Security

FBI Seizes BreachForums Hacking Forum Used To Leak Stolen Data (bleepingcomputer.com) 3

The FBI has seized the notorious BreachForums hacking forum that leaked and sold stolen corporate data to other cybercriminals. From a report: The seizure occurred on Wednesday morning, soon after the site was used last week to leak data stolen from a Europol law enforcement portal. The website is now displaying a message stating that the FBI has taken control over it and the backend data, indicating that law enforcement seized both the site's servers and domains. [...] The seizure message also shows the two forum profile pictures of the site's administrators, Baphomet and ShinyHunters, overlaid with prison bars.
Data Storage

The People Who Won't Give Up Floppy Disks (bbc.com) 96

Slashdot reader quonset writes: The last floppy disk was manufactured in 2011. Despite no new supplies being available for over a decade, there are still people, and organizations, who rely on floppy disks. Each has their own story as to why they rely on what is essentially 1970s technology.
From the BBC: Tom Persky, a US businessman, has been selling "new", as in, unopened, floppy disks for years and still finds the trade lucrative. He runs Floppydisk.com, which offers disks for about US$1 (£0.80) each, though some higher capacity versions cost up to US$10 (£8) per disk, he says. Persky has customers all over the world and you could split them roughly 50-50 into hobbyists and enthusiasts like Espen Kraft on one side, and industrial users on the other. This latter category encompasses people who use computers at work that require floppy disks to function. They are, essentially, locked in to a format that the rest of the world has largely forgotten.

"I sell thousands of floppy disks to the airline industry, still," says Persky. He declines to elaborate. "Companies are not happy about when I talk about them." But it is well-known that some Boeing 747s, for example, use floppy disks to load critical software updates into their navigation and avionics computers. While these older aircraft might not be so common in Europe or the US these days, you might find one in the developing world, for instance, Persky hints. There are also pieces of factory equipment, government systems — or even animatronic figures — that still rely on floppy disks.

And in San Francisco, the Muni Metro light railway, which launched in 1980, won't start up each morning unless the staff in charge pick up a floppy disk and slip it into the computer that controls the railway's Automatic Train Control System, or ATCS. "The computer has to be told what it's supposed to do every day," explains a spokesman for the San Francisco Municipal Transport Agency (SFMTA). "Without a hard drive, there is nowhere to install software on a permanent basis."

This computer has to be restarted in such a way repeatedly, he adds — it can't simply be left on, for fear of its memory degrading.

The article also includes this quote from a cybersecurity expert at Pen Test Partners. "If floppy was the only interface, the only way to get malware on to [the computer] would be via said floppy disk. That's quite a limiting factor for the attacker..."
Earth

G5 Severe Geomagnetic Storm Watch Issued For First Time Since 2003 (axios.com) 32

Longtime Slashdot reader davidwr shares a report from Space Weather Prediction Center (SWPC): On Thursday, May 9, 2024, the NOAA Space Weather Prediction Center issued a Severe (G4) Geomagnetic Storm Watch. At least five earth-directed coronal mass ejections (CMEs) were observed and expected to arrive as early as midday Friday, May 10, 2024, and persist through Sunday, May 12, 2024. Several strong flares have been observed over the past few days and were associated with a large and magnetically complex sunspot cluster (NOAA region 3664), which is 16 times the diameter of Earth. [The agency notes this is the first time it's issued a G4 watch since January, 2005.] "Geomagnetic storms can impact infrastructure in near-Earth orbit and on Earth's surface, potentially disrupting communications, the electric power grid, navigation, radio and satellite operations," NOAA said. "[The Space Weather Prediction Center] has notified the operators of these systems so they can take protective action." The agency said it will continue to monitor the ongoing storm and "provide additional warnings as necessary."

A visual byproduct of the storm will be "spectacular displays of aurora," also known as the Northern Lights, that could be seen for much of the northern half of the country "as far south as Alabama to northern California," said the NOAA. "Northern Montana, Minnesota, Wisconsin and the majority of North Dakota appear to have the best chances to see it," reports Axios, citing the SWPC's aurora viewline. "Forecast models Friday showed the activity will likely be the strongest from Friday night to Saturday morning Eastern time."

UPDATE 6:54 P.M. EDT: G5 conditions have been observed -- the first time since 2003, says Broadcast Meteorologist James Spann.

