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The Fall of FTX and Renewed Mistrust Signal Disaster for Cryptocurrencies

NNPA NEWSWIRE — In a CBS News interview, Treasury Secretary Janet Yellen said the fall of FTX should warn Americans about investing their money in “extremely risky” financial products traded in a space lacking “appropriate supervision and regulation,” adding, “I think this is a space where investors and consumers should really be very careful.”
The post The Fall of FTX and Renewed Mistrust Signal Disaster for Cryptocurrencies first appeared on BlackPressUSA.

Published

4 years ago

December 19, 2022

Stacy M. Brown

By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia

The fall of Cryptocurrencies, the recent wave of the investment craze that includes NFTs and trading cards, has not only ruined bank accounts for some but now has the federal government investigating its dramatic downfall.

FTX, the Bahamas-based cryptocurrency exchange founded just before the pandemic paralyzed America and much of the world, landed in bankruptcy this month, leaving federal authorities perplexed over the fall of the company, which was valued at $32 billion.

Some have compared crypto’s fall to the famed failed Ponzi scheme orchestrated by Bernie Madoff.

“And just as Madoff’s Ponzi scheme fell apart during the 2008 financial crisis, FTX’s collapse arrives amid a broader pullback for the tech industry,” Erin Griffith, a tech writer, penned for the New York Times’s digital newsletter.

“Tech stocks have crashed. Venture capital funding is drying up. As a result, nearly 800 tech companies have laid off more than 120,000 workers this year, with cuts hitting Meta, Amazon, and Twitter,” Griffith noted.

In a CBS News interview, Treasury Secretary Janet Yellen said the fall of FTX should warn Americans about investing their money in “extremely risky” financial products traded in a space lacking “appropriate supervision and regulation,” adding, “I think this is a space where investors and consumers should really be very careful.”

“We have very strong investor and consumer protection laws for most of our financial markets, but in some ways, the crypto space has inadequate regulation.”

Yet, the crypto space has lured not just financial bigwigs but heavyweights in entertainment like Snoop Dogg, Jay-Z, Russell Simmons, and Ja Rule.

Along with friend and business partner Herb Rice, Ja Rule co-founded The Painted House and launched the NFT collection Black Is Beautiful, with a charitable component benefiting historically Black colleges and universities.

Earlier this year, Ja Rule told the Black Press that he wanted to create a space for people of color in the crypto world.

“That’s important. We need to be at that table,” Ja Rule said.

Simmons, the hip-hop architect, and successful businessman said he leaped into the NFT market because he wanted hip-hop pioneers to get their flowers and much-deserved money while still alive.

In collaboration with NFT marketplace Tokau, Simmons’ NFT honored individuals like D.J. Hollywood, Bizzy Bee Starski, and Grandmaster Caz.

Snoop Dogg agreed to curate the NFT collection.

“This is a multi-billion-dollar industry, and so many of the younger generation don’t know the shoulders on whom they stand,” Simmons told the Black Press at his launch party.

“Some of these guys [founders] don’t even have bank accounts, but we have to consider, all of us have to consider. None of us would be here without them.”

Simmons insisted that Snoop Dogg “gets it.”

“He wants to be a part of this. That’s why I love him so much,” Simmons asserted. “Snoop has such a big heart; he cares about these guys.”

In June, Jay-Z announced that he teamed with Twitter Founder Jack Dorsey to launch a new “Bitcoin Academy” for underserved residents – particularly those in Brooklyn, New York’s Marcy Houses.

The plan included adding other locations for the program designed in collaboration with Crypto Blockchain Plug and Black Bitcoin Billionaire.

Jay-Z and Dorsey said their mission included providing education and empowering the community with knowledge.

Program participants were promised MiFi devices, a one-year limited data plan, and smartphones if needed.

Each of the artists has yet to speak on the current state of the crypto space.

This week, a new study found that the District of Columbia topped the list of American states and places that have demonstrated the most interest in NFTs and cryptocurrency.

The study found that Bitcoin sold for a record $68,000 in November 2021, while NFT sales peaked at $12.6 billion in January 2022.

Both have since dropped precipitously.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” John Ray III, the new CEO of FTX, told MSN as he laid out “a damning description of FTX’s operations under its founder Sam Bankman-Fried, from a lack of security controls to business funds being used to buy employees homes and luxuries.”

“From compromised systems integrity and faulty regulatory oversight abroad to the concentration of control in the hands of a very small group of inexperienced, unsophisticated, and potentially compromised individuals, this situation is unprecedented,” said Ray.

He performed cleanup work in the aftermath of the disastrous Enron scandal.

Griffin wrote in the New York Times newsletter that it would take time and multiple federal investigations to entirely understand what happened behind the scenes at FTX.

However, the impact is already evident.

“Lawmakers are calling for more oversight,” Griffin wrote.

“Crypto die-hards are trying to distance themselves. Critics of this sector of finance are crowing. And for those of you who had, until now, managed to ignore the rise and rise and rise of crypto as a phenomenon? First of all, good for you. And second, you may want to watch this one play out.”

The post The Fall of FTX and Renewed Mistrust Signal Disaster for Cryptocurrencies first appeared on BlackPressUSA.

