Investors have withdrawn a record amount of digital coins from global cryptocurrency exchanges amid fears over the safety of their assets following the bankruptcy of major exchange FTX, data from analytics firm Crypto Compare shows. According to the report, 91,363 bitcoin was pulled out of centralized exchanges such as Binance, Kraken, and Coinbase in November. The tokens were worth roughly $1.5 billion based on last month’s average price of around $16,400.
“Bitcoin recorded the largest outflows from exchanges in its history... Since FTX, centralized exchanges have witnessed a string of outflows as market participants look to safeguard their funds,” Crypto Compare said. It is not clear from the report whether the funds are being sold or moved to private wallets. Data also showed that the outflow trend has continued in December, with 4,545 bitcoin withdrawn from centralized exchanges in the first seven days of the month, while the same period last year saw inflows of 3,846 bitcoin. The rush for the exits comes after FTX, a once major brokerage for trading crypto, filed for bankruptcy protection in mid-November. The company’s downfall left as many as 1 million FTX creditors with no access to their assets, dented investor confidence in cryptocurrencies and set off a chain reaction in the crypto market. In late November, another cryptocurrency lender, BlockFi, filed for bankruptcy. According to Bloomberg, over 130 FTX-affiliated entities have collapsed so far. Eric Robertsen, global head of research at Standard Chartered Bank, warned this week that the crypto market crisis will continue well into next year. “While the bitcoin sell-off decelerates, the damage has been done… More and more crypto firms and exchanges find themselves with insufficient liquidity, leading to further bankruptcies and a collapse in investor confidence in digital assets,” he told the Financial Times.
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Tens of thousands of supporters of Bangladesh’s main opposition party have gathered in Dhaka to protest against the government led by Prime Minister Sheikh Hasina and demand new elections. The protesters rallied on Saturday at the Golapbagh sports ground, where the crowd chanted “Sheikh Hasina is a vote thief” amid heightened tensions in the Bangladeshi capital. The rally comes days after security forces stormed the headquarters of the opposition Bangladesh Nationalist Party (BNP) on Tuesday. At least one person died and dozens of others were injured in the raid.
Anti-government protests have erupted across the country in recent months triggered by power cuts and fuel price hikes. The prime minister has rejected calls to stand down. A BNP official said that some 200,000 people had joined Saturday’s rally by mid-morning. Dhaka Metropolitan Police spokesman Faruq Ahmed rejected the claim and said the venue could not hold more than 30,000 people. “Our main demand is Sheikh Hasina resign and parliament is dissolved and let a neutral caretaker government step in to hold a free and fair election,” BNP spokesman Zahiruddin Swapan said. The protests have been peaceful, but SWAT teams, counterterrorism units and canine squads were on standby, Ahmed said. Police have also set up checkpoints on roads to the city and increased security there. BNP officials accused the government of triggering an unofficial transport strike to try to prevent people from joining the rally. The rally comes a day after two BNP leaders were arrested on allegations of inciting violence. More than 2,000 activists and supporters of the opposition party have been detained since November 30 to prevent them from attending the protest. Western governments, the United Nations and human rights organisations have raised concerns over the political climate and human rights violations in Bangladesh. Independent observers have reported that the past two general elections were rigged by Hasina’s government, forcing losses by the BNP. On Tuesday, 15 Western embassies issued a joint statement, calling for Bangladesh to allow free expression, peaceful assembly and fair elections. The UN made a similar declaration a day later. Amnesty International’s Yamini Mishra said this week’s violence showed that authorities “have very little regard for the sanctity of human life and sends a chilling message that those who dare to exercise their human rights will face dire consequences”. China and Saudi Arabia have discussed the creation of a free-trade zone between Beijing and the member states of the Gulf Co-operation Council (GCC), Al-Arabiya reported on Friday, citing Crown Prince Mohammed bin Salman.
