This 24-year-old quit his job at hedge-fund powerhouse Citadel to build on the blockchain Terra. It collapsed two months later.

At the start of 2022, Neel Somani was a quantitative research analyst working at Citadel, billionaire Ken Griffin’s powerhouse hedge-fund firm, which manages about $47 billion. But at age 24, Somani quit in late February with dreams of getting rich in crypto and helping to build a more decentralized financial system.  Somani chose to focus … Read more

Archegos Founder Bill Hwang, Former CFO Charged With Securities Fraud

Archegos Capital Management founder Bill Hwang and its former chief financial officer, Patrick Halligan, were indicted on securities fraud and racketeering charges Wednesday in what prosecutors said was a massive fraud and manipulation scheme that nearly jeopardized the U.S. financial system. Archegos collapsed in March 2021, leaving banks with more than $10 billion in losses … Read more

Nickel market short squeeze: Day drinking, ‘Big Shot’ and billions of dollars

The tale that ensues involves billions of dollars, Russia, a Chinese tycoon known as “Big Shot,” daytime drinking and a metal exchange stuck between two large rocks without a chisel. For the majority of the last decade, nickel prices were boring. On the London Metal Exchange, the premier trading and price-formation venue for industrial metals, … Read more