Crime

The First Insider Trading Case Involving Cryptocurrency (reuters.com) 13

The brother of a former Coinbase product manager was sentenced on Tuesday to 10 months in prison after pleading guilty in what U.S. prosecutors have called the first insider trading case involving cryptocurrency. Reuters reports: Nikhil Wahi admitted to making trades based on confidential information from Coinbase, one of the world's largest cryptocurrency exchanges, when he pleaded guilty in September to a wire fraud conspiracy charge. Prosecutors said Ishan Wahi, the former product manager, shared the information with his brother and their friend Sameer Ramani about new digital assets that Coinbase was planning to let users trade. Ishan Wahi has pleaded not guilty, and Ramani is at large.

Prosecutors said Wahi made nearly $900,000 of profit by illegally trading ahead of 40 different Coinbase announcements. They recommended a 10- to 16-month sentence. At a sentencing hearing in Manhattan federal court, U.S. District Judge Loretta Preska said his crime was "not an isolated error in judgment." "Today's sentence makes clear that the cryptocurrency markets are not lawless," Damian Williams, the top federal prosecutor in Manhattan, said in a statement.
Further reading: Coinbase To Cut 20% Jobs, Abandon 'Several' Projects To Weather Downturns in Crypto Market
Businesses

Are Drone Delivery Services Finally Taking Off? (kiplinger.com) 40

Amazon isn't the only company that's started drone-delivery services. Kiplinger.com reports: Walmart has 37 stores set up for drone delivery to homes and businesses — six stores in Arizona, four in Arkansas, nine Walmarts in Florida, two in North Carolina, 11 in Texas, two in Utah and three in Virginia. Walmart has partnered with drone delivery service DroneUp Delivery to deliver customers' packages that weigh 10 pounds or less. Walmart says that more than 10,000 items are available for drone delivery and items can arrive as quickly as 30 minutes after the order has been placed.

There are restrictions: Customers must live within one mile of participating stores. Orders are accepted on the DroneUp Delivery website from 8 a.m. until 8 p.m. local time. "If it fits safely, it flies," Walmart said in a statement. "Participating stores will house a DroneUp delivery hub inclusive of a team of certified pilots, operating within FAA guidelines, that safely manage flight operations for deliveries. Once a customer places an order, the item is fulfilled from the store, packaged, loaded into the drone and delivered right to their yard using a cable that gently lowers the package."

Oh, and the top-selling item at one of Walmart's drone ports? Hamburger Helper. Just sayin'.

The Street notes predictions of increasing numbers of drone deliveries: A March 2022 report by the consulting firm McKinsey & Co. found that more than 660,000 commercial drone deliveries were made to customers in the past three years and more than 2,000 drone deliveries are occurring each day worldwide. The report projected that this year close to 1.5 million deliveries will be made by drones, about triple the number in 2021.
But Business Insider reported last May that at least eight Amazon drones had crashed during testing in the past year, including one that sparked a 20-acre brush fire in eastern Oregon in June of 2021 after the drone's motors failed.

It's part of why The Street writes that the very idea of drone-delivery service has also "hit some turbulence along the way." There's plenty of skepticism about the practicality of broad-scale use of delivery drones. "[Because] of technical and financial limitations, drones are unlikely to be the future of package delivery on a mass scale," The New York Times' Shira Ovide reported in June. And safety is a critical concern. In 2018, hundreds of flights at Gatwick Airport near London were canceled following reports of drone sightings close to the runway. In September a delivery drone crashed into power lines in the Australian town of Browns Plains and knocked out power for more than 2,000 customers.

A survey by the business intelligence firm Morning Consult found that 57% of the respondents said they had little or no trust in the devices for deliveries, compared with 43% who said they had "a lot" or "some" trust. Respondents said they were worried about unsuccessful deliveries of items and threats to personal and data privacy related to using drones for delivery, including deliveries performed by Chinese-made drones.

