TOP STORY
Binance CEO Pleads Guilty to Money Laundering in $4.3B Settlement

This week, Changpeng “CZ” Zhao, the CEO of Binance, the world’s largest cryptocurrency exchange, resigned after pleading guilty to U.S. anti-money laundering violations as part of a $4.3 billion settlement.

CZ also agreed to pay a personal penalty of $50 million, one of the largest individual penalties in U.S. history.

This comes only a few weeks after Sam Bankman-Fried, the founder of the world’s former second-largest cryptocurrency exchange, was found guilty of seven counts of fraud and money laundering (read more about that here).

Binance faced intense legal scrutiny for failing to comply with U.S. anti-money laundering and sanctions laws, and allegations of not reporting transactions linked to terrorist organizations (e.g. al-Qaeda and ISIS) and websites with illegal content involving minors.

Following his resignation, CZ tweeted about his future plans:

CZ plans to take a break, his first in over six years since starting Binance in 2017. Post-resignation, he aims to focus on passive investments in blockchain, Web3, DeFi, AI, and biotech startups.

Zhao highlighted that the legal settlement with U.S. agencies did not accuse Binance of misappropriating funds or market manipulation, and expressed confidence in the new leadership under Richard Teng.

While it has been a rocky year for the crypto kingpins, Bitcoin price is up 127% YTD, with many anticipating the approval of Bitcoin ETFs in the US by major players like BlackRock, Ark Invest, Fidelity, and a dozen others.

Even so, the SEC has consistently blocked bitcoin ETFs from coming to market for a decade or so. These funds, if approved, would hold BTC directly and give investors exposure to the asset within an investment vehicle accessible via traditional brokerage accounts.

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MORE DRAMA IN THE AI WORLD
👑 Sam Altman Emerges Victorious, Back as CEO of OpenAI

This is the third week in a row that we’ve reported on OpenAI, covering the launch of the GPT Store and the firing of Sam Altman last week. Why? Because this is probably the most exciting saga in tech since the ousting of Steve Jobs from Apple.

After essentially a coup from the board, leading to the ousting of Sam Altman from OpenAI (a company he founded), Microsoft (which was blindsided by the OpenAI board’s decision) swooped in and hired Sam, before Sam was finally reappointed as CEO of OpenAI. Let’s take a step back and recap some of the events this week…

NOV 17: Sam Altman Ousted As CEO

Read the full story in the last Weekly Buzz here.

NOV 20: Appointment of New CEO to OpenAI

After Sam’s ousting, Emmett Shear, the former CEO of Twitch, was appointed the interim CEO role at OpenAI.

Shear described the role as a "once-in-a-lifetime opportunity" and planned to investigate the events leading to Sam Altman’s firing.

NOV 20: Microsoft Swoops in and Hires Sam Altman

On the very same day, Microsoft (which owns 49% of OpenAI) hired Altman to spearhead a new advanced AI research team, a big slap in the face to the OpenAI board.

At the same time, over 740 of OpenAI's approximately 770 employees signed an open letter, demanding the resignation of the current board and appointment of new directors, threatening to resign and join the new Microsoft subsidiary under Sam Altman and Greg Brockman if Sam was not re-instated.

NOV 22: Altman is re-instated as CEO at OpenAI just two days later, replacing the board that fired him.

Emmett Sheer says he is ‘deeply pleased’ by Sam’s return, even though this means he will have to step aside.

Shear and Altman, who was previously the CEO of Y Combinator, share a deep-rooted history, as they were both in the first-ever Y-Combinator class in 2005.

EARNINGS
📱 Nvidia's Revenue Soars 206% as AI Chip Demand Continues

This week, Nvidia reported a staggering 206% year-over-year revenue growth in its Q3 earnings report, significantly beating Wall Street’s expectations.

• ✅ Revenue: $18.12 billion (vs. $16.18 billion expected)

• ✅ Earnings: $4.02 per share (vs. $3.37 expected)

Here are some key highlights from the report:

• 🤖 Data Center Revenue Skyrockets: Data center revenue reached $14.51 billion, up 279% from the previous year. This growth comes from the increasing use of Nvidia's GPUs in cloud infrastructure.

• 🎮️ Gaming and New Developments: Nvidia’s gaming segment also showed robust performance, contributing $2.86 billion, up 81%.
   

• 🇨🇳 China Concerns: The company expects a decrease in sales next quarter due to export restrictions in China and other countries. However, Nvidia remains positive.
  
  The company is developing new data center products to comply with government policies and is working towards expanding its supply.

💡 This week Nvidia was the #29 most bought stock on Blossom but the #4 most mentioned.

 FROM THE BLOSSOM COMMUNITY

🎙 Top Discussions This Week

🗞️ What else you might’ve missed: