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Bittrex

Crypto exchange Bittrex files for bankruptcy after SEC complaint

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Three weeks after being charged with running an unauthorized securities exchange by the U.S. Securities and Exchange Commission (SEC), cryptocurrency trading platform Bittrex Inc applied for bankruptcy exemption on Monday.

Bittrex which is based in Seattle stopped operating in the United States on April 30 while stating that Bittrex Global, which services clients outside of the United States, would not be impacted by the bankruptcy case. The non-American operations of the business are headquartered in Liechtenstein.

Bittrex
Image Source: investing.com

Based on a bankruptcy filing submitted in a Wilmington, Delaware court, Bittrex’s financial assets, and debts were in the range of 500 million USD to 1 billion USD.

Also Read: Qualcomm to acquire Israeli auto-chip maker Autotalks

According to Bittrex, U.S. users who hadn’t withdrawn money before April 30 still have crypto assets in their possession.

The assets in question are safe & secure, according to Bittrex, which also stated that it planned to seek the bankruptcy court seeking a brief reopening of account holders so that the cryptocurrency may be returned to customers.

Over the past twelve months, several businesses in the cryptocurrency sector have filed for bankruptcy. These failures were caused by a decline in asset prices, increased regulatory attention, and, in the scenario of the once-famous exchange FTX, criminal allegations.

the SEC filed a lawsuit against Bittrex, On April 17, saying that, William Shihara, its previous chief executive officer, had urged cryptocurrency asset issuers looking to list their tokens on the exchange’s website to take down any public declarations that would prompt regulators to look into the token sales as securities.

The cryptocurrency assets on Bittrex’s website weren’t securities or investment agreements, according to Bittrex, which has refuted the SEC’s accusations.

Although the SEC’s action is continuing, Bittrex has previously consented to pay the U.S. Treasury an amount equal to $29 million in penalties for apparent breaches of the country-specific regulations and the money laundering prevention law.

The Bureau of Foreign Asset Control under the Treasury Department was cited as Bittrex’s biggest unsecured creditor in its plea, owing the organization more than 24 million, USD.

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The majority of Bittrex’s other biggest creditors were cryptocurrency exchange users. Without mentioning them by name, Bittrex highlighted 16 users who have at least one million dollars in their respective accounts. As per the petition, the biggest existing Bittrex client account has assets at 14.6 million USD.

“The market downturn triggered by multiple failures in the crypto ecosystem became an outright collapse by the end of the year. These events have caused us to reset our strategy,” Bittrex co-founder Richie Lai told employees in an internal email leaked on Twitter.

Source: forkast.news
Google I/O

Google I/O 2023: How to watch and what to expect

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Google I/O 2023 will take place on May 10th. Google I/O is an annual developer conference hosted by Google. The conference typically features keynote presentations, technical sessions, and product demonstrations focused on the company’s latest innovations in technology and software.

Google I/O
Image Source: techpp.com

In contrast to the multi-day I/Os of former years, this year’s event just lasts for that single day. Although Google is holding I/O as a live event at Shoreline Amphitheatre close to its campus in Mountain View, California, it is also being streamed on the Google I/O webpage. Google I/O can be live-streamed by any individual who registers for free on that website. The event can also be streamed on Youtube.

Also Read: Google Rolls Out Passkeys to (Eventually) Kill Passwords

These days, everyone seems to be thinking about AI-powered chat solutions, including Google. The organisation will have the chance to discuss Bard, its in-house chat client, and how it may benefit additional Google services like search, mapping, and productivity tools at Google I/O.

Google might take the opportunity to address worries regarding the hazards that certain individuals have identified with AI in addition to discussing how AI chatbots integrate into its own line of products, as one might anticipate.

The company released the Android 14 beta last month, and Google I/O 2023 will be its first chance to provide a public peek to a larger audience. This year is expected to be no different, given the significant role Android has played at previous I/O conferences.

Since a completed version of Android 14 is anticipated before the end of summer, we might even have more clarification on the development timeframe. Long rumoured to be in the works, Google’s first foldable device astonished everyone last week when it became public.

The maker shared a picture and a video of the Pixel Fold, a device that can be folded horizontally like a book. While Google declined to provide any information regarding its features, a prior claim from CNBC indicates the device may have a display that is 5.8 inches when it is closed and 7.6 inches when it is opened, making it comparable to Samsung’s Galaxy Z Fold 4.

Also Read: Google Authenticator finally syncs one-time codes in the cloud

The main announcement at Google I/O 2023 is expected to be a new piece of hardware for the company. There have been persistent rumours of a Pixel Fold that would disrupt the foldable phone market, which is now dominated by Samsung products. Google has now essentially acknowledged that this will take place.

It is anticipated that at least one new phone will be released by Google, especially in light of the rumours that claim the Pixel 7a will go on sale during that time.

