Category: Chaos

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One of the world’s biggest IT incidents caused by a cyber-security company’s update

CrowdStrike issue causes major outage affecting thousands of businesses around the world

The irony

It has been widely reported that an ‘update‘ by ‘cybersecurity‘ firm CrowdStrike led to a major IT outage on Friday 19th July 2024, impacting businesses around the world. Microsoft systems have been badly affected.

CrowdStrike statement

“The issue has been identified, isolated and a fix has been deployed,” CEO George Kurtz said in a statement on X. But not before untold havoc was caused across the globe.

Blue screen of death

The comments came after widespread reports of technical issues, with many Microsoft users around the world facing an error screen known as the ‘blue screen of death.’

Biggest IT fail ever – Elon Musk

Elon Musk on X called it the ‘Biggest IT fail ever’.

Problems

Reports flooded in all day from around the world of systems and businesses impacted by the issue.

Without going into individual failings, here are some of the areas impacted by this problem.

NHS and GP practices in the UK, airport delays, flight cancellations, SKY TV off air, Microsoft system failures, VISA issues, Sainsbury’s and Morrissons supermarket card payments down, banks hit, Lloyds, Tesco, airlines in U.S., Germany, Canada, Italy, India and around the globe. UK Rail payment systems down and trains cancelled, New York Metro train issues, schools, betting firms hit, finance, pharmacies, payrolls and even the Paris Olympic system too.

Interconnected frailty

I think you get the picture. This is by no means an exhaustive list – but it aptly demonstrates the severity of this failed system update and how interconnected our world has become.

Crowdstrike says global IT issues caused by ‘defect’ in ‘content update’

Here’s the full statement from George Kurtz, the CEO of Crowdstrike

“Crowdstrike is actively working with customers impacted by a defect found in a single content update for Windows hosts.

“Mac and Linux hosts are not impacted. This is not a security incident or cyberattack.

“The issue has been identified, isolated and a fix has been deployed.

“We refer customers to the support portal for the latest updates and will continue to provide complete and continuous updates on our website.

“We further recommend organisations ensure they’re communicating with Crowdstrike representatives through official channels.

“Our team is fully mobilised to ensure the security and stability of Crowdstrike customers.”

Who and what is Crowdstrike?

CrowdStrike is a cybersecurity firm established in 2011, dedicated to protecting major corporations and their hardware from cyber threats and vulnerabilities.

The company specializes in endpoint security, striving to block malicious software and files from compromising corporate networks via connecting devices like phones and laptops.

Additionally, CrowdStrike focuses on securing the data of businesses that have transitioned from hosting it on-premises to utilizing cloud-based services.

Should we worry?

As our world becomes over interconnected and closely Intergrated, should we be concerned about a handful of powerful companies dictating the tech world we live in?

I believe we should be concerned. This was just a routine upgrade and the company let us down.

I used to run my own IT business and upgrades and system improvements were a big part of my then tech life, so I have a pretty good understanding of these issues, especially performing a system upgrade.

Preparation is key. Sometimes things go wrong – the unforeseen. But you must quickly overcome the problem with a ‘backup’ contingency plan.

Others are depending on YOU!

My mantra then and it is still the same now: BACKUP! BACKUP! BACKUP!

You have to get these this right – but CrowdStrike didn’t!

It will happen again!

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Is the world shackled to debt?

World Debt

The world is in debt to the tune of $315 trillion, and counting.

$315,000,000,000,000

$315 trillion or $315,000,000,000,000 is a daunting number, it’s massive. In 2024, the global GDP reached just $109.5 trillion, just over a third of the global debt figure.

Perspective

To provide some perspective, with the world population at roughly 8.1 billion, if the debt were distributed evenly, each person would shoulder about $39,000 in debt.

As global debt reaches unprecedented levels, concerns naturally arise about its implications and origins.

Global debt

Global debt includes borrowings by households, businesses, and governments.

Household debt

Household debt, which many are familiar with, comprises mortgages, credit cards, and student loans. At the beginning of 2024, it stood at $59.1 trillion.

Corporate debt

Corporate debt, utilized by businesses for operations and growth, reached $164.5 trillion, with the financial sector contributing $70.4 trillion.

Government debt

Government debt, on the other hand, finances public services and projects without raising taxes. It can be obtained from other nations or institutions like the World Bank and the IMF, or through bond sales, which are essentially promises to pay with interest from the state to investors.

