Crypto lender BlockFills temporarily suspended withdrawals for clients, while Instagram's head revealed a substantial compensation package, and a prominent hedge fund manager predicted a shift away from the U.S. dollar. These developments, along with the impact of U.S. sanctions on protests in Iran and a diverse array of other news, highlight the dynamic nature of current events.
BlockFills, a crypto trading platform based in Chicago, announced on Wednesday that it would temporarily prohibit customers from depositing and withdrawing funds, according to Fortune. The company cited the need to protect clients and the firm as the primary reason for the move, which comes amid a downturn in the cryptocurrency market. Bitcoin has fallen approximately 48% from its all-time high, currently trading around $66,000, and is down roughly 29% in the past month, according to Binance. A spokesperson for BlockFills declined to provide further comment.
In other financial news, Instagram's head, Adam Mosseri, revealed his compensation during a social media addiction trial against Meta and YouTube in Los Angeles. Mosseri, who has led Instagram since 2016, testified that he is paid roughly $900,000 annually, with performance-based bonuses potentially reaching half his salary, according to multiple outlets covering the trial. He also receives stock-based pay, which has varied yearly but has been in the tens of millions of dollars. "Some years, it's been over $20 million," Mosseri stated. The compensation details emerged during questioning by the plaintiff's lawyer, who is representing a 20-year-old who alleges she developed mental health issues due to social media addiction.
Meanwhile, some investors are predicting a shift in global reserve assets, with gold potentially replacing the U.S. dollar. Greenlight Capital founder David Einhorn, a prominent hedge fund manager, predicted that central banks would swap dollars for the yellow metal, according to CNBC. This forecast comes as gold prices surged past $5,300 per ounce last month, and U.S. deficit spending increased, potentially weakening the dollar's standing as the world's leading reserve currency, as reported by Fortune.
Additional headlines include the impact of U.S. sanctions on protests in Iran. The protests, which began due to economic hardship, were sparked in part by U.S. sanctions, according to NPR. The protests have been about human rights, corruption, and freedom.
Finally, a diverse range of other news stories have also emerged, including technological advancements like OpenAI's new coding tool, entertainment news such as Apple's acquisition of "Severance," and international developments concerning Iranian exiles and Kim Jong Un's daughter, as reported by NPR News.
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