Bitcoin

Toronto Crypto Company CEO Kidnapped, Held For $1 Million Ransom Before Being Released (www.cbc.ca) 34

An anonymous reader quotes a report from CBC News: The head of a company specializing in cryptocurrency was kidnapped and held for ransom in downtown Toronto during rush hour Wednesday. Police were called about a kidnapping in the area of University Avenue and Richmond Street W. just before 6 p.m., says a spokesperson with the Toronto Police Service. The suspects forced the victim into a vehicle and made a demand for money, the spokesperson said. The man was later located in Centennial Park in Etobicoke uninjured.

CBC Toronto has learned the victim is Dean Skurka, the president and CEO of Toronto-based financial firm WonderFi. He was released after a ransom of $1 million was paid electronically, a source close to the investigation said. Police say the investigation is ongoing and have not released any further details. [...] The alleged kidnapping happened the same day WonderFi released its third quarter earnings results, showing a 153 per cent increase compared to its third quarter in 2023.

The Almighty Buck

Anthropic's Haiku 3.5 Surprises Experts With an 'Intelligence' Price Increase (arstechnica.com) 13

An anonymous reader quotes a report from Ars Technica: On Monday, Anthropic launched the latest version of its smallest AI model, Claude 3.5 Haiku, in a way that marks a departure from typical AI model pricing trends -- the new model costs four times more to run than its predecessor. The reason for the price increase is causing some pushback in the AI community: more smarts, according to Anthropic. "During final testing, Haiku surpassed Claude 3 Opus, our previous flagship model, on many benchmarks -- at a fraction of the cost," Anthropic wrote in a post on X. "As a result, we've increased pricing for Claude 3.5 Haiku to reflect its increase in intelligence."

"It's your budget model that's competing against other budget models, why would you make it less competitive," wrote one X user. "People wanting a 'too cheap to meter' solution will now look elsewhere." On X, TakeOffAI developer Mckay Wrigley wrote, "As someone who loves your models and happily uses them daily, that last sentence [about raising the price of Haiku] is *not* going to go over well with people." In a follow-up post, Wrigley said he was not surprised by the price increase or the framing, but saying it out loud might attract ire. "Just say it's more expensive to run," he wrote.

The new Haiku model will cost users $1 per million input tokens and $5 per million output tokens, compared to 25 cents per million input tokens and $1.25 per million output tokens for the previous Claude 3 Haiku version. Presumably being more computationally expensive to run, Claude 3 Opus still costs $15 per million input tokens and a whopping $75 per million output tokens. Speaking of Opus, Claude 3.5 Opus is nowhere to be seen, as AI researcher Simon Willison noted to Ars Technica in an interview. "All references to 3.5 Opus have vanished without a trace, and the price of 3.5 Haiku was increased the day it was released," he said. "Claude 3.5 Haiku is significantly more expensive than both Gemini 1.5 Flash and GPT-4o mini -- the excellent low-cost models from Anthropic's competitors."

Bitcoin

Robinhood and Kraken Launch New Global Stablecoin Network With Paxos' USDG 14

Leading fintech and digital asset firms, including Robinhood, Kraken and Galaxy Digital, have introduced a joint stablecoin pegged to the U.S. dollar. Called the Global Dollar Network, it seeks to enhance the stablecoin market by lowering transaction costs, boosting consumer protections, and facilitating cross-border transactions with rewards for institutional participants. Crypto Briefing reports: The network will utilize Paxos's new stablecoin, the Global Dollar (USDG), which complies with the Monetary Authority of Singapore's upcoming stablecoin framework. USDG is designed to return yield on reserve assets to participants who contribute to its adoption, encouraging the development of crypto and financial solutions using the token. The Global Dollar Network aims to address shortcomings in the stablecoin market, such as high transaction costs and limited consumer protections.

