🪙 Sam Bankman-Fried sentenced to 25 years in prison |📱MTN considers tariff increase

In today’s menu ☕️

🪙 Ex-FTX founder, Sam Bankman-Fried, sentenced to 25 years in prison
📱MTN considers raising tariffs to recover $101 million in foreign exchange losses
📲 ByteDance, TikTok’s parent company, closes down its African messaging app, LetsChat
🏦 Ethiopia’s largest bank recovers $10 million lost through system glitch
👩🏾‍💻 Opportunities

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🪙CRYPTOCURRENCY

Ex-FTX founder, Sam Bankman-Fried, sentenced to 25 years in prison

Sam Bankman-Fried, once hailed as a visionary entrepreneur in the cryptocurrency world, has been sentenced to 25 years behind bars.

U.S. District Judge Lewis Kaplan delivered the sentence in a Manhattan court after rejecting Bankman-Fried’s claim that FTX customers did not suffer financial losses and finding that he had lied during his trial testimony. Bankman-Fried, 32, was found guilty on seven fraud and conspiracy counts related to FTX’s 2022 collapse, which prosecutors described as one of the largest financial frauds in U.S. history....……continue reading

🏦 BANKING

Ethiopia’s largest bank recovers $10 million lost through system glitch

The Commercial Bank of Ethiopia (CBE) is reported to have successfully recovered approximately $10 million from customers who withdrew excessive amounts of money from their accounts due to a system malfunction that occurred on March 16, 2024.

Though initial reports suggested a loss of up to $40 million, CBE’s head, Abe Sano, contested this figure, stating that the actual sum withdrawn was less and would be accurately determined. According to a BBC report, the bank’s loss was roughly estimated to be $14 million. Consequently, the recovery of $10 million signifies that approximately three-quarters of the diverted funds have been recouped.

University students were reported to have withdrawn most of the money. This action was encouraged by the news of the glitch, which swiftly spread via messaging apps and phone calls, leading to long queues at campus ATMs..……continue reading

📲 SOCIAL MEDIA

ByteDance, TikTok’s parent company, closes down its African messaging app, LetsChat

ByteDance, the parent company of popular app TikTok, has officially shut down instant messaging platform LetsChat. The announcement was made on the company’s website, and operations came to an end on Saturday, March 23, 2024. LetsChat, which at one point was seen as a potential rival for app giants WhatsApp and Telegram in the African market, was already removed from various app stores on February 26, 2024.

According to the announcement, LetsChat users who remained logged in would no longer be able to access their accounts. Moreover, the company has stopped all reward tasks associated with the app, and plans to distribute any earned rewards as credit. LetsChat users were advised to pay close attention to their wallet balance and carry out any necessary withdrawals by February 26, 2024.

Before the decision to close down LetsChat, ByteDance had spent around three years investing in the app’s development and growth in Africa, including the recruitment of local staff in Nigeria for full-time and contract roles..…..continue reading

📱 TELECOMMUNICATION

MTN considers raising tariffs to recover $101 million in foreign exchange losses

Telecoms giant, MTN, is considering raising tariffs as well as a cost-cutting exercise as part of efforts to restore the company’s profitability. In line with this, it is currently working with several regulators in its operational countries for the increase in voice and data tariffs.

The resolution followed MTN’s statement of a reduced full-year profit influenced by devaluation of the Nigerian naira. Due to the devaluation, MTN Nigeria, the company’s largest enterprise, underwent a post-tax loss of 135 billion naira, equivalent to 101 million dollars.

The group’s CEO, Ralph Mupita, referenced MTN Nigeria’s expense profile to highlight the need for tariff elevations as a measure to offset the high costs of maintaining networks...…..continue reading

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