The Chicago Journal

Simone Hufana and Color HerStory are making history

Simone HufanaShame among people of color in the United States is caused by a number of causes, including cultural norms, societal expectations, and media portrayal.

A long history of Eurocentric beauty standards in the United States has produced a desire for attributes such as lighter complexion, straight hair, and smaller facial features, while marginalizing persons who do not suit these norms.

Individuals of color who violate these norms may experience humiliation, low self-esteem, and profound mental health consequences, which are further exacerbated by discrimination and racial prejudice.

However, a new movement is challenging and weakening traditional beauty ideals while simultaneously celebrating variety.

Color HerStory

Simone Hufana is only one of millions of American women who have encountered such challenges in their lives.

Rather than being disheartened by the criticism, Hufana used it to kickstart her entrepreneurial career, culminating in the establishment of Color HerStory.

Color HerStory is a coloring book brand that features inspirational images of women who have achieved incredible things throughout history.

The brand’s purpose is to motivate and educate children and adults about the achievements of women from all walks of life.

Marie Curie, Frida Kahlo, and Malala Yousafzai are among the famous women included in the coloring books.

The firm wants to promote diversity, inclusivity, and gender equality through its goods.

“Each page will have an inspiring woman on it with a small box to the side describing who they are,” the website reads.

“The coloring book provides not only representation for young girls and women, but empowerment.”

The founder

Simone Hufana grew up in a mixed family of Mexican and Filipino origin.

She was born and reared in the East Bay of California, where she witnessed injustice firsthand.

Her surroundings inspired her from a young age, and she grew up motivated to make societal reforms a reality.

Read also: Melissa Bailey’s Mission to Educate and Empower Women in Real Estate and Homeownership


Simone Hufana, like many other young entrepreneurs today, decided to start her own business when she was still in high school.

Because she was a part of her school’s business and finance academy, she already had the required building blocks for her ideas.

“One day after school while babysitting my 3-year-old sister at the time, I was watching her color in a coloring book while I was journaling on the couch,” said Hufana.

“I began to brainstorm a coloring book idea but was trying to figure out how I could make mine unique and different from everything else I had seen.”

Simone Hufana made the decision to create a book that would inform and encourage women.

“Growing up in the society that we do, I was ashamed of my features that came with me as a young brown girl,” the Color HerStory website wrote.

“I wanted fair skin like my classmates and Barbie dolls.”

“Until I grew older, I started taking pride in my different identities because I took the initiative to educate myself about my cultures and the women that look like me and are doing revolutionary things.”

“I got very inspired by what these women were doing and wanted to do what they were doing one day, changing the world,” Hufana continued.

“I realized that I was capable of doing so and ended up with this business idea becoming a reality.”

Pushing the idea into reality

Simone Hufana then proposed the concept to close friends and family, increasing the level of precision gradually until she had a book proposal.

“It’s funny because I actually sat on the idea for an entire year because I lacked a lot of confidence in the idea and thought people would see it as silly and stupid,” Hufana admitted.

A year later, Color HerStory was released to the public.

Simone Hufana competed in the Marshawn Lynch and Shopify Beastmode Business Competition Challenge.

She won the competition and was given mentors and resources to help her get started with her own business.

“I’ve been nurturing it ever since,” said Hufana. “And it has grown with me through my young womanhood.”

“I am going to change the world, and this is just the beginning.”

A hopeful outlook

Simone Hufana wants to stay on her present route for as long as she can, dedicating her life to her business and cause.

Color HerStory’s creator and developer emphasized the idea of outsourcing production and developing a team to aid in the preservation of livelihoods.

“I want to continue doing speaking engagements as well as event organizing, with a focus on BIWOC liberation and education,” Simone Hufana added.

Tesla slashes prices in the US and the UK

Tesla: The financial downturn has had an influence on every element of business and has caused companies to take complicated decisions.

While the majority of businesses have been using layoffs to reduce expenses, Tesla is adopting a different strategy.

Instead, the maker of electric vehicles is lowering costs in the US and Europe.

The news

Tesla is a business that creates and produces solar goods, energy storage devices, and electric vehicles (EVs).

Elon Musk founded the company in 2003 with the goal of accelerating the switch to renewable energy globally.

Its EVs are highly renowned for their powerful, long-range, and eye-catching designs.

The Model S, Model 3, Model X, and Model Y are some of the most well-known Tesla vehicles.

Tesla not only makes commercial cars but also provides electric powertrain systems and parts to other automakers.

On the company’s website on Thursday, a discount was touted.


Teslas have been doing well on the market.

The company’s earnings have been steadily rising, with notably strong growth in recent years.

Global Tesla vehicle deliveries surpassed 5 million in 2020.

Since 2018, the Model 3 has been the most popular electric vehicle in every country.

It is Tesla’s most inexpensive vehicle.

Additionally, Tesla has seen exceptional sales in China and Europe.

The company also hopes to increase manufacturing and sales in new regions in the near future.

Overall, Tesla’s sales performance has been strong, solidifying its position as a dominant player in the electric vehicle industry.

However, dropping US costs may make it easier for the business to obtain more federal EV tax credits and boost both local and global sales.

