Friday the Wall Street Journal reported: Crypto exchange FTX lent billions of dollars worth of customer assets to fund risky bets by its affiliated trading firm, Alameda Research, setting the stage for the exchange's implosion, a person familiar with the matter said.

FTX Chief Executive Sam Bankman-Fried said in investor meetings this week that Alameda owes FTX about $10 billion, people familiar with the matter said. FTX extended loans to Alameda using money that customers had deposited on the exchange for trading purposes, a decision that Mr. Bankman-Fried described as a poor judgment call, one of the people said.

All in all, FTX had $16 billion in customer assets, the people said, so FTX lent more than half of its customer funds to its sister company Alameda.
And then Friday night Reuters reported that "At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.

"The exchange's founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried's trading company Alameda Research, the people told Reuters. A large portion of that total has since disappeared, they said." One source put the missing amount at about $1.7 billion. The other said the gap was between $1 billion and $2 billion.

While it is known that FTX moved customer funds to Alameda, the missing funds are reported here for the first time. The financial hole was revealed in records that Bankman-Fried shared with other senior executives last Sunday, according to the two sources. The records provided an up-to-date account of the situation at the time, they said. Both sources held senior FTX positions until this week and said they were briefed on the company's finances by top staff....

In text messages to Reuters, Bankman-Fried said he "disagreed with the characterization" of the $10 billion transfer. "We didn't secretly transfer," he said. "We had confusing internal labeling and misread it," he added, without elaborating.

Asked about the missing funds, Bankman-Fried responded: "???"

FTX and Alameda did not respond to requests for comment....

At the heart of FTX's problems were losses at Alameda that most FTX executives did not know about, Reuters has previously reported.... FTX legal and finance teams also learned that Bankman-Fried implemented what the two people described as a "backdoor" in FTX's book-keeping system, which was built using bespoke software. They said the "backdoor" allowed Bankman-Fried to execute commands that could alter the company's financial records without alerting other people, including external auditors...

In his text message to Reuters, Bankman-Fried denied implementing a "backdoor"....

On Friday, FTX said it had turned over control of the company to John J. Ray III, the restructuring specialist who handled the liquidation of Enron Corp — one of the largest bankruptcies in history.

An anonymous reader quotes a report from Bloomberg: Peloton Executive Chairman and co-founder John Foley is stepping down from the fitness company as part of a leadership shake-up, extending the turbulence at a business trying to pull out of a deep slump. Foley, who helped start Peloton in 2012 and served as chief executive officer for 10 years, is resigning effective Monday, the company said in a statement. Foley took the executive chairman role in February when he handed the reins to CEO Barry McCarthy, a veteran of Spotify and Netflix.

Chief Legal Officer Hisao Kushi, another co-founder, is also headed for the exits. He'll be replaced in that role by Tammy Albarran, who Peloton recruited from Uber Technologies Inc. The chairman role, meanwhile, will be filled by Karen Boone, a former Restoration Hardware executive who currently serves as lead independent director. Peloton investors initially applauded the changes, sending the shares up as much as 5.3% to $11.64 in extended trading on Monday. But the rally soon evaporated, with the stock declining more than 2%. The reshuffling extends a year of upheaval at New York-based Peloton, which thrived in the early days of the pandemic but is now suffering from declining sales and mounting losses. Its shares are down about 90% over the past year, and the company has struggled to work through a glut of inventory.

Separately, Chief Commercial Officer Kevin Cornils is also leaving Peloton and won't be replaced. Some of Cornils's responsibilities will be assumed by Dion Sanders as he takes the role of chief emerging business officer, according to an internal memo from McCarthy reviewed by Bloomberg. Chief Content Officer Jen Cotter will assume control of apparel and accessories, showing that the company remains committed to that market. Albarran will take over Peloton's legal operations on Oct. 3. She helped oversee a corporate makeover at Uber, which set out to change its image in 2017 after its hard-charging style led to scandals and a strained relationship with drivers. Peloton looks to draw on the experience of Albarran and Boone to "help move the company forward into our next chapter of growth," McCarthy said.

It's a free and open-source, cross-platform FTP application that allows secure file transfering — and it's making an old-school protocol cool again, according to a recent blog post.

Started about 21 years ago — and downloaded by millions each year — FileZilla remains "committed to their role in liberating technology, by making it accessible, open and also secure," according to the blog post. But it also explains how FileZilla has beefed up that security through a collaboration with the internet freedom nonprofit, the Open Technology Fund (or "OTF"): Over the past year, FileZilla has utilised support from OTF to undertake two activities that enhanced and ensured the security of their tools. The first was integrating FileZilla Server with Let's Encrypt, a free, automated, and open source certificate authority that ensures secure communication between the two end-points sending or receiving a file via FileZilla.... Secondly, FileZilla ran a penetration test, a service offered by OTF's Red Team Lab. A team of independent researchers attempted to force access to the FileZilla server to see if they could gain control. These researchers were highly skilled, and the testing was extensive. The team conducting the test only found very minor security vulnerabilities that FileZilla were able to fix immediately. As a result of this process, anyone wanting to use the FileZilla software can trust that it has been cross-scrutinised by a third party and found to be secure....