Public debt

Public debt was reported to be $91.4 trillion. While often perceived negatively, debt can be advantageous, supporting individuals in education and homeownership, aiding business expansion, and providing governments with means for economic development, social expenditures, or crisis management.

History

Historical evidence shows that public debt has been around for at least 2000 years, mainly for establishing settlements and financing wars, with governments accruing significant debts from conflicts such as the Napoleonic Wars.

Debt engulfs us all and is here to stay, but at what cost to society?

And who do we owe?

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Bitcoin in a spin as it drops below $55000

Bitcoin in a downward spiral

More than $170 billion has been erased from the cryptocurrency market due to concerns over the Mt. Gox bitcoin payout.

Bitcoin’s price plummeted over 6% in 24 hours, reaching $54,237, marking its lowest point since late February 2024.

The total cryptocurrency market lost over $170 billion in market capitalization within the same timeframe, according to CoinGecko.

The Mt. Gox bankruptcy estate’s trustee announced on Friday that repayments in Bitcoin have commenced for certain creditors via specified cryptocurrency exchanges.

What is, or was, Mt. Gox Bitcoin?

The Mt. Gox Bitcoin payout pertains to the reimbursement process for creditors of the defunct Mt. Gox cryptocurrency exchange. Previously the world’s largest Bitcoin exchange, Mt. Gox fell in 2014 due to a significant hack, leading to the loss of about 740,000 Bitcoins.

Following extensive legal battles and postponements, the exchange is poised to start disbursing roughly $9 billion in Bitcoin and Bitcoin cash to its creditors. This payout is noteworthy as it entails a substantial return of bitcoin to users, which may influence the cryptocurrency market dynamics.

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“Meet Bill and Bet!”

UK election betting scandal

UK Election betting scandal mars politicians and the police!

Just when you think the state of UK politics couldn’t get any worse… it does!

The ‘clicky’ inner circles of both the Conservative and of the Labour Party with their mucky little antics – placing bets on the date of the UK election – KNOWING THE OUTCOME!!

Why would anyone behave in this way?

No wonder the public are utterly disenfranchised with politics. The morally bankrupt behaviour and greed shown by some in both the Conservative and Labour Party is breathtaking and bereft of any basic moral compass.

These people are broken and should not be in positions of trust representing our country.

And the police too!

UK election betting scandal
“Meet Bill and Bet!”

Billy and Betty off to place their bets!

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“SS Sunak – rats deserting the Sinking Ship!”

Sinking Ship!

SS Sunak – rats deserting a Sinking Ship!

UK Election: I don’t know if it’s just me but… where are all the Conservative Party cabinet BIG hitters?

Sunak has very little support, if any from his cabinet!

Where is Jeremy Hunt, the Chancellor of the Exchequer for example?

He’s not that visible on the election campaign trail. His absence could easily be construed as ‘distinctly unhelpful.’

Where is he?

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UK Prime Minister announces snap general election for 4th July 2024

UK election

On 22nd May 2024, UK Prime Minister Rishi Sunak announced a snap general election for 4th July 2024 This decision caught many by surprise, as the election was called more than around six months earlier than legally required.

Election Date: 4th July 2024 – let the fireworks begin

The Conservative Party, led by Rishi Sunak, is facing significant challenges in opinion polls, trailing behind the opposition Labour Party.

The economy, immigration, health services, and cost of living have been identified as key issues for voters.

Labour, led by Sir Keir Starmer, is considered the clear frontrunner, with a substantial lead in recent polls.

Since 2010, the Conservatives have seen five prime ministers: David Cameron, Theresa May, Boris Johnson, Liz Truss, and now Rishi Sunak.

Sir Keir described the past 14 years as “Tory chaos” and emphasised that it’s time for change.

So, the UK is gearing up for an early election, and the outcome will be closely watched both domestically and internationally

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U.S. debt and deficits are generating concerns about potential threats to the economy and financial markets

Debt burden

The federal debt reportedly reached $34.5 trillion, marking an increase of approximately $11 trillion since March 2020.

This surge has sparked discussions among government and financial leaders, with a notable Wall Street firm questioning whether the associated costs could threaten the stock market’s upward trend. The Congressional Budget Office projects that the public debt will soon surpass any previously recorded levels relative to GDP.

Federal Reserve Chair Jerome Powell has emphasized the urgency for elected officials to address this issue promptly.