The Model 3 and Model Y are presently discounted in the following European countries:

  • Austria
  • France
  • Germany
  • The Netherlands
  • Norway
  • Switzerland
  • The UK

Read also: Tesla and Apple face major China headwinds

The models

Depending on the vehicle’s configuration, Tesla in Germany reportedly reduced the price of the Model 3 and Model Y by anywhere between 1% to over 17%.

In terms of popularity in Germany in December 2022, the Model Y trailed the Model 3.

In Germany, Volkswagen and its well-known EV, the ID.4, were overthrown by the American EV behemoth.

Volkswagen’s entry-level electric vehicle, the ID.3, is comparable to the Model 3 (at its reduced price).

According to TroyTeslike, an independent EV industry analyst, the cost of a brand-new Tesla Model 3 has decreased by 6% to 14% in the US.

Depending on the configuration, the price of Model Y decreased by roughly 19%.

The Model Y is a sport utility vehicle or crossover, while the Model 3 is Tesla’s entry-level sedan.

The more premium Model S sedan and the Model X SUV with falcon wings are now more affordable in the US.

Tax credits

Electric cars may be eligible for tax incentives in the US depending on its form factor, category, efficiency, mileage range, and manufacturer’s suggested retail price.

In order to give manufacturers the chance to qualify for a $7,500 clean car tax credit, the US government postponed until March the introduction of new regulations governing the acquisition of raw materials and battery components.

As a result, EV manufacturers can continue to purchase essential parts and supplies from global suppliers and also be eligible for EV subsidies.

The final automobile assembly of EVs is exempt from requirement under the existing interim legislation for individuals who are eligible for government incentives.


Due to the current reductions, EV manufacturers will benefit from tax benefits both now and down the road.

This could annoy consumers who committed to paying more money to get new Tesla cars before the end of 2022.

After promising to accept deliveries at higher prices until the end of 2022, Tesla upset many Chinese customers by lowering the pricing of the Model 3 and Model Y.

According to Reuters, some consumers apparently protested and sought refunds.

However, Tesla is still standing.

Last month, the business offered a $7,500 discount on the Model 3 and Model Y to entice consumers to take delivery of their vehicles just before the end of the fourth quarter.

The manufacturers would also offer free Supercharging for 10,000 miles if US customers accepted.


Even with the discounts, the company reported that 439,701 vehicles were made and 405,278 vehicles were delivered in the fourth quarter.

The corporation anticipated a 50% increase in annual car deliveries; but, in the fourth quarter, both analyst forecasts and the annual goals were missed.

In Fremont, California, Tesla is now running its first assembly facility in the US.

Additionally, it has a brand-new facility in Gruenheide, Germany, a manufacturing facility abroad in Shanghai, and a brand-new factory in Austin, Texas.


Tesla cuts prices in the US and Europe to stoke sales after lackluster year-end deliveries

Paul Rusesabagina makes his way back to the US after release

Paul RusesabaginaLast Week, Rwandan human rights activist Paul Rusesabagina was freed from a Kigali jail.

He returned to the United States on Wednesday.

According to a State Department official, the man who inspired the Don Cheadle-led movie Hotel Rwanda had landed at the United States Army’s Brooke Army Medical Center at Joint Base San Antonio.

The return

On Wednesday, an official published a statement proclaiming Paul Rusesabagina’s safe return.

“The US government is focused on ensuring that Mr. Rusesabagina and his family’s well-being are prioritized, and that all assistance available is offered in an appropriate and timely manner,” the official said.

In order to preserve the family’s privacy, the official also declined to offer any details.

Carine Kanima, Rusesabagina’s daughter, also confirmed her father’s return online.

“PAUL RUSESABAGINA IS FREE,” she tweeted, sharing a photo of her father smiling in an airplane.

“Dad has just arrived in San Antonio, Texas.”

“Thank you to EVERYONE who worked soooo hard to bring home,” she added.

“Our Family is finally reunited today.”

Rusesabagina and his release

This Monday, Paul Rusesabagina was released from a Rwandan prison when President Paul Kagame commuted his sentence.

On Friday, senior US officials told reporters that he had been transported to Kigali and was living at the home of the Qatari diplomat.

“He will be spending a limited period of time hosted by the Qataris, likely a couple of days,” said one official.

They stated he will fly to Doha before returning to the United States.

According to a US congressional staffer acquainted with Rusesabagina’s case, he will participate in the Pentagon’s PISA program (Post-Isolation Support Activities).

Some recently freed US illegal detainees have taken part in the program, which has a maximum duration of 19 days.

The program is designed to help persons reintegrate into society.

Paul Rusesabagina was released after writing to President Kagame and asking for a pardon in October 2022.

Read also: Utah approves a bill for social media control for kids

“If I am granted a pardon and released, I understand fully that I will spend the remainder of my days in the United States in quiet reflection,” he wrote.

“I can assure you through this letter that I hold no personal or political ambitions otherwise.”

“I will leave questions regarding Rwandan politics behind me.”

Rusesabagina is a dual Rwandan and Belgian citizen who was set to be released together with 19 other people convicted with him.

