The Federal Trade Commission is preparing to launch an investigation into anti-competitive practices at Microsoft's cloud computing business, Financial Times reported Thursday, as the US regulator continues to pursue Big Tech in the final weeks of Joe Biden's presidency. From the report: The FTC is examining allegations that Microsoft is abusing its market power in productivity software by imposing punitive licensing terms to prevent customers from moving their data from its Azure cloud service to competitors' platforms, according to people with direct knowledge of the matter.

Tactics being examined include substantially increasing subscription fees for those that leave, charging steep exit fees and allegedly making its Office 365 products incompatible with rival clouds, they added.

Washington Post: The Consumer Financial Protection Bureau has taken steps to place Google under formal federal supervision, an extraordinary move that could subject the technology giant to the regular inspections and other rigorous monitoring that the government imposes on major banks.

Google has fiercely resisted the idea over months of highly secretive talks, according to two people familiar with the discussions, who spoke on the condition of anonymity to describe them -- setting up what may ultimately be a major legal clash with vast implications for the CFPB's powers in the digital age.

The exact scope of the CFPB's concerns is not clear, and its order does not appear to be final. The political fate of the bureau's work under Director Rohit Chopra is also in doubt, as the watchdog agency braces for potentially significant changes to its leadership and agenda with the return of President-elect Donald Trump to the White House.

Formed in the aftermath of the 2008 financial crisis, the CFPB has broad powers to protect consumers from unfair, deceptive or predatory financial practices. That includes the ability to place certain firms under supervision, a status that can afford regulators direct access to the company's internal records to ensure their activities are sound -- and seek fixes if they are not.

An anonymous reader quotes a report from TechCrunch: U.K. consumer rights group 'Which?' is filing a legal claim against Apple under competition law on behalf of some 40 million users of iCloud, its cloud storage service. The collective proceeding lawsuit, which is seeking 3 billion pounds in compensation damages (around $3.8 billion at current exchange rates), alleges that Apple has broken competition rules by giving its own cloud storage service preferential treatment and effectively locking people into paying for iCloud at "rip-off" prices. "iOS has a monopoly and is in control of Apple's operating systems and it is incumbent on Apple not to use that dominance to gain an unfair advantage in related markets, like the cloud storage market. But that is exactly what has happened," Which wrote in a press release announcing filing the claim with the U.K.'s Competition Appeal Tribunal (CAT).

The lawsuit accuses Apple of encouraging users of its devices to sign up to iCloud for photo storage and other data storage needs, while simultaneously making it difficult for consumers to use alternative storage providers -- including by not allowing them to store or back-up all of their phone's data with a third-party provider. "iOS users then have to pay for the service once photos, notes, messages and other data go over the free 5GB limit," Which noted. The suit also accuses Apple of overcharging U.K. consumers for iCloud subscriptions owing to the lack of competition. "Apple raised the price of iCloud for UK consumers by between 20% and 29% across its storage tiers in 2023," it wrote, saying it's seeking damages for all affected Apple customers -- and estimating that individual consumers could be owed an average of 70 pounds (around $90), depending on how long they've been paying Apple for iCloud services. "Anyone who has 'obtained' iCloud services, including non-paying users, over the nine-year timeframe since the Consumer Rights Act came into force on October 1st, 2015," will be included in the claim. U.K.-based consumers will have to opt-out if they do not want to be included. "Consumers who live outside the U.K. and believe they are eligible to be included must actively opt-in to join the action," adds TechCrunch.

During a public joint hearing today titled "Unidentified Anomalous Phenomena: Exposing the Truth," four experts testified that the U.S. is running secret UAP programs, including crash retrieval and reverse-engineering programs for advanced nonhuman technology. Although the Pentagon maintains there's no evidence of alien spacecraft, witnesses like Luis Elizondo and Michael Gold argue that UAPs represent an intelligence enigma and call for open, stigma-free study to address potential security concerns and unknown scientific possibilities. NPR reports: Tim Gallaudet, retired rear admiral, U.S. Navy; CEO of Ocean STL Consulting, LLC
"Confirmation that UAPs are interacting with humanity came for me in January 2015," Gallaudet said in his written testimony (PDF). He describes being part of a pre-deployment naval exercise off the U.S. East Coast that culminated in the famous "Go Fast" video, in which a Navy F/A-18 jet's sensors recorded "an unidentified object exhibiting flight and structural characteristics unlike anything in our arsenal." He was among a group of commanders involved in the exercise who received an email containing the video, which was sent by the operations officer of Fleet Forces Command, Gallaudet said. "The very next day, the email disappeared from my account and those of the other recipients without explanation," he said.

