Social Networks

Digg Tries Again, This Time As an AI News Aggregator 10

Digg is relaunching again, this time as an AI-focused news aggregator rather than the Reddit-style community site it recently abandoned. TechCrunch reports: On Friday evening, the founder previewed a link to the newly redesigned Digg, which now looks nothing like a Reddit clone and more like the news aggregator it once was. This time around, the site is focused on ranking news -- specifically, AI news to start. In an email to beta testers, the company said the site's goal is to "track the most influential voices in a space" and to surface the news that's actually worth "paying attention to." AI is the area it's testing this idea with, but if successful, Digg will expand to include other topics. The email warned that the site was still raw and "buggy," and was designed more to give users a first look than to serve as its public debut.

On the current homepage, Digg showcases four main stories at the top: the most viewed story, a story seeing rising discussion, the fastest-climbing story, and one "In case you missed it" headline. Below that is a ranked list of top stories for the day, complete with engagement metrics like views, comments, likes, and saves. But the twist is that these metrics aren't the ones generated on Digg itself. Instead, Digg is ingesting content from X in real-time to determine what's being discussed, while also performing sentiment analysis, clustering, and signal detection to determine what matters most. [...] The site also ranks the top 1,000 people involved in AI, as well as the top companies and the top politicians focused on AI issues.
Education

Apple Now Requires Verification For Education Store (9to5mac.com) 25

Apple now requires Education Store shoppers in the U.S. and several other countries to verify their student, educator, parent, or homeschool-teacher status through UNiDAYS, ending the previous honor-system approach. 9to5Mac reports: Starting today, Apple requires shoppers in the United States to complete verification when making a purchase via the Education Store. This change also applies to Australia, Hong Kong, Turkey, Canada, and Chile. In many other markets around the world, such as the UK, Apple already required verification. As a refresher, people eligible for Apple's Education Store include current and newly accepted college students and their parents, as well as faculty, staff, and homeschool teachers across all grade levels.

Apple is teaming up with UNiDAYS to handle the verification process. Students and educators will be asked to create a UNiDAYS ID and then verify their academic status by logging in to their school's academic portal. Alternatively, users can upload a photo of their student or faculty IDs. Homeschool teachers, meanwhile, will need to provide an identity document such as a driver's license, state ID card, or passport. They'll also need to provide one homeschool document, such as a Letter of Intent (LOI) or Letter of Acknowledgment. Most customers will be verified instantly, and those requiring manual verification should hear back within 24 hours. The same verification process applies both in-store and online for Apple Education Store shoppers.
Meanwhile, Apple has added Apple Watch to the Education Store for the first time, offering discounts on the Series 11, SE 3, and Ultra 3.
Open Source

Open Source Project Shuts Down Over Legal Threats from 3D Printer Company Bambu Lab (tomshardware.com) 91

The free/open source project OrcaSlicer is a popular fork of 3D printer slicing software from Bambu Lab. But Tuesday independent developer Pawel Jarczak shuttered the project "following legal threats from Bambu Lab," reports Tom's Hardware: Jarczak's fork of OrcaSlicer would have allowed users to bypass Bambu Connect, a middleware application that severely limits OrcaSlicer's access to remote printer functions in the name of security. Jarczak said in a note on GitHub that Bambu Lab threatened him with a cease and desist letter and accused him of reverse engineering its software in order to impersonate Bambu Studio.
From Bambu Lab's blog post: Bambu Studio is an open-source project under the AGPL-3.0 license. Anyone can take its code, modify it, and distribute it... That's what OrcaSlicer does, and 734 other forks do as well. We have no issue with that and never have. At the same time, a license for code is not a pass to our cloud infrastructure... Our cloud is a private service. Access to it is governed by a user agreement, not the AGPL license... [T]he modification in question worked by injecting falsified identity metadata into network communication. In simple terms: it pretended to be the official Bambu Studio client when communicating with our servers... If this method were widely adopted or incorrectly configured, thousands of clients could simultaneously hit our servers while impersonating the official client.
"User-Agent is not authentication," counters OrcaSlicer's developer. "It is only self-declared client metadata. Any program can set any User-Agent." And "the User-Agent construction comes directly from Bambu Lab's own public AGPL Bambu Studio code.... So on what basis can anyone claim that I am not allowed to use this specific part of AGPL-licensed code under the AGPL license...? My work was based on publicly available Bambu Studio source code together with my own integration layer."