The network has opened an invite-only phase for select custodians, exchanges, payment processors, merchants, and banks to develop new solutions using USDG. Initial distribution is available on Anchorage Digital, Galaxy Digital, Kraken, and Paxos platforms, with plans to expand access through additional partners in the coming months.
Movies

ASWF: the Open Source Foundation Run By the Folks Who Give Out Oscars (theregister.com) 18

This week's Ubuntu Summit 2024 was attended by Lproven (Slashdot reader #6,030). He's also a FOSS correspondent for the Register, where he's filed this report: One of the first full-length sessions was presented by David Morin, executive director of the Academy Software Foundation, introducing his organization in a talk about Open Source Software for Motion Pictures. Morin linked to the Visual Effects Society's VFX/Animation Studio Workstation Linux Report, highlighting the market share pie-chart, showing Rocky Linux 9 with at some 58 percent and the RHELatives in general at 90 percent of the market. Ubuntu 22 and 24 — the report's nomenclature, not this vulture's — got just 10.5 percent. We certainly didn't expect to see that at an Ubuntu event, with the latest two versions of Rocky Linux taking 80 percent of the studio workstation market...

What also struck us over the next three quarters of an hour is that Linux and open source in general seem to be huge components of the movie special effects industry — to an extent that we had not previously realized.

There's a "sizzle reel" showing examples of how major motion pictures used OpenColorIO, an open-source production tool for syncing color representations originally developed by Sony Pictures Imageworks. That tool is hosted by a collaboration between the Linux Foundation with the Science and Technology Council of the Academy of Motion Picture Arts and Sciences (the "Academy" of the Academy Awards). The collaboration — which goes by the name of the Academy Software Foundation — hosts 14 different projects The ASWF hasn't been around all that long — it was only founded in 2018. Despite the impact of the COVID pandemic, by 2022 it had achieved enough to fill a 45-page history called Open Source in Entertainment [PDF]. Morin told the crowd that it runs events, provides project marketing and infrastructure, as well as funding, training and education, and legal assistance. It tries to facilitate industry standards and does open source evangelism in the industry. An impressive list of members — with 17 Premier companies, 16 General ones, and another half a dozen Associate members — shows where some of the money comes from. It's a big list of big names. [Adobe, AMD, AWS, Autodesk...]
The presentation started with OpenVBD, a C++ library developed and donated by Dreamworks for working with three-dimensional voxel-based shapes. (In 2020 they created this sizzle reel, but this year they've unveiled a theme song.) Also featured was OpenEXR, originally developed at Industrial Light and Magic and sourced in 1999. (The article calls it "a specification and reference implementation of the EXR file format — a losslessly compressed image storage format for moving images at the highest possible dynamic range.")

"For an organization that is not one of the better-known ones in the FOSS space, we came away with the impression that the ASWF is busy," the article concludes. (Besides running Open Source Days and ASWF Dev Days, it also hosts several working groups like the Language Interop Project works on Rust bindings and the Continuous Integration Working Group on CI tools, There's generally very little of the old razzle-dazzle in the Linux world, but with the demise of SGI as the primary maker of graphics workstations — its brand now absorbed by Hewlett Packard Enterprise — the visual effects industry moved to Linux and it's doing amazing things with it. And Kubernetes wasn't even mentioned once.
Transportation

Don't Look Now, but GM's EV Sales Are on Fire (msn.com) 152

GM's president of global markets says their EV portfolio "is growing faster than the market," according to Investopedia, "because we have an all-electric vehicle for just about everybody, no matter what they like to drive."

The headline at Barrons? "Don't Look Now, but GM's EV Sales Are on Fire." GM delivered almost 32,000 all-electric vehicles in the third quarter — a record — and up about 58% from a year earlier. The more affordable Chevy Equinox, which starts at about $35,000 before any federal tax credit, helped boost sales. GM delivered almost 10,000 of the new EVs, up from 1,013 in the second quarter, when they first went on sale.

EV penetration of total GM car sales was about almost 5%, up almost two percentage points year over year. EVs accounted for 19.4% of Cadillac sales, up about 11 percentage points year over year. Year to date, GM has delivered just over 70,000 all-electric cars.