Upon the news of his release, US Secretary of State Antony Blinken released the following statement:

“It is a relief to know that Paul is rejoining his family, and the US Government is grateful to the Rwandan Government for making this reunion possible.”

“We also thank the Government of Qatar for their valuable assistance that will enable Paul’s return to the United States.”

The arrest and sentence

Paul Rusesabagina was detained by Rwandan authorities in 2020 while traveling abroad.

According to his family, the arrest was the consequence of an abduction.

Rusesabagina was convicted of terrorism-related charges in September 2021 and sentenced to 25 years in jail.

During his trial, he was accused of belonging to the terrorist organization MRCD-FLN, which was responsible for two deadly attacks in 2018.

According to the Clooney Foundation for Justice, the decision was a “kangaroo court.”

The conviction, according to the group, lacked the basic fairness assurances required by African and international norms.

A senior US official earlier indicated that no concession to the US government will result in the release of Paul Rusesabagina.

Instead, a strategy was developed in partnership with Rusesabagina, the Rwandan government, and the US administration.

It took months to come to an arrangement that was acceptable to all sides.

Core Scientific reported to file for Chapter 11 bankruptcy

Core Scientific: Core Scientific is one of the most recognizable publicly traded crypto mining enterprises with an American base.

The Texas-based business reportedly intends to declare bankruptcy on Wednesday morning.

After a year of rising energy prices and plummeting bitcoin prices, the company decided to declare bankruptcy.

The company

One company that has mined Bitcoin and other proof-of-work currencies the most is Core Scientific.

The business employs a method to provide electricity to data centers nationwide.

There are incredibly specialized machines inside that verify transactions and produce new tokens.

The process requires the following:

  • Expensive equipment
  • Technical know-how
  • Plenty of electricity

Market cap

The market value of Core Scientific was $78 million at the close of trading on Tuesday.

Core Scientific valued the business at $4.3 billion when it went public in July 2021, utilizing a special-purpose acquisition vehicle.

But the company is currently valued at less than that amount (SPAC).

Over the previous year, the stock dropped by more than 98%.

Although the business has a healthy cash flow, it is insufficient to pay off the debt associated with its leasing equipment.

While Core Scientific continues to operate, as usual, the senior security noteholders, who are in charge of the majority of the company’s debt, will come to an agreement.

The person who gave the majority of the material did so under the condition of anonymity to speak about sensitive business matters.


At the end of October, the company issued a bankruptcy warning.

The stock price of Core Scientific decreased by 97% as a result.

The corporation likewise warned regular stockholders that their investments could be lost.

But if the sector rebounds, this might not be the case.

It is created so that common equity owners won’t lose everything if conditions surrounding bitcoin improve beyond the terms of the convertible note contract with Core’s holders.

The fact that Core Scientific missed the loan payments that were due in late October and early November was also brought up.

Additionally, the business said creditors are welcome to sue them for nonpayment.

Read also: Sam Bankman-Fried found to donate to lawmakers probing FTX collapse

Token drops

The token’s value at Core Scientific dropped from a record high of $69,000 in November 2021 to roughly $16,800.

The margins are under pressure from declining value, increased mining competition, and rising energy costs.


Although it has activities in North Dakota, North Carolina, Georgia, and Kentucky, the corporation is headquartered in Austin, Texas.

The protracted decline in the price of Bitcoin and the rise in electricity prices, which were also mentioned in the October filing, had a negative impact on operating performance and liquidity.

According to Core Scientific, the hash rate on the Bitcoin network has increased.


The crypto loan marketplace Celsius filed for bankruptcy in July.

According to the corporation, it has $167 million in cash on hand to pay down debt and continue its operations.

Before declaring bankruptcy, Celsius gained notoriety for freezing client accounts.

One of Core Scientific’s clients was the crypto-lending sector.

The pressure Celsius’s bankruptcy proceedings put on Core’s balance sheets illustrates how the cryptocurrency market was affected in 2022.

Read also: Elon Musk highlights macroeconomic factors for Tesla shares decline

Other companies

Core Scientific is one of the most prominent hosts and providers of blockchain infrastructure in North America.

It also mines a massive quantity of digital assets.

Core is only one of many failing enterprises, despite its importance.

In September, Compute North, a company that offers hosting and infrastructure for bitcoin mining, filed for Chapter 11 bankruptcy.

Another miner, Marathon Digital Holdings, disclosed an exposure to Compute North of $80 million.

In the meantime, Greenidge Generation, a vertically integrated cryptocurrency miner, disclosed second-quarter net losses of more than $100 million in August.

Finally, the business decided to give up on its Texas expansion plans.

Additionally, after the company disclosed plans to raise $27 million with a strategic partner on October 31, shares of Argo fell 60%.

However, that was no longer taking place.


Bitcoin miner Core Scientific is filing for Chapter 11 bankruptcy – but plans to keep mining

Embattled crypto lender Celsius files for bankruptcy protection

Bitcoin miner Core Scientific issues bankruptcy warning and the stock is down 97% for the year

Prices of 2022: the highs and lows

Prices: The United States experienced its highest level of inflation last year.