Advertising

Inspired by Amazon, Paid Promotions Spread to Other Online Shopping Sites in 2022 (msn.com) 12

We're buying more things online, the Washington Post notes. But how we buy may be changing too: For the first time in years, Google and Meta have grabbed less than half of the digital marketing money spent in the United States in 2022. Amazon, which took more than 11 percent of all digital ads purchased, was the biggest reason Google and Meta lost ground as advertising powerhouses, according to the research firm Insider Intelligence.

In part because of Amazon's success with paid product promotions, Walmart, Target, the grocery delivery company Instacart, drugstore chain Walgreens and other retailers are also putting a higher priority on tailoring commercials to influence what you buy, advertising specialists said. Another reason these ads are spreading is that retailers' knowledge of what you buy is valuable, especially now that there are more limitations on how internet powers such as Facebook can follow everything you do to target you with ads.

Like Google and Facebook, stores are trying to use as much information as they can find about you to steer your choices. One difference from Google and Facebook is that retailers like Amazon and Walmart make money from influencing what you buy and from selling you the product.

The thing is ... these ads seem to work on you. And that's why paid product persuasion is likely here to stay.

Bitcoin

Alameda Wallets Become Active Days After SBF Bail, Community Mulls Foul Play (cointelegraph.com) 35

The crypto wallets associated with now-bankrupt trading firm Alameda Research, the sister company of FTX, were seen transferring out funds just days after the former CEO Sam Bankman Fried was released on a $250 million bond. CoinTelegraph reports: The transfer of funds from Alameda wallets raised community curiosity, but more than that, the way in which these funds were transferred grabbed the community's attention. The Alameda wallet was found to be swapping bits of ERC-20s for Ether/Tether, and then the ETH and USDT were funneled through instant exchangers and mixers. For example, a wallet address that starts with 0x64e9 received over 600 ETH from wallets that belong to Alameda, part of it was swapped to USDT while the other part of the transaction was sent to ChangeNow.

On-chain analyst ZachXBT noted that the Alameda wallet was eventually swapping the funds for Bitcoin using decentralized exchanges such as FixedFloat and ChangeNow. These platforms are often used by hackers and exploiters to hide their transaction routes. Many speculated that the pattern in which these funds are being swapped looks like an exploiter, but given Bankman-Fried's known criminal past now, many speculated it could be an insider job to take out whatever is left in those wallets. Others questioned the bail conditions and asked why was he given access to the internet. One user wrote that the former CEO was "desperately trying to funnel money out," adding, "why did his bail condition include no computer/internet access?"

Microsoft

Microsoft's Making Excel's Formulas Even Easier (theverge.com) 47

Microsoft has announced it's making Excel's autocomplete even smarter, at least in the web version that comes with Microsoft 365 (formerly known as Office 365). The Verge reports: Formula suggestions are pretty much what they say on the tin: if you type the equal sign into a cell, Excel for web will try to intelligently suggest what type of formula you should be using, given the data that's around it. For example, if you have a full of quarterly sales numbers and a column at the end labeled "total," Excel might suggest summing the range of cells. According to a blog post from Microsoft, the feature currently only works in English, and will suggest sum, average, count, counta, min, and max formulas. It's not a groundbreaking feature, to be sure -- Google Sheets has had something similar for a while, and Excel's AutoSum has long been a quick way to apply formulas to data -- but for some use cases, it could be a nice timesaver.

Then there's Formula by Example, which is similar to the Flash Fill feature that can automatically detect patterns in data and fill out the rest of a column. The feature is a bit hard to explain succinctly, but this video from Microsoft gives you an idea of what it's about; detecting a pattern where you're combing information from cells and then automatically generating a formula that will save you some typing.

Microsoft's blog post also includes several other feature announcements [...]. There's a function for adding images with alt-text into your tables coming to Windows, Mac, and web, and the company's also adding nested Power Query data types and the ability to get data from dynamic arrays to the Insider version of the Windows app for testing. One other potentially useful (and thankfully easy to understand) feature coming to the web is "suggested links," which will automatically help you fix broken links to other workbooks stored in the cloud.

