Invest ideasNews
14 May 2026, 15:50
Khosla Ventures bets $10M on Ian Crosby’s new AI bookkeeping startup after Bench’s collapse
BitcoinWorld Khosla Ventures bets $10M on Ian Crosby’s new AI bookkeeping startup after Bench’s collapse Most venture capitalists would steer clear of a founder whose previous startup imploded, was sold for parts, and whose new product vision may not yet be technically feasible. Khosla Ventures is doing the opposite. The firm has led a $10 million seed round into Synthetic, a new company founded by Ian Crosby, the former CEO of Bench Accounting, which famously shut down in December 2024 before being acquired out of bankruptcy. A contrarian bet on founder growth Khosla partner Jon Chu acknowledges the obvious risks. Crosby’s first startup, Bench, collapsed under new management after its board fired him in 2021. At the time, Crosby says he had turned down a $250 million acquisition offer from Brex, a decision the board disagreed with as the company burned through cash. Crosby’s direct leadership style also frustrated his executive team. But Chu sees the story differently. “I tend to run towards controversy a little bit,” he told Bitcoin World. He points to Parker Conrad, who was ousted from Zenefits in 2016 amid intense criticism, only to later found Rippling, now valued at nearly $17 billion. “In controversy, groupthink often shapes the narrative rather than the truth of the story itself,” Chu said. “I believe people have room for growth.” As part of his due diligence, Chu spoke with several executives who worked with Crosby after his departure from Bench. “They all had fantastic things to say about Ian,” Chu said. He believes Crosby’s subsequent roles — at Shopify, and as founder of Teal (acquired by Mercury) — gave him the space to learn from past mistakes. Synthetic: a fully autonomous AI bookkeeper Crosby’s new vision is ambitious: a fully autonomous AI bookkeeper that generates accrual-based financial statements without any human involvement. Most existing accounting startups, including Xero, rely on human accountants to review and correct AI output. Crosby wants to eliminate that entirely. “We’re not going to release anything that’s not fully autonomous,” Crosby told Bitcoin World. “It’s that or bust.” Synthetic plans to initially serve only AI and other software startups, a narrow customer base where the product’s prototype currently works. But Crosby is candid about the technical uncertainty. “It’s like a self-driving car that can drive down one street versus the self-driving car that can drive down any street. We haven’t driven down enough streets to know if it’s going to crash,” he said. Current foundational AI models still make significant bookkeeping errors. Crosby acknowledges that scaling the product for a broader customer base remains an open question. Still, he says the $10 million seed round gives him a long runway. “I’ve raised years of cash, so we can just wait it out,” he said. Why this matters for fintech and venture capital The bet on Crosby represents a broader shift in venture capital toward backing founders who have failed — and learned. The narrative around founder failure is evolving, with investors increasingly willing to separate a founder’s past company outcome from their personal capability. If Synthetic succeeds, it could validate a new model for AI-driven accounting that bypasses human labor entirely. If it fails, it will reinforce the view that some problems are harder to automate than others. Either way, the $10 million bet signals that Khosla Ventures believes in Crosby’s growth more than his past. Conclusion Ian Crosby’s second act is a high-risk, high-reward wager on both founder redemption and technological possibility. With $10 million from Khosla Ventures, Basis Set Ventures, and Shopify CEO Tobias Lütke, Synthetic aims to build what no accounting startup has yet achieved: a fully autonomous bookkeeper. Whether the technology can catch up to the vision — and whether Crosby has truly learned from Bench’s collapse — will determine if this bet pays off. FAQs Q1: What happened to Bench Accounting? Bench Accounting, founded by Ian Crosby, shut down in December 2024 and was sold out of bankruptcy. Crosby had been fired by the board in 2021 after turning down a $250 million acquisition offer from Brex. Q2: What is Synthetic building? Synthetic is developing a fully autonomous AI bookkeeper that generates accrual-based financial statements without human involvement. It is currently in the design phase and works only for a narrow group of AI and software startups. Q3: Why did Khosla Ventures invest despite Crosby’s past? Khosla partner Jon Chu believes in founder growth and separates a founder’s past company outcome from their personal capability. He cited Parker Conrad’s journey from Zenefits to Rippling as a parallel example. This post Khosla Ventures bets $10M on Ian Crosby’s new AI bookkeeping startup after Bench’s collapse first appeared on BitcoinWorld .