FileZilla respects users' confidentiality: they do not track your behaviour, nor sell your data to other companies. While they do have advertisements on their website, they are posted exactly as advertisements would be posted in a newspaper. Nobody knows that you are reading the advertisements, or that you decided to call or connect to the advertised website. The advertisement has simply been attached to the webpage, without any underlying tracking.... . "Our mission hasn't changed in over 20 years: design, develop, maintain and enhance free tools to securely transfer files with ease and reliability," said Tim Kosse, FileZilla Lead Developer. This decision was a political one taken by FileZilla, to always preserve the freedom of their tools, and of their users. "We aren't the typical commercial open-source venture that starts doing things for free, and over time, closes this and that to make money" said Roberto Galoppini, FileZilla Director of Strategy. "While you might not see FileZilla listed at the NYSE [New York Stock Exchange] any time soon, the freedom of our tools will never be questioned...."

[I]f you work in an industry that requires the secure transfer of sensitive files, or if you simply have personal photographs or videos you want to keep confidential, using proprietary platforms to share or store them can put your information at risk of being exposed.... FileZilla offers an alternative that is secure and private. Their tools are developed by a team that is deeply invested in protecting users' confidentiality, and liberating technology is central to their work and decision-making....

At the same time, projects like FileZilla remind us that there exists a global community of technologists, activists, coders, bloggers, journalists, software developers, and mindful internet users making internet freedom a lived reality and daily practice. Supporting, experimenting with and using free and open source tools, such as the FileZilla client and server, enables us to disinvest from the capitalist pursuit of corporate control of technology and unchecked surveillance of our data.

Rather, we can step into alignment with an alternative, parallel narrative being created by a community of resistance that is grounded in principles of cooperation, solidarity, commons and openness.

An anonymous reader quotes a report from The Register: The US Commerce Department says it will strictly control use of subsidies under the recently passed CHIPS and Science Act, which promises to unlock billions of dollars in funding for domestic chip manufacturing. The eagerly anticipated spending bill paves the way for $280 billion in funding for science and technology, roughly $52 billion of which is earmarked for boosting US semiconductor production. Its passing was greeted by companies such as Intel and Micron, the latter of which promised to ramp up stateside memory production over the next few years in exchange for some of that cash.

However, the Commerce Department has given chipmakers notice that it will not be allowing a free-for-all, and will not let them use government funding for "stock buybacks or to pad their bottom line," it said in a published statement. Instead, subsidies awarded will be "no larger than is necessary to ensure a project happens here in the United States," the Commerce Department said, adding that it wanted to avoid a situation where states and municipalities became embroiled in a subsidy competition in the race to attract chipmakers to build there. The Department also warned that it will not hesitate to clawback funds or pursue other remedies from semiconductor companies that are found to have misused taxpayer dollars. Funding will come with conditions attached: chipmakers that receive a CHIPS subsidy will be prohibited from engaging in "significant transactions in China or other countries of concern" involving any leading-edge semiconductor manufacturing capacity for a period of ten years.

The US chipmaker Qualcomm wants to buy a stake in Arm alongside its rivals and create a consortium that would maintain the UK chip designer's neutrality in the highly competitive semiconductor market. From a report: Japanese conglomerate SoftBank plans to list Arm on the New York Stock Exchange after Nvidia's $66 billion purchase collapsed earlier this year. However, the IPO has sparked concern over the future ownership of the company, given its crucial role in the global technology sector. "We're an interested party in investing," Cristiano Amon, Qualcomm's chief executive, told the Financial Times. "It's a very important asset and it's an asset which is going to be essential to the development of our industry." He added that Qualcomm, one of Arm's biggest customers, could join forces with other chipmakers to buy Arm outright if the consortium making the purchase was "big enough." Such a move could settle concerns over the corporate control of Arm after the upcoming IPO. "You'd need to have many companies participating so they have a net effect that Arm is independent," he said.

"Ukrainian fighters are using electric bikes in the battle against Russia," reports the Washington Post, "mostly in support of reconnaissance missions, demining operations and medical deliveries, according to one of the Ukrainian e-bike makers involved."

"They've reportedly also been used for carrying out sniper attacks." The bikes have a top speed of 55 miles per hour and are relatively silent — helping their riders evade Russian fire.

Ukrainian e-bike firm Eleek initially gave a few bikes to the military when the war began, according to manager Roman Kulchytskyi. Soon after, they began to mass-produce bikes — kitted out in military green, with a small Ukrainian flag on the rear wheel — for Ukraine's fighters.... Working from a bomb shelter, Eleek began making a power bank based on lithium-ion battery cells it had left in stock. After struggling for parts, it turned to electronic cigarettes — launching a social media campaign to get people to send in their devices....

The company added footrests for passengers, improved the charging time, installed a battery control system and included a 220V output that allows soldiers to charge gadgets and can help power Starlink satellite Internet terminals, Kulchytskyi said.... Another advantage of the bikes is that they may not be visible on thermal imaging systems, which are used to detect differences in temperature and help militaries pinpoint potential targets. That's because the electric motor doesn't heat up like an internal combustion engine, Kulchytskyi said.

