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Starbucks (NASDAQ: SBUX) is one of the leading coffee brands in the world, with over 38,000 coffeehouses in 86 countries. However, Starbucks has also built an indirect position in the banking business , currently holding $1.872 billion in customer deposit s. This data is from the company’s earnings report for 2024’s second quarter (Q2), under the “stored value card liability” results. Earning reports; Liabilities and Shareholders’equity/(deficit). Source: Starbucks Essentially, when a customer buys a Starbucks Card, the unredeemed amount represents stored value, similar to a bank deposit. The business is responsible for providing future value on redemption, which means that stored value represents a liability on financial reports. Picks for you Nexo teams up with The Tie to introduce advanced real-time ma...

South Korea’s top crypto exchange, Upbit, has fallen victim to a fraudulent deposit incident , throwing its operations into chaos. On Sept. 24, Upbit reportedly halted the depositing and withdrawal of Aptos (APT) tokens after discovering that some of them were fake.  Apparently, an unknown entity managed to deposit counterfeit coins, which Upbit’s systems erroneously recognized as APT tokens, into the exchange. Consequently, fake coins — identified as “ClaimAPTGift” — were disseminated into several unspecified accounts. The information was first made public by “Definalist,” an X account run by several South Korean crypto traders.  Amazing Korean exchange upbit incident today 1. The Largest S.Korean exchange @Official_Upbit , abruptly halted Aptos' deposits and withdrawals, citing a wallet system maintenance without any specific reason 2. Various Korean users have posted authentication claiming that they… pic.twitter.com/OjfCwhB4eV — Definalist (@definalist)...

Join Our Telegram channel to stay up to date on breaking news coverage The CEO of Twitter, Elon Musk, has called out the US Federal Reserve for raising interest rates. Musk noted that an increase in deposit outflows was caused by investors shifting their money from low-interest savings accounts to money market accounts offering high interest rates. Twitter CEO concerned about interest rate hikes On March 23, the CEO of Twitter responded to a Twitter post on the Fed Chair’s remarks that the banking system was safe. In the post, Musk said that an increase in deposit outflows was caused by investors moving their money from saving accounts charging low-interest rates. A major driver of depositor flight is people moving money from low interest savings accounts to high interest money market (Treasury Bill) accounts. This foolish rate hike will worsen depositor flight. — Elon Musk (@elonmusk) March 22, 2023 “A major driver of deposit or flight is people moving ...