Nigeria is actively seeking information from Binance regarding its top 100 users in the country and all transaction history spanning the past six months, according to a Financial Times report.
As a result, the detained executives may allegedly face charges related to currency manipulation, tax evasion, and illegal operations, per a Bloomberg report.
FT says Nigeria’s anti-corruption agency was granted permission to detain both Binance executives for 14 days, which concluded on Tuesday; there’s a proposed hearing to extend the court order scheduled for Wednesday.
Nigeria’s request for Binance’s top users in the country is a focal point in negotiations between the largest crypto platform and the top African crypto market.
Meanwhile, documents reviewed by FT reveal that Nigeria, through its national security adviser, has requested that Binance address any outstanding tax liabilities.
Another day, another lawsuit involving Elon Musk.
Four former Twitter executives, including ex-CEO Parag Agrawal, sued Musk on Monday, alleging that they’re owed over $128 million in severance payments.
According to the lawsuit, Musk has a “special ire” toward these former executives, who worked hard to hold Musk to his $44 billion commitment when he tried to back out.
Musk has faced several lawsuits from former Twitter employees who are also waiting for a check.
According to the lawsuit, Musk claimed that these executives committed “gross negligence” and “willful misconduct” in their termination letters, but never was able to show evidence of his allegations.
It’s becoming increasingly clear that businesses of all sizes and across all sectors can benefit from generative AI.
McKinsey estimates generative AI will add $2.6 trillion to $4.4 trillion annually across numerous industries.
That’s just one reason why over 80% of enterprises will be working with generative AI models, APIs, or applications by 2026.
However, simply adopting generative AI doesn’t guarantee success.
However, only 17% of businesses are addressing generative AI risks, which leaves them vulnerable.
Softbank is selling its Open Opportunity Fund to its chairman and managing partner, Paul Judge, and Marcelo Claure, who is being appointed the fund’s vice chairman and general partner.
Judge and Claure will fully own the firm’s $100 million Open Opportunity Fund 1, the $150 million Fund 2, as well as the entire portfolio.
Claure called the acquisition a “significant milestone,” saying it “demonstrates a concrete move towards more diverse representation within all layers of the venture capital ecosystem.”Softbank rebranded its Opportunity Growth Fund to Open Opportunity Fund (OOF) earlier this year, and appointed Judge as its chairman, who became co-owner of the Fund.
Fund 1 deployed $100 million in 75 Black-and-Latino companies, yielding seven exits and 46 follow-on rounds.
Fund 1 companies may also receive funding from Fund 2 on a “case-by-case basis,” Judge said.