This is a developing story. More information is available at spaceweather.gov, Google News, and the NOAA.
Power

Texas Spot Power Prices Jump Almost 100-Fold On Tight Supply (yahoo.com) 127

ArchieBunker quotes a report from Bloomberg: Texas electricity prices soared almost 100-fold as a high number of power-plant outages raised concerns of a potential evening shortfall. Spot prices at the North Hub, which includes Dallas, jumped to more than $3,000 a megawatt-hour just before 7 p.m. local time, versus about $32 at the same time Tuesday, according to data from the Electric Reliability Council of Texas. This morning, Ercot, as the state's main grid operator is known, issued a "watch" for a potential capacity reserve shortage from about 7-9 p.m., meaning the buffer of spare supplies could fall to low enough levels to call on back-up generation, cancel or delay outages or curb usage.

The conditions are the tightest of the year so far and raises the risk of prices rising to the $5,000 cap -- which they last did on April 16, when Ercot also warned of a potential shortfall. Unusually hot weather in the region has boosted demand for cooling and lowered the efficiency of many power plants. Wind output has also fallen from a day earlier and there are more outages. "Ercot has not called for conservation this evening," it said by email. "The grid is operating under normal conditions at this time."

Microsoft

Microsoft's Xbox Is Planning More Cuts After Studio Closings (bloomberg.com) 21

The sudden closure of several video-game studios at Microsoft's Xbox division was the result of a widespread cost-cutting initiative that still isn't finished. From a report: This week, Xbox began offering voluntary severance agreements to producers, quality assurance testers and other staff at ZeniMax, which it purchased in 2020 for $7.5 billion, according to people familiar with the company's plans. Others across the Xbox organization have been told that more cuts are on the way. Employees were shocked by the unexpected shuttering Tuesday of three Xbox subsidiaries and the absorption of a fourth. The closures included Tokyo-based Tango Gameworks, which last year released the critically acclaimed action game Hi-Fi Rush. Tango was in the process of pitching a sequel, said the people, who asked not to be identified discussing nonpublic information.

During a town hall with ZeniMax staff on Wednesday morning, Xbox president Matt Booty praised Hi-Fi Rush but did not specify why the company had shut down the development studio behind it, according to three people who were in attendance. Speaking about the closures more broadly, Booty said that the company's studios had been spread too thin -- like "peanut butter on bread" -- and that leaders across the division had felt understaffed. They decided to close these studios to free up resources elsewhere, he said. Booty added that the shutdown of subsidiary Arkane Austin, the longtime developer of games such as Prey, was not connected to the performance of its new multiplayer game, Redfall, a critical and commercial flop.

News

Whistleblower Josh Dean of Boeing Supplier Spirit AeroSystems Has Died (seattletimes.com) 174

Joshua Dean, a former quality auditor at Boeing supplier Spirit AeroSystems and one of the first whistleblowers to allege Spirit leadership had ignored manufacturing defects on the 737 MAX, died Tuesday morning after a struggle with a sudden, fast-spreading infection. Seattle Times: Known as Josh, Dean lived in Wichita, Kan., where Spirit is based. He was 45, had been in good health and was noted for having a healthy lifestyle. He died after two weeks in critical condition, his aunt Carol Parsons said. Dean had given a deposition in a Spirit shareholder lawsuit and also filed a complaint with the Federal Aviation Administration alleging "serious and gross misconduct by senior quality management of the 737 production line" at Spirit.

Spirit fired Dean in April 2023, and he had filed a complaint with the Department of Labor alleging his termination was in retaliation for raising concerns related to aviation safety. Parsons said Dean became ill and went to the hospital because he was having trouble breathing just over two weeks ago. He was intubated and developed pneumonia and then a serious bacterial infection, MRSA. His condition deteriorated rapidly, and he was airlifted from Wichita to a hospital in Oklahoma City, Parsons said. There he was put on an ECMO machine, which circulates and oxygenates a patient's blood outside the body, taking over heart and lung function when a patient's organs don't work on their own.

Programming

The BASIC Programming Language Turns 60 (arstechnica.com) 107

ArsTechnica: Sixty years ago, on May 1, 1964, at 4 am in the morning, a quiet revolution in computing began at Dartmouth College. That's when mathematicians John G. Kemeny and Thomas E. Kurtz successfully ran the first program written in their newly developed BASIC (Beginner's All-Purpose Symbolic Instruction Code) programming language on the college's General Electric GE-225 mainframe.

Little did they know that their creation would go on to democratize computing and inspire generations of programmers over the next six decades.

Security

Why is South Korea's Military Set To Ban iPhones Over 'Security' Concerns? (appleinsider.com) 50

"South Korea is considering prohibiting the use of iPhones and smart wearable devices inside military buildings," reports the Defense Post, "due to increasing security concerns."