The Federal Reserve has been battling inflation throughout 2022 and has used all available options, including hiking interest rates.

Price hikes

Recent data on inflation from the Bureau of Labor Statistics show a decline in price rises to 7.1%.

Retail prices increased 7.6% (inflation unadjusted) between November 1 and December 24, making it impossible for customers to purchase gifts without going over budget.

The information was provided by the Mastercard Spending Pulse, which looks at retail purchases beyond auto sales.

The cost of holiday meals skyrocketed throughout 2022 as food prices increased faster than inflation.

Some products had remarkable double-digit growth, but others experienced no change or a drop.


As soon as the demand for expensive electronics fell, retailers noticed a change in consumer behavior.

Prices for major electronics decreased throughout the year that ended in November.

  • Smartphones plunged 23.4%
  • TV prices dropped 17%
  • Computers rolled back prices by 4.4%
  • Major appliances fell by 1%

Several businesses, like Best Buy and Walmart, stocked up at the beginning of 2022 in preparation for supply chain problems and anticipated rises in consumer demand.

Their plans, however, were derailed by mounting prices and declining client confidence.

In addition, during the early stages of the epidemic, when people were confined, they made significant purchases or upgrades.

Read also: Real estate market hopes for consistency this year

Apparel & toys

Although slowly, apparel prices rose last year.

  • Clothing prices rose by 3.6%
  • Footwear increased by 2.3%
  • Sporting goods climbed 2.7%
  • Toys had a meager 0.6% increase

The items were a bargain despite the slight price increase because inflation surpassed it.

In December, Walmart CEO Doug McMillon made the following remarks:

“In toys, sporting goods, categories like that, prices have come down more aggressively.”

“We’re still inflated, but we’re not inflated nearly as much as we are in the other categories.”

However, because retailers overestimated client demand, there was a stockpile of extra goods.

Stores made offers to move inventory, enticing customers to make purchases.

Retailers were able to control prices as a result.

Plane tickets

The 2020 pandemic prompted air travel demand to decline, dropping to an all-time low.

However, it was revived last year.

However, the cost of travel increased by 36% yearly.

Glen Hauenstein, the president of Delta, described the increase as “unprecedented” in March.

“I have never seen… demand turn on so quickly as it has over Omicron,” said Hauenstein.

Airlines made a record amount of money in April, May, and June due to high airfares and congested flights.

Two years after the pandemic-induced lockdowns, they made a full-force comeback owing to travelers.

Gas prices

The cost of land travel increased.

The price of gasoline increased by 10.1%; however, it has since fallen from its record highs.

Gas price volatility was caused by the Russian invasion of Ukraine and geopolitical plans that depended on the availability of oil.

GasBuddy predicts the chances of the national average returning to the $4 per gallon price level could occur as early as May.

The fuel price tracking app GasBuddy does not anticipate another year of extreme volatility.

Read also: Minimum wage to go from $7 to $15 this year

Food prices

Food prices increased by 10.6% in 2022, which is more than overall inflation.

Numerous factors contributed to price increases for particular supermarket items through November 2022.

Egg prices rose by 49.1% as a result of the terrible avian influenza, a lack of supplies, and excessive demand.

Margarine prices increased by 47.4% due to the Russian invasion of Ukraine.

In addition, butter prices increased by 27% as the world’s milk supply plummeted.

Flour is an additional casualty of the Ukrainian situation.

The price of flour increased by 24.9% as a result of the disruption of the global grain market and high US transportation expenses.

In California, lettuce prices jumped by 19.8% as a result of crop disease.

Food prices increased by 12% over that period.

As the cost of eating out increased in 2022, many customers chose to accept higher prices as an alternative.

The price of dining out increased by 8.5% last year as restaurants raised menu prices to offset their rising material expenses.


What got really expensive this year, and what got cheaper

Shooting incident in California: confrontation leads to suicide

Shooting: The state of California maintains tight gun regulations, including a 10-day waiting period and a prohibition on assault weapons.

Unexpectedly, there is a significant amount of gun violence, particularly in urban areas.

Additionally, California introduced red flag laws and strengthened background checks.

Despite these efforts, the state’s argument over gun violence continues.

A shooting suspect recently fired at a dance club over the weekend.

Ten individuals were killed and another 10 were wounded as a result of the suspect’s actions.

A new police report claims that the shooter committed suicide.

The shooting

In Monterey Park on Saturday night, not far from the Lunar New Year party, there was a mass shooting.

It was anticipated for the Garvey Avenue assembly to last until 9:00 pm.

More than 65% of the people of Monterey Park are Asian, according to the US Census Bureau.

It is still too early to say for sure if the massacre was prompted by hatred.

It is also one of the most prominent among the largest Asian American and Pacific Islander populations in the US, according to the mayor of the nearby city of Alhambra.

The victims

Police said that at the ballroom dance club, five males and five women were slain.

Ten people were hurt, and seven more were receiving medical attention for their wounds at nearby hospitals.

Their situations, according to the officials, varied from stable to critical.

Despite the lack of identification, Luna assumes that the victims were in their fifties or older.

The aftermath

Police arrived at the Monterey Park dance studio on Saturday night three minutes after the initial call.