But the bottom line is that Bambu Lab "contacted me directly and demanded removal of the solution." I asked whether I could publish the private correspondence in full for transparency. That request was refused... They also referred to legal materials and stated that a cease and desist letter had been prepared...

I removed the repository voluntarily. That removal should not be interpreted as an admission that all legal or technical allegations made against the project were correct. I removed it because I have no interest in maintaining a prolonged dispute around this particular implementation, and no interest in continuing to distribute it.

YouTuber and right-to-repair advocate Louis Rossmann reviewed the correspondence from Bambu Lab — then pledged $10,000 for legal expenses if the developer returned his code online. ("I think that their legal claim is bullshit," Rossman said Saturday in a YouTube video for his 2.5 million subscribers. "I'm not a lawyer, but I'm willing to put my money where my mouth is.")

The video now has over 129,000 views so far. "Rossman has not started a crowdfunding site yet," Tom's Hardware notes, "stating in the comments that he wants to prove to Jarczak that he has supporters willing to put their money where their mouth is. The video had over 129,000 views so far, with commenters vowing to back the case as requested."
Math

Most Polymarket Users Lose Money, While Top 1% Claim 76.5% of Gains, Study Finds (msn.com) 83

In Polymarket's prediction market, "most people end up losing money," reports the Washington Post — typically a few bucks.

"Since Polymarket launched in 2022, a few thousand people have lost the bulk of the money... and an even smaller group — .05 percent of users — has gone home with most of the overall profits, according to a new analysis from finance researcher Pat Akey and colleagues." A lot of users aren't that good at predicting the future. They're losing money at roughly the same rate as online gamblers betting on sports and other real-life events at traditional sportsbooks, according to the U.K. gambling regulator's analysis of 2024 data. On Polymarket, the odds of making a profit are slightly higher on weather and tech markets — and a little lower on sports...

On Polymarket, just 1,200 people took more than half the profits — $591 million, or more than $100,000 each. ["The top 1% of users capture 76.5% of all trading gains," the researchers write.] When you dabble in prediction markets, you're competing against these sophisticated players who consistently win. Most of those 1,200 big winners didn't place just a few smart bets. They appear to be pros making thousands of trades, mostly in the past year and a half, that were probably automated. One user made $3 million since January on more than a million trades about the Oscars, according to TRM Labs...

The most profitable participants are also just good at picking what to bet on, Akey found, winning so often it was statistically unlikely to be dumb luck. They had some sort of edge — expertise, deep research or, perhaps, inside knowledge.

"Our results suggest that the informational benefits of prediction markets come at a cost to unsophisticated participants," the researchers conclude.
Open Source

Open Source Registries Join Linux Foundation Working Group to Address Machine-Generated Traffic (zdnet.com) 28

Under the nonprofit Linux Foundation, "a new Sustaining Package Registries Working Group will seek to identify concrete funding, governance, and security practices," reports ZDNet, "to keep code flowing as download counts grow.... Because software builds, continuous integration pipelines, and AI systems hammer registries at machine speed rather than human speed, the sites can't keep up.

"That growth has brought a surge in bot traffic, automated publishing, security reports, and outright abuse, exposing what the working group bluntly calls a 'sustainability gap'." Sonatype CTO Brian Fox, who oversees the Maven Central Java registry, estimates open-source registries saw 10 trillion downloads in 2025. And "The same pattern is appearing across ecosystems. More machine traffic. More automation. More scanning. More expectations around uptime, integrity, provenance, and policy enforcement. More cost. More support burden. More dependency on infrastructure that the industry still talks about as though it runs on goodwill and spare time."

ZDNet reports that "To tackle that, Sonatype has teamed up with the Linux Foundation and other package registry leaders, including Alpha-Omega, Eclipse Foundation (OpenVSX), OpenJS Foundation, OpenSSF, Packagist, Python Software Foundation, Ruby Central (RubyGems), and the Rust Foundation (Crates)." The idea is to give operators a neutral forum to discuss money, governance, and shared operational burdens openly. Once that's dealt with, they'll coordinate how to explain those realities back to companies and organizations that have long assumed registries are "free." No, they're not. They never were. As the Linux Foundation pointed out, "Registries today run primarily on two things: (1) infrastructure donations and credits; and (2) heroic efforts from small paid teams (themselves funded by donations and grants) and unpaid volunteers that operate and maintain registry services. The bulk of donations and grants comes from a small set of donors and doesn't scale with demands on the registry."