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Meme stock craze is back and creates volatile behaviour again!

Memes

Shares of GameStop and AMC surged by approximately 60% in premarket trading on Tuesday 14th May 2024, signalling a potential continuation of gains as the meme stock crazes makes an unwelcome comeback.

Shares of the video game retailer GameStop surged 59% higher in late trade while the movie theatre chain AMC’s shares rose over 64%. Other so-called ‘meme stocks’ were also set to open significantly higher on Tuesday.

GameStop’s shares soared more than 100% and experienced multiple halts due to volatility after Roaring Kitty made a comeback on X. His tweet, a simple image of a man leaning forward in a chair, marked his first post in three years and was enough to spur the ‘wild traders’ into blind action.

Although GME had already begun rallying before, the surge yesterday was extreme and reminiscent of the original meme stock frenzy involving WallStreetBets and Melvin Capital. Ultimately, it closed up 74%. With GME’s short interest at 24% prior to the surge, it’s likely that a significant portion of the movement was due to short-covering, as well as some hedge funds having calls on their shorts.

Trend-following and momentum strategies may have contributed to the rise. Retail investors appear to be growing more bullish and willing to take on greater risks. The surge seems to lack a fundamental basis, as GME’s last earnings report was notably very poor. N

However, not all meme stock involvement is blindly speculative.

But it is just a game to some!

What is a meme stock?

A meme stock refers to the shares of a company that have gained viral popularity due to heightened social following. This social ‘following’ is usually due to activity online, particularly on social media platforms

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UK Border control take back control as passport e-gates fail, again!

UK Border Force

The Home Office eventually resolved a nationwide ‘issue’ that led to significant delays at passport e-gates.

UK airports such as Heathrow, Gatwick, Edinburgh, Birmingham, Bristol, Newcastle, and Manchester have all reported delays in arrivals late on Tuesday 7th May 2024 due to a Border Force issue.

E-gates, which are automated gates utilizing facial recognition technology to verify a person’s identity, allow entry into the country without the need for interaction with a Border Force officer.

According to the government’s website, there are over 270 e-gates installed at 15 air and rail ports across the UK, designed to facilitate faster entry into the country. However, this recent outage has necessitated manual processing of passengers by Border control staff.

The Home Office, responsible for the Border Force, announced in an early Wednesday 8th May 2024 statement: ‘eGates at UK airports resumed operation shortly after midnight.‘

A Home Office spokesperson reportedly attributed the disruptions to a ‘system network issue’ (whatever that means) – initially reported at approximately 19:50 BST, indicating the problems lasted over four hours. They assured that ‘border security was never jeopardized, and there is no evidence of any malicious cyber activity.’

Nothing new – it’s happened before and it’s a miserable experience!

Britain’s automated border gates system experienced a crash in May 2023, leading to extensive queues and delays for passengers lasting several hours.

Additionally, the country’s air traffic system suffered a meltdown in August 2023 due to a technical issue, disrupting the National Air Traffic Service for a prolonged period. The recurring nature of these incidents raises questions about the underlying causes.

Why does it KEEP happening?

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UK Ministry of Defence suffers hack and data breach

The breach involved a third-party payroll system used by the MoD

The compromised system contained names and bank details of both current and past members of the UK armed forces.

While the full extent and consequences of the breach are still under investigation, preliminary results reportedly indicate that no data was extracted during the incident.

It appears that a minimal number of addresses might have been compromised.

The Ministry of Defence (MoD) responded quickly by disconnecting the external network, which is managed by a contractor.

Affected service members will be informed as a precautionary measure and will be provided with expert advice.

Hacker’s ID not revealed

The hacker’s identity has not been revealed, but it is significant that in March, the UK and the U.S. charged China with conducting a worldwide campaign of “malicious” cyber-attacks.

These assaults targeted the Electoral Commission watchdog in 2021 and involved online “reconnaissance” of MPs’ and peers’ email accounts. The limited response to these events highlights the persistent cybersecurity challenges and the importance of constant alertness.

As the inquiry progresses, the MoD is expected to implement additional security measures to safeguard sensitive data, measures that ideally should have already been established.

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Global police forces take down massive scam website that defrauded thousands of victims

Online fraud

UK police have dismantled a gang that provided a technology service enabling criminals to use fraudulent text messages to defraud victims

Britain’s Metropolitan Police announced on Thursday 18th April 2024 that the ‘LabHost‘ website had been utilised by 2,000 criminals to pilfer personal details from users.