Police Chief Scott Wiesse said that as some people attempted to flee and others lay injured on the ground, officials witnessed a sight of utter mayhem.

A man armed with a gun entered the Lai Lai Ballroom in Alhambra twenty to thirty minutes later.

Someone noticed he was carrying a weapon and wrestled it from him before he left the area in a white van.

Read also: Social media faces more regulations in 2023

The manhunt

According to accounts, the perpetrator may have sought medical help before being apprehended.

Authorities said that a male who seemed to be the suspect visited the emergency room of a neighboring hospital.

He visited the ER due to wounds that corresponded to the description.

After waiting at the hospital, the suspect ultimately departed without obtaining any assistance.

Police in Torrance subsequently stopped a white cargo van.

After turning his weapon on himself during a standoff, the suspect was fatally shot.


Huu Can Tran, 72, was identified as the ruthless gunman.

Tran shot himself during a standoff with the police, LA County Sheriff Robert Luna claimed during a press conference that evening.

According to the sheriff, Tran committed the crime on his own, and the motivation for the shooting is a top priority for the investigators.

The shooter

According to his ex-wife and former acquaintance, Huu Can Tran used to frequently visit the studio.

The former spouse, who desired to remain anonymous, said that they met there 20 years ago when he gave informal lessons.

She said that although never resorted to physical force, he had a short fuse and would get irritated if she missed a step.

Although it’s unclear if he recently went to the studio, a friend remembered him being there frequently in the late 2000s and early 2010s.

According to his acquaintance, Tran frequently discussed the issue of the instructors’ disdain towards him.

The acquaintance also claimed Tran was hostile to everyone in the facility.

He sold his house in 2013, and they stopped talking after that.

The news struck the friend as shocking.

“I know lots of people, and if they go to Star Studio, they frequent there,” he said.

The friend is concerned because he could be acquainted with some of the shooting victims.

Mass shooting in data

The Monterey Park tragedy is the 33rd deadly shooting in the US this month, as reported by the Gun Violence Archive.

“California has some of the strictest gun laws in the country, but yet look what we just had today,” said Sheriff Robert Luna on Sunday.

“I can tell you this, the status quo is not working. So we need to reexamine what we’re doing and what may work better.”

“And I hope that this tragedy doesn’t just go on a long list of many others that we don’t even talk about until the next one comes up.”

Caroline Ellison and SBF responsible for FTX collapse

Caroline Ellison: The former CEO of FTX’s sister company, Alameda, testified before a judge that she and Sam Bankman-Fried misrepresented lenders about their financial information.

Ellison agreed with the former FTX CEO that Alameda’s lenders were provided “materially misleading financial statements.”

The news

After Caroline Ellison’s trial testimony was given on December 19, SBF was not released on a $250 million bond until three days later, at which point the transcript of her testimony was released publicly.

Judge Ronnie Abrams of the US District Court listened as the former Alameda CEO said, “I am truly sorry for what I did – I knew that it was wrong.”

“Did you also know that it was illegal?” the court asked her to clarify.

“Yes,” Ellison answered.

Federal charges

Last week, Caroline Ellison and Gary Wang, the other co-founder of FTX, pleaded guilty to federal charges for their involvement in the frauds that caused the company’s collapse.

The two had been charged, according to attorneys for the Southern District of New York on Wednesday.

The Securities and Exchange Commission alleges that they were charged with participating in a scheme to defraud equity investors.

The Commodities Futures Trading Commission (CFTC) stated that a revision had been made to its fraud complaint.

Ellison and Wang, according to US Attorney Damian Williams, accepted guilty pleas.

Williams also thanked the assistance of the Bahamas, the US Embassy there, and the Justice Department’s Office of International Affairs.

The Southern District of New York is cooperating with Gary Wang and Caroline Ellison.

They didn’t disclose their plea deals until Sam Bankman-Fried was on his way from the Bahamas to the US.

Read also: Sam Bankman-Fried to receive bail for $250 million

The financial statements

The misleading financial statements, according to Caroline Ellison, were derived from “quarterly balance sheets that concealed the extent of Alameda’s borrowing and the billions of dollars in loans that Alameda had made.”

“I agreed with Mr. Bankman-Fried and others not to publicly disclose the true nature of the relationship between Alameda and FTX, including Alameda’s credit arrangement,” said Ellison.

The following people reported about the transcript after reading it:

  • New York Times
  • Reuters
  • Bloomberg

Matthew Russell Lee of Inner City Press tweeted a portion of the transcript.

Early reports

The employees of FTX and Alameda were either aware of or oblivious of what was happening between the two companies, according to reports that surfaced last week.

Before Ellison and Wang submitted guilty to their charges, the ambiguity was the subject of much speculation.

However, Caroline Ellison’s remarks confirmed rumors that FTX had treated Alameda uniquely.

Alameda was given permission to take money out of its sister company.

Ellison said:

“I understood that FTX executives had implemented special settings on Alameda’s account that permitted Alameda to maintain negative balances in various fiat currencies and crypto currencies.”