“We have discussed the creation of a free-trade zone between China and the countries of the Persian Gulf,” the crown prince announced, speaking at a Chinese-Arab summit that kicked off in Riyadh. The Gulf states and Beijing are also planning to cooperate on solving “problems of food and energy security,” and “...exploring the possibility of cooperation with China in the field of supply chains,” bin Salman added. China's President Xi Jinping arrived in the Saudi capital on Wednesday, holding separate talks with Saudi King Salman bin Abdulaziz Al Saud and Egyptian President Abdel Fattah el-Sisi the following day. He is attending the Sino-Arab summit that will reportedly bring together 30 leaders of Arab nations and organizations. China and Saudi Arabia have signed 12 agreements and memorandums of understanding on co-operation in hydrogen energy, judiciary, language education, housing, direct investment, broadcast media, digital economy, economic development, standardization, news coverage, tax administration, and anti-corruption. In a large-scale raid, German police targeted dozens of individuals from the far-right Reichsbürger scene who were suspected of planning a coup. What kind of movement is this — and what threat does it pose to democracy?
A group of "Reichsbürger" allegedly spent months preparing for a "Day X," on which they wanted to overthrow the government. In a large-scale raid on Wednesday morning, several suspects were arrested, including ex-soldiers and a former member of the Bundestag. Since November 2021, they had been holding secret meetings and engaged in shooting exercises in preparation for a coup, according to the attorney general. In their plans, the suspects did not shy away from the use of military force or homicide. "The sheer number of arrests and searches has shocked me," sociologist Timo Reinfrank, executive director of the Amadeu Antonio Foundation. The foundation is one of Germany's leading NGOs working against right-wing extremism, racism, and antisemitism. "A real coup d'état can hardly succeed in Germany, as the state order and the constitution are too solid for that, but these people believe it is possible. That shows how caught up they are in their delusion." But attacks like the one on the Capitol in Washington, D.C., on January 6, 2021, would also be possible in Germany, Reinfrank fears. What does the movement believe? Reichsbürger reject the German legal system and the country's parliamentarism, and most of them propagate the re-establishment of the German empire founded in 1871. They also believe that the victorious Western Allies of World War II, who defeated Nazi Germany, still secretly rule the country. In recent years, the growing number of Reichsbürger has alarmed German security authorities. In its June 2022 report, the domestic intelligence service estimated that around 21,000 people belong to this scene — and their number is rising. The high potential for violence among the self-proclaimed Reichsbürger was described as particularly worrying: "Around 500 of these people still have at least one weapons permit," the intelligence report read. The Reichsbürger are not a homogeneous group, according to a 2018 study by the Amadeu Antonio Foundation. Instead, the term refers to a "large, very diverse milieu of ideologists" who vary in their propensity for violence and militancy, but all are united by the belief that the Federal Republic of Germany is not a sovereign state. They reject the constitution and all state institutions. Around 1,150 of the Reichsbürger — or just over 5% — were classified as right-wing extremists in 2021. But many others also use elements of right-wing extremist ideology or believe in antisemitic conspiracy myths. The idea that Germany's borders should be extended to include territories in Eastern Europe, which were occupied under Nazi rule that ended in 1945, is also found in its milieu. How dangerous are the Reichsbürger? In recent years, a number of serious crimes have been attributed to Reichsbürger. Several have stood trial for murder or attempted murder. The crimes registered by the domestic intelligence service rose sharply between 2020 and 2021. Reinfrank said that militancy is already rooted in the Reichsbürgers' ideology. "Because Reichsbürger do not recognize the constitution and the legitimacy of the security authorities, their ideology legitimizes them to act with violence." "These are not people who commit random attacks. They want to specifically attack the basic state order, like elected local politicians," Reinfrank explained. The past three years of protests against the COVID-19 restrictions led to radicalization and an increase in the number of supporters of Reichsbürger ideology. For example, at a demonstration by the group "Freie Geister" (free spirits), protesters held a banner that read: "Sovereignty. For the freedom of our country." "The scene has become radicalized. People are becoming more receptive to the core idea of the Reichsbürger, that Germany is not free and the elected government is not sovereign," Reinfrank said. A post on Presskit Facebook page announces that Julian Assange’s defence has filed an appeal against the UK to the European Court of Human Rights (ECHR) to prevent his extradition to the US, which was authorised in June by then British Home Secretary Priti Patel. An ECHR ruling could order the extradition to be blocked.
