Cheddar News looks back at the fall of two former tech billionaires remembered for the scandals they caused.

Looking back at the fall of billionaires in 2022

I got your look ahead to 2023 were also looking back at the top business stories of the year today. Want to talk about the fall of two, former Tech billionaires who went from rising to Falling Stars whose names will be remembered for the scandals. They caused. They're talking about Elizabeth Holmes. Founder of blood testing start up their nose, of course, and sandbank Winfrey, the crypto wunderkin behind STI. Homes with just 19 years old when she dropped out of Stanford to start there now. So blood testing company claiming it could test for various medical condition. Using just a few drops of blood such as measuring glucose levels and detecting different types of antibodies. I speak their nose was valued at 9 billion dollars and raise money from high-profile investors, including the family of Betsy DeVos and Rupert Murdoch, but as it turned out, its technology was nowhere near what it claimed to be. Its decline began in October 2015, when a Wall Street Journal expose reveals doubts about it, Technology and whether Holmes had misled investors and the government. But she continued her facade as a brilliant female entrepreneur, giving the speech at a Gala in November I want to just take a minute to say especially to the young women in the room here. Do everything you can to be the best in science and math and Engineering. It's our actions that will determine this new stereotype around women being the best in Science and Technology and Engineering. And it's that that are little girls will see when they start to think about. Who do they want to be when they grow up their nose dissolved, in 2018 and its star founder? Then face trial, she was found guilty of four of 11 charges of fraud in January of this year or case, became the symbol of the pitfalls of silicon Valley's culture of hype and greets. This is what Carolyn Pelosi criminal defense attorney. And lecture in Columbia Law School has to say about the case when she joined cheddar news at the time. There is a pervasive culture of this, fake it till you make it ideology chest puffery, you notes are stretching the truth. Well, in reality, what that is, if that's, that's those are lies. And it's criminal to make material misrepresentations with respect to what's happening at your company for the purpose of obtaining money from investors. And certainly, this has much farther reaching implications than than, than just Elizabeth Holmes, you know, the eyes of Silicon Valley and really the world in terms of how Founders are going to go about making representations, in terms of building up their companies in the future. The world learned about another, young genius falling from Grace swindling investors. It was in early November. When news broke that, the founder of crypto exchange binance, announced plans to sell some 350 million dollars worth of ftxs utility token ftt, speculation swirled about fcx's financial Is handling a customer funds and investors withdrew billions of dollars worth of crypto from ft x, that was nowhere to be found. Ft x was forced into a hastily-arranged rescue by binance that abruptly backed out of the deal. A few days later as tax and filed for bankruptcy on November 11th, sandbank Winfrey had an eccentric, unkempt appearance at The Outsiders appeared as an AR or of Genius venture capitalist. Got a high-profile athletes musicians, endorse the app and encouraged regular people like you and me to tap into cryptos money-making potential here is how banquet free described his company at a crypto regulation Hearing in Washington just last year. Fgx is a global cryptocurrency exchange. We are the second or third largest exchange globally depending on what metric to use of processing about fifteen billion dollars per day of trading. Volume on the platform we've been operating for a number of years with billions of dollars of open interest you've never had customer losses clawbacks or anything like that. Thank you for your SPF has been accused of secretly using ten billion dollars in customer funds. To prop up his trading business Alameda research and at least a billion dollars and client funds are thought to be missing. Holmes was sentenced to 11 years in prison last month, while bankman free faces, eight counts of wire, fraud and money, laundering and conspiracy, carrying a maximum sentence of 15 years in prison and will seven years separate the downfall of homes. In banking, sprayed, the forces behind their sons are very familiar. Investors were looking for a fresh menu. To get behind in search of the next Mark Zuckerberg or Elon Musk. But with ft x marking, yet another blow to founder worship. The industry is facing another Reckoning remains to be seen. If it has learned its lesson, something we will be watching him very closely here at cheddar news in 2023.

Volodymyr Zelenskyy has made a rare and defiant trip near the front line to personally thank soldiers that have been defending the devastated Eastern city of Bakhmut. It came as Russian missiles hit a residential building in Zaporizhzhia, killing at least one person and injuring more than 30 others.

