FTX Bankruptcy, Student Debt Ruling, and Mispronounced Foods

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Good morning. It's Saturday, Nov. 12, and in this weekend edition, we're covering the collapse of one of the largest cryptocurrency exchanges, a court ruling halting new student loan forgiveness applications, and much more. First time reading? Sign up here.

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One Big Headline

FTX Bankruptcy

Cryptocurrency exchange FTX, once valued at $32B, filed for Chapter 11 bankruptcy yesterday as 30-year-old CEO and founder Sam Bankman-Fried, once a billionaire, resigned. The news caps off a tumultuous week for FTX, in which cryptocurrency trading giant Binance signed a letter of intent to acquire the rival amid a liquidity crisis, only to back out 24 hours later. See FTX's statement here and Bankman-Fried's statement here (via Twitter).

John J. Ray III has been appointed the new chief executive of FTX Group. Ray oversaw the liquidation of energy-trading company Enron Corp. after it filed for bankruptcy in late 2001. The FTX bankruptcy proceedings include FTX US, FTX’s cryptocurrency hedge fund Alameda Research, and about 130 other related companies. FTX and its affiliates estimate their assets and liabilities are each between $10B and $50B, making the company's collapse the largest crypto-related bankruptcy ever filed.

FTX was cofounded in 2019 by Bankman-Fried and Gary Wang. Read about its rise and fall here. See how a bankruptcy affects investors here.

Quick Hits

Ukraine enters Kherson as Russia completes withdrawal.

Ukrainian forces reclaimed the southern port city of Kherson, an access point to the Black Sea and the country’s only regional capital city held by Russian forces. Observers see the victory as a springboard for further Ukrainian advances into occupied territory.

Education Department suspends student debt relief applications.

The Biden administration has stopped accepting new student loan forgiveness applications after a federal judge in Texas blocked the debt relief program. The judge found the program breached Congress’ power to make laws. The Justice Department has appealed the decision.

Underwater 7.3-magnitude earthquake strikes off Tonga.

The earthquake, centered 132 miles east-southeast of Neiafu, Tonga, at a depth of 15 miles, prompted a temporary tsunami warning. Seismic activity is common around the Polynesian nation, a country of 100,000 people spread across 45 of 171 islands.

UK economy shrank 0.2% in the third quarter.

The contraction in Britain's gross domestic product from July to September was attributed to a decline in manufacturing output and an extra holiday to mark Queen Elizabeth II's death. The news comes after the Bank of England warned last week the UK may be headed for its longest recession.

Gallagher, comedian known for smashing watermelons, dies.

Leo Anthony Gallagher Jr. died at age 76 from organ failure while in hospice care in California. He suffered multiple heart attacks in recent years. The comedian rose to fame from his signature sketch, "Sledge-O-Matic," where he would smash food onstage and end with his main act, the watermelon.

Kevin Conroy, longtime voice of animated Batman, dies.

The voice actor died at age 66 from a battle with cancer, Warner Bros. announced Friday. Conroy voiced the acclaimed "Batman: The Animated Series" from 1992-96 and went on to voice the DC character in nearly 60 different productions.

In partnership with Beam

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Humankind

America's Top Young Scientist creates headphones to treat ear infections. (More)

Four-year-old girl celebrates the end of her chemotherapy treatment. (More)

Football player hands homecoming crown to a more deserving student. (More)

School children greet a man with Alzheimer's outside his home every day. (More)

Watch a little boy at an adoption hearing profess his love for his new mom. (More)

Baltimore Ravens' Lamar Jackson makes a young fan's day. (More)

From our partners: The INKEY List is having their biggest sale of the year—25% off sitewide. Take your skincare routine to the next level with this Allure Best of Beauty skincare brand’s bestsellers. Their top 5 award-winning products will keep your skin healthy, hydrated, and glowing. Shop the bestsellers bundle for 25% off while it lasts!

Humankind(ness)

Today, we're sharing a story from reader Joanne M. in Ferguson, Missouri.

"Some years ago, I had a difficult surgery that left me with a permanent limp. As a result, I use a walking stick to help my posture. So often, as I am approaching a doorway, I am delighted by the kindness of strangers (of all ages) who rush to open the door for me. It's a simple thing, but each time it happens, I am filled with gratitude and it brightens my day. It's also an opportunity for two complete strangers to smile at each other and exchange a few words."

What act(s) of kindness did you experience this week? Tell us here.

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Historybook: American suffragist and civil rights activist Elizabeth Cady Stanton born (1815); Josef Stalin gains undisputed control of the Soviet Union (1927); Actress and Princess of Monaco Grace Kelly born (1929); Actress Anne Hathaway born (1982); Comic book writer Stan Lee dies (2018).

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FTX Bankruptcy, Student Debt Ruling, and Mispronounced Foods

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