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Size, scope of FTX failure gets clearer as users fear worst

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NEW YORK (AP) — Just days after cryptocurrency’s third-largest exchange collapsed, the public is starting to get an idea of how messy FTX’s bankruptcy case could be. Other crypto firms are failing as a result of FTX’s unraveling, events reminiscent of the domino-like meltdowns of the 2008 financial crisis.

Users remained frustratingly in the dark Tuesday about when they might get their funds back, if at all, directing much of their anger toward FTX’s founder and CEO, Sam Bankman-Fried.

In a court filing, FTX’s lawyers said there were already more than 100,000 claims against the company and estimated that figure could grow to more than 1 million, most of them customers, once the case is complete. The court ordered FTX to provide at least a list of the company’s 50 biggest creditors by Nov. 18.

The lawyers said the company is in contact with the Department of Justice, the Securities and Exchange Commission, the Commodity Futures Trading Commission as well as dozens of other state, federal and international authorities, confirming earlier reports that the U.S. government is probing the possibility that Bankman-Fried and his lieutenants violated U.S. securities law.

FTX filed for bankruptcy protection Friday, sending tsunami-like waves through the cryptocurrency industry, which has seen a fair share of volatility and turmoil this year, including a sharp decline in price for bitcoin and other digital assets. For some, the events are reminiscent of the failures of Wall Street firms during the 2008 financial crisis, particularly now that supposedly healthy firms like FTX are failing.

The Wall Street Journal reported that BlockFi, which had halted withdrawals over the weekend following FTX’s bankruptcy, is now actively considering bankruptcy and plans to lay off its staff. In previous public comments, BlockFi’s management made it clear that FTX’s failure had pushed the company towards being out of business. FTX had provided financial aid to BlockFi this summer, including a $400 million credit facility backed by its own balance sheet.

“We are shocked and dismayed by the news regarding FTX and Alameda,” BlockFi said Saturday, referring to FTX and Bankman-Fried’s hedge fund Alameda Research. “Given the lack of clarity on the status of FTX.com, FTX US and Alameda, we are not able to operate business as usual.”

Another crypto firm, crypto lending firm SALT Blockchain, also appeared to be on the verge of failure. The company Bnk to the Future pulled out of its agreement to buy SALT, citing its exposure to FTX. In tweets, SALT’s CEO Shawn Oren said he is “fully committed still to recover from the damages as victims.”

In a sign of how fearful investors are that the cascading effects could do long-term damage, cryptocurrency exchange Binance proposed the creation of a rescue fund that would save otherwise healthy crypto companies from failure. Binance’s founder and CEO Changpeng Zhao effectively laid out the possibility of a crypto-like central bank or deposit-insurance pool to be a lender of last resort to keep healthy firms from failing.

Meanwhile, FTX’s users bemoaned their losses in Telegram chat groups for traders who used the FTX exchange, writing that they’d lost access to amounts ranging from thousands to millions of dollars.

Some pleaded for information. Others speculated on the likelihood of getting back their funds, while others counseled that they should accept that their investments were gone.

Moderators for one group posted intermittently, saying things like, “No death threats please.” They wrote that they had no information about the whereabouts of Bankman-Fried or what would happen to his companies.

“No news,” posted one moderator.

Many of FTX’s users pointed to Bankman-Fried as responsible, making puns on his name like “Sam Bankrun-Fried” and calling for him to be prosecuted.

On Tuesday, a support account for FTX US was responding on Twitter to posts from people asking about their funds and directing them to send messages to the Twitter account to get assistance.

Mohit Sorout, 30, said he has lost access to 95% of the value of his cryptocurrency holdings when FTX halted its services last week, posting on Twitter, “The pain is f(asterisk)(asterisk)(asterisk)ing real.”

An electrical engineer based between New Delhi and Dubai, he started trading in 2017 and quit his job in 2018 to work full time trading cryptocurrencies. Along with a business partner, he built a custom algorithm, and grew an investment of a couple thousand dollars into a sum many times that size, though he didn’t want to disclose the value of his holdings when he lost access to them.

It’s not clear what will happen to the funds of retail investors like Sorout, which are locked within the FTX ecosystem. His requests to withdraw the funds were not honored last week and now he can’t even log onto the exchange, he said on Monday.