GM originally planned to manufacture 200,000 EVs in 2024. That still looks aggressive, but the strong third-quarter showing makes 120,000 possible, which would be up almost 60% year over year — a respectable outcome. More important to investors than EV sales right now might be dealer inventories. GM said there were about 627,000 vehicles on dealer lots at the end of September. That's a little better than what Wolfe Research analyst Emmanuel Rosner expected. It indicates GM dealers have roughly 60 days worth of sales on their lots. That's a safe level. Lower dealer inventories reduce presure to reduce prices. They also reduce the need to cut production because dealer lots are full... GM expects to generate a full-year operating profit of about $14 billion.

Meanwhile, Stellantis "slashed its financial guidance recently, partly because it needs to dramatically reduce its U.S. inventories," according to the article. For example, its Jeep dealers ended August with roughly 122 days worth of sales on their lots, while its Dodge dealers "had almost 150 days of inventory."

And Investopedia argues that while GM's EV sales growth is "soaring," Ford's is showing "only modest gains." [W]hile Ford's overall U.S. sales were 0.7% higher at 504,039, it had just a 12% gain in EVs to 23,509.3 In the second quarter, Ford's EV sales had soared 61% to 23,957. Sales growth was more than three times higher for Ford's hybrid models, with President of Ford Blue and Ford Customer Service Division Andrew Frick arguing that the company has "listened to customers to offer them vehicles with powertrains to meet their specific needs."

Ford is hoping to boost EV sales by offering buyers a free home charger and installation.

Facebook

US Government Considers Legal Action Over Meta's Use of Financial Data for Ads (msn.com) 12

The Washington Post reports that America's Consumer Financial Protection Bureau (or CFPB) "is considering legal action against Meta over allegations that it improperly used financial data obtained from third parties in its highly-lucrative advertising business..."

The article says a Meta securities filing Thursday revealed it had received a formal notification about the federal investigation last month. The filing said only that the inquiry relates to "advertising for financial products and services on our platform." A spokesperson for Meta declined to comment on the investigation. "We disagree with the claims," the company's filing said, "and believe an enforcement action is unwarranted...."

The CFPB's probe underscores its aggressive recent focus on Big Tech. In recent years, major companies including Apple, Amazon, Facebook and Google have launched a wave of new financial services, including credit cards and apps that help users send money to friends... Under its current director, Rohit Chopra, the CFPB has also sought to ensure that tech giants adhere to the same safeguards that have long applied to their brick-and-mortar banking predecessors. The bureau formalized its tech crackdown in 2021, when Chopra ordered companies including Facebook to turn over records related to their payment apps and other financial service offerings.

At the time, he expressed fear that these giants already possessed troves of customer data and could solidify their dominance if they gained greater insight into users' purchasing and spending habits. "This data can be monetized by companies that seek to profit from behavioral targeting, particularly around advertising and e-commerce," Chopra said in a statement announcing the review. "That many Big Tech companies aspire to grow in this space only heightens these concerns." Since then, the watchdog agency has proposed new rules that could treat Apple, Google and PayPal-owned Venmo more like banks, opening the door for federal regulators to inspect some of their operations in a bid to protect users' deposits.

The rules, which have not been finalized, have sparked fierce lobbying opposition from major tech companies.

Power

As Data Centers for AI Strain the Power Grid, Bills Rise for Everyday Customers (msn.com) 57

While Amazon, Google, and other companies build new data centers — sometimes for their AI projects — parts of America "are facing higher electric bills," reports the Washington Post: The facilities' extraordinary demand for electricity to power and cool computers inside can drive up the price local utilities pay for energy and require significant improvements to electric grid transmission systems. As a result, costs have already begun going up for customers — or are about to in the near future, according to utility planning documents and energy industry analysts. Some regulators are concerned that the tech companies aren't paying their fair share, while leaving customers from homeowners to small businesses on the hook. In Oregon, electric utilities are warning regulators that consumers need protections from rising rates caused by data centers. From Virginia to Ohio and South Carolina, companies are battling over the extent of their responsibility for increases, attempting to fend off anger from customers. In the Mid-Atlantic, the regional power grid's energy costs shot up dramatically, and data centers are cited as among root causes of rate increases of up to 20 percent expected in 2025...