Stacy M. Brown

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61 years since Selma, Houston leaders say the bridge remains to be crossed

61 years after Selma, Houston leaders say the fight for equality continues. The issues that sparked the marches still impact Black Americans today.

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Here is what you need to know about finding unique white elephant gift ideas that everyone wants to steal

The best white elephant gift ideas are funny enough to get a reaction but useful enough that people actually want to steal them. Look for gifts with a surprise factor, broad appeal, an inside joke, and just enough personality to spark some friendly competition. The wrapping paper comes off, the room goes quiet for half […]

Published

1 month ago

October 4, 2026

Oakland Post

The best white elephant gift ideas are funny enough to get a reaction but useful enough that people actually want to steal them. Look for gifts with a surprise factor, broad appeal, an inside joke, and just enough personality to spark some friendly competition.

The wrapping paper comes off, the room goes quiet for half a second, and suddenly everyone wants the same gift. That is the sweet spot. A great white elephant pick should make people laugh, lean in, and start plotting their next steal before the turn is even over.

Should a White Elephant Gift Be Funny or Useful?

A white elephant gift can be funny or useful, but the strongest choices usually give people a reason to laugh and a reason to keep the item. A practical gift with an odd design, unexpected feature, or playful theme can get a reaction without becoming something the recipient immediately wants to give away.

The right balance depends on the group. Close friends and family members may enjoy a ridiculous gag gift because they already understand one another’s sense of humor.

A workplace exchange, neighborhood party, or mixed-age gathering usually calls for something with broader appeal. In those settings, humor works better when it is built into an item people could still use afterward.

It also helps to think about how quickly the gift will make sense once it is opened. A strangely shaped kitchen tool, oversized mug, quirky desk accessory, or unexpectedly fancy everyday item can create an immediate reaction. Guests understand the joke right away, while the item still has enough practical value to attract a steal.

Pure gag gifts can be harder to pull off. Something that exists only for the punchline may get a big laugh during the reveal and then sit untouched for the rest of the game. If the goal is to bring one of the gifts everyone keeps fighting over, usefulness gives the joke staying power.

Memorable Present Ideas: Creating Inside Joke Gifts

Inside joke gifts can make a white elephant exchange feel much more personal, especially when most of the group shares the same stories. The trick is choosing a reference that people will recognize quickly instead of building the entire joke around something only two guests understand.

You can turn a memorable vacation mishap, office catchphrase, family story, or long-running group joke into the theme of the gift. A personalized comic book can work especially well when it turns familiar people or a ridiculous shared moment into part of the story.

Think carefully about who the joke involves before ordering anything permanent. The gift should make the person feel included in the fun, not singled out for the wrong reason.

Can You Bring Something You Already Own?

Holiday gift exchanges can be a good place to re-gift something you never used, especially if it is unopened and clean.

The following can all work if they still look presentable:

A duplicate kitchen gadget
An untouched game
A decorative item
A sealed gift set
An unopened candle
A new travel accessory

The goal is to give the item a second chance, not use the exchange as an excuse to clear out damaged or unwanted clutter.

Take a close look at the packaging before wrapping it. Faded boxes, missing pieces, visible wear, or anything that looks obviously used can make the gift feel careless.

Wrapping Budget-Friendly Gifts

Wrapping can make gifts more entertaining before anyone even knows what’s inside.

Misdirection works especially well for fun party games. Put a small gift inside a much larger box. Use packaging from an unrelated household item.

Add harmless weight so guests cannot guess what they are holding. The reveal becomes part of the joke without changing the gift itself.

You can also lean into the theme of the exchange. Bright paper, oversized bows, reusable bags, or deliberately over-the-top wrapping can make an ordinary item feel more memorable. If the gift itself is already funny, simple wrapping may work better so the surprise stays hidden until the last second.

Frequently Asked Questions

Is Picking Last an Advantage in White Elephant?

Picking last can be an advantage because you get to see almost every gift before making your move. Instead of choosing blindly from the remaining wrapped presents, you can steal something that has already caught your attention if the rules still allow it.

That advantage depends on the house rules. Some games limit how many times a gift can be stolen.

Others lock an item once it reaches a certain number of steals. If the most popular gifts are already unavailable, the final player may have fewer strong options than expected.

The first player can also get another turn at the end in some versions of the game. That rule can balance things out, since the person who started with the least information may get one final chance to steal.

How Do You Plan White Elephant for a Large Group?

For a large white elephant exchange, set a firm spending limit and establish the stealing rules in advance.

Create a clear turn order before the game begins. Drawing numbers as guests arrive can save time once everyone is ready to start.

Keep the number of steals per gift limited so the game does not drag on. It also helps to have one person track which creative holiday presents have been stolen and when they are locked, especially if dozens of people are participating.

Can You Play White Elephant Virtually?

A virtual white elephant exchange can work over a video call, with one person keeping track of the turn order and each steal. Guests can either mail physical gifts ahead of time or use digital gifts that can be delivered once the game ends.

Set the spending limit and stealing rules before everyone joins. It also helps to decide how gifts will be revealed and who is responsible for sending each one afterward so the exchange does not become confusing.