“In practical terms, this arrangement permitted Alameda access to an unlimited line of credit without being required to post collateral, without having to pay interest on negative balances and without being subject to margin calls or’s liquidation protocols.”

The company’s huge debt and what it entailed were both recognized to the former Alameda CEO and others, she said.

“I understood that if Alameda’s FTX accounts had significantly negative balances in a particular currency,” she continued.

“It meant that Alameda was borrowing funds that FTX’s customers deposited onto the exchange.”

Read also: TikTok receives ban on government devices


Sam Bankman-Fried and other executives, according to Caroline Ellison, allegedly took loans from Alameda while participating in a number of “large illiquid venture investments.”

She said that she and others had agreed to borrow from FTX in the billions of dollars in order to pay back the loans.

“I understood that FTX would need to use customer funds to finance its loans to Alameda,” Ellison shared.

“Most FTX customers did not expect that FTX would lend out their digital asset holdings and fiat currency deposits to Alameda in this fashion.”

Caroline Ellison also spoke to the FTX collapse victims, saying:

“I want to apologize for my actions to the affected customers of FTX, lenders to Alameda, and investors in FTX.”

“Since FTX and Alameda collapsed in November 2022, I have worked hard to assist with the recovery of assets for the benefit of customers and to cooperate with the government’s investigation.”

“I am here today to accept my responsibility for my actions by pleading guilty.”


Caroline Ellison ‘knew that it was wrong,’ implicates Sam Bankman-Fried

Caroline Ellison, Gary Wang plead guilty, cooperating in FTX investigation

SEC says Ellison, Wang ‘knew or were reckless in not knowing’ about FTX fraud

Drug shortages persist across the US as pharmacy shelves remain empty

Customers are searching pharmacies around the United States as demand surges due to drug shortages.

Due to the shortage of popular prescription drugs like Adderall and amoxicillin, pharmacies are compelled to restrict the number of pills they sell.

Another justification for travel by parents of unwell kids is the quest for over-the-counter medications.


Drug shortages, according to experts, are not uncommon.

They assert that although it usually happens more quietly, it occurs regularly in the US.

David Margraf, a pharmaceutical research scientist from the Resilient Drug Supply Project at the University of Minnesota’s Center for Infectious Disease Research and Policy, said:

“Shortages hit a lot of different patient populations with different drugs and whatnot, but many of those don’t get a lot of headline news because they’re very niche.”

The reason for the empty shelves can vary based on the place and the drug at any given time because every shortage has its own unique causes.

“They’re all a different tale,” said Margraf.

“There’s commonalities between them, but each one is a little bit different, and it’s very tedious trying to figure out what’s going on sometimes.”


Drug shortages are frequently problematic since there aren’t enough economic incentives to develop them.

However, availability may also be impacted by a scarcity of ingredients, labor issues, or production delays.

Despite being a global leader in developing novel therapies, the US nevertheless depends on other countries for the production of its medications.

Bindiya Vakil claims that imports from China and India account for a large portion of the raw ingredients required to make new drugs.

Vakil is the CEO of Resilinc, a company that tracks supply chains and maps them to notify clients as soon as danger arises.

Disruptions in China or India could have a cascading effect on goods supplies (such as a work stoppage at a Chinese firm because of its recently relaxed zero Covid policy).

Despite normal product levels, the current cold and flu season in the US may make it difficult for families to find what they need due to high demand.

Read also: Flavored tobacco banned in California, stores required to add warning signs


Several groups around the nation are tracking drug shortages.

The nonprofit American Society of Health-Systems Pharmacists represents hospital pharmacists.

It keeps track of claims of drug shortages in the US and verifies the information by getting in touch with manufacturers.

Nonprofit organizations define drug shortages as issues with the supply that affect how a pharmacy prepares or dispenses pharmaceuticals or that have an impact on patient care if doctors are obliged to use alternatives.

Data from the American Society of Health-Systems Pharmacists show that as of late September, there were 260 active drug shortages, down from the 264 shortages reported in the second quarter of 2022.

Two hundred eighty-two active shortages were present in the second quarter of 2019, which was close to the record high.

The FDA keeps an eye on drug shortages and receives information directly from manufacturers.

However, it defines shortages differently.

Pharmaceuticals are said to be in short supply when all commercially available goods are insufficient to meet the current demand.

Additionally, shortages occur when a legitimate alternative producer cannot meet present or future demand, keeping patients in the dark.

According to the FDA, there are currently fewer drugs in limited supply than there were in 2011 when there were 251.

They kept an eye on 41 drug shortages in 2021.

Three hundred seventeen shortages were averted that year.

To address the “persistent problem” of medicine shortages, the FDA formed a task force in 2019.

It could be challenging to resolve when they occur because some situations last for years.

For instance, the demand for Adderall surged considerably between 2020 and 2021.

Leading manufacturer Teva attributed the delays to a lack of laborers.

But the problem has since been resolved.

Because Adderall is a controlled substance, it is governed by tight government laws.

The Drug Enforcement Administration imposes manufacturing limitations to prevent patient misuse.

According to David Margraf, Adderall shortages are anticipated to last until 2023.


Typically, generic medications that run out are affordable injections.