The working group is explicitly positioned as a venue where registry leaders and ecosystem stakeholders can align on "practical, community-minded" ways to sustain that infrastructure, rather than each operator improvising its own survival plan in isolation.

ZDNet says the group will also coordinate security practices and information, and craft frameworks "that make it politically and legally possible to introduce sustainable funding models without fracturing communities." And they will also "align messaging and educational content so developers, companies, and policymakers finally understand what it costs to run these services."
United States

10 People Called Police to Report Bigfoot Sighting in Ohio (cnn.com) 52

CNN reports on a "sudden surge of claimed sightings" of "unidentified figures averaging 8 feet tall in wooded areas" along Ohio's Mahoning River. "And it stopped just as quickly as it started," says Jeremiah Byron, host of the Bigfoot Society Podcast, which collected and mapped the reports .... Byron doesn't take every report at face value, making sure he talks to people directly before publicizing their claims. Once word got out about the reports in Ohio, so did the obvious fakes. "I started to get a lot of AI-generated reports in my email. It got up to the point where I was probably getting about 1,000 emails a day," he says. But when Byron spoke by phone with people who made the initial reports, they convinced him they weren't making anything up. "It was obvious they weren't just wanting to get their name out there," says Byron. "They were just freaked out by what they experienced, and they didn't want anything else to do with it."

[...] Local law enforcement in Ohio also seem to be enjoying the publicity. Portage County Sheriff Bruce D. Zuchowski made a series of gag posts purporting to show the arrest of Bigfoot and his detention by Immigration and Customs Enforcement, only for the creature to escape from custody at the Canadian border...

Despite the levity, the sheriff's office really did get some calls from concerned residents, Zuchowski says. "Ten individual people were like, 'Yeah I was walking my dog at 4 a.m. and I saw this hairy figure and I smelled this musty odor and there was this big thing and all of a sudden it ran,'" the sheriff told CNN affiliate WOIO in March.

AI

Newspaper Chain's Reporters Withhold Their Bylines to Protest 'AI-Assisted' Articles (spokesman.com) 21

A chain of 30 U.S. newspapers including the Sacramento Bee, the Miami Herald and the Idaho Statesman "has started to use a new AI tool that can summarize traditional articles and spit out different versions for different audiences," reports the New York Times.

And the chain's reporters "are not happy about it." Journalists in many of the company's newsrooms are now withholding their bylines from articles created by the new tool, meaning that those articles will run with a generic credit rather than a reporter's name, as is customary. They are also labeled AI-assisted. "We don't want to put our bylines on stories we did not actually write even if they're based on our work," said Ariane Lange, an investigative reporter at the Sacramento Bee and the vice chair of the Sacramento Bee News Guild. "That in itself feels like a lie."

The reporters' byline strike is one of the sharpest conflicts yet between journalists and their companies over the use of AI. Related debates are playing out in newsrooms across the country, as publishers experiment with new AI tools to streamline work that used to take hours, and some even use it to write full articles... [E]xecutives have promoted the tool internally as a way to increase the number of articles published and ultimately gain new subscribers... [Eric Nelson, the vice president of local news] said using reporters' bylines on the AI-generated articles was a way to show "authority" on Google so the search engine would rank the articles higher in the results. He also said the company was experimenting with feeding in reporters' notes to create articles. "Journalists who embrace and experiment with this tool are going to win," Nelson said in the meeting. "Journalists who are defiant will fall behind"....

McClatchy's public AI policy states that the company uses AI tools to summarize articles to "help readers quickly understand the main points of a single story or catch up on multiple stories about a larger topic," and that editors review the output before publication.

Education

Why Some US Schools Are Cutting Back On the Technology They Spent Billions On (msn.com) 75

America's school districts "spent billions on technology during the pandemic," reports the Washington Post. "But now some states are limiting in-school screen time because of concerns about its impact on children." Nationwide [U.S.] schools invested at least $15 billion and possibly as much as $35 billion from federal pandemic relief funds on laptops, learning software and other technology between 2020 and 2024, according to an estimate by the Edunomics Lab, an education think tank. By last school year, 88% of public schools reported in a federal survey they had given every child a laptop, tablet or similar device.

