News of the Cyber World

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SEC Approves First Spot Bitcoin ETFs, Signaling Major Shift in Crypto Regulation

The Financial Times reports the Securities and Exchange Commission’s recent decision to approve spot bitcoin [exchange-traded funds] marks a significant change in the commission’s stance on cryptocurrency. The approval of eleven ETFs from a combination of established financial organizations and digital finance newcomers has cleared the path for a more regulated and accessible route for investing in bitcoin.

Jad Comair, CEO of Melanion Capital – the first company to launch a Bitcoin-themed ETF in the EU – highlighted the significance of this move, stating, “It’s a huge milestone; it’s recognition of bitcoin being a large-scale traditional investment. We’re opening the doors to Wall Street.”

For nearly a decade, the regulator has been resistant to approving such ETFs due to concerns around the susceptibility of cryptocurrencies to manipulation and fraud. However, last year, the crypto asset manager Grayscale successfully challenged the SEC’s rejection of an earlier spot bitcoin application, and a federal appeals court ruled in August that the decision was “arbitrary and capricious.”

This ruling put pressure on the SEC to reevaluate their stance, ultimately leading to their recent decision to approve spot bitcoin ETFs.

Other News

U.S. Government to Tie Federal Funding for Hospitals to Cybersecurity Compliance

The Register reports that the U.S. government, in an effort to counter the increasing cyber threats facing healthcare institutions, is set to implement new rules that link federal funding for hospitals to their adherence to basic cybersecurity standards. This initiative, led by the White House, is being formulated in response to the ongoing issue of ransomware attacks and other cybercriminal activities that continue to target hospitals and health clinics nationwide.

When asked for comment on the initiative, a spokesperson for the Centers for Medicare and Medicaid Services (CMS) – a U.S. government body – told The Register: “One of the key action areas is increasing accountability and coordination within the health care sector. CMS values feedback from stakeholders and continues to consider how to improve cybersecurity most effectively across the health care sector. CMS does not comment on the substance of policies before they are proposed.”

Breitbart News has previously reported on the increasing number of ransomware attacks in recent years across a broad spectrum of industries.

Many of the targets were hospital systems. St. Margaret’s Health in Spring Valley, Illinois, was forced to shut down for good, partially due to a disastrous ransomware attack in 2021. This is the first instance in which a hospital has openly attributed a cyberattack to its closure.

Last year, at least 46 U.S. hospital corporations, which operate a total of 141 facilities, were hit by ransomware attacks. In at least 32 of these cases, protected health information and other patient data was stolen during the hacks. This data theft not only compromises patient privacy but also significantly hampers hospital operations – which is one of the reasons they’re targeted by criminals so frequently. Hospitals are more likely to pay out ransoms in these cases as they need their systems operational as quickly as possible to continue helping patients.

Hackers Unveil Sensitive Data from 200 U.S. Police Departments in Major Security Breach

Business Insider reports that hackers have recently breached the security of a Houston-based web-service provider called Netsential, which works with state law-enforcement agencies in the U.S.

This breach has led to the disclosure of hundreds of gigabytes of potentially sensitive files from various U.S. police departments. The leaked data, made available in a searchable database, includes information that can be sorted by officers’ badge numbers. The files were hosted by fusion centers and state agencies that facilitate information sharing among police departments and were stolen in the security breach.

It’s worth noting that the leaked files do not reveal any significant police misconduct, instead, they primarily consist of emails and internal memos that show how police departments and the FBI have monitored protests across the U.S., especially those that followed the death of George Floyd.

The documents include specific details shared among police departments about the clothing, tattoos, and social media handles of individuals at protests. They also reveal that law-enforcement agencies, including the FBI, have been actively monitoring social-media accounts believed to be organizing protests.

One unclassified FBI memo to police departments, dated late May, raised concerns about the safety of “law enforcement supporters,” citing specific tweets. Other internal memos included in the leak showed police departments exchanging information about specific clothing, signs, and cars of protesters deemed potential threats.

In some cases, officers made arrests after tracking people down using photos taken at protests.

UK Broadcasting Regulator Hires Meta and Google Staff to Police Internet

The United Kingdom’s broadcasting regulator has been hiring top staff from Big Tech firms as it prepares to begin policing the internet under the controversial Online Safety Act.

The Office of Communications, commonly known as Ofcom, has hired 350 new staff members, many of whom have been poached from the likes of Google, Meta, and Microsoft, and is planning on hiring another 100 as it assumes its new role as the enforcer of the Online Safety Act, which was passed into law in October.

Speaking to the globalist Financial Times newspaper, former Meta “misinformation” specialist turned director of online safety policy for Ofcom, Jessica Zucker said that in light of Big Tech layoffs over the past two years, there is an “overwhelming” interest in joining the British regulator among ousted Silicon Valley employees.

“Those still motivated by online safety and proportionality see Ofcom as the alternative,” Zucker said, adding: “You could do it for one company, or you can do it for an entire industry.”