But the blog Apple Insider argues the move "has less to do with security and more to do with a poorly crafted mobile device management suite coupled with nationalism..." A report on Tuesday morning claims that the ban is on all devices capable of voice recording and do not allow third-party apps to lock this down — with iPhone specifically named... According to sources familiar with the matter cited by Tuesday's report, the iPhone is explicitly banned. Android-based devices, like Samsung's, are exempt from the ban...

The issue appears to be that the South Korean National Defense Mobile Security mobile device management app doesn't seem to be able to block the use of the microphone. This particular MDM was rolled out in 2013, with use enforced across all military members in 2021.

The report talks about user complaints about the software, and inconsistent limitations depending on make, model, and operating system. A military official speaking to the publication says that deficiencies on Android would be addressed in a software update. Discussions are apparently underway to extend the total ban downwards to the entire military. The Army is said to have tried the ban as well...

Seven in 10 South Korean military members are Samsung users. So, the ban appears to be mostly symbolic.

Thanks to Slashdot reader Kitkoan for sharing the news.
AI

A School Principal Was Framed With an AI-Generated Rant (cbsnews.com) 26

"A former high school athletic director was arrested Thursday morning," reports CBS News, "after allegedly using artificial intelligence to impersonate the school principal in a recording..." One-time Pikesville High School employee Dazhon Darien is facing charges that include theft, stalking, disruption of school operations and retaliation against a witness. Investigators determined he faked principal Eric Eiswert's voice and circulated the audio on social media in January. Darien's nickname, DJ, was among the names mentioned in the audio clips he allegedly faked, according to the Baltimore County State's Attorney's Office.

Baltimore County detectives say Darien created the recording as retaliation against Eiswert, who had launched an investigation into the potential mishandling of school funds, Baltimore County Police Chief Robert McCullough said on Thursday. Eiswert's voice, which police and AI experts believe was simulated, made disparaging comments toward Black students and the surrounding Jewish community. The audio was widely circulated on social media.

The article notes that after the faked recording circulated on social media the principal "was temporarily removed from the school, and waves of hate-filled messages circulated on social media, while the school received numerous phone calls."

The suspect had actually used the school's network multiple times to perform online searches for OpenAI tools, "which police linked to paid OpenAI accounts."
Android

iPhone Activation Market Share Hits New Low as Android Dominates (9to5mac.com) 59

An anonymous reader shares a report: Consumer Intelligence Research Partners is out with a report on how iPhone activations compare to Android in the US. The latest data shows a notable drop over the last year bringing Apple's US smartphone market share of new activations back in time six years. CIRP shared its new iPhone report on its Substack this morning. The firm notes that while it believes Apple's installed smartphone base is higher than the recent share of US smartphone activations, the latter has taken a dive.

As shown below, the metric peaked at 40% for Q1 and Q2 in 2023 with Apple seeing a decline to 33% of new smartphone activations in the US as of Q1 2024, says CIRP. That means 2 out of 3 new smartphone activations in the US are Android devices. Per CIRP's data, Apple hasn't seen numbers that low since 2017.

The Almighty Buck

Airlines Required To Refund Passengers For Canceled, Delayed Flights (go.com) 77

Department of Transportation Secretary Pete Buttigieg announced new rules for the airline industry that will require airlines to automatically give cash refunds to passengers for canceled and significantly delayed flights. They will also require airlines to give cash refunds if your bags are lost and not delivered within 12 hours.

"This is a big day for America's flying public," said Buttigieg at a Wednesday morning news conference. According to Buttigieg, the new rules are the biggest expansion of passenger rights in the department's history. ABC News reports: Airlines can no longer decide how long a delay must be before a refund is issued. Under the new DOT rules, the delays covered would be more than three hours for domestic flights and more than six hours for international flights, the agency said. This includes tickets purchased directly from airlines, travel agents and third-party sites such as Expedia and Travelocity.

The refunds must be issued within seven days, according to the new DOT rules, and must be in cash unless the passenger chooses another form of compensation. Airlines can no longer issue refunds in forms of vouchers or credits when consumers are entitled to receive cash. Airlines will have six months to comply with the new rules.

The DOT said it is also working on rules related to family seating fees, enhancing rights for wheelchair-traveling passengers for safe and dignified travel and mandating compensation and amenities if flights are delayed or canceled by airlines. Buttigieg said the DOT is also protecting airline passengers from being surprised by hidden fees -- a move he estimates will have Americans billions of dollars every year. The DOT rules include that passengers will receive refunds for extra services paid for and not provided, such as Wi-Fi, seat selection or inflight entertainment.