The tech firms and several of the power companies serving them strongly deny they are burdening others. They say higher utility bills are paying for overdue improvements to the power grid that benefit all customers. In some cases, they said in response to criticism from consumer and business advocates that they are committed to covering additional costs. But regulators — and even some utilities — are growing skeptical.

A jarring example of fallout on consumers is playing out on the Mid-Atlantic regional power grid, called PJM Interconnection, which serves 13 states and D.C. The recent auction to secure power for the grid during periods of extreme weather and high demand resulted in an 800 percent jump in the price that the grid's member utilities had to pay. The impact will be felt by millions by the spring, according to public records. Power bills will increase as much as 20 percent for customers of a dozen utilities in Maryland, Ohio, Pennsylvania, New Jersey and West Virginia, regulatory filings show. That includes households in the Baltimore area, where annual bills will increase an average of $192, said Maryland People's Counsel David Lapp, a state appointee who monitors utilities. The next auction, in 2025, could be more painful, Lapp said, leaving customers potentially "looking at increases of as much as $40 to $50 a month...."

Advocates cite another source of cost-shifting onto consumers: discounted rates that power companies and local government officials use to entice tech companies to build data centers... Google worked out a deal with Dominion Energy, blessed by regulators, to pay 6 cents per kilowatt hour for its power. That is less than half of what residential customers pay, as well as substantially less than is paid by businesses...

The article points out that in Pennsylvania, "Amazon's novel plan to fuel a data center from a reactor at the nearby Susquehanna nuclear plant is now in jeopardy, after regulators blocked it Friday. They cited potential impact on consumers as among their concerns. The plan threatens to leave other ratepayers stuck with a bill of $50 million to $140 million, according to testimony from [power utility] AEP and utility conglomerate Exelon."

And meanwhile, one Virginia retiree complained about a proposed $54 million transmission line and substation for an Amazon data center. "They are already making money hand over fist, and now they want us to pay for this?
Social Networks

Threads Soars to 275 Million Monthly Users, Says Zuckerberg (nbcnewyork.com) 36

An anonymous Slashdot reader shared this report from CNBC: Threads now has nearly 275 million monthly users, CEO Mark Zuckerberg said Wednesday. "We continue to be on track towards this becoming our next major social app," Zuckerberg said on a call with analysts, adding that he was "quite pleased" with the trajectory of the app.

The latest numbers indicate Threads is up 175% from a year ago when it reached 100 million users... The app is now signing up more than 1 million users per day, Zuckerberg also said on Wednesday. X remains ahead of Threads in terms of users, but not by much. Musk's social media app now has roughly 318 million monthly users, according to an estimate by market intelligence firm Sensor Tower. That's down 24% since Musk completed his acquisition of the company in October 2022, according to Sensor Tower.

The news also drew a reaction from ActivityPub/Activity Streams 2.0 co-author Evan Prodromou, who pointed out that the 275 million monthly active users is up from the 200 million reported just 13 weeks ago at the end of July.

"And most of them have access to the Fediverse. With more, hopefully, getting access soon."
United States

Prosecutors Probe Hedge Fund Titan's Thriller For Clues in Argentina Hack Case (msn.com) 10

Jay Newman, who made billions for Elliott Management pursuing Argentina's defaulted debt, wrote a 2022 thriller about corrupt spies and hedge funds. Now federal prosecutors are examining parallels between his novel "Undermoney" and real-world events.

The investigation centers on Amit Forlit, an Israeli private investigator facing U.S. extradition charges for alleged email theft from Argentine officials during Elliott's sovereign debt battle. Prosecutors are probing whether Forlit's alleged $20 million hacking operation aided Elliott's eventual $2.2 billion settlement with Argentina. "There's not that much fiction in 'Undermoney,'" Newman told interviewers while promoting the book, which features Israeli operatives and hedge fund intrigue. Newman and Elliott deny any wrongdoing, with Newman calling suggestions of illegal activity "categorically false."