Assange, 51, is wanted by U.S. authorities on 18 counts, including one under a spying act, relating to WikiLeaks' release of vast troves of confidential U.S. military records and diplomatic cables which Washington said had put lives in danger. After a period of unprecedented protests, China is going to relax corona rules across the country. People with mild symptoms and people who have tested positive but have no symptoms can remain in quarantine at home from now on. Until now, entire neighbourhoods and factories have been completely cut off from the outside world due to massive lockdowns. People were also transferred to quarantine facilities, which were overcrowded and unhygienic.
According to China's National Health Service, most infections are asymptomatic or result in mild symptoms, meaning those infected don't need any special treatment. "They can go into isolation at home and if their situation worsens, they can be transferred to a hospital." Whether this means the end of the zero-covid strategy, the health service has not said. Since the start of the corona pandemic, China has regarded covid-19 as an extremely dangerous virus in the same category as cholera or the bubonic plague. That attitude changed last week when experts concluded that the omikron variant is considerably less dangerous than previous mutations. The deputy prime minister responsible for fighting the virus confirmed this. Frustration and grievances over China’s zero-COVID policy have led to large protests in more than a dozen cities, on a scale unseen since the Tiananmen Square demonstrations in 1989. These youth-led social protests involved open calls for a change not just in COVID-19 policies but in governance and politics as well. The big message from the scenes coming out of China: The suppression of policy debates in an increasingly centralised bureaucracy can ignite social unrest overnight despite intensified censorship and security enforcement. For the moment, the Chinese Community Party has responded by moving to ease some virus restrictions despite high daily case numbers, signalling softened positions in the face of mounting protests. But the key test for President Xi Jinping lies ahead: What has he really learned from the outpouring of anger on China’s streets, in its universities and at its factories?
After the student-led Tiananmen Square protests in 1989, which were triggered by the death of pro-reform leader Hu Yaobang, the ruling CCP drew lessons from the incident by adopting a collective leadership model that was more open towards policy debates in government and in society. The Chinese leaders who followed, including Jiang Zemin and Hu Jintao, moved away from strongman politics towards a power-sharing model at the top. More broadly, the CCP underwent a thorough shift — what was labelled “re-institutionalisation” — led by senior leaders like Zeng Qinghong (China’s vice president under Hu Jintao), Li Yuanchao (vice president during the early years of Xi’s rule), and political theorist Wang Huning. This move towards a semblance of inner-party democracy encouraged policy debates at various levels and pushed forward a decentralisation process that empowered local officials to promote economic development. Some observers described the process as an example of the CCP’s “authoritarian resilience”, in which a single leader could not dominate policy-making in all realms and had to share power with other colleagues in the Politburo and its Standing Committee — the party’s top bodies. The political game was transformed from the conventional winner-take-all model to a power-balancing model, in which all of the Politburo Standing Committee members were vested with almost equal political authority, resulting in more power-sharing and high-level checks and balances. The regime’s authoritarian feature was lessened by fragmented policy enforcement, relatively subdued censorship and abundant policy debates. Xi became a game changer in 2012, when he replaced Hu Jintao as CCP general secretary and started a “re-centralisation” process that consolidated his power as the core leader of the party. Facing a disgruntled society vexed by yawning income disparity and corruption, Xi borrowed from Mao Zedong’s tactical playbook and urged civil servants and military officers to reconnect with the common people — while tightening limits to discussions of ideas such as democracy and freedom of speech. With the ruling party’s tightening control of the media and the rectification of ideology, opinion leaders in China have appeared more cautious than before about voicing different views over public policies or human rights. This has brought the move towards more robust policy debates within the CCP under Jiang and Hu to a screeching halt. The result: increased risks from policy blunders, since there are fewer checks and balances in place. The collapse of the FTX exchange threatens to topple more cryptocurrency companies, BlackRock chief executive Larry Fink warned during the New York Times DealBook summit. BlackRock, the world’s biggest asset manager, is among the financial firms affected by the bankruptcy of the Bahamas-based crypto exchange. Fink’s company manages $10 trillion in assets on behalf of clients ranging from huge pension funds to high-net-worth individuals.