14 May 2026, 15:47
These high beta stocks earn the highest Quant ratings
More on Micron Technology, IAMGOLD Corporation, etc. Micron: No Longer The Ugly Duckling Of The Semi Sector Fundamentals Over Everything Sandisk: Structural Demand That Isn't Going Anywhere Soon Why one investor thinks semis, energy still have more upside Nvidia, AMD still among BofA's top chip stocks as AI likely to stay 'stronger for longer'
14 May 2026, 14:14
OpenAI says no user data exposed after TanStack npm supply chain attack hit employee devices
OpenAI has admitted that two employee devices were compromised through malicious versions of TanStack npm packages. The company is insisting that no evidence that user data, production systems, or intellectual property were tampered with was found. Was OpenAI hacked? OpenAI has confirmed that malicious actors breached two of its employee devices as part of a massive software supply chain campaign called “Mini Shai-Hulud.” OpenAI previously deployed controls to limit supply chain attack exposure after an incident with Axios, but the two affected employee devices had not yet received the updated configurations that would have blocked the malicious package download. The attack targeted TanStack , an open-source library used by millions of developers. The attackers published 84 malicious versions across 42 npm packages, including the popular @tanstack/react-router, which is downloaded over 12 million times weekly. An external researcher working for StepSecurity detected the malicious packages within roughly 20 minutes of publication and notified npm security directly. This attack exploited the trust users have in automated build systems. The malicious code was published using TanStack’s own legitimate publishing keys, making it look like an official update. Mini Shai-Hulud is a self reproducing malware that steals credentials like GitHub tokens, cloud keys, and SSH keys once a developer or CI/CD system installs it. The malware then attempts to republish to other packages the victim maintains. Security researchers report that the campaign has compromised packages across the npm and PyPI ecosystems. Beyond OpenAI and TanStack, the attack has affected code belonging to Mistral AI, UiPath (NYSE: PATH), OpenSearch and Guardrails AI. Researchers note that the payload installs a persistent daemon that acts as a “dead-man’s switch.” If a victim revokes a stolen GitHub token, the malware can trigger a command to wipe the user’s home directory. Was OpenAI’s user data compromised? Following the attack, OpenAI enlisted a third-party forensics firm to assist with the investigation. The company said it found no evidence that its user data was accessed or that its production systems, intellectual property or software were compromised. However, the attackers still managed to extract some credential material from internal code repositories that those devices had access to. This included code-signing certificates for macOS apps. Now, Mac users must update their ChatGPT Desktop, Codex, and Atlas apps latest by June 12, 2026, or the software will be blocked by macOS security protections. OpenAI said it has found no evidence of malicious software signed with its certificates and no unauthorized modifications to published applications. The company noted that new notarization with the old certificates has already been blocked, meaning any fraudulent app attempting to use them would lack Apple’s notarization and be stopped by macOS security protections by default. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .
14 May 2026, 14:05
WLFI Co-Founder Announces Countersuit Against Justin Sun, Denies Token Freeze Allegations
BitcoinWorld WLFI Co-Founder Announces Countersuit Against Justin Sun, Denies Token Freeze Allegations Zak Folkman, co-founder of World Liberty Financial (WLFI), has publicly addressed the escalating legal dispute with Tron (TRX) founder Justin Sun, announcing plans for a countersuit. Speaking at the Consensus 2026 conference, Folkman refuted Sun’s allegations regarding token freezes and governance exclusion, characterizing the claims as factually incorrect. Background of the Legal Dispute The conflict centers on a $75 million loan from Dolomite, a lending platform within the WLFI ecosystem. Folkman explained that WLFI was Dolomite’s largest liquidity provider and had taken a small loan against its collateral to increase protocol utilization. This move, he argued, was a standard practice in decentralized finance (DeFi) to optimize capital efficiency. WLFI’s Response and Legal Strategy Folkman asserted that Sun’s lawsuit, which alleges token freezes and exclusion from governance decisions, is based on misunderstandings. WLFI is preparing a defamation lawsuit against Sun and has retained the U.S. law firm Quinn Emanuel to handle the case. The firm is known for its high-profile litigation in the technology and cryptocurrency sectors. Implications for the DeFi Sector This legal battle highlights ongoing tensions between DeFi protocols and prominent figures in the crypto space. The outcome could set precedents for governance rights and liquidity provision in decentralized systems. For users and investors, the case underscores the importance of understanding the legal risks associated with participation in DeFi lending platforms. Conclusion The countersuit by WLFI against Justin Sun represents a significant escalation in a dispute that touches on core DeFi principles. As the legal process unfolds, the crypto community will be watching closely for developments that could influence future governance and legal frameworks in decentralized finance. FAQs Q1: What is the core issue in the dispute between WLFI and Justin Sun? A1: The dispute involves a $75 million loan from Dolomite, with Sun alleging token freezes and governance exclusion. WLFI denies these claims and is countersuing for defamation. Q2: Who is representing WLFI in the lawsuit? A2: WLFI has hired Quinn Emanuel, a prominent U.S. law firm known for handling complex litigation in technology and cryptocurrency. Q3: Why does this case matter to the broader crypto community? A3: The case could establish legal precedents for governance rights and liquidity provision in DeFi, affecting how protocols interact with major stakeholders and users. This post WLFI Co-Founder Announces Countersuit Against Justin Sun, Denies Token Freeze Allegations first appeared on BitcoinWorld .