The probe is examining $20 million paid to a Forlit-controlled company via a consulting firm that worked for Elliott, according to court statements and people familiar with the matter. Forlit denied involvement in hacking during a 2022 deposition. Prosecutors are also investigating Forlit's work for ExxonMobil regarding climate change critics. Neither Elliott nor ExxonMobil has been accused of wrongdoing. Newman, who left Elliott in 2016 with a $70 million bonus after the Argentina settlement, met regularly with Forlit to discuss the Argentine case, WSJ has reported. His novel follows dark money trails through Washington power corridors and Wall Street trading floors, featuring Israeli operatives described as "expensive, but consistent."
Power

Sellafield Cleanup Cost Rises To $175 Billion Amid Tensions With Treasury (theguardian.com) 73

An anonymous reader quotes a report from The Guardian: The cost of cleaning up Sellafield is expected to spiral to 136 billion pounds ($175 billion USD) and Europe's biggest nuclear waste dump cannot show how it offers taxpayers value for money, the public spending watchdog has said. Projects to fix buildings containing hazardous and radioactive material at the state-owned site on the Cumbrian coast are running years late and over budget. Sellafield's spending is so vast -- with costs of more than 2.7 billion pounds a year -- that it is causing tension with the Treasury, the report from the National Audit Office (NAO) suggests. Officials from finance ministry told the NAO it was "not always clear" how Sellafield made decisions, the report reveals. Criticisms of its costs and processes come as the chancellor, Rachel Reeves, prepares to plug a hole of about 40 billion pounds in her maiden budget. Gareth Davies, the head of the NAO, said: "Despite progress achieved since the NAO last reported, I cannot conclude Sellafield is achieving value for money yet, as large projects are being delivered later than planned and at higher cost, alongside slower progress in reducing multiple risks."

He added: "Continued underperformance will mean the cost of decommissioning will increase considerably, and 'intolerable risks' will persist for longer."

David Peattie, the NDA's chief executive, said: "Sellafield is one of the most complex environmental programs in the world. We're proud of our workforce and achievements being made, including the unprecedented retrieval of legacy waste from all four highest hazard facilities. But as the NAO rightly points out there is still more to be done. This includes better demonstrating we are delivering value for money and the wider significant societal and economic benefits through jobs, the supply chain and community investments."
Businesses

Sketchy Financials Send Supermicro Auditors Running For the Hills (theregister.com) 17

The Register's Tobias Mann reports: Supermicro shares took a nose dive on Wednesday, sliding more than 30 percent after the accounting firm hired to review its reporting practices resigned after determining they were just a bit too sketchy to warrant the risk. "We are resigning due to information that has recently come to our attention which has led us to no longer be able to rely on management's and audit committee's representations," Ernst & Young wrote in a resignation letter, which also raised alarm bells regarding Supermicro CEO Charles Liang's influence over the board. The concerns, disclosed in a recent SEC filing, only serve to stoke the fires of controversy surrounding Supermicro, which, after more than two months, still hasn't filed its 10-K annual report and faces the possibility of being de-listed from the Nasdaq as a result. [...]

EY's resignation apparently came months after it raised concerns with management regarding the "governance, transparency, and completeness of" Supermicro's financial reporting, and warned that the release of the server maker's annual report was at significant risk. In response, Supermicro's board appointed an independent special committee and hired Cooley and forensic accounting firm Secretariat Advisors to review its internal controls and governance procedures. It seems EY was not too pleased with the special committee's findings which apparently raised yet more red flags. "After receiving additional information through the Review process, EY informed the special committee that the additional information EY received raised questions, including about whether the Company demonstrates a commitment to integrity and ethical values," the SEC filing reads.

Businesses

Visa, Coinbase Offer Real-Time Crypto Purchases Via Debit Cards (bloomberg.com) 47

Visa customers with eligible debit cards will be able to deposit funds into their Coinbase accounts -- sometimes instantly -- via a partnership announced by the payments giant and crypto exchange. From a report: Coinbase already has millions of connections to customers' debit cards but this new development allows for the real-time flow of funds for customers in the US and European Union, according to the Tuesday statement.

Eligible Visa debit card holders can now "take advantage of trading opportunities day and night," said Yanilsa Gonzalez Ore, head of the Visa Direct business for North America. Visa, which powers the Coinbase debit card, said customers will also be able to buy cryptocurrencies on Coinbase with an eligible debit card and cash out their money from the platform to a bank account, also via the card.