Sorout didn’t intend to keep all of his investments on a single platform, he said, but the tools that FTX had built for traders like himself were very effective and his algorithm worked well there. He also trusted Bankman-Fried in part because of his high profile.

“The problem was the founder, who is donating eight figures in presidential campaigns, he’s meeting with the top bureaucrats, he is sponsoring chess tournaments, he’s out there sponsoring stadiums,” Sorout said. “You don’t really expect such a huge business, especially the CEO of that business, to defraud its customers, you know?”

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NASA Astronaut Jonny Kim Returns to Earth After 245-Day ISS Mission

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WASHINGTON, D.C. (FNN) — NASA astronaut Jonny Kim returned to Earth early Tuesday alongside Roscosmos cosmonauts Sergey Ryzhikov and Alexey Zubritsky, concluding an eight-month science mission aboard the International Space Station focused on advancing life on Earth and preparing for future deep space exploration.

The trio landed safely under parachute at 12:03 a.m. EST (10:03 a.m. local time) southeast of Dzhezkazgan, Kazakhstan, aboard the Soyuz MS-27 spacecraft. Their departure from the station occurred at 8:41 p.m. EST on Dec. 8.

Record-Breaking Mission and First-Time Flyers

Across 245 days in orbit, the crew circled Earth 3,920 times and traveled nearly 104 million miles. Kim and Zubritsky completed their first spaceflights, while Ryzhikov—on his third mission—now holds 603 cumulative days in space.

The crew launched to the ISS on April 8 as part of a mission that contributed to NASA’s long-running efforts to advance scientific discovery and human spaceflight capabilities.

Scientific Research to Benefit Earth and Future Missions

While aboard the ISS, Kim supported numerous experiments and technology demonstrations. His work included studying the behavior of bioprinted tissues with blood vessels in microgravity—research that could accelerate space-based tissue production and improve medical treatments on Earth.

Kim also tested multi-robot remote command capabilities for the Surface Avatar investigation, a study that could inform the development of robotic assistants for future lunar and Martian missions. In addition, he contributed to research on in-space manufacturing of DNA-mimicking nanomaterials, which may enhance drug delivery systems and support emerging fields in regenerative medicine.

Return to Houston and the Future of Exploration

After routine medical checks in Kazakhstan, the crew will travel to the recovery staging area in Karaganda. Kim will then return to NASA’s Johnson Space Center in Houston.

For more than 25 years, astronauts have lived and worked continuously aboard the International Space Station, enabling scientific breakthroughs not achievable on Earth. As commercial partners expand human spaceflight services and develop new low Earth orbit destinations, NASA is directing its focus toward deep space exploration through the Artemis program and preparing for eventual human missions to Mars.

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Cultural

Byio Wants to Fix What Social Media Broke

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Image of R.M. Easterly, founder of Byio. Courtesy of People of Color in Tech

ORLANDO, Fla. (FNN NEWS) – Social media wasn’t supposed to be like this. Endless noise, manipulated algorithms, harassment buried under engagement metrics, and creators fighting just to be seen: it’s a landscape that rewards chaos over connection. Byio, a new platform built by Black women, is trying something radically different: slowing things down, putting people first, and making digital space intentional again.

Byio stands for “By Invite Only,” and it means that literally. You can’t just sign up. You join through a personal invite and each user only gets two. This isn’t exclusivity for the sake of hype. It’s a form of cultural quality control. Growth isn’t measured in downloads; it’s measured in alignment. The people behind Byio are building a digital space where values aren’t an afterthought.

Led by founder and CEO R.M. Easterly, Byio was created out of frustration not just with broken moderation systems or paywalled reach, but with the deeper issue of who gets to shape online culture. Black creators and communities have been disproportionately impacted by platform policies that erase or ignore them. Byio doesn’t just give them a voice — it gives them the blueprint.

What sets Byio apart isn’t a flashy feature list, though it has those: livestreaming, built-in monetization, creator gifting, e-commerce tools all built into the platform from day one

. But the real innovation is philosophical. Moderation isn’t only reactive. AI prompts are used to encourage users to pause before posting content that might escalate conflict. It’s not censorship — it’s digital self-awareness baked into the UX.