And the links between big government and big tech seem to run both ways, the most infamous example being Britain’s former Deputy Prime Minister Nick Clegg taking a top job with Meta after facing electoral defeat at home. Mr Clegg is now president of global affairs and communications with the Facebook owner.

Ofcom, which hitherto was chiefly tasked with policing content on television and radio in the UK, has been granted sweeping new powers by the parliament to monitor and fine the internet.

For larger companies, most notably social media services and search engines, Ofcom will be empowered to impose fines of up to £18 million ($22 million) or 10 per cent of global annual turnover depending upon which is higher.

TikTok Restricts Tool Used by Researchers — and Its Critics — to Assess Trending Videos on Its Platform

TikTok has restricted one tool researchers use to analyze popular videos, a move that follows a barrage of criticism directed at the social media platform about content related to the Israel-Hamas war and a study that questioned whether the company was suppressing topics that don’t align with the interests of the Chinese government.

TikTok’s Creative Center – which is available for anyone to use but is geared towards helping brands and advertisers see what’s trending on the app – no longer allows users to search for specific hashtags, including innocuous ones.

The social media company, which is owned by Beijing-based ByteDance, has also removed certain hashtags from the Creative Center that some online researchers had stored for analysis. They include topics that would be seen as controversial to the Chinese government – such as “UyghurGenocide” and “TiananmenSquare”- as well as hashtags about U.S. politics and the war in Gaza and Ukraine. The Center will now only allow searches for the top 100 hashtags by industry, the company said.

“Unfortunately, some individuals and organizations have misused the Center’s search function to draw inaccurate conclusions, so we are changing some of the features to ensure it is used for its intended purpose,” TikTok spokesperson Alex Haurek said in a prepared statement.

The New York Times first reported on the changes, which came to light last week in an addendum to a study published in December by the Network Contagion Research Institute at Rutgers University.

Fleet of Electric Buses Suspended in London After Sudden Fire in Wimbledon

London has suspended several electric buses after a seemingly spontaneous fire broke out in a double-decker bus, sparking calls for a re-examination of every electric bus used in the capital’s fleet.

On Thursday, an electric bus caught on fire on Wimbledon Hill Road in London. While no injuries were reported and investigations into the cause of the fire are still ongoing, the office of London Mayor Sadiq Khan — a chief proponent of the green agenda in Britain — announced the suspension of the same model of electric busses from the route.

In addition, the Mayor’s office said that all electric busses active in London produced by the firm Switch “will be checked thoroughly as a matter of urgency,” the Evening Standard reports.

However, some are calling for the city to go further, with the City Hall Conservatives’ transport spokesman, Keith Prince calling for the immediate withdrawal of all Switch electric busses until the cause of the fire is determined.

“We’re also calling for urgent checks on the remaining electric buses in the fleet to ensure they are safe,” Prince said. “Londoners need to have confidence that their bus is safe and won’t burst into flames. Sadiq Khan must not compromise the safety of Londoners.”

“We need action, not words. Failure to act will tell Londoners that Sadiq Khan doesn’t care about safety.”

Following the electric bus fire in Wimbledon, a hybrid bus caught on fire on Friday morning in North Woolwich. Fortunately, the bus was not occupied at the time, however, it took firefighters over an hour to get the fire under control, the Daily Mail reports. Transport for London (TfL) has claimed that there was likely no connection between the two fires this week.

Microsoft Surpasses Apple in Market Value, Reclaiming Top Spot in Tech

MacRumors reports the tech giant Microsoft recently reached a valuation of $2.87 trillion, just barely beating competitor Apple which saw a one percent drop in share price.

Microsoft has occasionally overtaken Apple since 2018, particularly during times when Apple has faced challenges, such as supply chain shortages that negatively impacted its stock price.

Microsoft’s recent success can be attributed to its strategic investment in artificial intelligence and support for companies like OpenAI, which has largely taken over the AI market with products like ChatGPT gaining significant popularity. In comparison, Apple seems to be taking its time entering the AI space despite the majority of its competitors investing in the sector.

Apple has faced some setbacks recently, with its November earnings report falling short of market expectations, with notable underperformance in its iPad and wearables segments. Combined with a notable decline in Mac revenue compared to the previous year, Apple appears to be facing some issues.

Apple’s latest product, the Vision Pro headset, has also faced skepticism in the market, primarily due to its high price point and lower-than-expected sales forecasts, which may lead to future troubles for the tech giant.

Al Gore Steps Down from Apple’s Board of Directors Due to Age Limit

The New York Post reports Gore has been a part of Apple’s board since 2003, contributing over two decades of service.

Now, his tenure at Apple comes to a close as he reaches the age of 75, aligning with Apple’s policy that restricts board directors from seeking re-election once they hit this age limit.

Apple CEO Tim Cook said in a statement: “For more than 20 years, Al has contributed an incredible amount to our work — from his unconditional support for protecting our users’ privacy, to his incomparable knowledge of environment and climate issues.”