Bakhmut

Ukraine Invasion

Zelenskyy's morale-boosting visit to Bakhmut

Tiktok Chief Executive Officer Shou Chew says the social media platform has not spied on Americans. He testifies before the US House Energy and Commerce Committee in Washington. 

Capitol Hill

Defiant TikTok CEO faces Congress grilling

French workers angry with a rise in the pension age blocked access to a terminal at Paris' Roissy-Charles De Gaulle airport on Thursday as part of a nationwide day of protests, forcing some travellers to get there on foot. Train services were disrupted and some schools shut while garbage piled up on the streets.

Paris Charles de Gaulle Airport

Protesters block access to Paris Airport

A group of TikTok content creators descended on the US Capitol Wednesday to protest against calls for a ban on the popular Chinese-owned video-sharing app, amid fears that it presents a national security threat.

Washington

TikTok creators protest looming U.S ban

New research published in the journal Current Biology uses DNA sequencing to uncover that the great composer did not die from lead poisoning after all...

Bonn

Scientists uncover cause of Beethoven's death

Australian Prime Minister Anthony Albanese fought back tears on Thursday as he revealed the question the government wants to ask in a referendum on whether to recognise Aboriginal and Torres Strait Islanders in the country's constitution. 

Canberra

Australia set to vote on indigenous referendum

Pakistan's former Prime Minister Imran Khan says it is only a matter of time before he is imprisoned or killed. He made the remarks in an online post, in which he spoke out against the government and the military. The Lahore district administration has granted permission to Pakistan Tehreek-e-Insaf (PTI) to hold a rally at Minar Pakistan between the night of the 25th and 26th of March.

Lahore

Imran Khan warns 'matter of time' before his murder

The United States Federal Reserve has announced its latest interest rate hike, a move aimed at lowering inflation by making borrowing more expensive for consumers. The increase of a quarter of a percentage point on Wednesday sets the US central bank’s benchmark overnight interest rate in the 4.75 to 5 percent range, its highest level in 15 years.

Wall Street

U.S interest rates hiked again

Former U.K. prime minister Boris Johnson clashed with MPs at a hearing over parties held at Downing Street while the rest of the country was in lockdown. The scandal, which drove Johnson out of the prime minister’s office, could now get him booted from Parliament.

London

Boris Johnson grilled over Partygate

Seventeen Ukrainian children who were sent to camps in Crimea by Russian officials were reunited with their families in Kyiv today. They are among thousands who were transferred to Russia or the regions it occupies. It follows charges laid against Vladimir Putin over the alleged kidnappings levelled by the International Criminal Court.

Kyiv

Children 'taken' by Russia returned

The House of Commons voted 515-29 to back a key portion of The Windsor Framework, designed to resolve a trade dispute between the UK and Northern Ireland.

Westminster

Sunak's Brexit deal clears Commons vote

Two Defence Force personnel have been injured after an Australian Army helicopter crashed into the water during routine counterterrorism training on New South Wales south coast. There were 10 personnel on board the aircraft when the incident occurred and all have been recovered from the water. Chief of Army Lieutenant General Simon Stuart says the incident had the potential to end in "tragedy".

Jervis Bay

Two army personnel injured in helicopter crash

Emmanuel Macron has defended his Government's decision to force the controversial pension reforms through Parliament during a rare national 
television address, designed to quell the violent protests that have gripped the country. The French President condemning the violence, saying he had 'no regrets' despite facing multiple no-confidence motions.

Paris

'No regrets': Macron defiance amid protests

Former British Prime Minister Boris Johnson insists he did not lie to lawmakers, defending himself at a parliamentary hearing as part of a probe into whether he misled lawmakers over rule-breaking Covid-19 lockdown parties. Johnson faced a grilling before a cross-party committee that has the powers to suspend the MP and force a by-election in his London seat.

'Hand on heart': Boris denies lying

Stocks on Wall Street have climbed after the rescue of Credit Suisse calmed nerves about a larger banking crisis. The United States treasury secretary, Janet Yellen, says the local financial sector is stabilising after it was put to the test by the collapse of two banks this month. But the world's largest economy is still facing some strong headwinds.