Power

California Is Grappling With a Growing Problem: Too Much Solar (washingtonpost.com) 338

An anonymous reader quotes a report from the Washington Post: In sunny California, solar panels are everywhere. They sit in dry, desert landscapes in the Central Valley and are scattered over rooftops in Los Angeles's urban center. By last count, the state had nearly 47 gigawatts of solar power installed -- enough to power 13.9 million homes and provide over a quarter of the Golden State's electricity. But now, the state and its grid operator are grappling with a strange reality: There is so much solar on the grid that, on sunny spring days when there's not as much demand, electricity prices go negative. Gigawatts of solar are "curtailed" -- essentially, thrown away. In response, California has cut back incentives for rooftop solar and slowed the pace of installing panels. But the diminishing economic returns may slow the development of solar in a state that has tried to move to renewable energy. And as other states build more and more solar plants of their own, they may soon face the same problems.

Curtailing solar isn't technically difficult -- according to Paul Denholm, senior research fellow at the National Renewable Energy Laboratory, it's equivalent to flipping a switch for grid operators. But throwing away free power raises electricity prices. It has also undercut the benefits of installing rooftop solar. Since the 1990s, California has been paying owners of rooftop solar panels when they export their energy to the grid. That meant that rooftop solar owners got $0.20 to $0.30 for each kilowatt-hour of electricity that they dispatched. But a year ago, the state changed this system, known as "net-metering," and now only compensates new solar panel owners for how much their power is worth to the grid. In the spring, when the duck curve is deepest, that number can dip close to zero. Customers can get more money back if they install batteries and provide power to the grid in the early evening or morning.

The change has sparked a huge backlash from Californians and rooftop solar companies, which say that their businesses are flagging. Indeed, Wood Mackenzie predicts that California residential solar installations in 2024 will fall by around 40 percent. Some state politicians are now trying to reverse the rule. "Under the CPUC's leadership California is responsible for the largest loss of solar jobs in our nation's history," Bernadette del Chiaro, the executive director of the California Solar and Storage Association, said in a statement referring to California's public utility commission. But experts say that it reflects how the economics of solar are changing in a state that has gone all-in on the technology. [...] To cope, [California's grid operator, known as CAISO] is selling some excess power to nearby states; California is also planning to install additional storage and batteries to hold solar power until later in the afternoon. Transmission lines that can carry electricity to nearby regions will also help -- some of the lost power comes from regions where there simply aren't enough power lines to carry a sudden burst of solar. Denholm says the state is starting to take the steps needed to deal with the glut. "There are fundamental limits to how much solar we can put on the grid before you start needing a lot of storage," Denholm said. "You can't just sit around and do nothing."
Further reading: The Energy Institute discusses this problem in a recent blog post.

Since 2020, the residential electricity rates in California have risen by as much as 40% after adjusting for inflation. While there's been "a lot of finger-pointing about the cause of these increases," the authors note that the impact on rates is multiplied when customers install their own generation and buy fewer kilowatts-hours from the grid because those households "contribute less towards all the fixed costs in the system." These fixed costs include: vegetation management, grid hardening, distribution line undergrounding, EV charging stations, subsidies for low income customers, energy efficiency programs, and the poles and wires that we all rely on whether we are taking electricity off the grid or putting it onto the grid from our rooftop PV systems.

"Since those fixed costs still need to be paid, rates go up, shifting costs onto the kWhs still being bought from the grid."
United States

US Passes Bill Reauthorizing 'FISA' Surveillance for Two More Years (theverge.com) 45

Late Friday night the U.S. Senate "reauthorized the Foreign Intelligence Surveillance Act, a key. U.S. surveillance authority," reports Axios, "shortly after it expired in the early hours Saturday morning." The president then signed the bill into law. The reauthorization came despite bipartisan concerns about Section 702, which allows the government to collect communications from non-U.S. citizens overseas without a warrant. The legislation passed the Senate 60 to 34, with 17 Democrats, Sen. Bernie Sanders (I-Vt.) and 16 Republicans voting "nay." It extends the controversial Section 702 for two more years.
The bill had already passed last week in the U.S. House of Representatives, explains CNN: Under FISA's Section 702, the government hoovers up massive amounts of internet and cell phone data on foreign targets. Hundreds of thousands of Americans' information is incidentally collected during that process and then accessed each year without a warrant — down from millions of such queries the US government ran in past years. Critics refer to these queries as "backdoor" searches...

