 Coin Telegraph

Arrested

Prosecutors argued SafeMoon CEO Braden John Karony poses a flight risk given his alleged access to funds and overseas connections.

United States federal prosecutors have managed to put SafeMoon CEO Braden John Karony’s bail release order on hold, citing flight risk and his release being a possible “danger to the community.

On Nov. 9, New York District Judge LaShann DeArcy Hall stayed a Nov. 8 bail release order after prosecutors challenged a Utah Magistrate judge’s decision to let Karony out on a $500,000 bail.

Prosecutors made the challenge to Judge Daphne Oberg’s decision in New York, saying the release order was given “without consideration of the defendant’s substantial financial means and ability to flee” and added his release posed a “continued danger to the community.”

“If convicted, the defendant faces a statutory maximum of 45 years’ imprisonment,” prosecutors wrote.

“These facts all provide powerful incentives for the defendant to leverage his substantial (and opaque) financial assets and foreign ties to avoid that outcome.”

Judge Oberg’s Nov. 8 order would have permitted Karony to stay at his Miami apartment and barred him from accessing crypto exchanges or wallets, holding or transacting crypto and banned him from engaging in promotional activities.

Prosecutors however claimed the Utah court overlooked Karony’s assets when setting his bail at $500,000. They alleged the SafeMoon chief provided “almost no information concerning his finances” and claimed he can access “assets totaling millions of dollars.”

Karony also has “substantial and ever-expanding” overseas ties and has spent months outside the U.S. in Europe and the United Kingdom with his fiancée, a British citizen and resident, prosecutors alleged.

Prosecutors also asked the court to transport Karony to New York and have him detained there which Judge Hall will consider at a later date.

Karony was arrested on Oct. 31 at Salt Lake City International Airport and was charged alongside SafeMoon creator Kyle Nagy and chief technology officer Thomas Smith with conspiracy to commit securities and wire fraud and money laundering conspiracy.

The Securities and Exchange Commission also charged the trio with various fraud charges and unregistered securities sales and alleged they misappropriated funds to purchase SafeMoon (SFM) tokens to prop up its price.

SafeMoon technology chief Thomas Smith was released on a $500,000 bond on Nov. 3 and is pursuing a plea deal while the Department of Justice said Nagy remains at large.

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No concerns over Bitcoin halving supply shock, says Bitvavo CEO

October 31, 2023 Coin Telegraph

Bitcoin

The CEO of Dutch cryptocurrency exchange Bitvavo believes market dynamics will cater for the potential skyrocketing demand for Bitcoin in 2024.

Supply and demand dynamics could mitigate concerns of a potential Bitcoin market supply shock during the upcoming mining reward halving in 2024, according to Bitvavo CEO Mark Nuvelstijn.

The co-founder of the Netherlands-based cryptocurrency exchange weighed in on Bitcoin-related market movements in conversation with Cointelegraph during the European Blockchain Convention held in Barcelona.

Nuvelstijn expressed his belief that exchanges would likely have sufficient Bitcoin supply to meet the demand from users:

“If there’s more demand the price will increase, and it will keep increasing until there’s a match between price and demand.”

The Bitvavo CEO added that the potential booming demand for Bitcoin would lead to increasing prices until demand cools and prices stabilize. As a result, Nuvelstijn is not concerned that exchanges like his would run out of BTC to meet trading demands:

“As a platform we’re agnostic to that. We are just matching buy and sell orders to make trades possible. If there’s a lot of demand for Bitcoin, it’s only a good thing for the sector.”

Nuvelstijn also weighed in on the influence of Bitcoin exchange-traded fund applications submitted in the United States over the past year and the potential influence their approval could have on the value of Bitcoin:

“We’ve seen more attention, more interest in the crypto market. You saw how steeply the Bitcoin price increased over the past two weeks. It was up 20 or 30 percent which is a massive jump.”

Bitvavo has seen an increase in web traffic as well as customers visiting their platform and using their app. The exchange has onboarded new customers as well, while Nuvelstijn added that these numbers were still short of the levels it saw in 2021:

“As you mentioned, the ETFs are not yet approved, right? So this is let's say a pre-event. The event itself still needs to happen.”

Nuvelstijn also explained that while Bitvavo’s core markets remain the Netherland and Belgium, it is eyeing steady expansion into jurisdictions including France, Spain and Italy. He also believes that the European Union’s Markets in Crypto-Assets (MiCA) will drive market maturity and ease of doing business:

“It will open up the European market so you no longer need a license per country. The regulation will become more harmonized, meaning you can easily do cross-border business.”

Nuvelstijn also sees MiCA laying the foundation for cryptocurrency companies to offer more financial services, drawing comparisons to conventional financial regulations:

“It will be easier for crypto companies to offer financial services and for financial services to offer crypto services. I think you will see those kinds of business models being more commingled.”

A report from a Standard Chartered analyst in July 2023 suggests that growing institutional demand for Bitcoin could drive the price of BTC to around $120,000 by the end of the year, driven by increased mining profitability which will ease the need to sell mined coins.

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CEO

Microsoft gets non-voting seat on OpenAI board

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