Topic: financial losses
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Gemini Crypto Exchange Files for IPO by Winklevoss Twins
Gemini Space Station Inc., founded by the Winklevoss twins, has filed for an IPO to list on Nasdaq, marking another step in crypto's mainstream financial integration. Despite expanding into stablecoins and credit cards, Gemini faces financial challenges, with significant losses ($282.5M in H1 202...
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The Creator Economy's Impact on the Internet
The creator economy promises fame and wealth through digital entrepreneurship, with figures like MrBeast inspiring creators to pursue viral success. However, even top creators often lose money on content, relying instead on merchandise sales for revenue, shifting the focus from creativity to comm...
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Meta Must Stop Scammers or Face the Fallout
Meta knowingly profits from fraudulent advertisements, generating an estimated $7 billion annually from scam ads despite internal awareness of the issue, with inadequate enforcement policies allowing deceptive content to persist. Scams facilitated by Meta's platforms cause immense financial harm ...
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Bitdefender Fights AI Scams Targeting Families Worldwide
AI-powered scams using deepfake video and voice cloning technology are becoming highly sophisticated, posing significant financial and emotional risks by impersonating trusted individuals to manipulate victims. Bitdefender's "They Wear Our Faces" campaign aims to combat this threat by educating t...
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Meta May Slash Metaverse Budget by a Third in 2024
Meta is reportedly planning significant budget cuts, potentially up to 30%, for its metaverse division, which includes Quest VR headsets and Horizon Worlds, signaling a strategic pivot away from this core vision. The company is shifting its focus toward artificial intelligence and AI superintelli...
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Europe's Phone Networks Flooded by Fake Calls
Caller ID spoofing is a primary tool used by cybercriminals in Europe, leading to an estimated €850 million in annual losses and overwhelming phone networks with fraudulent calls. Criminals exploit legal and jurisdictional differences, using spoofing to impersonate trusted entities and facilitate...
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Europol Busts Major Criminal SIM Card Ring
An international cybercrime network known as 'SIMCARTEL' was dismantled, leading to seven arrests for operating a cybercrime-as-a-service platform that provided global phone numbers for creating fraudulent accounts. The operation resulted in the seizure of servers, 1,200 SIM-box devices, hundreds...
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Techland Cancels 2 Games in Development, Confirms No Layoffs
Techland canceled two unannounced games due to financial losses but confirmed no layoffs, with affected developers reassigned to other projects. The studio faced a deficit of 135 million złoty in 2024, and speculation suggests one canceled project was a teased fantasy RPG with veteran developers....
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Intel's Comeback: How It Regained Relevance and Is Winning Again
Intel has staged a market recovery, driven by new AI partnerships and a critical $16 billion investment package, which has boosted its share price and investor confidence. The company's recent struggles, including steep financial losses and a declining stock, stemmed from strategic missteps, such...
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Google shuts down text scammers' cloud server in major win
Google disrupted the "Lighthouse enterprise" cybercrime operation by shutting down its cloud server, following a lawsuit targeting the group's phishing schemes that have affected millions of Americans. The criminal network, based in China, sold user-friendly phishing kits that enabled widespread ...
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Jaguar Land Rover Supply Chain Crippled by Cyberattack
Jaguar Land Rover has halted production for nearly three weeks due to a severe cyberattack, causing significant disruption to its UK operations and threatening the wider automotive supply chain. The shutdown is resulting in estimated weekly losses of up to £50 million for JLR, with widespread job...
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Zuckerberg's $70 Billion Bet 'Not Working'
Meta plans to cut its Metaverse budget by up to 30% for 2026, signaling a strategic shift away from its heavy virtual reality focus. The company is reallocating resources toward artificial intelligence, viewing AI as a more immediate area for growth and innovation. This reflects a sober reassessm...
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Meta Slashes Metaverse Budget by 30%
Meta is reportedly planning significant budget and workforce cuts for its Metaverse division, signaling a major strategic recalibration away from its heavy investment in virtual reality. The move reflects a lack of market traction for its Metaverse products and investor pressure, as the costly in...
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Insurers: AI Poses an Uninsurable Risk
Major insurers are seeking to exclude AI-related liabilities from standard policies, arguing that the unpredictable nature of AI systems makes their risks uninsurable. High-profile incidents, such as Google's AI producing false information and AI-driven fraud, demonstrate the tangible financial d...
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Google Cracks Down on Fake E-Z Pass and USPS Text Scams
Google has filed a lawsuit to dismantle a widespread phishing operation originating from a China-based cybercrime syndicate, which uses "Lighthouse" kits to deceive millions globally. These phishing kits enable scammers to create fraudulent messages and websites that trick victims into providing ...
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Ford F-150 Lightning Production Restart Delayed Indefinitely
The Ford F-150 Lightning's production is on hold indefinitely due to a fire at a supplier's facility, causing an aluminum shortage and leading to internal debates about discontinuing the model. Despite the production halt, Ford highlights the Lightning's leading market position with record sales,...
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Conti Ransomware Suspect Extradited to Face Court
Oleksii Lytvynenko has been extradited from Ireland to the U.S. for his alleged role in the Conti ransomware group, accused of hacking systems and extorting ransom payments. The Conti ransomware targeted over 1,000 entities globally, causing at least $150 million in damages and posing a significa...
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OpenAI's $1 Trillion Question: Will IPO Reveal Answer?
OpenAI is preparing for a potential IPO that could value the company at $1 trillion, with CEO Sam Altman citing the need for substantial capital to support its growth and possible filings as early as 2026. The move to go public would streamline capital raising for funding global AI infrastructure...
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Small Business Cyber Insurance Demand Jumps 50%
Small business cyber insurance adoption surged 50% in one year and 85% over three years, reflecting a major shift in risk management strategies. The increase is driven by growing awareness of cyberattacks' devastating financial impacts, including operational costs, legal fees, and reputational da...
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Secure Your Digital Life This Cybersecurity Month
Digital technology's pervasive role in daily life makes online safety a critical necessity, with governments emphasizing mandatory protection against cyber threats in our interconnected environment. Australians have suffered over $48 million in losses from approximately 25,000 scam incidents this...
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Cowboy E-bikes in Acquisition Talks
Cowboy, an electric bike maker, is in advanced acquisition talks with ReBirth Group, which recently provided it with financial support to avoid bankruptcy. The company gained recognition for its smart, connected e-bikes featuring app-controlled locks and location tracking, raising over €100 milli...
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UK & US Charge Alleged Scattered Spider Hackers
Two key members of the Scattered Spider cybercrime group, Thalha Jubair and Owen Flowers, have been arrested and charged in the U.S. and U.K. for their roles in numerous damaging cyber intrusions, including attacks on critical infrastructure and corporate networks. The suspects are accused of usi...
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Jeff Bezos: AI Bubble Is Real, But Benefits Will Be 'Gigantic'
Jeff Bezos and Sam Altman acknowledge the AI market bubble but emphasize the technology's long-term societal benefits, comparing it to early internet excitement. Bezos distinguishes the AI surge as an "industrial bubble" that, like the biotech boom, will yield valuable innovations despite inevita...
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Socure Workforce Verification Stops Fake & Altered IDs
Businesses face rising employment fraud, with fake applicants using AI-generated documents and synthetic identities to bypass hiring checks, prompting Socure to launch its Workforce Verification solution. Fraudsters exploit outdated verification methods, using deepfake credentials to access sensi...
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