The Courts

Russian Court Fines Google $20 Decillion For Blocking Media Content (theregister.com) 263

A Russian court has fined Google an astronomical sum of around $20 decillion for YouTube's blocking of Russian media channels tied to sanctioned entities. The amount compounds weekly as Google continues to disregard the ruling. The Register reports: To put that into perspective, the World Bank estimates global GDP as around $100 trillion, which is peanuts compared to the prospective fine. Google might be one of the most valuable businesses on the planet, but even if Sundar Pichai rummages around the back of the sofa he won't be able to raise the funds to pay the penalty. The bizarre amount has been calculated after a four-year court case that started after YouTube banned the ultra-nationalist Russian channel Tsargrad in 2020 in response to the US sanctions imposed against its owner. Following Putin's illegal invasion of Ukraine in 2022 more channels were added to the banned list and 17 stations are now suing the Chocolate Factory, including Zvezda (a TV channel owned by Putin's Ministry of Defence), according to local media.

"Google was called by a Russian court to administrative liability under Art. 13.41 of the Administrative Offenses Code for removing channels on the YouTube platform. The court ordered the company to restore these channels," lawyer Ivan Morozov told state media outlet TASS. The court imposed a fine of 100 thousand rubles ($1,025) per day, with the total fine doubling every week. Owing to compound interest (Einstein's eighth wonder of the world), Google is now on the hook for an insane amount of money, or what the judge on Monday called "a case in which there are many, many zeros."

Programming

More Than a Quarter of New Code At Google Is Generated By AI 92

Google has integrated AI deeply across its operations, with over 25% of its new code generated by AI. CEO Sundar Pichai announced the milestone during the company's third quarter 2024 earnings call. The Verge reports: AI is helping Google make money as well. Alphabet reported $88.3 billion in revenue for the quarter, with Google Services (which includes Search) revenue of $76.5 billion, up 13 percent year-over-year, and Google Cloud (which includes its AI infrastructure products for other companies) revenue of $11.4 billion, up 35 percent year-over-year. Operating incomes were also strong. Google Services hit $30.9 billion, up from $23.9 billion last year, and Google Cloud hit $1.95 billion, significantly up from last year's $270 million. "In Search, our new AI features are expanding what people can search for and how they search for it," CEO Sundar Pichai says in a statement. "In Cloud, our AI solutions are helping drive deeper product adoption with existing customers, attract new customers and win larger deals. And YouTube's total ads and subscription revenues surpassed $50 billion over the past four quarters for the first time."
The Almighty Buck

NASA Generated $76 Billion For US Economy In 2023 90

NASA's economic impact report highlights that in fiscal year 2023, the agency's initiatives contributed $75.6 billion to the U.S. economy, created over 300,000 jobs, and drove advancements in areas like space exploration, climate research, and technology innovation. The agency's budget for that year was $25.4 billion. Space.com reports: The Moon to Mars program alone created $23.8 billion in economic output and 96,479 jobs, while investments in climate research and technology contributed $7.9 billion and 32,900 jobs. The report also drills down into impacts in each state, with 45 states seeing over $10 million in impact and eight states surpassing the $1 billion mark. [...]

NASA's missions supported 304,803 jobs across America, according to the report -- the third agency-wide study of its kind -- generating an estimated total of $9.5 billion in federal, state, and local taxes. Additionally, NASA's technological innovations and transfers in 2023 led to 40 new patent applications, 69 patents issued, and thousands of software usage agreements. A number of NASA technology spinoffs have become everyday household items.
The full NASA economic impact report can be found here.
The Almighty Buck

JPMorgan Begins Suing Customers In 'Infinite Money Glitch' (cnbc.com) 222

JPMorgan Chase is suing customers who exploited an ATM glitch that allowed them to withdraw funds before a check bounced. CNBC reports: The bank on Monday filed lawsuits in at least three federal courts, taking aim at some of the people who withdrew the highest amounts in the so-called infinite money glitch that went viral on TikTok and other social media platforms in late August. [...] JPMorgan, the biggest U.S. bank by assets, is investigating thousands of possible cases related to the "infinite money glitch," though it hasn't disclosed the scope of associated losses. Despite the waning use of paper checks as digital forms of payment gain popularity, they're still a major avenue for fraud, resulting in $26.6 billion in losses globally last year, according to Nasdaq's Global Financial Crime Report.