According to one assessment, it forms the basis of most of the intelligence the president views each morning and it has helped the U.S. keep tabs on Russia's intentions in Ukraine, identify foreign efforts to access US infrastructure, uncover foreign terror networks and thwart terror attacks in the U.S.

An interesting detail from The Verge: Sens. Ron Wyden (D-OR) and Josh Hawley (R-MO) introduced an amendment that would have struck language in the House bill that expanded the definition of "electronic communications service provider." Under the House's new provision, anyone "who has access to equipment that is being or may be used to transmit or store wire or electronic communications." The expansion, Wyden has claimed, would force "ordinary Americans and small businesses to conduct secret, warrantless spying." The Wyden-Hawley amendment failed 34-58, meaning that the next iteration of the FISA surveillance program will be more expansive than before.
Saturday morning the U.S. House of Representatives passed a bill banning TikTok if its Chinese owner doesn't sell the app.
Operating Systems

Framework's Software and Firmware Have Been a Mess (arstechnica.com) 18

Framework, the company known for designing and selling upgradeable, modular laptops, has struggled with providing up-to-date software for its products. Ars Technica's Andrew Cunningham spoke with CEO Nirav Patel to discuss how the company is working on fixing these issues. Longtime Slashdot reader snikulin shares the report: Driver bundles remain un-updated for years after their initial release. BIOS updates go through long and confusing beta processes, keeping users from getting feature improvements, bug fixes, and security updates. In its community support forums, Framework employees, including founder and CEO Nirav Patel, have acknowledged these issues and promised fixes but have remained inconsistent and vague about actual timelines. [...] Patel says Framework has taken steps to improve the update problem, but he admits that the team's initial approach -- supporting existing laptops while also trying to spin up firmware for upcoming launches -- wasn't working. "We started 12th-gen [Intel Framework Laptop] development, basically the 12th-gen team was also handling looking back at 11th-gen [Intel Framework Laptop] to do firmware updates there," Patel told Ars. "And it became clear, especially as we continued to add on more platforms, that just wasn't a sustainable path to proceed on."

Part of the issue is that Framework relies on external companies to put together firmware updates. Some components are provided by Intel, AMD, and other chip companies to all PC companies that use their chips. Others are provided by Insyde, which writes UEFI firmware for Framework and others. And some are handled by Compal, the contract manufacturer that actually produces Framework's systems and has also designed and sold systems for most of the big-name PC companies. As far back as August 2023, Patel has written that the plan is to work with Compal and Insyde to hire dedicated staff to provide better firmware support for Framework laptops. However, the benefits of this arrangement have been slow to reach users. "[Compal] started recruiting on their side towards the end of last year," Patel told Ars. "And now, just at the beginning of this year, we've been able to get that whole team into place and start onboarding them. And especially after Lunar New Year, which is in early February, that team is now up and running at full speed." The goal, Patel says, is to continuously cycle through all of Framework's actively supported laptops, updating each of them one at a time before looping back around and starting the process over again. Functionality-breaking problems and security fixes will take precedence, while additional features and user requests will be lower-priority. ...
snikulin adds: "As a recent Framework 13/AMD owner, I can confirm that it does not sleep properly on a default Windows 11 install. When I close the lid in the evening, the battery is dead the next morning. It's interesting to hear from Linus Sebastian (LTT) on the topic because he is a stakeholder in Framework."
Apple

iOS App Store's First Game Boy Emulator Taken Down Just Days Later (arstechnica.com) 21

An anonymous reader shares a report: Over the weekend, developer Mattia La Spina launched iGBA as one of the first retro game emulators legitimately available on the iOS App Store following Apple's rules change regarding such emulators earlier this month. As of Monday morning, though, iGBA has been pulled from the App Store following controversy over the unauthorized reuse of source code from a different emulator project.

iOS 8.1 plugs security hole that made it easy to install emulators Shortly after iGBA's launch, some people on social media began noticing that the project appeared to be based on the code for GBA4iOS, a nearly decade-old emulator that developer Riley Testut and a partner developed as high-schoolers (and distributed via a temporary security hole in the iOS App store). Testut took to social media Sunday morning to call iGBA a "knock-off" of GBA4iOS. "I did not give anyone permission to do this, yet it's now sitting at the top of the charts (despite being filled with ads + tracking)," he wrote.