Now, some states and school districts are walking back their technology use following pressure from parents who claim too much in-school screen time has zapped children's attention spans and left them worse off academically. At least a dozen states introduced or adopted policies this year that attempt to regulate screen time in schools — from prescribing limits to allowing families to opt out of virtual instruction... In Missouri, a bill would require every school district in that state to come up with a screen time policy is making its way through the state legislature. "Ed tech is just big tech in a sweater vest," said Missouri state Rep. Tricia Byrnes (R), who introduced the legislation and blames what she described as the overuse of technology for middling test scores...

Complicating the issue is research that shows students do not see any academic gains when provided with laptops. A meta-analysis of studies on reading comprehension suggests paper-based texts are better than digital-based reading... A body of research has established that excessive or unstructured screen time can have detrimental effects on children, including harming language development, weakening social skills and triggering anxiety and depression. But the effects of school-issued devices and in-school usage on children's development are less understood, said Tiffany Munzer, a developmental behavioral pediatrician and digital media researcher at the University of Michigan. Some studies report that high-quality digital tools can support students' learning goals, Munzer said. But "a lot of the apps that are marketed as educational ... are not actually educational and contain a lot of commercialized content."

Earth

NASA Keeps Track As Mexico City Sinks Into the Ground 28

An anonymous reader quotes a report from the Guardian: Walking into Mexico City's sprawling central Zocalo is a dizzying experience. At one end of the plaza, the capital's cathedral, with its soaring spires, slumps in one direction. An attached church, known as the Metropolitan Sanctuary, tilts in the other. The nearby National Palace also seems off-kilter. The teetering of many of the capital's historic buildings is the most visible sign of a phenomenon that has been ongoing for more than a century: Mexico City is sinking at an alarming rate. Now, the metropolis's descent is being tracked in real time thanks to one of the most powerful radar systems ever launched into space. Known as Nisar, the satellite can detect minute changes in Earth's surface, even through thick vegetation or cloud cover. "Nisar takes radar imaging observations of Earth to the next level," said Marin Govorcin, a scientist at Nasa's jet propulsion laboratory. "Nisar will see any change big or small that happens on Earth from week to week. No other imaging mission can claim this."

Though not the first time that Mexico City's sinking has been observed from space, the Nisar mission has provided a greater sense of how far the sinking spreads and how it changes across different types of land than any other space-based sensor. It has also been able to penetrate areas on the outskirts of the city that were previously challenging to study because of the complex terrain. The implications of the imagery extend far beyond the Mexican capital. "This study of Mexico City speaks to the realm of possibilities that will open up thanks to the Nisar system," said Dario Solano-Rojas, an engineer at the National Autonomous University of Mexico (Unam). "And not just for sinking cities but also for studying volcanoes, for studying the deformation associated with earthquakes, for studying landslides." According to Nasa, the technology is also capable of monitoring the climate crisis, glacier sliding, agricultural productivity, soil moisture, forestry, coastal flooding and more.
The Nisar system found that some parts of the city are dropping by more than 2cm a month. "First documented in 1925, the city's sinking is a result of centuries of exploitation of the groundwater," the report says. "Because Mexico City and its surrounds were built on an ancient lake bed, the soil beneath the city is extremely soft. When water is pumped out of the aquifer below, this clay-like earth compacts, resulting in a city that is quietly sinking."

The crisis is also self-reinforcing: as the city sinks, aging pipes crack and leak, causing Mexico City to lose an estimated 40% of its water, even as drought and climate change make supplies more fragile.
Businesses

Does Fidelity's Reorganization Signal the Beginning of the End for 'Small-Team Agile'? (bostonglobe.com) 85

Longtime Slashdot reader cellocgw writes: Hiding inside another layoff report, Fidelity is reorganizing: "The changes are aimed at moving the teams away from an 'agile' makeup -- comprising smaller, siloed squads -- and toward larger teams built to move faster on projects." OMG, as they say: "Sudden outbreak of common sense." According to the Boston Globe, Fidelity is cutting about 1,000 jobs even as it plans to hire roughly 5,300 new workers, many of them early-career engineers. Half of the 3,300 new workers hired this year "will be in tech or product-related roles," the report says, noting that "about 2,000 of those jobs are currently open, and 400 of them are in tech/product-delivery."

"The company also plans to add almost 2,000 new early-career workers, with the goal of making the tech and product-delivery teams more hands-on. In all, that means roughly 5,300 new jobs in the pipeline for Fidelity." The company says AI isn't driving the shift; as cellocgw noted, it's about moving toward larger teams that Fidelity says can move faster on priority projects.