The platform launched in a staggered rollout known as the “TG10s” — the first 10,000 users who will help shape the culture. Discord is the current front porch of that community, with conversations already driving feedback and ideas. Some early supporters are even buying physical Byio stickers — not as access passes, but as expressions of belief in the mission.

And people are watching closely. Critics and newcomers alike are asking the right questions: Can a platform grow and still stay grounded? Will the AI moderation tools respect nuance and cultural context? Will creator monetization be fair and accessible? So far, the answers aren’t in grand promises but in the quiet, deliberate pace of how Byio is rolling out.

Compared to giants like Instagram, TikTok, or X, where the incentive structure leans heavily toward viral content and ad revenue, Byio feels like a platform pulling in the opposite direction. Even newer alternatives like Mastodon or Bluesky may tout decentralization, but they haven’t solved moderation or cultural bias at scale. Byio’s approach — tight-knit, human-led, AI-supported, culturally conscious — isn’t just unusual. It’s practically rebellious.

Byio isn’t for everyone. It’s not trying to be. But for creators, communities, and everyday users who’ve felt erased, misrepresented, or simply exhausted by the internet as it stands. This platform may be the start of something that doesn’t just look different, but feels different.

_______________________________________________

Kareen Kennedy is the Assistant Editor for Florida National News
kareen.kennedy@floridanationalnews.com

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Tech

NASA Successfully Launches TRACERS Mission to Study Earth’s Magnetic Field

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NASA’s TRACERS (Tandem Reconnection and Cusp Electrodynamics Reconnaissance Satellites) mission launched at 2:13 p.m. EDT atop a SpaceX Falcon 9 rocket at Space Launch Complex 4 East at Vandenberg Space Force Base in California. Credit: SpaceX

BREVARD COUNTY, Fla. (FNN) – Florida National News has learned that NASA’s latest mission, TRACERS (Tandem Reconnection and Cusp Electrodynamics Reconnaissance Satellites), has officially launched and will soon begin studying Earth’s magnetic field to better understand how it protects the planet from the harmful effects of space weather.

NASA Launches TRACERS to Study Earth’s Magnetic Shield

The TRACERS mission lifted off Wednesday at 11:13 a.m. PDT (2:13 p.m. EDT) aboard a SpaceX Falcon 9 rocket from Space Launch Complex 4 East at Vandenberg Space Force Base in California. The twin spacecraft will fly closely together—just 10 seconds apart—making over 3,000 measurements in a single year to provide a detailed picture of magnetic reconnection, a process that impacts space weather and Earth’s atmosphere.

“NASA is proud to launch TRACERS to demonstrate and expand American preeminence in space science research and technology,” said acting NASA Administrator Sean Duffy. “This mission will yield breakthroughs that will advance our pursuit of the Moon, and subsequently, Mars.”

Mission controllers successfully made contact with the second spacecraft three hours after separation, and a four-week commissioning period will now begin before science operations commence.

TRACERS’ Role in Understanding Magnetic Reconnection

TRACERS will orbit the polar cusp, an open region in Earth’s magnetic field near the North Pole. This area is critical for studying how solar wind—a stream of charged particles from the Sun—interacts with Earth’s magnetic field. The mission will investigate magnetic reconnection, where magnetic field lines from the Sun and Earth snap and realign, releasing intense bursts of energy.

These interactions cause charged particles to cascade into Earth’s atmosphere, affecting satellites, communication systems, and power grids. TRACERS will give scientists unprecedented insight into how fast and intensely these processes occur.

“The successful launch of TRACERS is a tribute to many years of work by an excellent team,” said David Miles, TRACERS principal investigator at the University of Iowa. “We’re excited to explore the dynamic processes driving space weather.”

Small Satellites Hitch a Ride with TRACERS

Alongside TRACERS, NASA deployed three additional small satellite missions:

  • Athena EPIC: A demonstration satellite showing how modular SmallSat designs can lower costs and speed up deployment while measuring Earth’s outgoing longwave radiation.

  • PExT: A polylingual experimental terminal using software-defined radios to connect across commercial and government networks—similar to cell phone roaming, but in space.

  • REAL: A CubeSat investigating how high-energy electrons are scattered from the Van Allen radiation belts into Earth’s atmosphere, helping to protect astronauts and spacecraft.

Each mission contributes valuable data and technology demonstrations for future space operations.

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