Qualcomm

Qualcomm to acquire Israeli auto-chip maker Autotalks

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In an attempt to grow its automotive-related business, Qualcomm Inc announced on Monday that it would be acquiring Israel’s Autotalks Ltd, a manufacturer of chips utilized for crash-prevention technology in automobiles.

The business claimed Autotalk’s technology would be integrated into its aided and automated driving solution, known as Snapdragon Digital Chassis, although declined to disclose the financial details of the agreement.

Qualcomm
Image Source: moneycontrol.com

With more and more automakers outfitting their vehicles with driver-assistance mechanisms, Qualcomm reported in September of last year that the company’s automotive business” pipeline,” or possible future orders, increased by over ten billion dollars to 30 billion USD following its third-quarter earnings were released at the end of July.

Also Read: Nvidia short sellers lose $5 billion as shares rise more than 90%

The firm, which attributes the increase to its Snapdragon Digital Chassis product, is competing to gain that market share with Mobileye Global of Intel & Nvidia Corporation.

In the second quarter that concluded on March 26, earnings from the automotive business of Qualcomm increased 20 percent to 447 million USD.

In order to increase safety on the roadways, Autotalks manufactures specialized chips for use in V2X technology for communication for human-driven and autonomous vehicles.

“We have been investing in V2X research, development, and deployment since 2017 and believe that as the automotive market matures, a standalone V2X safety architecture will be needed for enhanced road user safety, as well as smart transportation systems,” said Nakul Duggal, senior vice president & GM, automotive, Qualcomm Technologies, Inc.

Source: qualcomm.com

Licensing company, QTL, as well as the great bulk of the patent portfolio, are both parts of Qualcomm Incorporated. The engineering, R&D, and nearly all of the products and services businesses, which include the QCT semiconductor business, are all run by Qualcomm Technologies which is a Qualcomm Incorporated division, along with its other subsidiaries.

Also Read: IBM to pause hiring in the plan to replace 7,800 jobs with AI

Products with the Snapdragon and Qualcomm brands are made by Qualcomm Technologies, Inc. or one of its affiliates. It Incorporated grants licenses for Qualcomm’s trademarked technologies.

With the help of Qualcomm, the entire globe may be smartly connected. With the help of their single technological roadmap, they can effectively expand the mobile revolution’s founding technologies, such as improved connectivity, efficiency, low-power computing, on-device ability, and others, to the upcoming next generation of smart devices with connectivity throughout industries.

Data Act

Does the EU draft Data Act put trade secrets at risk?

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German engineering giant Siemens and German business software firm SAP have joined American IT juggernauts in denouncing new EU legislation on the use of data produced by consumer goods and other smart devices. Before the Data Act can be enacted as law, EU member states and EU legislators are working on its specifics.

Data Act
Image Source: economictimes.indiatimes.com

The proposed law, which addresses corporate and consumer data from the EU, is one of several pieces of legislation designed to restrain the influence of American tech titans and aid the EU in achieving its digital and environmental goals.

The proposed rule has drawn criticism from the United States for being overly onerous, and German businesses have voiced concern that a section requiring corporations to exchange data with third parties in order to supply aftermarket or related data-driven services could jeopardize trade secrets.

Also Read: What is Apple’s rapid security response?

“It risks undermining European competitiveness by mandating data sharing, including core know-how and design data, with not only the user, but also third parties,” the companies warned in a joint letter to Commission President Ursula von der Leyen, EU antitrust chief Margrethe Vestager, and EU industrial chief Thierry Breton.

According to them, “effectively, this could mean that EU companies will have to divulge data to third-country rivals, particularly those not operating in Europe and against which the Data Act’s safeguards would be ineffective.”

The chief executives of the two firms, Siemens Healthineers, German medical technology company Brainlab, German software developer DATEV, and lobbying group DIGITALEUROPE were among the signatories to the letter, dated May 4, obtained by Reuters.

The letter urged that the list of devices covered by the law not be expanded and called for measures to allow companies to reject requests to divulge data where trade secrets, cybersecurity, health, and safety are in danger. The Commission acknowledged receiving the letter and stated that while it recognized the value of trade secrets, corporations shouldn’t exploit them as an excuse.

The Data Act does not seek to alter international or domestic trade secret laws. Trade secrets shouldn’t, however, be a justification for avoiding sharing data, said Johannes Bahrke, a spokesperson for the EU Commission, at a daily press briefing.

The EU draft Data Act is a proposed legislation aimed at regulating data access and use within the EU. While the Act primarily deals with personal data, it also has provisions that could impact trade secrets.

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One provision of the draft Data Act requires companies to disclose certain information about their data processing activities, including information about algorithms used to process data. This provision could potentially put trade secrets at risk, as companies may be required to disclose proprietary algorithms that give them a competitive advantage However, the draft Data Act also includes safeguards to protect trade secrets.