14 May 2026, 13:01
Tezos Tests Post-Quantum Privacy as Founder Slams 'Half-Baked' Bitcoin Quantum Theories
Arthur Breitman's comments come as Tezos tests a post-quantum privacy system designed to protect encrypted blockchain data from future attacks.
14 May 2026, 11:55
Ripple News: Ripple’s CTO David Schwartz Just Warned of AI-Cloned Executives Draining XRP Wallets, Are You at Risk?
Ripple co-founder and CTO David Schwartz has issued an urgent public warning about what he described as a ‘huge escalation lately in airdrop and giveaway scams targeting XRPL users,’ flagging a coordinated wave of XRP scam news campaigns that have grown sharply more sophisticated through AI-generated impersonation and wallet drainer technology. The warning, posted to his 700,000-plus followers on X, arrives as XRP commands elevated institutional attention and retail volume, precisely the conditions that make its holder base a high-value phishing target. Bearish signal for ecosystem trust. SCAM ALERT: There has been a huge escalation lately in airdrop and giveaway scams targetting XRPL users lately. Any such posts you see are likely scams. Anyone claiming to be me on Instagram, Telegram, or almost anywhere else is likely a scammer. Stay safe XRP fam. — David 'JoelKatz' Schwartz (@JoelKatz) May 14, 2026 Discover: The best pre-launch token sales Ripple News: How the Attacks Work, Fake Airdrops, Wallet Drainers, and AI-Cloned Executives The mechanism here is worth understanding precisely. The dominant attack vector is the fake airdrop: users are directed to a fraudulent promotional site promising free XRP tokens, where connecting a non-custodial wallet triggers a malicious script, a wallet drainer, that executes a single authorized transaction to empty holdings before the user realizes what happened. The authorization step is the trap; once signed, the transaction is irreversible on-chain. Giveaway scams operate through a simpler but equally effective social engineering play. Fraudsters promise to return twice any amount of XRP sent to a scammer-controlled address, packaging the pitch around fabricated Ripple announcements or milestone celebrations. The delivery infrastructure has matured significantly in 2026. Attackers are deploying AI-generated deepfake videos on TikTok and YouTube that clone Schwartz’s likeness and voice with enough fidelity to fool retail holders. In a separate and notably sophisticated attack vector, Schwartz flagged a phishing campaign that injected fake emails into Robinhood’s infrastructure, exploiting Gmail’s dot-trick for account creation and embedding malicious HTML payloads in device names, with messages that passed SPF, DKIM, and DMARC authentication checks, making them appear as legitimate Robinhood correspondence. Fake Accounts on Telegram Fake accounts impersonating Schwartz and Ripple CEO Brad Garlinghouse have proliferated on Instagram and Telegram, with Ripple reporting over 50 such accounts on both platforms in Q1 2026 alone. Schwartz warned explicitly : ‘Anyone claiming to be me on Instagram, Telegram, or almost anywhere else is likely a scammer.’ Discover: The best pre-launch token sales The post Ripple News: Ripple’s CTO David Schwartz Just Warned of AI-Cloned Executives Draining XRP Wallets, Are You at Risk? appeared first on Cryptonews .
