Battle in the Bahamas

Court officials in the Bahamas squared off against US-based bankruptcy lawyers in a fight over the remains of Sam Bankman-Fried’s crypto empire, exacerbating the initial effort to untangle the wreckage of FTX. The American legal team refused to give liquidators appointed by a Bahamian court access to the exchange’s computer systems. “This is dangerous information,” FTX attorney James Bromley said in a court hearing Wednesday. “We do not trust the Bahamian government.”

As for Bankman-Fried, his lawyers may be having second thoughts about fighting extradition to the US to face charges. Unlike the lovely beaches and luxurious hotels its known for, Bankman-Fried has found himself in a Bahamas prison where the conditions may be worse than many US jails. Bankman-Fried’s relatives are said to have called the prison Tuesday night to ask whether vegan meals could be delivered to him. —David E. Rovella

FTX’s shock collapse has rocked investor sentiment and prompted some traders to take control of their tokens, causing outflows elsewhere. Binance was one of the exchanges hit by large withdrawals Tuesday. Chief Executive Officer Changpeng Zhao warned his colleagues to expect tough months ahead, as the crypto billionaire tries to assuage concerns about his own company’s health.

The Fed did all that was expected Wednesday. The central bank raised rates 50 basis points (check) and Chair Jerome Powell warned it’s only the end of the beginning (check). “We still have some ways to go,” Powell said (as he has before). Still, some on Wall Street saw new tea leaves to read.

Coronavirus infections, hospitalizations and deaths are on the rise across North America and in other parts of the world, with the elderly in particular jeopardy. But many nations long ago dropped precautions against the spread of variants that can circumvent vaccines and previous infections. Now there’s more bad news: Long Covid can also kill you.

A Chicago family on the receiving end of one of the single-biggest liquidity events of all time—selling a 79% stake in its $32 billion company—decided to build an investment firm to deploy its vast fortune.

Roselie Arritola, who goes by the name Jenny Popach, is one of TikTok’s most controversial stars. The 16-year-old’s account is filled with hypersexual posts in which she gyrates in string bikinis, body rolls in hot pants or drops innuendos in captions. The Florida teen has 7 million followers and fashion brands have flocked to her—eager to capitalize on her sex appeal and her teen fans. Arritola’s parents say they are 100% behind her, but while many followers are kids just like her, many others are not. And this, say the ferocious online critics of TikTok, is why America’s children are increasingly at risk on the platform.

New York City’s business districts would get a makeover under a blueprint unveiled Wednesday, with recommendations to convert office space to residential areas, make outdoor dining permanent and improve transit. The goal? To slash the long commute.
Every week, Bloomberg Businessweek tests a wide range of products, whether the latest gadgets or high-performance sports equipment. Those luxury products that measure up go into a page called “The One.” They are the best of the best. In time for the holidays, we’ve collected a few of our favorites from 2022 for all your gifting needs.

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This is our sixth annual look at those in business, politics, science and technology, finance and entertainment whose accomplishments deserve recognition. No one story dominates the Bloomberg 50 this year more than Vladimir Putin’s war on Ukraine, and the effort by one man in particular to face him down, but there are a lot of people who managed shape the direction of yet another tumultuous year for the world.

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