Luis Elizondo, author and former Department of Defense official
Elizondo's written testimony (PDF) was brief and alleged that a secretive arms race is playing out on the global stage. "Let me be clear: UAP are real," he wrote. "Advanced technologies not made by our Government -- or any other government -- are monitoring sensitive military installations around the globe. Furthermore, the U.S. is in possession of UAP technologies, as are some of our adversaries." Elizondo is a former intelligence officer who later "managed a highly sensitive Special Access Program on behalf of the White House and the National Security Council," according to his official bio (PDF). "By 2012, [Elizondo] was the senior ranking person of the DOD's Advanced Aerospace Threat Identification Program, a secretive Pentagon unit that studied unidentified anomalous phenomena," his bio states, adding that he resigned in 2017.

Michael Gold, former NASA associate administrator of space policy and partnerships; member of NASA UAP Independent Study Team
Gold's written testimony (PDF) stressed the need for government agencies and academics to "overcome the pernicious stigma that continues to impede scientific dialogue and open discussions" about unexplained phenomena. "As the saying goes, the truth is out there," Gold said, "we just need to be bold enough and brave enough to face it."

Michael Shellenberger, founder of Public, a news outlet on the Substack platform
Shellenberger's testimony (PDF) ran to some 214 pages, including a lengthy timeline of UAP reports from 1947 to 2023. Shellenberger pressed the White House and Congress to act, calling for the adoption of UAP transparency legislation and cutting funds for any related programs that aren't disclosed to lawmakers. "UAP transparency is bi-partisan and critical to our national security," his written testimony stated. You can watch the proceeding here.

The FBI raided Polymarket CEO Shayne Coplan's Manhattan apartment, seizing his phone and electronic devices. A source close to the matter told The New York Post it was politically motivated due to Polymarket's successful prediction of Trump's election win. It's "grand political theater at its worst," the source said. "They could have asked his lawyer for any of these things. Instead, they staged a so-called raid so they can leak it to the media and use it for obvious political reasons."

Although no charges were filed, the raid has sparked controversy, with speculation of political retribution and concerns over potential market manipulation, as Polymarket faces scrutiny both in the U.S. and from French regulators. The New York Post reports: Coplan was not arrested and has not been charged, a Polymarket spokesperson told The Post on Wednesday evening. "Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections," the rep said. "We charge no fees, take no trading positions, and allow observers from around the world to analyze all market data as a public good."

Coplan posted on X after his run-in with the feds: "New phone, who dis?" Polymarket does not allow trading in the US, though bettors can bypass the ban by accessing the site through VPN. The FBI's investigation comes a week after Coplan said Polymarket is planning to return to the US. [...] In 2022, the online gambling platform was forced to pause its trading in the US and pay a $1.4 million penalty to settle charges with the Commodity Futures Trading Commission that it had failed to register with the agency. [In France, regulators are investigating Polymarket's compliance with national gambling laws, with concerns about unauthorized gambling activities within the country.] A Fortune report published a week before the election found widespread evidence of wash-trading on Polymarket. "Polymarket's Terms of Use expressly prohibit market manipulation," a Polymarket spokesperson told Fortune in a statement.

Amazon has discontinued its secretive "Encore" project to develop an at-home fertility tracker, resulting in layoffs for around 100 employees. The project, part of Amazon's Grand Challenge division, aimed to launch a device and app that would predict fertility through saliva testing but was ultimately terminated to control costs. CNBC reports: The project was born out of the company's 2020 acquisition of Wisconsin-based startup bluDiagnostics, the sources said. BluDiagnostics was founded in 2015 by Weibel, Katie Brenner and Jodi Schroll, all of whom joined Grand Challenge. The startup had developed a thermometer-like device, called FertilityFinder, to help women track their fertility from home by testing their saliva and measuring two key hormones, estradiol and progesterone. The results of the test were viewable through a corresponding app. Business Insider reported on aspects of the fertility device in 2022, when its codename was Project Tiberius.