The police have reportedly identified approximately 70,000 UK individuals whose details were compromised via LabHost’s websites. The websites of LabHost have been disrupted and now displays a notice indicating that the services have been seized by law enforcement.

They have arrested 37 people worldwide and are contacting victims affected by the scam.

Phishing scam

Officers say younger people who grew up with the internet were the most likely to fall for the ‘phishing’ scam.

What is ‘phishing’

‘Phishing’ is a type of social engineering attack where perpetrators trick individuals into disclosing sensitive information or downloading malware. This often entails the use of deceptive emails or messages that mimic reputable entities, luring users to input their login details on counterfeit websites.

See Wikipedia definition.

The technology enabled scammers without technical expertise to inundate victims with deceptive messages aimed at eliciting online payments.

Authorities focused on the gang’s website, LabHost, which facilitated the despatch of these messages and steered victims towards counterfeit websites. These sites mimicked authentic online payment or shopping platforms.

ID theft

This operation allowed the perpetrators to pilfer personal identity details, including 480,000 card numbers and 64,000 PIN codes. It was referred to as ‘fullz data‘ in criminal circles, according to the police.

The exact amount of money stolen remains unknown. However, detectives estimate that the LabHost site generated close to £1 million ($1.25 million) in profits.

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Elon Musk and his ‘X’-rated comment

Tweet!

It has been a turbulent time at Twitter since Musk’s acquisition and the subsequent renaming of the company to X.

X is a subsidiary of X Holdings Corp., which is owned by Elon Musk. X has faced several issues and controversies since its inception, such as advertiser boycott, declining user base, staff layoffs, and more recently accusations of antisemitism and even more recently of a profane outburst levelled against X advertisers.

What a mess

Elon Musk launches attack on X advertisers in a profanity-laced outburst.

Musk has slammed advertisers that have left X, warning they will kill the social media platform. At an event in New York, he accused companies that have joined an advertising boycott of the site formerly known as Twitter of trying to blackmail him.

Musk tells X (Twitter) advertisers to go ‘f**k yourselves,’ but admits it will die without them: Despite this, Musk refused to accept responsibility for the impact of his statements on X’s ability to do business. 

Instead, the billionaire insisted that if X (Twitter) went under, the blame would be entirely on the advertisers who fled as opposed to his decisions as its owner which more likely pushed them away.

His message to advertisers leaving X of: ‘Go f**k yourself’ – didn’t help matters as he admits responding to anti-Semitic post on X was one of the most foolish things he’s done on the platform.

Elon Musk is reported to have said on Wednesday 29th November 2023 that he regretted his November 15th tweet allegedly endorsing an anti-Semitic conspiracy theory.

Is the death knell of X and of a $44 billion investment?

Musk should be a force for good in the world – could that still happen?

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Cyber-attack affects law firms

Hacker

A recent cyber-attack on CTS, a company that provides IT services to law firms and other organisations in the UK legal sector. 

It was reported the cyberattack occurred on Wednesday, 22nd November 2023, and caused a widespread outage that affected dozens of law firms and homebuyers. 

The cyberattack was reportedly caused by a CitrixBleed bug that has targeted other firms in recent weeks. 

CTS said that it was working with a global leader in cyber forensics to investigate the incident and restore the services as soon as possible. 

The cyberattack has raised concerns over the security and integrity of the data and systems of the legal sector, as well as the potential impact on the transactions and completions of the homebuyers.

The problem at CTS is having a knock-on effect on the firms involved in property completions. It is thought around 80 law firms have been affected.

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HSBC down online banking outages

Bank online outage

It is widely reported that HSBC‘s online banking system is experiencing some problems today, 24th November 2023. 

According to the news reports, many customers are unable to access the app or the website or make payments. 

The bank has acknowledged the issue and said it is working hard to fix it as soon as possible. Some users have also reported missing money from their accounts.

Downdetector, which tracks websites, showed more than 4000 people reported they could not access HSBC services.

‘It is impacting HSBC UK customers only – there is no impact to First Direct or M&S Bank customers’, a spokesperson for the bank said.

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OpenAI saga continues – I’m in, I’m out, I’m back. Altman is back after getting the sack!

OpenAI

At the speed of AI, the story at OpenAI moves at lightning speed.