They have strict production requirements, which makes them expensive to produce.

Additionally, because of their lower profit margins, firms find it less viable to produce them.

Some generics, like antibiotics, are vulnerable to shortages, though.

Researchers claim that the problem recently affected a few amoxicillin formulations.

Companies generally produce generic pharmaceuticals on demand rather than keeping stock on warehouse shelves.

Several manufacturers claim that the 2022 orders did not cover the increased demand.

Even when companies become aware of scarcity, manufacturing and shipping different products takes weeks or months.

Senior Director Vimala Raghavendran works for the US Pharmacopeia (USP), a nonprofit group that sets high standards for the following:

  • Dietary supplements
  • Food 
  • Medications

“Really, it comes down to economics,” offered Raghavendran.

USP has tracked pharmaceutical supply chains for the past three years using its Medicine Supply Map to identify and stave off potential shortages.

“Antibiotics are 42% more likely to be in shortage compared to other classes of drugs,” said Raghavendran.

“They have lower price points, so there’s less incentive for manufacturers to invest in excess capacity.”

“And then you throw in an unexpected shock, like a demand increase because of the surge in RSV and the flu and Covid, and the supply chain is not able to absorb that shock.”

Read also: Mental health becomes concern following studies

Staying ahead

There are systems and backup plans in place to avoid drug shortages.

If there is an interruption in the supply or production of medicine, manufacturers are required to inform the FDA.

It frequently makes it possible for the business to avoid problems.

However, companies are not currently required to alert the FDA to increased demand.

“But that’s something we’re really encouraging companies to do,” said an official.

“Let us know if there’s a spike in demand so that we can work with them early on, just as they can with supply disruptions.”

Drug shortages are a primary priority for the Biden administration, according to the White House.

The government highlighted the executive order on America’s supply chains that President Joe Biden signed in February of the prior year.

It instructed the secretary of the Department of Health and Human Services to identify and record risks in the supply chain for pharmaceuticals and their active ingredients and make recommendations for reducing those risks.


Empty pharmacy shelves shine a light on vulnerabilities in US drug supplies

Sam Bankman-Fried taken in by Bahamian police

The founder and former CEO of bankrupt crypto exchange FTX, Sam Bankman-Fried, was arrested in the Bahamas on Monday.

A Bahamian government statement revealed that the arrest came from the orders of US prosecutors who filed criminal charges against him.

The news

The Southern District of New York investigated Sam Bankman-Fried and the FTX and Alameda collapse.

The SDNY also confirmed the arrest, announcing the news on Twitter.

US Attorney Damian Williams made the arrest public in a tweet:

“Earlier this evening, Bahamian authorities arrested Samual Bankman-Fried at the request of the US government, based on a sealed indictment filed by the SDNY.”

“We expect to move to unseal the indictment in the morning and will have more to say at that time.”

The arrest

Sam Bankman-Fried was a cryptocurrency celebrity until earlier last month, when his company faced a cash crunch, forcing him to file for bankruptcy.

He quickly became a pariah, leaving over a million depositors without access to their funds.

The FTX founder was arrested in the Bahamas at his apartment complex on Monday night.

According to a statement from the Royal Bahamas Police Force, he will appear in court in Nassau on Tuesday.


The Securities and Exchange Commission confirmed it approved separate charges related to Sam Bankman-Fried’s “violations of securities laws.”

It remains to be seen what the founder of FTX, a 30-year-old crypto celebrity and now a crypto pariah, will be charged for.

The company’s collapse follows a struggle with a cash crunch that forced it to file for bankruptcy in November.

As a result, millions of FTX customers can no longer access their funds.

Read also: Maxine Waters firm on having Sam Bankman-Fried attend hearing


Writing about a person familiar with the situation, The New York Times revealed SBF’s allegations, which include:

  • Wire fraud
  • Wire fraud conspiracy
  • Securities fraud
  • Securities fraud conspiracy
  • Money laundering

The United States has an extradition treaty with the Bahamas that allows US prosecutors to return suspects to US soil.

According to the treaty, the charges would carry more than a year in prison in both jurisdictions.

Aftermath of the collapse

Four weeks after FTX filed for bankruptcy, Sam Bankman-Fried had the behavior of a “hapless” CEO.

He acted like someone hovering in the sky, denying allegations of fraud against FTX clients.

“I didn’t knowingly commit fraud,” said SBF on BBC last weekend.

“I didn’t want any of this to happen. I was certainly not nearly as competent as I thought I was.”

House hearing

Sam Bankman-Fried was scheduled to appear before the US House Financial Services Committee via video call on Tuesday.

The committee demanded answers on the FTX crash and how it traversed the digital asset ecosystem.

Due to their FTX involvement, several cryptocurrency companies have gone bankrupt, frozen client accounts, and gone out of business.

After the arrest, Rep. Maxine Waters, chair of the committee, said SBF was no longer required to testify in court.


Originally, the hearing was to be supported by testimony from John J. Ray III, the new CEO of FTX.

He assumed Sam Bankman-Fried’s role on November 11 and guided the company through the bankruptcy process.