The team was working to develop its own saliva collection device and mobile app, which could predict when a user might be in the fertile window. Users could also log their period symptoms, sexual activity and other data to assist with tracking their fertility. There are similar offerings on the market from companies including Inne, Oova, Ava and Mira, along with fertility and ovulation tracking apps such as Flo, Clue and Max Levchin's Glow. Amazon initially aimed to release the product this year, but the timing was pushed out after the team encountered technical issues with the device, one of the people said. It was a costly endeavor and required significant upfront investments for lab research and development, in addition to the high salaries for scientists and engineers, the sources said, adding that the team's weekly overhead was roughly $1.5 million. Amazon didn't comment on the figure. Only one project now remains active within Grand Challenge. Its focus is on health tech, the people said. "We regularly review our businesses to ensure we focus on areas where we can make the biggest difference for customers," said Amazon spokesperson Margaret Callahan. "Following a recent review, we've decided to discontinue this project within Grand Challenge, and we're working directly with employees whose roles are impacted to support them through the transition and help them find other opportunities within Amazon."

An anonymous reader shares a report: Officials inside the Secret Service clashed over whether they needed a warrant to use location data harvested from ordinary apps installed on smartphones, with some arguing that citizens have agreed to be tracked with such data by accepting app terms of service, despite those apps often not saying their data may end up with the authorities, according to hundreds of pages of internal Secret Service emails obtained by 404 Media.

The emails provide deeper insight into the agency's use of Locate X, a powerful surveillance capability that allows law enforcement officials to follow a phone, and person's, precise movements over time at the click of a mouse. In 2023, a government oversight body found that the Secret Service, Customs and Border Protection, and Immigration and Customs Enforcement all used their access to such location data illegally. The Secret Service told 404 Media in an email last week it is no longer using the tool. "If USSS [U.S. Secret Service] is using Locate X, that is most concerning to us," one of the internal emails said. 404 Media obtained them and other documents through a Freedom of Information Act (FOIA) request with the Secret Service.

An anonymous reader quotes a report from The Register: Royal assent was granted to two right to repair bills last week that amend Canada's Copyright Act to allow the circumvention of technological protection measures (TPMs) if this is done for the purposes of "maintaining or repairing a product, including any related diagnosing," and "to make the program or a device in which it is embedded interoperable with any other computer program, device or component." The pair of bills allow device owners to not only repair their own stuff regardless of how a program is written to prevent such non-OEM measures, but said owners can also make their devices work with third-party components without needing to go through the manufacturer to do so.

Bills C-244 (repairability) and C-294 (interoperability) go a long way toward advancing the right to repair in Canada and, as iFixit pointed out, are the first federal laws anywhere that address how TPMs restrict the right to repair -- but they're hardly final. TPMs can take a number of forms, from simple administrative passwords to encryption, registration keys, or even the need for a physical object like a USB dongle to unlock access to copyrighted components of a device's software. Most commercially manufactured devices with proprietary embedded software include some form of TPM, and neither C-244 nor C-294 place any restrictions on the use of such measures by manufacturers. As iFixit points out, neither Copyright Act amendments do anything to expand access to the tools needed to circumvent TPMs. That puts Canadians in a similar position to US repair advocates, who in 2021 saw the US Copyright Office loosen DMCA restrictions to allow limited repairs of some devices despite TPMs, but without allowing access to the tools needed to do so. [...]

Canadian Repair Coalition co-founder Anthony Rosborough said last week that the new repairability and interoperability rules represent considerable progress, but like similar changes in the US, don't actually amount to much without the right to distribute tools. "New regulations are needed that require manufacturers and vendors to ensure that products and devices are designed with accessibility of repairs in mind," Rosborough wrote in an op-ed last week. "Businesses need to be able to carry out their work without the fear of infringing various intellectual property rights."

An anonymous reader quotes a report from NBC News: Former Massachusetts Air National Guard member Jack Teixeira was sentenced Tuesday to 15 years for stealing classified information from the Pentagon and sharing it online, the U.S. Attorney for Massachusetts announced. Teixeira received the sentence before Judge Indira Talwani in U.S. District Court for the District of Massachusetts. In March, the national guardsman pleaded guilty to six counts of willful retention and transmission of national defense information under the Espionage Act. He was arrested by the FBI in North Dighton, Massachusetts, in April 2023 and has been in federal custody since mid-May 2023.