For example, companies would be able to request that certain information be kept confidential, and there are provisions in the Act that limit the disclosure of confidential information to specific parties, such as regulators or courts.

Nvidia

Nvidia short sellers lose $5 billion as shares rise more than 90%

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As reported by financial data company S3 Partners, short sellers of Nvidia Corporation have suffered losses of 5.09 billion USD to date in the current year since the stock has increased by more than 90 percent.

According to the company’s Wednesday report, the stock is the top losing equity short that has occurred in 2023, which is followed by Apple & Tesla.

Nvidia
Image Source: finance.yahoo.com

According to the report, while the stock has increased approximately 30 percent in that time, Apple’s short sellers have suffered a loss of 4.47 billion USD up to this point in 2023. According to the article, Tesla’s short sellers have suffered a loss of 3.65 billion USD so far this year since the stock has increased by around 33 percent.

Also Read: Google Rolls Out Passkeys to (Eventually) Kill Passwords

For the year thus far, Nvidia’s short interest has decreased by 7.04 million shares or 18 percent. The percentage of float that is short currently stands at 1.32 percent, which is the lowliest level since October 2022.

Following a disappointing statement from Advanced Micro Devices, Inc. (AMD) late on Tuesday, Nvidia stocks were down 1.1 percent in noon trading on Wednesday, along with drops in other chip manufacturers.

Shares are borrowed by investors who offer securities “short,” anticipating a decline in the stock price that will allow them to repurchase the shares at a less expensive rate, give them back to the lender as well, and earn the difference in cost.

NVIDIA Corp. creates and produces chipsets, processors, as well as associated multimedia software for computers. Tegra Processor, The Graphics Processing Unit (GPU), & All the additional components make up its functional units.

The GPU market is made up of product brands such as GRID used for visual computing customers and is based on the cloud, Tesla along with DGX for AI data scientists & big data experts, Quadro for creators, and GeForce for gaming enthusiasts.

Also Read: IBM to pause hiring in the plan to replace 7,800 jobs with AI

The Tegra Processor section incorporates a full computer into just one chip containing multi-core central processing units and graphics processing units to power supercomputing for controllers & smartphone games and entertainment gadgets in addition to robots that are autonomous, drones, and even vehicles.

The compensation based on stock cost, business infrastructure, support costs, expenditures related to the acquisition, legal settlement expenses, and various other non-recurring charges is all included in the “All Other” division.

Rapid Security Response

What is Apple’s rapid security response?

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Apple on Monday made the initial release of “rapid security” updates available to the public in an effort to quickly address security flaws that are being actively exploited or represent a serious risk to its users. The so-called Rapid Security Response upgrades, according to a notice, “deliver important security improvements between software updates.”

Rapid Security Response
Image Source: 9to5mac.com

Rapid Security Responses were made available so that Apple consumers may update their devices more quickly than it normally takes for a software update.

Apple claims that the feature is turned on by default and that, with some exceptions, some quick patches can be downloaded without a reboot.

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For users of iOS 16.4.1, iPadOS 16.4.1, and macOS 13.3.1, the rapid security update is now available. After being installed, it will change the software version to a letter, such as iOS 16.4.1(a), iPadOS 16.4.1(a), and macOS 13.3.1(a).

The quick security fix won’t be available to users of earlier versions of Apple’s os. In later software updates, according to Apple, fixes will be added.

The deployment on Monday, however, hasn’t gone as planned. Some customers reported having trouble installing the update. On an iPhone, iPad, and Mac used for testing by TechCrunch, the upgrades were downloaded but were not instantly installed.

Researchers have recently found new exploits created by spyware producers QuaDream and NSO Group that target iPhone users worldwide. Both spyware producers took advantage of previously unknown flaws in Apple software that let their government clients steal data covertly from a victim’s device.

Citizen Lab reported last month that Apple’s Lockdown Mode, a feature introduced last year to thwart similar targeted attacks, had effectively stopped at least one NSO-developed attack that took advantage of a flaw in HomeKit, the company’s smart home feature.

Apple’s rapid security response refers to the company’s approach to quickly identifying and addressing security vulnerabilities in its products. Apple has a dedicated team of security experts who work to proactively identify potential security risks and develop solutions to mitigate them.

Additionally, Apple has implemented various security measures such as two-factor authentication, encryption, and sandboxing to prevent unauthorized access to its products and services. In the event that a security vulnerability is discovered, Apple typically responds quickly by releasing a software update to address the issue.

The company also works closely with security researchers to identify and address vulnerabilities before they can be exploited by malicious actors.

Overall, Apple’s rapid security response is an essential aspect of the company’s commitment to protecting its users’ privacy and security.