Alongside Gore, James Bell, the former Boeing CFO, who has been on the board since 2015 and is also stepping down as he reaches the age limit of 75. Cook commented on Bell’s departure stating: “James’s dedication has been extraordinary, and we’re thankful for the important perspectives and deep expertise he’s offered on audit, finance, and so much more over the years.”

As replacements, Wanda Austin, the former president and CEO of The Aerospace Corporation, has been nominated for a board seat, pending a shareholder vote at Apple’s annual meeting on February 28. Austin is known for her extensive experience in technology and currently serves as a board director for Amgen and Chevron.

During his time at Apple, Gore accumulated more than 468,000 shares of common stock, valued at over $87 million, and received around $377,000 in compensation in fiscal 2023, including stock awards and cash.

Layoffs Section

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4 Articles

Discord Initiates Major Workforce Reduction, Lays Off 17% of Employees

The Verge reports Discord has joined the ranks of a number of other tech firms in 2024, laying off a significant amount of its workforce. The company recently announced it plans to lay off 17 percent of its workforce, which is equivalent to around 170 employees.

This appears to be part of Discord’s new strategy that aims to “sharpen our focus and improve the way we work together,” according to an internal memo from CEO Jason Citron.

The decision was conveyed to employees in an all-hands meeting, accompanied by an internal memo, marking the largest layoff in Discord’s history. Discord claims that the company is not facing any immediate financial difficulties, but is instead realigning its operations to foster more efficient user growth and operational efficiency.

Citron stated in the memo: “We grew quickly and expanded our workforce even faster, increasing by 5x since 2020. As a result, we took on more projects and became less efficient in how we operated.”

Amazon Laying Off ‘Several Hundred’ at Prime Video, MGM Studios

The layoffs are expected to hit both Prime Video — Amazon’s streaming entertainment service — as well as Amazon MGM Studios, the company’s TV and movie studio that has put out a number of expensive duds including The Rings of Power series, which cost an estimated $1 billion.

U.S. staff who will be impacted by the cuts will be informed on Wednesday and in most other regions by the end of the week, according to a Reuters report. Mike Hopkins, senior vice president of Prime Video and Amazon MGM Studios, told employees in a memo Wednesday that the layoffs would impact “several hundred” workers.

The layoffs comes as Prime Video is set to role out advertising to its previously ad-free service. The decision to insert commercials into movies and TV shows has been slammed by many consumers who see it as the latest example of streaming shrinkflation — getting less product while paying the same amount.

As Breitbart News noted, more and more Americans are canceling their streaming services as they struggle to pay for basic necessities like food, energy, and rent thanks to President Joe Biden’s economic policies that have caused overall consumer prices to spike to unprecedented levels.

Twitch Laying Off More than 500 Employees, Amidst Major Organizational Reshaping

The Verge reports that Twitch, the leading gaming live-streaming platform, has announced a significant reduction in its workforce as part of a strategic realignment led by its parent company, Amazon. Twitch plans to lay off more than 500 employees, which represents about 35 percent of its total staff. The company said this move aims to streamline operations and allocate resources more effectively in line with the company’s current business trajectory.

The CEO of Twitch, Dan Clancy, commented on the situation stating: “I regret having to share that we are taking the painful step to reduce our headcount by just over 500 people across Twitch… This will be a very hard day.”

Clancy noted that the firm paid out over $1 billion to streamers last year, but “while the Twitch business remains strong, for some time now the organization has been sized based upon where we optimistically expect our business to be in 3 or more years, not where we’re at today.” Clancy plans to host a livestream to discuss the implications of the new layoffs.

This year, Twitch had already reduced its workforce as part of broader layoffs at its parent company, Amazon. The company has also undergone significant internal restructuring, including the departure of several key executives. Additionally, Twitch has announced plans to cease operations in South Korea due to high network costs, reflecting the financial and operational challenges it faces.

Google Lays Off Hundreds in Assistant, Hardware, and Engineering Divisions amid Cost-Cutting Efforts

Reuters reported that Google recently announced layoffs in some of its key divisions as part of its workforce strategy. The affected departments include the Voice Assistant unit; the hardware team responsible for Pixel, Nest, and Fitbit devices; and the augmented reality (AR) team. This move comes shortly after Google’s acquisition of Fitbit for $2.1 billion in 2021, which was a significant investment in the wearable technology sector. Despite this acquisition, Google has continued to develop and release new versions of its Pixel Watch, a product that directly competes with Fitbit’s offerings and the Apple Watch.

Google initiated several changes throughout the second half of 2023 to improve efficiency, streamline its operations, and realign resources. This restructuring involved eliminating roles across different teams globally. While the exact number of affected roles has not been announced, the impact is being felt amongst employees, as Alphabet has a reported global workforce of 182,381 as of September 2023.

The Alphabet Workers Union commented on the layoffs, calling them “needless” and promising to continue to fight the company “until our jobs are safe!”

These layoffs come at a time when tech companies, including Google, are heavily investing in generative artificial intelligence (AI) technology. Google had previously announced plans to incorporate generative AI into its virtual assistant, aiming to enhance its capabilities with advanced features such as trip planning and email management. Google has since released its own Bard AI Assistant.