According to court documents, Teixeira transcribed classified documents that he then shared on Discord, a social media platform mostly used by online gamers. He began sharing the documents in or around 2022. A document he was accused of leaking included information about providing equipment to Ukraine, while another included discussions about a foreign adversary's plot to target American forces abroad, prosecutors said. [...] While the documents were discovered online in March 2023, Teixeira had been sharing them online since January of that year, according to prosecutors.

If you have Spotify's soon-to-be-bricked Car Thing, there are a few ways you can give it a new lease on life. YouTuber Dammit Jeff has showcased modifications to Car Thing that makes the device useful as a desktop music controller, customizable shortcut tool, or a simple digital clock. Ars Technica's Kevin Purdy reports: Spotify had previously posted the code for its uboot and kernel to GitHub, under the very unassuming name "spsgsb" and with no announcement (as discovered by Josh Hendrickson). Jeff has one idea why the streaming giant might not have made much noise about it: "The truth is, this thing isn't really great at running anything." It has half a gigabyte of memory, 4GB of internal storage, and a "really crappy processor" (Amlogic S905D2 SoC) and is mostly good for controlling music.

How do you get in? The SoC has a built-in USB "burning mode," allowing for a connected computer, running the right toolkit, to open up root access and overwrite its firmware. Jeff has quite a few issues getting connected (check his video description for some guidance), but it's "drag and drop" once you're in. Jeff runs through a few of the most popular options for a repurposed Car Thing:

- DeskThing, which largely makes Spotify desk-friendly, but adds a tiny app store for weather (including Jeff's own WeatherWave), clocks, and alternate music controls
- GlanceThing, which keeps the music controls but also provides some Stream-Deck-like app-launching shortcuts for your main computer.
- Nocturne, currently invite-only, is a wholly redesigned Spotify interface that restores all its Spotify functionality.

An anonymous reader quotes a report from 404 Media: Flock is one of the largest vendors of automated license plate readers (ALPRs) in the country. The company markets itself as having the goal to fully "eliminate crime" with the use of ALPRs and other connected surveillance cameras, a target experts say is impossible. [...] Flock and automated license plate reader cameras owned by other companies are now in thousands of neighborhoods around the country. Many of these systems talk to each other and plug into other surveillance systems, making it possible to track people all over the country.

"It went from me seeing 10 license plate readers to probably seeing 50 or 60 in a few days of driving around," [said Alabama resident and developer Will Freeman]. "I wanted to make a record of these things. I thought, 'Can I make a database of these license plate readers?'" And so he made a map, and called it DeFlock. DeFlock runs on Open Street Map, an open source, editable mapping software. He began posting signs for DeFlock (PDF) to the posts holding up Huntsville's ALPR cameras, and made a post about the project to the Huntsville subreddit, which got good attention from people who lived there. People have been plotting not just Flock ALPRs, but all sorts of ALPRs, all over the world. [...]

When I first talked to Freeman, DeFlock had a few dozen cameras mapped in Huntsville and a handful mapped in Southern California and in the Seattle suburbs. A week later, as I write this, DeFlock has crowdsourced the locations of thousands of cameras in dozens of cities across the United States and the world. He said so far more than 1,700 cameras have been reported in the United States and more than 5,600 have been reported around the world. He has also begun scraping parts of Flock's website to give people a better idea of where to look to map them. For example, Flock says that Colton, California, a city with just over 50,000 people outside of San Bernardino, has 677 cameras.

People who submit cameras to DeFlock have the ability to note the direction that they are pointing in, which can help people understand how these cameras are being positioned and the strategies that companies and police departments are using when deploying them. For example, all of the cameras in downtown Huntsville are pointing away from the downtown core, meaning they are primarily focused on detecting cars that are entering downtown Huntsville from other areas.

After setting a record high yesterday, Bitcoin continued its remarkable rally, briefly surging past the $90,000 mark. Since Election Day, the cryptocurrency has gained nearly 30%, adding approximately $20,000 to its value. From a previous report: Bitcoin hit a peak of $90,000 on Coinbase at 12:56 PST on Nov. 12 and is up 11% over the past day, per TradingView data. The cryptocurrency is now just over 11% away from reaching $100,000.

Federal authorities are grappling with the aftermath of an illegal sheep cloning operation that has scattered hundreds of contraband hybrid animals across multiple states, following the sentencing of the scheme's mastermind. Montana rancher Arthur Schubarth received a six-month prison term for cloning a near-threatened Marco Polo argali sheep from tissue illegally imported from Kyrgyzstan.