Hundreds of OpenAI employees signed a letter demanding the OpenAI board resign or face an employee exodus to Sam Altman’s new venture at Microsoft ‘imminently‘.

The board then attempted to negotiate Altman’s return, but those talks were unsuccessful.

At the touch of a button – resignation letter sent to the OpenAI board of directors

To the Board of Directors at OpenAI

OpenAI is the world’s leading AI company. We, the employees of OpenAI, have developed the best models and pushed the field to new frontiers. Our work on AI safety and governance shapes global norms. The products we built are used by millions of people around the world. Until now, the company we work for and cherish has never been in a stronger position.

The process through which you terminated Sam Altman and removed Greg Brockman from the board has jeopardized all of this work and undermined our mission and company. Your conduct has made it clear you did not have the competence to oversee OpenAI.

When we all unexpectedly learned of your decision, the leadership team of OpenAI acted swiftly to stabilize the company. They carefully listened to your concerns and tried to cooperate with you on all grounds. Despite many requests for specific facts for your allegations, you have never provided any written evidence. They also increasingly realized you were not capable of carrying out your duties, and were negotiating in bad faith.

The leadership team suggested that the most stabilizing path forward – the one that would best serve our mission, company, stakeholders, employees and the public – would be for you to resign and put in place a qualified board that could lead the company forward in stability. Leadership worked with you around the clock to find a mutually agreeable outcome. Yet within two days of your initial decision, you again replaced interim CEO Mira Murati against the best interests of the company. You also informed the leadership team that allowing the company to be destroyed “would be consistent with the mission.”

Your actions have made it obvious that you are incapable of overseeing OpenAI. We are unable to work for or with people that lack competence, judgement and care for our mission and employees. We, the undersigned, may choose to resign from OpenAI and join the newly announced Microsoft subsidiary run by Sam Altman and Greg Brockman. Microsoft has assured us that there are positions for all OpenAI employees at this new subsidiary should we choose to join. We will take this step imminently, unless all current board members resign, and the board appoints two new lead independent directors, such as Bret Taylor and Will Hurd, and reinstates Sam Altman and Greg Brockman.”

In just 5 days

  • Sam Altman sacked from OpenAI.
  • Altman appears to move to Microsoft.
  • OpenAI staff revolt.
  • No confidence in OpenAI board.
  • Space for staff to move to Microsoft and create new AI company under Altman’s leadership.
  • OpenAI mass employee resignation letter emerges.
  • Microsoft CEO Nadella says OpenAI governance needs to change no matter where Altman ends up.
  • Altman back at OpenAI after board changes.

Now, Altman is back after getting the sack.

So, is all OK at OpenAI? I asked CHATGPT the question, here is the answer…

Searching for: OpenAI news

Generating answers for you…OpenAI

It seems that there is some turmoil at OpenAI, the company behind ChatGPT. According to the latest news, the former CEO Sam Altman, who was ousted and hired by Microsoft last week, has made a stunning return to OpenAI as the CEO again1. The company also announced a new board of directors, including Bret Taylor, the former chair of Twitter1. This comes after a series of protests and resignations from OpenAI employees, who were unhappy with the direction and culture of the company2. OpenAI also unveiled new models and products at its DevDay event, such as GPT-4 Turbo, Assistants API, GPT-4 Turbo with Vision, and DALL·E 3 API3. These are some of the developments that have been happening at OpenAI recently. I hope this answers your question. 😊

There you have it, sacked and now back!

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Party politics and petty petulance, an average day at No. 10 Downing Street

Party politics and petty petulance
Party politics and petty petulance – toys out the pram again at No. 10

Welcome politics at No. 10 Downing street

The phrase ‘throwing your toys out of the pram’ is a British idiom that means to behave in a childish or immature way when you are angry or frustrated. It is usually used to criticize someone who is acting unreasonably or making a fuss over something trivial.

Right now, it sums up everyday behaviour at No. 10 Downing Street.

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Fired OpenAI co-founder Sam Altman to lead Microsoft’s new AI team

AI robot and human

Sam Altman, the former CEO of OpenAI, who was fired last week in a controversial board decision. 

According to the latest reports, Altman is joining Microsoft to lead a new AI research team that will focus on advanced and ethical AI development.

Altman is a well-known entrepreneur and investor who has been involved in several AI-related projects.