The infinite money glitch episode highlights the risk that social media can amplify vulnerabilities discovered at a financial institution. Videos began circulating in late August showing people celebrating the withdrawal of wads of cash from Chase ATMs shortly after bad checks were deposited. Normally, banks only make available a fraction of the value of a check until it clears, which takes several days. JPMorgan says it closed the loophole a few days after it was discovered.

The lawsuits are likely to be just the start of a wave of litigation meant to force customers to repay their debts and signal broadly that the bank won't tolerate fraud, according to the people familiar. JPMorgan prioritized cases with large dollar amounts and indications of possible ties to criminal groups, they said. The civil cases are separate from potential criminal investigations; JPMorgan says it has also referred cases to law enforcement officials across the country.
"Fraud is a crime that impacts everyone and undermines trust in the banking system," JPMorgan spokesman Drew Pusateri said in a statement to CNBC. "We're pursuing these cases and actively cooperating with law enforcement to make sure if someone is committing fraud against Chase and its customers, they're held accountable."
Bitcoin

Russia Publishes New Crypto Law Expanding State Control Over Digital Assets 21

Russia has enacted a new law expanding control over cryptocurrency mining, granting multiple federal agencies access to digital currency identifier addresses, among other things. The country is also advancing its regulatory framework and experimenting with crypto in international trade. From a report: Taking effect on Nov. 1, the legislation includes several amendments designed to strengthen oversight and impose limitations on crypto mining activities based on regional needs. The law enables the Russian government to implement mining restrictions by location and define specific procedures and circumstances for banning mining operations. A notable provision in the law gives the government the power to stop digital currency mining pools from functioning in certain areas. Additionally, the government now has the authority to regulate infrastructure providers supporting mining operations.

This legislation also grants multiple federal agencies, beyond the Federal Financial Monitoring Service (Rosfinmonitoring), access to digital currency identifier addresses. This expansion includes federal executive agencies and law enforcement, bolstering their capability to track transactions that may be linked to money laundering or terrorist financing activities. Moreover, the amendments transfer responsibility for the national mining register from the Ministry of Digital Development to the Federal Tax Service, which will now oversee mining registrations for businesses and remove those with repeated infractions. While individual miners can continue without registering if they adhere to specific electricity consumption limits, companies and individual entrepreneurs must comply with new registration requirements.
United Kingdom

Britain To Axe Up To 1.5 Million Lampposts (thetimes.com) 107

An anonymous reader shares a report:Around 1.5 million of Britain's 7.2 million lampposts could be removed to save money and reduce carbon emissions and replaced with lighting that will make it safer for pedestrians.

Under existing rules, there is no requirement to light pavements for pedestrians. They are only lit because light spills over from lampposts, which were principally installed to make it safer for motorists. But today's cars have such effective headlights that lampposts, which are generally 10m tall on A-roads and 6m tall on residential roads, are not necessary in many parts of Britain. Lampposts will remain in place in many locations where they are necessary, such as in cities where CCTV cameras rely on good lighting.

Businesses

Has Online Shopping Left Warehouse Workers WIthout Political Power? (msn.com) 81

A writer for the New York Times editorial board argues we don't yet fully understand the impact of warehouses. "Thanks to the rise of online shopping and the proximity to so many American doorsteps, warehouses have become a major source of blue-collar employment," both in Bethlehem, Pennsylvania and beyond. "In Pennsylvania's Lehigh Valley, more than 19,000 people work in the warehouses that prepare our packages. Thousands more drive the trucks that deliver them."