The cloned animal, named Montana Mountain King, was used to inseminate over 100 ewes, creating a network of unauthorized hybrid offspring. Court documents reveal that Schubarth sold these hybrids to big game hunting enthusiasts, with prices reaching $10,000 per animal. While the original cloned sheep is now housed at New York's Rosamond Gifford Zoo, authorities cannot account for most of its descendants.

zoobab writes: The US Senate to set to revive Software Patents with the PERA Bill, with a vote on Thursday, November 14, 2024.

A crucial Senate Committee is on the cusp of voting on two bills that would resurrect some of the most egregious software patents and embolden patent trolls. The Patent Eligibility Restoration Act (PERA), S. 2140, would dismantle vital safeguards that prohibit software patents on overly broad concepts. If passed, courts would be compelled to approve software patents on mundane activities like mobile food ordering or basic online financial transactions. This would unleash a torrent of vague and overbroad software patents, which would be wielded by patent trolls to extort small businesses and individuals.

The EFF is inviting members of the public to contact their Senators.

Pakistan's Punjab province banned most outdoor activities and ordered shops, markets and malls in some areas to close early from Monday to curb illnesses caused by intense air pollution. From a report: The province has closed educational institutions and public spaces like parks and zoos until Nov. 17 in places including Lahore, the world's most polluted city in terms of air quality, according to Swiss group IQAir's live ratings.

The districts of Lahore, Multan, Faisalabad and Gujranwala have seen an unprecedented rise in patients with respiratory diseases, eye and throat irritation, and pink eye disease, the Punjab government said in an order issued late on Sunday. The new restrictions will also remain in force until Nov. 17. "The spread of conjunctivitis/ pink eye disease due to bacterial or viral infection, smoke, dust or chemical exposure is posing a serious and imminent threat to public health," the Punjab government said.

While outdoor activities including sports events, exhibitions and festivals, and dining at restaurants have been prohibited, "unavoidable religious rites" are exempt from this direction, the order said. Outlets like pharmacies, oil depots, dairy shops and fruit and vegetable shops have similarly been exempted from the directions to close by 8 p.m. local time. Lahore's air quality remained hazardous on Monday, with an index score of more than 600, according to IQAir, but this was significantly lower than the 1,900 that it touched in places earlier this month. A score of 0-50 is considered good.

The UK's oldest satellite, Skynet-1A, mysteriously shifted from its original orbit above East Africa to a new position over the Americas, likely due to a mid-1970s command whose origins remain unknown. "The question is who that was and with what authority and purpose?" asks the BBC. From the report: "It's still relevant because whoever did move Skynet-1A did us few favours," says space consultant Dr Stuart Eves. "It's now in what we call a 'gravity well' at 105 degrees West longitude, wandering backwards and forwards like a marble at the bottom of a bowl. And unfortunately this brings it close to other satellite traffic on a regular basis. "Because it's dead, the risk is it might bump into something, and because it's 'our' satellite we're still responsible for it," he explains.

Dr Eves has looked through old satellite catalogues, the National Archives and spoken to satellite experts worldwide, but he can find no clues to the end-of-life behaviour of Britain's oldest spacecraft. It might be tempting to reach for a conspiracy theory or two, not least because it's hard to hear the name "Skynet" without thinking of the malevolent, self-aware artificial intelligence (AI) system in The Terminator movie franchise. But there's no connection other than the name and, in any case, real life is always more prosaic.

An anonymous reader quotes a report from TechCrunch: A trend has emerged among a small group of climate tech founders who start with their eyes fixed on space and soon realize their technology would do a lot more good here on Earth. Halen Mattison and Luke Neise fit the bill. Mattison spent time at SpaceX, while Neise worked at Vanderbilt Aerospace Design Laboratory and Varda Space Industries. The pair originally wanted to sell reactors to SpaceX that could turn carbon dioxide into methane for use on Mars. Today, they're building them to replace natural gas that's pumped from underground. Their company, General Galactic, which emerged from stealth in April, has built a pilot system that can produce 2,000 liters of methane per day. Neise, General Galactic's CTO, told TechCrunch that he expects that figure to rise as the company replaces off-the-shelf components with versions designed in-house.

