reporting and thank you for tuning in up next, rob watts has r t w business news, and they take a look at the fall of a crypto currency tycoon. now remember, there's also much more news on our website. of course that's d, w dot com and of course you can also check us out on twitter or instagram or a handle is at the w news until cumberland. thank you very much for 2 needed. ah, people in trucks injured when trying to flee the city center. more and more refugees are being turned away. order families. the reason for the credit on it is we loaded demonstrate people's lean,

extreme ross getting 200 people with around the world. more than 300000000 people are seeking refuge. yes. why? because no one should have to flee. make up your own mind. d. w. made for mines ah, ah, criminal charges for the crypto king, former c e o of crypto currency exchange f t x sound bank and fried has appeared before us court of his arrest in the bahamas and allegations and e you lawmaker was bribed by katara raising concerns about outside interference in how europe is run.

this is data we business on robots in berlin. welcome to the program. it's collapse rocked the crypto trading community. now the former boss are trading platform f t x is facing criminal charges. sam bagman freed has denied knowingly committing fraud . now that claim could be tested in the u. s. court. from the pinnacle to the pit, sam, bagman fried the disgrace crypto tycoon, was arrested in the bahamas at the request of the united states seeking to charge him off to the spectacular collapse of his crypto currency platform. f t x. the 20 year old crypto celebrity became an object of attention last month, as he suddenly filed for bankruptcy as f t. x suffered the liquidity crunch. the company left more than a 1000000 clients unable to access the funds. the liquidity crunch was caused by a f t x users pulling $6000000000.00 from the platform in 3 days. and it came after

back my freed secret, the mo, $10000000000.00 worth of f t x customer funds to another. one of his company is called alameda research to digital backdoor. at least 1000000000 of debt has reportedly vanished completely. finally, on november 11th f t x filed for bankruptcy protection and back me free step down as chief executive, the united states security exchange commission has charged bank meant freed, orchestrating a scheme to defraud investors bank. when fruit has previously apologize to customers, but said he doesn't personally think he has any criminal liability. but let's discuss the collapse of f t x and the rest of sam bagman freed with nicholas de from coin desk. and actually nicholas coined us did some crucial reporting on this story. so it's a good get to speak to you about it. when did the problems with f t x begin?

hi, thanks for having me. you know, arguably at texas problems have been kind of baked instances foundation based on some of the public violence that we've seen. and some of the allegations were seen from authorities where f t x just allowed its sister company, alameda to borrow funds, which turned out to be customer funds, which alameda was unable to pay back, leaving a pretty massive hole on the balance sheet. but kind of, you know, more specifically this entire story kind of happened over the last month or so where f t x went from being this, you know, massive type of industry to being just company going through bankruptcy. you know, the elevator revelations are what sort of led to the collapse, but we've just seen john ray, the current se currency even testifying before congress. and he read out a long list of things that they since discovered that was wrong with f t x. how was the company there was so big and handling so many people lose money able to be

mismanaged so badly? a big part of it seems to be that x was controlled by a fairly small group of people who just didn't really engage, apparently in some standard practices for bookkeeping for governance. there wasn't really a central, you know, board of directors or anything like that to oversee the main f t x entity. there wasn't much in the way of documentation. so you just on the allegations that have been made in recent weeks. but it sure seems like what happened was f t x went from, you know, being does kind of brand new company when it was founded to, you know, growing rapidly to, you know, being just multi 1000000000 dollar multinational entity while maintaining the exact same practices that it had as a startup, one of the allegations that, you know, mr. raid made, has financial services. committee hearings. they was, they were using quickbooks, a, you know,

fairly unsophisticated retail piece of software for its entire bookkeeping purposes, which is not, not something you'd expect from a massive entity. yeah, i've seen so much as if the business out grew, the people that were running. it isn't it, but how's the instance that, you know, this, this case with f t x is, is shaken the confidence of, of crypto traitors. i the not fear that the area of the x is out there. i think there definitely is a major fear of that. now one of the biggest things about it is that it had gone for months and years saying we are the reliable company. we're safe, we are so many people can trust and a lot of people took them at the word. so, you know right now, the fact that we're looking at a bankruptcy where there could be potentially over a 1000000 customers who need, you know, have lost access that are funds not to mention the other companies that kept their own funds on f t x. assuming f tax would be safe,

the ramifications are huge. there is definitely a lot more scrutiny. i think of other crypto companies like f t x and a lot more question. a lot more, you know, uncertainty about whether or not these companies are indeed safe for consumers. and it's going to be fascinating to watch where this goes next, nicholas de, from coin to thank you so much for bringing us that story. now let's take a look at some of the other global business stories making the news. it was food delivery platform in spain has agreed to pay severance to more than $4000.00. dr. is it fired in 2021. that's after the introduction of a new lower in spain that forced food delivery companies to hi, corey is staff instead of self employed, contract and switch to join. leslie is opening a new production site in ukraine. the company says it would invest $40000000.00 euros in a noodle production factory which will serve as an eastern european regional hub