The financial services firm also reported a strong 2025 under CEO Abigail Johnson, with managed assets rising 19% from 2024 to $7.1 trillion and revenue climbing 15% to $37.7 billion. "Throughout the company's history, our investments in technology have fueled our growth and customer service capabilities," Johnson wrote in a letter (PDF) included in the company's annual report. "We will continue to prioritize technology initiatives that help us advance digital capabilities, simplify our technology ecosystem, and protect the firm and our customers."
Earth

First Segment of the Fehmarnbelt Tunnel Is In Place (heise.de) 101

Longtime Slashdot reader Qbertino writes: The Fehrmarnbelt tunnel is a European construction megaproject building a tunnel between Denmark and Germany, crossing the Fehmarnbelt in the Baltic sea. The first segment of the tunnel has now successfully been placed in its designated spot. This is a yet-unseen, next-level engineering feat achieved by the Danish Sund & Baelt construction company. It took 14 hours and used a massive pontoon ship built specifically for this project.

The tunnel segments are 217 meters long, weigh more than 73,000 metric tons, and have to be placed within a tolerance of 3 mm. The tunnel will eventually consist of 89 of these segments, be 18 km long, and connect the Danish city of Rodby with the German island Fehmarn through five individual tunnel tubes: two for cars, two for trains, and one rescue and maintenance tunnel. Crossing time will be reduced from a 45-minute ferry crossing to seven minutes by train or 10 minutes by car, and cut the travel time between the German city of Hamburg and the Danish capital, Copenhagen, down to 2.5 hours. The project's planned completion is set for the year 2029. German news Tagesschau has some details and a neat animation, while further details are available from the German tech news site Heise.

Security

The Canvas Hack Is a New Kind of Ransomware Debacle (wired.com) 43

Wired describes the recent Canvas breach as an unusually disruptive ransomware-style extortion incident because one attack on Instructure's learning platform temporarily paralyzed thousands of schools during finals and end-of-year assignments. The hackers using the "ShinyHunters" name claim more than 8,800 schools were affected, while Instructure says exposed data included names, email addresses, student ID numbers, and platform messages. From the report: Higher education has long been a target of ransomware gangs and data extortion attacks. But never before, perhaps, has a cyberattack against a single software platform so thoroughly disrupted the daily operations of thousands of schools across the United States. The widely used digital learning platform Canvas was put into "maintenance mode" on Thursday after its maker, the education tech giant Instructure, suffered a data breach and faced an extortion attempt by attackers using the recognizable moniker "ShinyHunters." Though the hackers have been advertising the breach and attempting to extract a ransom payment from Instructure since May 1, the situation took on additional immediacy for regular people across the US and beyond on Thursday because the Canvas downtime caused chaos at schools, including those in the midst of finals and end-of-year assignments.

Universities like Harvard, Columbia, Rutgers, and Georgetown sent alerts to students about the situation in recent days; other institutions, including school districts in at least a dozen states, also appear to have been affected. In a list published by the hackers behind the attack on their ransom-focused dark web site, they claim the breach affected more than 8,800 schools. The exact scale and reach of the breach is currently unclear, though. And the fact that Canvas was down throughout Thursday afternoon and evening further complicated the picture. In a running incident update log that began on May 1, Steve Proud, Instructure's chief information security officer, said that the company had "recently experienced a cybersecurity incident perpetrated by a criminal threat actor." He added on May 2 that "the information involved" for "users at affected institutions" included names, email addresses, student ID numbers, and messages exchanged by users on the platform.

The situation was ultimately marked as "Resolved" on Wednesday, with Proud writing that "Canvas is fully operational, and we are not seeing any ongoing unauthorized activity." At midday on Thursday, though, the Instructure status page registered an "issue" where "some users are having difficulties logging into Student ePortfolios." Within a few hours, the company had added another status update: "Instructure has placed Canvas, Canvas Beta and Canvas Test in maintenance mode." Late Thursday evening, the company said that Canvas was available again "for most users."

TechCrunch reported on Thursday that the hackers launched a secondary wave of attacks, defacing some schools' Canvas portals by injecting an HTML file to display their own message on the schools' Canvas login pages. According to The Harvard Crimson, attackers modified the Harvard Canvas login page to show a message that included a list of schools that the hackers claim were impacted by the breach. The message from attackers "urged schools included on the affected list to consult with a cyber advisory firm and contact the group privately to negotiate a settlement before the end of the day on May 12 -- or else risk their data being leaked," The Crimson reported. "It is unclear what information tied to Harvard affiliates was included in the alleged breach."