“I actually believe most of the companies are not going to be around,” the long-time sceptic of cryptocurrencies stated. Fink also disclosed that his company had invested roughly $24 million in FTX. “Could we have been misled?” he asked. “Until we have more facts, I will not speculate.” According to the businessman, there were “misbehaviours of major consequences” at FTX, but he still sees potential in the technology underlying crypto, despite all the problems. The collapse of the FTX exchange has set off a chain reaction, triggering a crisis of confidence in the cryptocurrency market. This week, leading cryptocurrency lender BlockFi, which was financially entangled with FTX, filed for bankruptcy. Embattled brokerage Genesis is currently trying to avoid the same fate. Major exchange Kraken said on Wednesday it would lay off 1,100 employees despite having “no material exposure” to FTX. According to Bloomberg, more than 130 FTX-affiliated entities have already gone bust. The Netherlands are through to the quarterfinals of the Qatar 2022 World Cup after stopping a potential comeback from the USA and beating them 3-1 in the last 16 at the Khalifa International Stadium on Saturday.
Memphis Depay put the Dutch up 1-0 after ten minutes, terminating an impressive 20-pass move when Denzel Dumfries cut the ball back to him near the edge of the area. Then, on the stroke of half time, Daley Blind scored in his 98th cap to double the lead as the Netherlands executed a slick move from a throw-in that again saw Dumfries provide for his teammates. The USA battled hard and looked to be set for a comeback when Haji Wright scored with a curious flick on 76 minutes. Six minutes later, however, Dumfries capped off a strong display with a volley from close range to make it 3-1. The USA, who were the youngest team at the tournament, kept on pushing for a second goal but to no avail. The match drew to a finish after six minutes of stoppage time, and the Netherlands now look ahead to a quarterfinal meeting against either Australia or Argentina next Friday evening. The Dutch suffered an early scare when Christian Pulisic beat the offside trip within three minutes but could not convert past Andries Noppert despite being clear on goal. Keeping the Chelsea midfielder quiet was one of the keys to victory for the Netherlands, and the USA clearly struggled without his influence. The Americans in fact enjoyed more shots on target (eight) than their opponents (six), but an over-dependence on Pulisic and the lack of a thoroughbred number ‘9’ showed as Wright took a touch too much and had a strong chance blocked off the line before his consolation goal. Weakness down the right flank was also costly, with Dumfries allowed free reign and able to put in a Player of the Match performance. German forward Thomas Muller has described his team’s exit from the FIFA World Cup in Qatar as an “absolute catastrophe,” after the four-time winners endured a second successive departure at the group stage of the tournament. Germany beat Costa Rica in a thrilling game at Al Bayt Stadium on Thursday night, but it wasn’t enough for Hansi Flick’s men to progress to the knockout stages as they finished third in the Group E standings, behind Spain on goal difference. Japan topped the group after their stunning comeback win against the Spaniards at Khalifa International Stadium, meaning they have overcome two European giants in Qatar following their shock opening game win over Germany. Germany suffered the ignominy of another early exit after enduring the same fate at the Russia 2018 World Cup. Since lifting the title in Brazil in 2014, Germany have won just two of their subsequent six World Cup games. They have also failed to keep a clean sheet in their last 12 matches at major tournaments.German forward Thomas Muller has described his team’s exit from the FIFA World Cup in Qatar as an “absolute catastrophe,” after the four-time winners endured a second successive departure at the group stage of the tournament.
Germany suffered the ignominy of another early exit after enduring the same fate at the Russia 2018 World Cup. Since lifting the title in Brazil in 2014, Germany have won just two of their subsequent six World Cup games. They have also failed to keep a clean sheet in their last 12 matches at major tournaments.Muller, a long-time feature of the German team and integral to their success in 2014, could not hide is frustration at the performance in Qatar.