United Kingdom

Amazon's Internal Study of Its Culture in 2021 Found 'Stress, Burnout, Churn' (businessinsider.com) 54

Business Insider reports: An official Amazon study run as part of the company's "Earth's Best Employer" initiative showed mounting employee frustration and other challenges around the time the crucial project was getting off the ground.... The 11-page document, created in October 2021 for Amazon's most senior leaders, gives a brutally honest assessment of employee sentiment.... "We learned we are not seen as distinctively innovative and that our innovation culture is not fun. Innovation at Amazon is associated with stress, burnout, churn, and a cut-throat atmosphere," the document said....

A competitive labor market was one of the main drivers for change, according to the report. Amazon anticipated a "tech talent shortage" of 6 million to 8 million workers in the US by 2030. The Amazon Web Services cloud business alone was projected to need 210,000 to 336,000 tech employees by 2031, or at least 123,000 additional workers. Yet, Amazon is not perceived as a particularly attractive workplace even by its own employees, the report found. Corporate employees said they were subject to long hours and exhausting workloads. Sometimes, even finding answers to trivial HR policies led to confusion. For frontline workers, Amazon wants to provide more behavioral health support and reduce injuries like musculoskeletal disorders, which are more common at its warehouses than other similar facilities

. "Neither corporate nor front-line employees feel Amazon is a place they can clearly grow their careers and achieve personal success," the report stated.

The report identified six areas where Amazon sees room for improvement, including work-life balance and compensation and benefits.
Businesses

Remote Work Is Gutting Downtowns, Will Cost Cities $453 Billion (businessinsider.com) 273

An anonymous reader quotes a report from Insider: Deserted downtowns have been haunting US cities since the beginning of the pandemic. Before the pandemic, 95% of offices were occupied. Today that number is closer to 47%. Employees' not returning to downtown offices has had a domino effect: Less foot traffic, less public-transit use, and more shuttered businesses have caused many downtowns to feel more like ghost towns. Even 2 1/2 years later, most city downtowns aren't back to where they were prepandemic. [...] The increased cancellations of office leases have cratered the office real-estate market. A study led by Arpit Gupta, a professor of finance at New York University's Stern School of Business, characterized the value wipeout as an "apocalypse." It estimated that $453 billion in real-estate value would be lost across US cities, with a 17-percentage-point decline in lease revenue from January 2020 to May 2022. The shock to real-estate valuations has been sharp: One building in San Francisco's Mission District that sold for $397 million in 2019 is on the market for about $155 million, a 60% decline.

Other key indicators that economists use to measure the economic vitality of downtowns include office vacancy rates, public-transportation ridership, and local business spending. Across the country, public-transportation ridership remains stuck at about 70% of prepandemic levels. If only 56% of employees of financial firms in New York are in the office on a given day, the health of a city's urban core is negatively affected. The second-order effects of remote work and a real-estate apocalypse are still playing out, but it isn't looking good. Declines in real-estate valuations lead to lower property taxes, which affects the revenue collected to foot the bill of city budgets. Declines in foot traffic have deteriorated business corridors; a recent survey by the National League of Cities suggested cities expect at least a 2.5% decline in sales-tax receipts and a 4% decline in revenue for fiscal 2022.
"The solution to the office-housing conundrum seems obvious: Turn commercial spaces like offices into housing. Empty offices can become apartments to ease housing pressure while also bringing more people back to downtown areas," reports Insider. "But after two years, few buildings have been converted." According to the report, it's being hampered by hard-to-justify construction costs and local housing rules.

"Overall, combating the death of downtowns requires a reworking of how we think about cities and the value they provide," the report says. "The urban author Jane Jacobs proclaimed in her famous 1958 article for Fortune magazine, 'Downtown Is for People,' that "'there is no logic that can be superimposed on the city; people make it, and it is to them, not buildings, that we must fit our plans.'"