He was one of the co-founders of OpenAI, a research organization that aims to create artificial general intelligence (AGI) that can ‘benefit humanity without causing harm’ or being controlled by a few elite players.

Leadership and ideology clash

However, Altman’s vision and style clashed with some of the board members and researchers at OpenAI, who reportedly accused him of being too ambitious, secretive, and authoritarian. They also reportedly claimed that he was pursuing a dangerous goal of creating artificial superintelligence (ASI).

The disagreements escalated when Altman announced a partnership with Microsoft in 2023, which gave Microsoft exclusive access to OpenAI’s GPT-4 Turbo model, a powerful natural language processing system that can generate realistic text on any given topic. 

Some of the OpenAI staff and community members reportedly felt let-down by this deal, which they saw as a violation of OpenAI’s original mission of creating and sharing ‘AI for the common good’.

On Friday 17th November 2023, the board of OpenAI voted to remove Altman as CEO, citing irreconcilable differences and lack of trust. He was replaced by Emmett Shear, the former CEO of Twitch, who promised to restore transparency and collaboration at OpenAI.

Altman to join Microsoft

Altman did not comment on his dismissal. However, on Monday 20th November 2023, he rocked the AI world by announcing he was joining Microsoft as the head of a new AI research team.

He reportedly said that he was excited to work with Microsoft’s talented people and that he would continue to pursue his vision of creating beneficial and ethical AI for humanity. 

Altman’s move to Microsoft has sparked mixed opinions from the AI community. Some have praised him for his innovation and courage, others have criticized him for his arrogance and recklessness.

There were reports over weekend suggesting employees and investors including Microsoft were pushing for Mr Altman to be reinstated. Some employees resigned in support of Altman.

Some have expressed concern about the potential impact of his new role on the future of AI development and regulation.

Where do OpenAI, Microsoft and the AI go from here?

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Sam Bankman-Fried, the Crypto King found guilty of FTX fraud

Guilty of fraud

Sam Bankman-Fried, founder of the world’s biggest cryptocurrency exchange, has been found guilty of fraud and money laundering at the end of a month-long trial in New York.

He was accused of lying to investors and customers and stealing billions of dollars from FTX, which went bankrupt in November 2022. He now faces up to 115 years in prison. The jury delivered its verdict after less than five hours of deliberations. His sentencing has been set for 28th March 2024.

Month long trial

The verdict was delivered after a month-long trial that saw three of his former associates, including his ex-girlfriend, testify against him as part of a plea deal. They revealed that Bankman-Fried used customer deposits from FTX to fund his other company, Alameda Research, as well as to buy property and make political donations. He denied the charges and claimed that he acted in good faith and made mistakes due to being overwhelmed by the rapid growth of his businesses.

It concludes a dramatic fall from grace for the 31-year-old former billionaire and one of the most public faces of the crypto industry.

The case has been seen as a major blow to the crypto industry, which has been struggling to recover from the market crash and regulatory scrutiny that followed the FTX collapse. Bankman-Fried was once one of the most prominent and influential figures in the sector, known for his philanthropy and crypto industry innovation. 

His downfall has been described as the industry’s greatest cautionary tale.

Verdict

‘Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history – a multibillion-dollar scheme designed to make him the king of crypto’, U.S. attorney Damian Williams said in a statement after the verdict. ‘This case has always been about lying, cheating and stealing, and we have no patience for it’.

Sam Bankman-Fried, founder of the world’s biggest cryptocurrency exchange, has been found guilty of fraud and money laundering at the end of a month-long trial in New York.

Prosecutors had accused Bankman-Fried of lying to investors and lenders and stealing billions of dollars from cryptocurrency exchange FTX, helping to precipitate its collapse. They charged him with seven counts of fraud and money laundering.

He had pleaded not guilty to all the charges, maintaining that, while he had made mistakes, he had acted in good faith.

After the verdict Bankman-Fried’s lawyer Mark Cohen said: ‘We respect the jury’s decision. But we are very disappointed with the result’.

Mr Bankman-Fried reportedly maintains his innocence and will continue to vigorously fight the charges against him.

He now faces up to 115 years in prison.

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Institute for Fiscal Studies (IFS) says UK has highest tax burden since Second World War

UK taxes high!

It has been suggested Rishi Sunak and Boris Johnson have overseen biggest tax rises since the Second World War

‘Fiscal responsibility’ – code words for ‘cock-up!’

