BlockFills, a crypto trading platform, temporarily suspended customer withdrawals, while Goldman Sachs' top lawyer resigned after emails revealed close ties to Jeffrey Epstein, and Instagram's head revealed his substantial compensation, according to reports released this week. These events highlight the volatility in the cryptocurrency market, scrutiny of high-profile figures, and the ongoing impact of economic factors.
BlockFills announced on Wednesday that it would prohibit customers from depositing and withdrawing funds, citing the need to protect clients and the firm, according to Fortune. The Chicago-based company's decision comes amid a downturn in the digital assets industry. Bitcoin has fallen approximately 48% from its all-time high in October and is down roughly 29% in the past month, according to Binance. A spokesperson for BlockFills declined to provide further comment.
Meanwhile, Kathy Ruemmler, the top lawyer at Goldman Sachs and former White House counsel to President Barack Obama, resigned Thursday, as reported by NPR News and The Associated Press. Her departure followed the release of emails between her and Jeffrey Epstein, in which she described him as an "older brother" and downplayed his sex crimes.
In other financial news, Instagram head Adam Mosseri revealed his compensation during a social media addiction trial against Meta and YouTube, as reported by Fortune. Mosseri, who has led Instagram since 2016, stated that he is paid roughly $900,000 a year and receives annual performance-based bonuses that can be up to half his salary. He also earns stock-based pay, which he said has varied yearly but has been in the tens of millions of dollars.
The economic climate continues to influence various sectors. According to Fortune, Greenlight Capital founder David Einhorn predicts a shift in global reserve assets, with central banks potentially swapping dollars for gold. This prediction comes as gold prices surged past $5,300 per ounce last month, and U.S. deficit spending increased, potentially impacting the dollar's standing as the world's leading reserve currency.
Furthermore, NPR Politics reported that U.S. sanctions played a role in sparking protests in Iran, which were also fueled by economic hardship. The protests, while focused on human rights, corruption, and freedom, were initially triggered by economic difficulties, in part due to the sanctions.
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