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Some wealthy people lost millions in the FTX collapse. But others say they've lost their entire life savings.

Business InsiderBusiness Insider · 1y ago
Some wealthy people lost millions in the FTX collapse. But others say they've lost their entire life savings.
Medial

The FTX collapse in 2022 affected not only wealthy investors like Tom Brady, who reportedly lost $30 million, but also thousands of regular people who lost their life savings. Prosecutors in the case have described FTX founder Sam Bankman-Fried as having victimized tens of thousands of individuals and companies across multiple continents. Many of these victims have shared their stories of financial devastation, highlighting the significant impact on their lives and families. FTX's bankruptcy filings indicate a $9.5 billion shortfall owed to approximately one million creditors, but lawyers have stated that customers and creditors can expect full restitution.

EMO Energy raises $6.2 Mn in Series A round

EntrackrEntrackr · 8m ago
EMO Energy raises $6.2 Mn in Series A round
Medial

Snippets EMO Energy raises $6.2 Mn in Series A round Energy-tech startup EMO Energy has raised $6.2 million in its Series A funding round, led by Subhkam Ventures along with participation from the existing investor, Transition VC. The Bengaluru-based company had previously raised $1.43 million from Sat Industries and others. The proceeds will be utilized to scale its 2 and 3 wheeler energy solution to over 1 lakh vehicles over the next two years, strengthen its R&D capabilities, and expand the team to meet growing operational demands, EMO Energy said in a press release. Co-founded in 2022 by Sheetanshu Tyagi and Rahul Patel, EMO Energy is a deep energy-tech startup focused on enabling mass EV adoption and decarbonizing urban energy. Its proprietary technology stack, ZEN, provides ultra-fast 20-minute charging, fireproof designs, and over 3000 charging cycles, making it a benchmark in safety, efficiency, and performance. The company’s battery systems are designed for electric two- and three-wheelers, commercial vehicles, and large-scale energy storage, with applications across multiple industries. According to EMO Energy, it aims to empower the urban energy landscape through its advanced battery software and hardware. Its patented technology, ZEN, comprises an AI battery management system, active thermal management, and machine learning battery life extension algorithms, which can cater to mobility and energy storage, unlocking a multi-billion-dollar addressable market across electric two-wheelers, light commercial vehicles, and industrial green energy storage systems. Over the last 12 months, EMO states that it has forged critical high-volume partnerships across major OEMs and is now well-equipped to scale from 2 to 2000 kWh. It is creating an ecosystem where dark stores and commercial establishments will have EMO-enabled delivery vehicles powered by its fast chargers and energy storage systems, all managed by an integrated energy management software. EMO Energy claims that it has already deployed over 2,000 battery packs in the mobility segment and is executing production-ready pilots for ESS aimed at providing peak shaving/backup and replacing diesel generators in industrial and commercial settings. Some of the startup’s clients include Kinetic Green, BigBasket, Domino’s, and Blinkit.

Karnataka HC issues notice to Centre on A23’s plea against gaming law

EntrackrEntrackr · 15d ago
Karnataka HC issues notice to Centre on A23’s plea against gaming law
Medial

The Karnataka High Court has stepped into the debate on India’s new Promotion and Regulation of Online Gaming Act, 2025, which bans all forms of online money games, including skill-based games like rummy and poker. The court, led by Justice B M Shyam Prasad, has issued notice to the Union government. It has asked the Centre to file its reply to a petition filed by Head Digital Works, the parent company of A23, which became the first gaming operator to challenge the new law. The petitioners, represented by senior advocates C. Aryama Sundaram and Dhyan Chinappa, argued that the new Act is misleading. Its title suggests “promotion and regulation,” but in effect, it imposes a blanket ban on all money games. They warned the court that the sudden implementation of the law could trigger a “huge backlash” across the country. According to them, the ban could destroy thousands of jobs, disrupt ongoing businesses, and impact a sector that has attracted heavy investment. They requested that the government either delay the notification of the law or at least provide seven days’ advance notice so that affected parties can seek legal remedies. On behalf of the Centre, Solicitor General Tushar Mehta opposed the plea. He argued that once the President has given assent to a bill, notifying it is a constitutional function. The courts, he said, cannot stop this process. However, Mehta also acknowledged that the notification could be issued soon and assured the court that he would seek instructions from the government. The next hearing is scheduled for September 8 at 2:30 PM. The petition by A23’s parent company marked the first major legal challenge to the new law. However, leading players like Dream11, Gameskraft, and MPL have chosen not to contest the legislation in court.

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