AI

IMF Warns New AI Models Risk 'Systemic' Shock To Finance (yahoo.com) 40

The IMF is warning that advanced AI-powered cyberattacks pose a serious threat to global financial stability. "IMF analysis suggests that extreme cyber-incident losses could trigger funding strains, raise solvency concerns, and disrupt broader markets," the lender warned in a new report. The report urged greater international cooperation and emphasized resilience, since breaches are "inevitable" -- particularly for emerging economies with weaker defenses. Agence France-Presse reports: The study's authors highlighted the risks posed by the highly interconnected nature of the global financial system, with advanced AI models able to "dramatically reduce" the time and cost of exploiting vulnerabilities. [...] The IMF warned that emerging and developing countries, "which often have more severe resource constraints, may be disproportionately exposed to attackers targeting regions with weaker defenses."

The risks, the authors said, were systemic, cut across sectors and came with the threat of contagion, with the reliance on a small number of platforms and cloud providers likely to increase "the impact of any single exploited weakness." "Defenses will inevitably be breached, so resilience must also be a priority, specifically to limit how far incidents spread and ensure rapid recovery," the report said.

IMF chief Kristalina Georgieva warned last month that the global financial system was not ready for the cybersecurity threats posed by AI. "We are very keen to see more attention to the guardrails that are necessary to protect financial stability in a world of AI," she told CBS News, seeking global collaboration on the issue.

The Almighty Buck

CEOs Want Tariff Refunds As Earnings Take a Hit (cnbc.com) 103

Companies including Philips and Pandora say they plan to seek tariff reimbursements after the Supreme Court ruled Trump's sweeping duties illegal, with the U.S. potentially facing up to $175 billion in refunds. Many firms say tariffs hurt earnings, but CFO survey results suggest companies applying for refunds are unlikely to pass savings back to consumers through lower prices. CNBC reports: Companies across Europe are flagging disruption from tariffs as a factor contributing to a skewed earnings picture. "We will ask for a rebate of tariffs in line with the government policies," Roy Jakobs, CEO of healthtech firm Philips, told CNBC's "Squawk Box Europe" on Wednesday morning. "We have been saying that of course we prefer a world without tariffs, without trade barriers, because we want to serve patients." Philips included the cost of tariffs within its full-year guidance and did not assume the impact from any potential refunds. Danish jeweler Pandora also announced its intention to apply for a rebate on Wednesday, with CEO Berta de Pablos-Barbier telling CNBC that tariffs were a "headwind" to earnings in the first quarter. "We have no news yet, so we cannot count on any of that refund," she told CNBC's "Squawk Box Europe." "Let's wait and see."

De Pablos-Barbier noted that the biggest factor impacting Pandora's profit this quarter is the cost of silver, which more than quadrupled in the last 18 months. She reiterated the firm's pivot from pure silver to platinum as a way of reducing costs. BMW, Daimler, Renishaw, Smith & Nephew and Continental all flagged tariffs as negatively impacting results in a slew of earnings updates on Wednesday, but the companies did not say whether they are applying for rebates. Businesses often bear some of the cost of tariffs, with some costs passing on to consumers through price hikes. Tariffs have had an overall inflationary impact on the economy, economists have told CNBC.

Despite the refund process potentially covering more than 330,000 importers on roughly 53 million entries, per court documents, consumers are unlikely to benefit, according to the results of the latest CNBC CFO Council quarterly survey. Twelve of the 25 chief financial officers interviewed said their company plans to apply for tariff refunds, however, none intend to lower prices in response.

Bitcoin

Morgan Stanley Undercuts Rivals On Pricing In Crypto Trading Debut 16

Morgan Stanley is adding crypto trading to E*Trade, with a pilot now underway and a broader rollout planned for the platform's 8.6 million customers later this year. The bank is reportedly undercutting rivals with a 50-basis-point trading fee as it bets traditional finance and DeFi will converge.

"By contrast, Robinhood Markets' (HOOD) fees start at 95 bps, Coinbase Global's (COIN) begins at 60 bps, and Charles Schwab (SCHW) will charge 75 bps," notes Seeking Alpha. Morgan Stanley's head of wealth management, Jed Finn, told Bloomberg: "This is much bigger than trading crypto at a cheaper rate. In a way, the strategy is disintermediating the disintermediators."

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