"The economic health of cities is intrinsically linked to how space is used or unused, and right now downtowns are undergoing a massive shift. Despite the sluggish movement, it's in cities' best interest to figure out how to quickly convert office-centric downtowns into something more suitable for everyone."
Privacy

Amazon is Offering Customers $2 Per Month For Letting the Company Monitor the Traffic on Their Phones (businessinsider.com) 64

Some Amazon users will now earn $2 dollar per month for agreeing to share their traffic data with the retail giant. From a report: Under the company's new invite-only Ad Verification program, Amazon is tracking what ads participants saw, where they saw them, and the time of day they were viewed. This includes Amazon's own ads and third-party ads on the platform. Through the program, Amazon hopes to offer more personalized-ad experiences to customers that reflect what they have previously purchased, according to Amazon.

"Your participation will help brands offer better products and make ads from Amazon more relevant,"Amazon wrote in its Shopper Panel FAQ. The $2 reward only applies to Amazon users invited to participate in the program, though customers who didn't get invited can get added to a waitlist and potentially join later, an Amazon spokesperson told Insider. The spokesperson declined to tell Insider how the company decided who to invite.

Privacy

Hive Social Turns Off Servers After Researchers Warn Hackers Can Access All Data (arstechnica.com) 73

An anonymous reader quotes a report from Ars Technica: Hive Social, a social media platform that has seen meteoric growth since Elon Musk took over Twitter, abruptly shut down its service on Wednesday after a security advisory warned the site was riddled with vulnerabilities that exposed all data stored in user accounts. "The issues we reported allow any attacker to access all data, including private posts, private messages, shared media and even deleted direct messages," the advisory, published on Wednesday by Berlin-based security collective Zerforschung, claimed. "This also includes private email addresses and phone numbers entered during login." The post went on to say that after the researchers privately reported the vulnerabilities last Saturday, many of the flaws they reported remained unpatched. They headlined their post "Warning: do not use Hive Social." Hive Social responded by pulling down its entire service. "The Hive team has become aware of security issues that affect the stability of our application and the safety of our users," company officials wrote. "Fixing these issues will require temporarily turning off our servers for a couple of days while we fix this for a better and safer experience."

Technical details are being withheld to prevent the active exploitation of them by malicious hackers. According to Business Insider, Hive Social's user base has doubled in the last few weeks, going from about 1 million to 2 million as of last week. The site is only being staffed by two people, "neither of whom had much of a background in security," reports Ars.
AI

Google's Secret New Project Teaches AI To Write and Fix Code (businessinsider.com) 50

Google is working on a secretive project that uses machine learning to train code to write, fix, and update itself. From a report: This project is part of a broader push by Google into so-called generative artificial intelligence, which uses algorithms to create images, videos, code, and more. It could have profound implications for the company's future and developers who write code. The project, which began life inside Alphabet's X research unit and was codenamed Pitchfork, moved into Google's Labs group this summer, according to people familiar with the matter. By moving into Google, it signaled its increased importance to leaders. Google Labs pursues long-term bets, including projects in virtual and augmented reality.

Pitchfork is now part of a new group at Labs named the AI Developer Assistance team run by Olivia Hatalsky, a long-term X employee who worked on Google Glass and several other moonshot projects. Hatalsky, who ran Pitchfork at X, moved to Labs when it migrated this past summer. Pitchfork was built for "teaching code to write and rewrite itself," according to internal materials seen by Insider. The tool is designed to learn programming styles and write new code based on those learnings, according to people familiar with it and patents reviewed by Insider. "The team is working closely with the Research team," a Google representative said. "They're working together to explore different use cases to help developers."

AI

Amazon Alexa Is a 'Colossal Failure,' On Pace To Lose $10 Billion This Year (arstechnica.com) 159

An anonymous reader quotes a report from Ars Technica: Amazon is going through the biggest layoffs in the company's history right now, with a plan to eliminate some 10,000 jobs. One of the areas hit hardest is the Amazon Alexa voice assistant unit, which is apparently falling out of favor at the e-commerce giant. That's according to a report from Business Insider, which details "the swift downfall of the voice assistant and Amazon's larger hardware division." Alexa has been around for 10 years and has been a trailblazing voice assistant that was copied quite a bit by Google and Apple. Alexa never managed to create an ongoing revenue stream, though, so Alexa doesn't really make any money. The Alexa division is part of the "Worldwide Digital" group along with Amazon Prime video, and Business Insider says that division lost $3 billion in just the first quarter of 2022, with "the vast majority" of the losses blamed on Alexa. That is apparently double the losses of any other division, and the report says the hardware team is on pace to lose $10 billion this year. It sounds like Amazon is tired of burning through all that cash.