Banking Crisis

U.S bank failures 'very different' from 2008

Xi Jinping and Vladimir Putin stress that'“responsible dialogue' is the best way to resolve the Ukraine crisis as Moscow reaffirms its commitment to peace negotiations. The Chinese leader says Beijing has an “impartial position” on the conflict in Ukraine and supports peace as Putin says China’s peace proposals could be used as the basis for talks.

Moscow

Xi's trip to Russia: A boost for Putin

A Virginia grand jury formally indicted 10 people, including police officers and hospital workers, over the death of Irvo Otieno - a Black man who was restrained before he died in a mental health facility. His family demanded justice and mental health reform. 

Richmond

Video shows police 'piling on' man before his death

Lawyers for Fox Corp faced a sceptical judge on Tuesday (March 21) as they sought to block a $1.6 billion defamation lawsuit by Dominion Voting Systems from going to trial, while the voting-technology company accused Fox News of knowingly airing vote-rigging claims that the network knew were false.

Delaware

Fox News fights to avoid trial by jury

Russian President Vladimir Putin said Tuesday a Chinese peace plan could provide a basis for a settlement of the fighting in Ukraine when the West is ready for it. Speaking after talks with Chinese leader Xi Jinping, Putin charged that Ukraine’s Western allies so far have shown no interest in that.

Russian Sanctions

Putin: Ukraine 'doesn't want' peace

Former British Prime Minister Boris Johnson is battling for his political future as he tries to convince a cross-party committee that he 'unintentionally' misled Parliament over the Partygate scandal. If the committee decides he 'recklessly' misled MPs, he faces a suspension from Parliament that could force a by-election in his West London seat.

Boris Johnson in trouble again

A magnitude 6.5 earthquake was felt across huge swathes of Afghanistan, Pakistan, and parts of India on Tuesday night, forcing people to spend the night outside.

Islamabad

Deadly earthquake rocks Pakistan, Afghanistan

Japanese Prime Minister Fumio Kishida has offered strong support to Ukraine during a visit to Kyiv, inviting President Volodymyr Zelenskiy to the G-7 Summit in May.

In Kyiv, Japan's Kishida backs Ukraine

Russian President Vladimir Putin and Chinese leader Xi Jinping discussed Beijing's proposal for a ceasefire in Ukraine in talks in Moscow, while displaying a warm friendship forged on a mutual rivalry with the West. China has refrained from condemning Russia or referring to Moscow's intervention in its neighbor as an "invasion". It has also criticized Western sanctions on Russia.

Xi urges Ukraine ceasefire during Putin talks

The NATO Secretary General said China needs to "understand Ukraine's perspective" and engage with President Volodymyr Zelenskyy.

China 'must condemn' Russian aggression; NATO

Russian authorities on Tuesday detained human rights activists including members of the Nobel-winning Memorial organisation after raids on homes and offices, sparking an outcry among the international human rights community. 

Tsentralnyy administrativnyy okrug

Russian Police raid homes of Nobel Prize winners

Protesters are trying to pressure lawmakers to bring down the government and doom the unpopular retirement age increase President Macronis trying to impose without a vote in the National Assembly.

Protestors rally as Macron survives no-confidence vote

U.S. President Joe Biden signed a bill that requires declassification of information related to the origins of the coronavirus that causes COVID-19. Whether the pandemic was the result of a lab leak from China's Wuhan Institute of Virology, or jumped from animals to humans at a Wuhan market remains a hotly contested debate. China has said there is no credibility behind the lab leak theory.

Wuhan

Biden orders release of COVID intelligence

Russia has opened its own criminal investigation into the International Criminal Court's (ICC) prosecutor and judges. Russia’s Investigative Committee says the ICC has knowingly accused an innocent person of a crime, in another show of defiance against the court.

Russia retaliates after Putin arrest warrant

A damning report by an independent member of Britain's House of Lords has found that London's Metropolitan Police force is institutionally racist, sexist, and homophobic. In her report, Louise Casey says officers are not properly vetted and calls for wide-ranging reform.

London Police 'racist, sexist and homophobic'

Anticipation is building over reports that former U.S. President Donald Trump could be indicted as early as today. Barriers have been erected around a Manhattan courthouse in anticipation of protests after Trump called on his supporters to protest any moves to arrest him. 