"We think that's a big missing piece in the energy mix right now," said Mattison, the startup's CEO. "Being able to own our supply chains, to be able to fully control all of the parameters, to challenge the requirements between components, all of that unlocks some real elegance in the engineering solution." At commercial scale, the company's reactors will be assembled using mass production techniques. It's a contrast to how most petrochemical and energy facilities are built today. General Galactic is focused on producing methane. However, Mattison said the company isn't necessarily looking to displace the fuel from heating and energy. "Those are generally going toward electrification," he said. Instead, it intends to sell its methane to companies that use it as an ingredient or to power a process, like in chemical or plastic manufacturing. The company isn't ruling out transportation entirely either. Mattison hinted that General Galactic is working on other hydrocarbons that could be used for transportation, like jet fuel. "Stay tuned," he said. General Galactic plans to deploy its first modules next year. The startup "hopes its modules will be able to plug into existing infrastructure, speeding its adoption relative to other fuels like hydrogen," notes TechCrunch.

GIMP 3.0, the long-awaited upgrade from the popular open-source image editor, has entered the release candidate phase, signaling that a stable version may be available by the end of this year or early 2025. Tom's Hardware reports: So, what has changed with the debut of GIMP 3? The new interface is still quite recognizable to classic GIMP users but has been considerably smoothed out and is far more scalable to high-resolution displays than it used to be. Several familiar icons have been carefully converted to SVGs or Scalable Vector Graphics, enabling supremely high-quality, scalable assets.

While PNGs, or Portable Network Graphics, are also known to be high-quality due to their lack of compression, they are still suboptimal compared to SVGs when SVGs are applicable. The work of converting GIMP's tool icons to SVG is still in progress per the original blog post, but it's good that developer Denis Rangelov has already started on the work.

Many aspects of the GIMP 3.0 update are almost wholly on the backend for ensuring project and plugin compatibility with past projects made with previous versions of GIMP. To summarize: a public GIMP API is being stabilized to make it easier to port GIMP 2.10-based plugins and scripts to GIMP 3.0. Several bugs related to color accuracy have been fixed to improve color management while still maintaining compatibility with past GIMP projects. You can read the GIMP team's blog post here.

With iOS 18.2, Apple will allow you to share the location of a lost AirTag with other people and with more than 15 different airlines. The Verge reports: When using the feature, you can generate a Share Item Location link within the Find My app on an iPhone, iPad, or Mac. Once you share the link with someone, they can click on it to view an interactive map with the location of your lost item. Apple will update the website automatically when the lost item moves, and it will also display a timestamp when it moved last. Apple will turn off the feature once you find your lost item. You can also manually stop sharing the location of an AirTag at any time, or the link will "automatically expire after seven days." [...]

As part of the rollout, Apple is partnering with over 15 airlines, including Delta, United, Virgin Atlantic, Lufthansa, Air Canada, and more. All of these airlines will be able to "privately and securely" accept links to lost items, as "access to each link will be limited to a small number of people, and recipients will be required to authenticate in order to view the link through either their Apple Account or partner email address." This feature will be available to airlines in the "coming months." Additionally, SITA, a baggage tracing solution, will also implement Share Item Location into its luggage tracker.

The FTX estate has filed a lawsuit against Binance and former CEO Changpeng Zhao, seeking to recover $1.76 billion, alleging a "fraudulent" 2021 share deal that involved funding from FTX's insolvent Alameda Research. The suit also accuses Zhao of misleading social media posts that allegedly spurred customer withdrawals and contributed to FTX's collapse. CNBC reports: In a Sunday filing with a Delaware court, FTX cites a 2021 transaction in which Binance, Zhao and others exited their investment in FTX, selling a 20% stake in the platform and a 18.4% stake in its U.S.-based entity West Realm Shires back to the company. The FTX estate alleges that the share repurchase was funded by FTX's Alameda Research division through a combination of the company's and Binance's exchange tokens, as well as Binance's dollar-pegged stablecoin.

"Alameda was insolvent at the time of the share repurchase and could not afford to fund the transaction," the suit claims, labeling the deal agreed with FTX co-founder Sam Bankman-Fried -- who's now serving a 25-year sentence over fraud linked to the downfall of his exchange -- a "constructive fraudulent transfer." Binance denies the allegations, saying in an emailed statement, "The claims are meritless, and we will vigorously defend ourselves."