The BI report spoke with "a dozen current and former employees on the company's hardware team," who described "a division in crisis." Just about every plan to monetize Alexa has failed, with one former employee calling Alexa "a colossal failure of imagination," and "a wasted opportunity." This month's layoffs are the end result of years of trying to turn things around. Alexa was given a huge runway at the company, back when it was reportedly the "pet project" of former CEO Jeff Bezos. An all-hands crisis meeting took place in 2019 to try to turn the monetization problem around, but that was fruitless. By late 2019, Alexa saw a hiring freeze, and Bezos started to lose interest in the project around 2020. Of course, Amazon now has an entirely new CEO, Andy Jassy, who apparently isn't as interested in protecting Alexa. The report says that while Alexa's Echo line is among the "best-selling items on Amazon, most of the devices sold at cost." One internal document described the business model by saying, "We want to make money when people use our devices, not when they buy our devices."

That plan never really materialized, though. It's not like Alexa plays ad breaks after you use it, so the hope was that people would buy things on Amazon via their voice. Not many people want to trust an AI with spending their money or buying an item without seeing a picture or reading reviews. The report says that by year four of the Alexa experiment, "Alexa was getting a billion interactions a week, but most of those conversations were trivial commands to play music or ask about the weather." Those questions aren't monetizable. Amazon also tried to partner with companies for Alexa skills, so a voice command could buy a Domino's pizza or call an Uber, and Amazon could get a kickback. The report says: "By 2020, the team stopped posting sales targets because of the lack of use." The team also tried to paint Alexa as a halo product with users who are more likely to spend at Amazon, even if they aren't shopping by voice, but studies of that theory found that the "financial contribution" of those users "often fell short of expectations."

In a public note to employees, Jassy said the company still has "conviction in pursuing" Alexa, but that's after making huge cuts to the Alexa team. One employee told Business Insider that currently, "There's no clear directive for devices" in the future, and that since the hardware isn't profitable, there's no clear incentive to keep iterating on popular products. That lack of direction led to the internally controversial $1,000 Astro robot, which is basically an Amazon Alexa on wheels. Business Insider's tracking now puts Alexa in third place in the US voice-assistant wars, with the Google Assistant at 81.5 million users, Apple's Siri at 77.6 million, and Alexa at 71.6 million.

Businesses

'Metaverse Will Be Our Slow Death': Meta Employees Hit Out At Zuckerberg (businessinsider.com) 121

Meta employees are taking aim at Mark Zuckerberg in employee reviews on Blind, the anonymous forum. From a report: Some reviews, posted on Wednesday -- the day Meta laid off 13% of its workforce -- are negative, although others are more positive. One user likened the layoffs to the "hunger games" and another said the Facebook owner had an "uncertain future." Insider surveyed the workplace community app, where staff can air their grievances in posts and reviews, to see what was being said about Meta and its CEO. Some 44 employee reviews of Meta were posted on Blind on Wednesday and Thursday this week.

"The Metaverse will be our slow death," one user, who called themselves a senior software developer, posted on Wednesday. They added: "Mark Zuckerberg will single-handedly kill a company with the meta-verse." Zuckerberg apologized to staff for the need to cut 11,000 jobs, admitting that he "got this wrong". Blind users must provide their work email email address, job title and employer when joining the platform so the company can "gauge the professional status" of posters, according to its website. A user's employment is not officially verified, however. Blind said it occasionally sent prompts to users to "re-verify" their accounts. Rick Chen, head of public relations at Blind, told Insider: "Nearly all of the reviews posted have been written by current employees of the respective companies at the time of writing, as people generally cannot access Blind after they are laid off or resign."