GBA4iOS is an open source program released under the GNU GPLv2 license, with licensing terms that let anyone "use, modify, and distribute my original code for this project without fear of legal consequences." But those expansive licensing terms only apply "unless you plan to submit your app to Apple's App Store, in which case written permission from me is explicitly required."

Businesses

Auto Insurance Prices Have Gone Nuts (sherwood.news) 179

An anonymous reader shares a report: It's getting to be a bit much. Auto insurance prices have surged over the last couple years. March consumer inflation out Wednesday shows them up 22% compared to last year. Since the end of 2019 -- just before Covid hit -- they're up 45%.

Why? That's where things get complicated. In a prophylactic press release released Wednesday morning, an insurance industry trade group cited "greatly increased the cost of repairing and replacing cars" due to inflation. As anyone who has shopped for a new or used car over the last couple years can tell you, costs have gone up. That goes for the costs of replacing minor parts like bumpers or mirrors as well.

Insurers lost a lot of money on those replacement costs in 2021 and 2022, and are now trying to make that money back by raising rates a lot. Then there's also the the objectively atrocious driving record of Americans. Even before the pandemic, Americans were awful drivers compared to other high income countries, with auto death rates the highest among peer nations. High accident rates are reflected in higher costs of insurance. And of course there's also the old-fashioned profit motive. Insurers are trying to make money and raising rates is the way to do it.

Transportation

Boeing Engine Cover Rips Apart During Takeoff This Morning (qz.com) 182

"Scary moments for passengers on a Southwest flight from Denver to Houston," tweets an ABC News transportation reporter, "when the engine cover ripped off during flight, forcing the plane to return to Denver Sunday morning."

"Think that big circular metal panel surrounding the engine," writes QZ — adding that after it ripped off, the engine cowling "struck the 737-800's wing flap."

It happened during takeoff, so the plane was towed back to the gate after returning to the airport. All passengers and crew were safe, and passengers boarded a replacement plane for their flight to Houston: Southwest was already having a rough few weeks before this event occurred. Last Thursday, an engine on one of its Boeing 737-800 planes caught fire before taking off from an airport in Texas, and before that, two FAA-scrutinized Southwest flights were disrupted by turbulence [One last month in New York City and the other in Florida on Wednesday. "Two hours later, an All Nippon Airways Boeing 787 reported an oil leak on arrival at Naha Airport, Japan," adds Newsweek.].
"We apologize for the inconvenience of their delay," Boeing said in a statement, adding that they "place our highest priority on ultimate Safety for our Customers and Employees.

"Our Maintenance teams are reviewing the aircraft."
Movies

Disney Will Crack Down on Password Sharing in June (wsj.com) 38

Disney said Thursday it planned to crack down on password sharing [non-paywalled link] for its streaming services starting with a few countries in June before implementing a wider rollout in September. From a report: Disney Chief Executive Bob Iger unveiled the timeline to limit password sharing in a CNBC interview Thursday morning, a day after the company defeated activist Nelson Peltz in a bruising proxy fight. Iger didn't say which countries would be first.

The company for months has said a crackdown was coming as it looks to cut costs and make Disney+ and Hulu profitable. Since Iger returned as CEO in 2022, the company has trimmed its streaming losses. Iger said the company is on track to have a profitable streaming business by the fourth quarter this year. "That's a huge, huge improvement," he said on CNBC. "Now what we have to do is turn it not just into a profitable business, into a growth business."

Bitcoin

Bitcoin Tumbles $5,000 In 24 Hours As Interest Rates Jump (cnbc.com) 57

Bitcoin fell more than 4.76% on Tuesday to $66,134 amid rising Treasury yields and strength in the U.S. dollar. CNBC reports: On Monday morning, it was trading at about $70,000 before data came out showing growth in the manufacturing sector for the first time since September 2022 and investor bets on June rate cuts began to cool. Bitcoin is now off its all-time high, reached on March 14, by about 11%. Ether went down with it, losing 5.6% to trade at $3,240.27. Meanwhile, the 10-year U.S. Treasury yield hit its highest level of the year and the dollar, which has an inverse relationship with bitcoin, hit a five-month high.

Bitcoin's move may have been exacerbated by a large bitcoin holder, or "whale," who transferred more than 4,000 bitcoin to the Bitfinex exchange late Monday night. Data from CryptoQuant shows a spike in that exchange's reserves -- which typically signals a boost in selling activity -- that coincides with the sudden drop in bitcoin price late Monday night. Stocks tied to the performance of bitcoin were dragged down but traded off their lows to end the day.

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