Chancellor Jeremy Hunt and Prime Minister Rishi Sunak have stressed the need for ‘fiscal responsibility’ amid still-high inflation and rising debt costs.

According to the Institute for Fiscal Studies (IFS), by the time of the next general election, taxes will likely have risen to around 37% of national income, which is the highest level since comparable records began in the 1950’s. 

The IFS said that this is equivalent to around £3,500 more per household, but it will not be shared equally across income group.

Health and Welfare massive tax burden

The IFS also said that this is not a direct consequence of the pandemic, but rather a result of decisions to increase government spending on health and welfare, and some unwinding of austerity. They predicted that this parliament would mark a decisive and permanent shift to a higher-tax economy.

Other think tanks, such as the Nuffield Foundation, have echoed this view and said that there will be strong pressure in future parliaments to raise taxes further to meet growing demand for public services.

Dissatisfied

Some Conservative MPs have expressed their dissatisfaction with the lack of tax cuts from the government, as they believe that reducing taxes is a key part of the party’s philosophy. Chancellor Jeremy Hunt and Prime Minister Rishi Sunak have stressed the need for fiscal responsibility amid still-high inflation and rising debt costs.

Lurching from one problem to the next

We saw this type of response under George Osborne during the ‘austerity’ period after the financial crisis of 2008. And now again, after Brexit and the pandemic. They were all Conservative governments.

Hunt has reportedly said it would be virtually impossible to cut taxes at the moment – no surprise there then!

Labour has criticised the government for clobbering the general public with tax rises and failing to deliver growth and wages.

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Good news is bad news, and now bad news is bad news too

Stock market jitters

The stock market can’t get a break

It’s frustrating!

The stock market can be very volatile and unpredictable, especially in times of uncertainty and crisis. It seems like investors are reacting to every piece of news, whether it’s good or bad, with fear and panic.

According to some analysts, the main factors that are driving the market turmoil are the rising bond yields, the slowing global growth, the ongoing trade tensions, and the potential fiscal risks. These issues have created a lot of uncertainty and anxiety among market participants, who are looking for signs of stability and direction.

Long-term investing makes sense

Some experts suggest that the best way to deal with the market volatility is to have a long-term perspective, diversify your portfolio, and avoid emotional decisions. They also advise to stay informed, but not to overreact to every headline or rumour.

Remember that the market has gone through many ups and downs in the past and has always recovered over time.

Make sure as always… do your research!

RESEARCH! RESEARCH! RESEARCH!

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Polluting car and climate push back

Climate target push back

New car show room

Climate target push back
”I’d like to buy a new car please’. ‘Yes, of course… do you want a… gas, coal, wood, petrol, diesel, vegetable oil, virgin oil, hydrogen, electric, hybrid, pedal, jet, or rice powered one?” ‘Umm, I think I’ll leave it for now thank you’.

We just don’t have the funds, do we?

UK Prime Minister Rishi Sunak is reportedly planning to water down some of Britain’s climate commitments, saying the country must fight climate change without penalising workers and consumers.

Sunak issued a statement Tuesday in response to a BBC report saying the prime minister is considering extending deadlines for bans on new petrol and diesel cars – currently due in 2030 —- and on new natural-gas home heating.

The news drew dismay from environmental groups, opposition parties and some members of Sunak’s Conservative Party. It broke as senior politicians from the U.K. and around the world gather at the United Nations General Assembly in New York, where Biden and Yellen have placed climate high on the agenda.

Senior Tories who have championed net zero policies are reportedly furious at Sunak’s plans to delay or water down green measures. They warn that the decision will cost the U.K. jobs, inward investment and future economic growth that could have been theirs by committing to the industries of the future.

We won’t save the UK by bankrupting its people – Braverman

Home Secretary Suella Braverman says she backs Rishi Sunak’s expected shift on how the UK gets to net zero carbon emissions.

‘We’re not going to save the country by bankrupting the British people,’ she told BBC Breakfast.

It must be true, I’ve just seen it on the news. Is the UK broke? Is this the real reason for the climate roll-back?

‘We’re not going to save the country by bankrupting the British people’.

I for one am very confused??

Does the UK have the money? Is it a too big-a-burden for the UK tax payer? Can the UK generate enough ‘POWER’ from renewables? The UK needs fossil fuels?

Most of the world still needs fossil fuels!

Are we really ready to switch yet? Renewables and fossil fuels will have to work hand-in-hand for some time yet.