Windows

Windows 11's Task Manager is Getting a Search Box To Help You Find Misbehaving Apps (theverge.com) 98

Microsoft has started testing a new search and filtering system for the Task Manager on Windows 11. It will allow Windows users to easily search for a misbehaving app and end its process or quickly create a dump file, enable efficiency mode, and more. From a report: "This is the top feature request from our users to filter / search for processes," explains the Windows Insider team in a blog post. "You can filter either using the binary name, PID or publisher name. The filter algorithm matches the context keyword with all possible matches and displays them on the current page." You'll be able to use the alt + F keyboard shortcut to jump to the filter box in the Task Manager, and results will be filtered into single or groups of processes that you can monitor or take action on. Alongside the new search and filter functionality, Microsoft is also adding the ability to pick between light or dark themes in the Task Manager. Themes will also be applied fully throughout Task Manager, with some updates to its UI to fit more closely with Microsoft's overall Fluent work.
Google

Google is Quietly Working on a Wearable Device for Preteens (businessinsider.com) 46

Google is developing a wearable device for preteens under its Fitbit group as it attempts to capture a growing demographic of younger users who own wearable tech, Insider reported this week, citing three employees familiar with the project. From the report: Internally code-named "Project Eleven," the wearable is designed to help older kids form healthy relationships with their phones and social media, two of the employees said. One of them said the device could include safety features that would let parents contact their children and know their whereabouts. Google's Australia Fitbit team, headed by Anil Sabharwal, a vice president of special projects, is leading work on Project Eleven, according to internal data seen by Insider. One employee said the device was set for launch sometime in 2024, but employees emphasized that the project had a long way to go and plans could change.
Microsoft

Microsoft is Showing Ads in the Windows 11 Sign-Out Menu (bleepingcomputer.com) 151

Microsoft is now promoting some of its products in the sign-out flyout menu that shows up when clicking the user icon in the Windows 11 start menu. BleepingComputer: This new Windows 11 "feature" was discovered by Windows enthusiast Albacore, who shared several screenshots of advertisement notifications in the Accounts flyout. The screenshots show that Microsoft promotes the OneDrive file hosting service and prods users to create or complete their Microsoft accounts.

Those reacting to this on social media had an adverse reaction to Redmond's decision to display promotional messages in the start menu. Some said that Windows 11 is "getting worse in each and every update it gets," while others added that this is a weird choice given that "half of the Start Menu is for recommendations" anyway. BleepingComputer has also tried replicating this on multiple Windows 11 systems, but we didn't get any ads. This hints at an A/B testing experiment trying to gauge the success of such a "feature" on devices running Windows Insider builds or the company pushing such ads to a limited set of customers.

XBox (Games)

Microsoft Is Exploring Energy-Saving Graphics Modes For Xbox and Windows Games (windowscentral.com) 33

A new survey on the Xbox Insider Hub suggests Microsoft is looking to expand on its energy saving features for Xbox consoles and potentially PC games too. Jez Corden writes via Windows Central: A recent questionnaire I came across in the Xbox Insider app on Windows PC detailed a potential list of new features Microsoft is exploring for games across consoles and PC. These new features pertain specifically to opting-in to reduce frame rates, resolution, and so on, with the goal of limiting energy consumption. Of course, surveys don't necessarily mean that these sorts of features will make it into a final product, but Microsoft's commitments to net zero carbon use have seen the firm increase its investments in this space.

The survey asks users about their current feelings with regard to energy consumption, potentially polling users on how the energy crisis is affecting their willingness to spend. The survey asks users if they would be interested in features that reduce power consumption in games, both while the games are running and while they're inactive, specifically to save energy and thus money. Microsoft also asks users how they would prefer these features to be branded, with terms like "eco-saving" and "energy-saving," and even asks if these sorts of features would affect users' purchase decisions per game.