But while the total number of warehouse-related jobs almost replaces the jobs lost from the closure of a major steel plant, "the political power that blue-collar workers once wielded has not been replaced." Despite their large numbers, their importance to the economy, and their presence in Northampton — a swing county in a crucial battleground state — warehouse workers don't form an influential voting bloc in the way that steelworkers did... It turns out that making stuff isn't the same as distributing it. Working in a steel mill is a communal act that lends itself to the pursuit of political power in a way that warehouse jobs do not. Steelworkers toiled alongside one another, forming lifelong bonds, bowling leagues and unions that delivered a reliable voting bloc. Back when thousands of workers streamed out of the gates of Bethlehem Steel at quitting time, "politicians would come out to shake our hands," Jerry Green, retired president of United Steelworkers Local 2599, told me.

Factories were so good at political mobilization, in fact, that some credit them for democracy itself. Women and working-class men won the right to vote in the United States, Western Europe and much of East Asia after about a quarter of those populations were employed in factories, according to recent research by Sam van Noort, a lecturer at Princeton. Warehouses, by contrast, have no such mystique. Nobody campaigns outside the Walmart distribution centers here. Workers tend to be hired by staffing agencies and many stay for only a few months. They work on their own and rarely socialize. They are notoriously difficult to organize. Alec MacGillis, author of "Fulfillment: America in the Shadow of Amazon," told me that the biggest challenge for labor organizers at Amazon warehouses was getting workers to stay on the job long enough to feel a sense of solidarity.

Malenie Tapia, who moved to Bethlehem from Queens, N.Y., five years ago and took a job as a "picker" in a Zara warehouse, explained why. For eight hours a day, she grabbed items off numbered shelves and delivered them to packers who packed them into boxes. Talking to co-workers was forbidden, she said, except during a brief lunch break. "Sometimes I would go to the section in the back, where there would be less eyes on you, and sneak in a little moment of conversation," she said.

Here's what happened when the reporter asked a pair of Latino workers about their political opinions: Most of all, they fretted about being replaced by machines. They spoke with dread about a fully automated McDonald's and a robot that unloads container ships. They didn't seem to see themselves as part of a working class that could band together to demand protections for their jobs.

The hot political issue around warehouses isn't the workers at all; it's the traffic and loss of green space associated with them. Both the Democratic and Republican candidates in the race for a state representative seat in Northampton have vowed to stop the proliferation of warehouses, which some citizens' groups say destroys their rural way of life. If warehouse workers had a political voice, they might push back. But they don't, so they won't. Warehouses have been an economic boon. But politically, for workers, they are a loss.

The Almighty Buck

Europe's Crooks Keep Blowing up ATMs (cnn.com) 98

"In the early hours of Thursday, March 23, 2023, residents in the German town of Kronberg were woken from their sleep by several explosions," reports CNN .

"Criminals had blown up an ATM located below a block of flats in the town center..." According to local media reports, witnesses saw people dressed in dark clothing fleeing in a black car towards a nearby highway. During the heist, thieves stole 130,000 euros in cash. They also caused an estimated half a million euros worth of collateral damage, according to a report by Germany's Federal Criminal Police Office, BKA.

Rather than staging dramatic and risky bank robberies, criminal groups in Europe have been targeting ATMs as an easier and more low-key target. In Germany — Europe's largest economy — thieves have been blowing up ATMs at a rate of more than one per day in recent years. In a country where cash is still a prevalent payment method, the thefts can prove incredibly lucrative, with criminals pocketing hundreds of thousands of euros in one attack.

Europol has been cracking down on the robberies, carrying out large cross-border operations aimed at taking down the highly-organized criminal gangs behind them. Earlier this month, authorities from Germany, France and the Netherlands arrested three members of a criminal network who have been carrying out attacks on cash machines using explosives, Europol said in a statement. Since 2022, the detainees are believed to have looted millions of euros and run up a similar amount in property damage, from 2022 to 2024, Europol said...

Unlike its European neighbors, who largely transitioned away from cash payments due to the Covid-19 pandemic, cash still plays a significant role in Germany. One half of all transactions in 2023 were made using banknotes and coins, according to Bundesbank. Germans have a cultural attachment to cash, traditionally viewing it as a safe method of payment. Some say it allows a greater level of privacy, and gives them more control over their expenses.

Slashdot Top Deals