“It’s an absolute catastrophe. It is unbelievably bitter for us because our result would have been enough [if Japan hadn’t beaten Spain]. It’s a feeling of powerlessness,” said Muller, as quoted by ESPN. The 33-year-old, who has won 121 caps for Die Mannschaft and scored 44 times, hinted that the game against Costa Rica could be his last for his country. “If that was my last game for Germany, it has been a tremendous pleasure, thank you very much,” said the versatile Bayern Munich forward. Germany’s exit came in controversial circumstances as Japan’s winning goal against Spain was allowed despite intense debate over whether the ball had gone out of play in the build-up. Aerial angles appeared to show that it had been kept in by Kaoru Mitoma by mere millimeters. Despite Spain’s unexpected defeat condemning his team to an early exit, Germany manager Flick did not look for excuses – not least after the Germans suffered their own defeat to Japan in their opening game in Qatar before drawing with Spain. “I don’t care about different teams, it’s all up to us,” Flick said. “If you look at the games and number of goals that were our fault, I am convinced that we gave away our chances against Spain and Japan. “I am not looking for excuses. We fulfilled our duty today, we got the win, but the scoreline could have been better.” Christine McVie, the longtime vocalist, keyboardist, and songwriter for Fleetwood Mac, has died at the age of 79. “She passed away peacefully at hospital this morning, Wednesday, November 30th 2022, following a short illness,” the musician’s family said in a statement. “She was in the company of her family. We kindly ask that you respect the family’s privacy at this extremely painful time, and we would like everyone to keep Christine in their hearts and remember the life of an incredible human being, and revered musician who was loved universally. RIP Christine McVie.”
Christine Anne Perfect was born on July 12, 1943 in the village of Bouth, Lancashire in England, the daughter of a concert violinist and a faith healer. She started learning music from a young age, studying classical music until she was 15 before turning to rock n’ roll. After moving to Birmingham to study sculpture, she joined a band called Sounds of Blue as a bassist. Two of her bandmates, Stan Webb and Andy Silvester, would go on to form Chicken Shack, which featured McVie on vocals and keyboards. The group released two albums, 40 Blue Fingers, Freshly Packed and Ready to Serve and O.K. Ken, and had a top 20 UK hit with a cover of Etta James’ ‘I’d Rather Go Blind’. McVie left Chicken Shack in 1969 after meeting Fleetwood Mac bassist John McVie, whom she married a year later, just after the release of her solo debut, Christine Perfect. (At the time, Fleetwood Mac and Chicken Shack were signed to the same label, Blue Horizon.) Having contributed to a handful of early Fleetwood Mac albums, she became an official member in 1970 following the departure of founding guitarist Peter Green. Soon after moving to the United States, Lindsey Buckingham and Stevie Nicks joined the band and found massive success with their 1975 self-titled album, which featured the McVie-penned hits ‘Over My Head’ and ‘Say You Love Me’. She also wrote numerous classics on its blockbuster follow-up, 1977’s Rumours, including ‘Songbird’ and ‘You Make Loving Fun’. The McVies would get divorced in 1978, but both remained in the band. McVie contributed to 1979’s Tusk and 1982’s Mirage before releasing her 1984 self-titled record, which included the top 10 hit ‘Get a Hold On Me’. She married keyboardist Eddy Quintela in 1986, and the pair co-wrote songs together for Fleetwood Mac’s next outing, 1987’s Tango In The Night, including the hits ‘Everywhere’ and ‘Little Lies’. Her last studio album with Fleetwood Mac’ was 1995’s Time, and she formally retired from the band following their induction into the Rock and Roll Hall of Fame in 1998. In 2004, she released her third and final solo album, In the Meantime. McVie officially rejoined Fleetwood Mac before the On With the Show Tour in 2014. Three years later, she released the collaborative album Lindsey Buckingham Christine McVie and toured in support of it. Earlier this year, McVie issued a compilation album titled Songbird (A Solo Collection). “There are no words to describe our sadness at the passing of Christine McVie,” Fleetwood Mac wrote in a statement. “She was truly one-of-a-kind, special and talented beyond measure. She was the best musician anyone could have in their band and the best friend anyone could have in their life. We were so lucky to have a life with her. Individually and together, we cherished Christine deeply and are thankful for the amazing memories we have. She will be so very missed.” Stevie Nicks has paid tribute to her bandmate in a handwritten note shared on social media, writing: “A few hours ago I was told that my best friend in the whole world since the first day of 1975, had passed away. I didn’t even know she was ill… until late Saturday night. I wanted to be in London; I wanted to get to London – but we were told to wait. So, since Saturday, one song has been swirling around in my head, over and over and over. I thought I might possibly get to sing it to her, and so, I’m singing it to her now.” Nicks then wrote out the lyrics to Haim’s 2019 song ‘Hallelujah’. “See you on the other side, my love,” she concluded. “Don’t forget me — Always, Stevie.” |
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