“While I am disappointed that we will not be able to hear from Mr. Bankman-Fried tomorrow,” Waters said in a Monday night statement.

“We remain committed to getting to the bottom of what happened.”

So far, Ray has described the company as a crypto empire with no oversight and no financial or other records.

“The scope of the investigation underway is enormous,” said Ray in remarks on Monday ahead of his testimony.

Although investigations are ongoing, the collapse appears to have stemmed from the concentration of power “in the hands of a very small group of grossly inexperienced and unsophisticated individuals” who failed to entrench control of the company within the company.

According to Ray, SBF mixed client resources from FTX with Alameda.

The revelation is crucial information for investigators since FTX and Alameda were separate entities on paper.

Read also: Cardi B shares mouthwatering payslip to shut troll up


After the crash, Sam Bankman-Fried denied pooling the funds.

He has since tried to distance himself from the daily operations of Alameda.

The company allegedly developed risky trading strategies, including arbitrage and yield farming.

According to a Wall Street Journal report, the Yield Farm strategy invests in digital tokens that pay rewards, including interest.

SBF admitted to mismanaging the company and having little awareness of the risks.

Late last month, he made a virtual appearance at the New York Times DealBook Summit.

“Look, I screwed up,” said Bankman-Fried during the summit.

“I was CEO of FTX… I had a responsibility.”

Sam Bankman-Fried also admitted that the companies he oversaw lacked corporate controls and risk management.

“There was no person who was chiefly in charge of positional risk of customers on FTX,” said SBF.

“And it feels pretty embarrassing in retrospect.”

A Reuters report in November raised a crucial question about the incident, saying SBF had created a “backdoor” into FTX’s accounting system.

It allowed him to change the company’s finances without raising the alarm.

According to the report, Bankman-Fried used the backdoor to transfer $10 billion of client funds to Alameda.

As a result, more than 1 billion dollars disappeared.

However, Sam Bankman-Fried denied knowing anything about the back door.

“I don’t even know how to code,” he said in a November interview with Tiffany Fong.


Sam Bankman-Fried, FTX’s founder, is arrested in the Bahamas

Biden’s Ukraine strategy the subject of several Liberal Democrats in a letter

More than two dozen liberal members of the House are requesting US President Joe Biden to change course in his strategy for Ukraine.

Instead, they suggest that he pursue direct diplomacy with Russia to end the conflict that’s been going on for months.


A group of 30 Democrats sent a letter to Biden earlier this week.

They praised the President’s efforts to support Ukraine without direct US involvement.

However, they propose more vigorous efforts to end the war through diplomacy, believing it necessary to avoid lengthy conflict.

Congressional Progressive Caucus Chair Pramila Jayapal led the group and helped with the letter.

“Given the destruction created by this war for Ukraine and the world, as well as the risk of catastrophic escalation,” the letter began.

“We also believe it is in the interest of Ukraine, the United States, and the world to avoid a prolonged conflict.”

“For this reason, we urge you to pair the military and economic support the United States has provided to Ukraine with a proactive diplomatic push, redoubling efforts to see a realistic framework for a ceasefire.”

Read also: The Russia-Ukraine War: How the Drones Are Used

The situation

The letter was written at a crucial time in the Russia-Ukraine war.

Russia is targeting more civilian infrastructure to cut off power to Ukrainian citizens before winter.

Meanwhile, US lawmakers are questioning Ukraine’s continued financial and military support.

Some Republicans threatened to halt aid if they win Congress in the November elections.

However, Liberal Democrats argue that direct attempts to involve Moscow in diplomacy were necessary during the war.

They also raise it in the letter.

“We are under no illusions regarding the difficulties involved in engaging Russia given its outrageous and illegal invasion of Ukraine and its decision to make additional illegal annexation of Ukrainian territory.”

“However, if there is a way to end the war while preserving a free and independent Ukraine,” the letter continued.

“It is America’s responsibility to pursue every diplomatic avenue to support such a solution that is acceptable to the people of Ukraine.”

Read also: US continues to aid Ukraine, announces $1 billion military assistance package

Russia and Ukraine

John Kirby, the Strategic Communications Coordinator at the National Security Council, confirmed that the White House received the letter.

“We certainly appreciate the sentiments expressed by these members of Congress,” said Kirby.

“We have been working with members of Congress throughout this entire process, especially when we have needed additional funding to support Ukraine’s defense needs.”

John Kirby says there is no sign that Russian President Vladimir Putin will engage in serious diplomacy to end the war.

“When you see and listen to his rhetoric, and you see the other things,” Kirby started.

“Be they atrocities, the war crimes, the airstrikes against civilian infrastructures that the Russians are committing; it’s clear Mr. Putin is in no mood to negotiate.”

John Kirby says it’s up to the country and Ukrainian President Volodymyr Zelensky to decide when to return to negotiating.

“Mr. Zelensky gets to determine when he thinks that’s the right time,” he elaborated.

“[And] Mr. Zelensky gets to determine because it’s his country, what success looks like, what victory looks like, and what sort of terms he’s willing to negotiate on.”

“We’re not going to dictate that,” Kirby concluded.


Liberal Democrats call on Biden to shift Ukraine strategy