Youtube

Apple Kills Fan's Long-Time Archive of WWDC Videos on YouTube (appleinsider.com) 74

"An Apple archivist has had his YouTube account disabled after Apple filed multiple takedown requests against his account," reports the blog Apple Insider: Brendan Shanks, owner of the Apple WWDC Videos channel on YouTube, tweeted that Apple had filed a series of copyright removal requests against his channel. The videos in question were decades-old recordings of WWDC events.
"I still have all the original files (and descriptions, which were a lot of work!), and I'll be moving things over to the Internet Archive," Shanks posted on Twitter. "It'll take time though, and unfortunately videos get a lot less visibility when you're not on YouTube.

"I wasn't super surprised this happened (there were a few takedowns a couple years ago)," Shanks mused in an earlier tweet. "I'm honestly more annoyed that it wiped out my personal YoutTube account and even YouTube TV, which I was just billed real money for.

"A cease and desist in the mail would be much friendlier."
Crime

The Execs Behind the MoviePass Debacle Are Now Facing Criminal Charges (theverge.com) 19

Mitch Lowe and Ted Farnsworth already settled with the FTC over fraudulent activity affecting MoviePass customers, but now the former heads of MoviePass and its parent company, Helios and Matheson Analytics (HMNY), are facing criminal allegations of securities fraud and wire fraud. The Verge reports: The Department of Justice announced the charges today, saying false statements made by both men defrauded investors in HMNY when the execs pretended like the company's money-losing $9.95 "unlimited" moviegoing plan had any hope of profitability. HMNY's own auditor cast doubt on the company's viability in a report in 2018, but at the time, Farnsworth downplayed the advisory, telling Insider that "pretty much most" companies running at a loss would have a similar warning.

But the big problem is his claims that HMNY's analytics prowess could somehow monetize data generated from MoviePass simply didn't hold up: prosecutors now allege "Farnsworth and Lowe knew HMNY did not possess these technologies or capabilities to monetize MoviePass's subscriber data or incorporate these technologies into the MoviePass application." [...] The DOJ says each man is facing one count of securities fraud and three counts of wire fraud over the lies they allegedly told in "press releases, SEC filings, interviews on podcasts and on television, and in print and online media."

Japan

US Pushes Japan and Other Allies To Join China Chip Curbs (nikkei.com) 58

The U.S. is urging allies including Japan to follow its lead on restricting exports of advanced semiconductors and related technology to China, likely intensifying the impact of Chinese-American tensions on chipmakers worldwide. From a report: Tokyo has begun internal discussions on the issue at Washington's request, a Japanese government insider said. Officials are weighing which restrictions can be adopted in Japan, and will watch how other U.S. allies such as the European Union and South Korea respond. The sweeping export controls announced Oct. 7 by the U.S. Commerce Department span chipmaking equipment, design software and even engineers who support semiconductor manufacturing in China.

"We were talking to our allies. No one was surprised when we did this, and they all know that we're expecting them to cover likewise," Alan Estevez, undersecretary of commerce for industry and security, said during an event Thursday hosted by a U.S. think tank. The curbs allow companies to apply for exemptions, but with a presumption of denial, meaning such requests are unlikely to be granted. Violators may face civil and criminal penalties.

IOS

Apple's $100 Million 'Small Developer Assistance Fund' Surprises Developers With Payouts (appleinsider.com) 17

Developer Dan Leveille received "a sketchy voicemail from a random number about a class action lawsuit settlement..." he posted on Twitter. "I thought it was a scam and almost ignored it."

But he didn't — and ended up with $8,064.88 in his Venmo account.

Back in 2019 a lawsuit by U.S. developers accused Apple of "profit-killing" App Store commissions, reports TechForge Media. Apple settled that suit by agreeing to create a $100 million Small Developer Assistance Fund (for developers who sold in Apple's app store between June of 2015 and April of 2021). And this month Apple has finally started sending out those payments, Apple Insider reports: Developers had until May 20 to submit a request to an independent administrator to become a "Settlement Class Member." If they met the criteria, the developers stood to receive a payment from $250 to $30,000 in value....

Along with the fund, the settlement also introduced a number of changes to App Store policies, including modifications relating to customer and developer communication, new pricing tiers, and a promise by Apple to continue offering its 15% reduced App Store commission for at least three years.

Slashdot Top Deals