for food and culinary products. now, new data shows us inflation slowed by more than expected in november. consumer prices were up 7 point one percent on a year earlier that the substantial drop from the 7.7 percent rise in october and even lower than the $7.00 forecast by analysts. us stock surged on the news. meanwhile, president joe biden says it shows is economic plan is working, but he admits prices are still too high. well that's close to our correspondence at the new york stock exchange. yeah, of course on this, yann's inflation still above 7 percent. so even if it is slowing down, what are the main drivers of it now? well, but the good news is that 4 fifths consecutive months. so the price increases are on the way down. and when we talk about price is when we talk about inflation, we're talking mismatch of supply and demand. and we do see some improvement

here. some of the inflation was called by all those issues that we had with the supply chain. so there has been some improvement and on the demand side with a weaker economic outlook was higher interest rates. we had a little bit of pressure on that. so the supply demand occasion got a bit better that help. so if we look at certain prices, for example, the price for used cars went down and specially the prices for energy on the other side, we still have high priced when it comes to food and also to shelters. so how can we got another rate decision by the fed wednesday? will these inflation figures influence that now up? it's not just another right decision. it will be another interest rate increase the 7th of this a year, but the pay it will slow down, would be a huge surprise if we would see anything else but an interest rate increase of

$50.00 basis points. there are some science that at least we have the in peak inflation, even if inflation or consumer price of the 7 point one percent historically is too high, but at least the wall street now bets are. so we will see that 50 basis points on wednesday. we will probably see another 25 basis points at the following meeting that is in february and then the big question remind remains. where will will it end will be ended around 5 percent, or do we have to go higher to bring and inflation down in the long term? but i mean, this report definitely was some good news. so are we talking about race decision tomorrow and go to new york? thank you. a back here in europe, the rest of a senior european parliament lawmaker on charges of bribery has raised concerns about corruption in the used car doors of power at the center of it. the middle

east and nation of guitar. the emerett of guitar is small, but rich. the country thrives off of raw materials above all oil and gas, which are sold around the world. last year, guitars exports to the e. u amounted to almost 7000000000 euros. the vast majority of that was gas going the other way that you sold goods worth around 8500000000 euros to guitar. the main exports were machines, turbines and electronic equipment. guitar has also been investing heavily in a range of european businesses. the country holds a quarter of british carrier, i a g. it has a 17 percent stake in germany's volkswagen and is also a major shareholder and swiss mining giant glen core and spanish energy conglomerate ib, rolla. one truth hangs over guitar, at some point, raw materials will run out. when that happens, money and wealth has to come from somewhere. according to

a recent study on guitars, investment strategies, they have to come from very different sectors. they're not just investing in finance or certain high tech sectors. they also invest in soft sectors like fashion and spools. and in many cases they can their investments reach a critical level that allows them to exert a strategic influence on certain key players and sectors. investments of this type could also serve to polish the image of the em rent. after all, katara is one of the world's biggest suppliers of liquefied natural gas. that small country is playing a big role in the current energy crisis. the latest allegations of guitar bribing members of the european parliament do not fit very well. what this image honestly, i was very surprised because i wouldn't expect them to choose waste that are less risky and less obvious the illegal in increasing the political influence in europe . especially given the allegation they already faced in the past surrounding the

warding of the world cup. the world cup may be in its final stages, but this case may just be beginning. as a reminder, the top business story with the following for you this, our ex, found a some bank on free is a pay it before you escort. following his arrest him, the bahamas is accused of defrauding investors after the trip type currency exchange collapse. he's previously said he never knowingly committed to vote not so from in the business team here in berlin from all had to d w dot com slash business. until next time i am a teacher in terms of boy. yes. in the ukrainian farmer. many people depend on his family, his employee, people around the world are counting on his with how does that affect

him, global 3000. next, on d, w. more aside, ukraine's technology sector continues to boom with growth of 23 percent last year alone in natalie is it alma in her company are but part of the success story? how is this even possible under conditions like these made injury with 60 d w. o. blue with the melting reporter tracks down the arctics. major players

with c route begins a dangerous game. people overseas that yeah, we are here. we're li, area. ah, now the cards are being re shuffled, who has the best tattered russia is a quite active economic in the arctic. if you see something that looked like james bond, it has to do with military pay starts december 23rd on d w. ah ah, welcome to global 3000 landfill refigured. we discover a very special natural park in new york.