Daniel Tonkopi, founder of e-bike company Delfast, wrote on Facebook this month that his California-based firm has been donating electric bikes to the Ukrainian army since the war broke out. He included pictures of the bikes carrying antitank weapons and said he had received feedback from the military that they planned to use the bikes to target Russian armored vehicles. During one recent mission, they recounted to him that several vehicles came back with holes but that the riders were intact.... The company is donating 5 percent of all sales to fund humanitarian efforts in Ukraine.
The article notes electric bikes are also being tested by Asutralia's military and New Zealand's Air Force.

40 days ago Bitcoin sold for $47,454. It's price now is $34,007 — a drop of 28%.

About a third of that drop happened this week, as "Bitcoin, ethereum and other major cryptocurrencies have fallen sharply," Forbes reports, "wiping around $200 billion from the crypto market in just a matter of days (though some fear the bitcoin price could fall far further)." Bitcoin is now at its lowest prince since last July, "in the aftermath of the Federal Reserve's biggest interest rate hike in years". Ethereum and other top ten luna, solana, cardano and avalanche are also struggling with market sentiment falling to lows not seen since January.... Smaller cryptocurrencies that have outpaced the likes of bitcoin and ethereum in recent months have fallen harder during this latest crash. "The future of individual coins or tokens remains dubious, the law remains in control of such solicitations and the approval of social media giants such as Elon Musk," added Tammy Da Costa, an analyst at DailyFX.
CNBC notes the drop occurred "after a broader stock sell-off in the U.S. last week," but points out that bitcoin "is now down 50% from its peak price of $67,802.30 in November 2021."

Germany's Enercon on Monday said a "massive disruption" of satellite connections in Europe was affecting the operations of 5,800 wind turbines in central Europe. MarketScreener reports: It said the satellite connections stopped working on Thursday, knocking out remote monitoring and control of the wind turbines, which have a total capacity of 11 gigawatt (GW). "The exact cause of the disruption is not yet known. The communication services failed almost simultaneously with the start of the Russian invasion of Ukraine," Enercon said in a statement.

Enercon has informed Germany's cybersecurity watchdog BSI and is working with the relevant providers of the satellite communication networks to resolve the disruption, which it said affected around 30,000 satellite terminals used by companies and organisations from various sectors across Europe. "However, no effects on power grid stability are currently expected due to redundant communication capabilities of the responsible grid operators. Further investigations into the cause are being carried out by the company concerned in close exchange with the responsible authorities," BSI said. There was no risk to the turbines as they continued to operate on "auto mode," the company said. The report also notes that Viasat was "investigating a suspected cyberattack that caused a partial outage in its residential broadband services in Ukraine and other European countries"

An anonymous reader quotes a report from The Guardian: The world's largest coal port has announced it will now be powered entirely by renewable energy. The announcement from Port of Newcastle comes as coal power generation in Australia's national electricity market fell to its lowest level in the final three months of 2021. Though the port continues to export an average of 165Mt of coal a year, the move is part of a plan to decarbonize the business by 2040, and to increase the non-coal portion of its business so that coal only makes up half its revenue by 2030. It has signed a deal with Iberdrola, which operates the Bodangora windfarm near Dubbo in inland New South Wales, for a retail power purchase agreement that provides the port with large scale generation certificates linked to the windfarm.

Chief executive officer Craig Carmody said the Port of Newcastle's title as the largest coal port in the world "isn't as wonderful as it used to be" and that change was necessary to avoid what happened in Newcastle and the steel industry closed. "I would prefer to be doing this now while we have control over our destiny, while we have revenue coming in, than in a crisis situation where our revenue has collapsed and no one will lend us money," Carmody said. "We get 84 cents a tonne for coal shipped through our port. We get between $6 and $8 for every other product. You can see where I'd rather have my money." As part of its transition the port has converted 97% of its vehicles to electric and engaged in other infrastructure projects to decarbonize its operations. "It's a good thing they're looking at it, but 50% income diversification by 2030, it's still a decade away," said Andrew Stock, climate councillor and retired energy executive who was a founding board member of the Clean Energy Finance Corporation. "That's still a lot of coal that's going to go through that port particularly when the IEA and the IPCC have made it clear we have to move. And 50% by 2030 is still 50% coal income."

He went on to say that governments should encourage a "rapid advance in the uptake of renewables" similar to what has occurred in South Australia, which is powered by 100% renewable energy on some days.

Long-time Slashdot reader bird writes: Without admitting wrong-doing, would-be electric truck maker Nikola has agreed to a $125,000,000 settlement to settle charges that it defrauded investors with false claims about their EV vehicle technology. You may recall the video of a supposedly electric-powered truck that was later admitted to be powered not by a motor but rather by gravity? Nikola. The Seattle Times provides additional details about the settlement: Nikola violated the antifraud and disclosure control provisions of the federal securities laws, the Securities and Exchange Commission said Tuesday. In July the founder and one-time chair of Nikola, Trevor Milton, was freed on $100 million bail after pleading not guilty to charges alleging he lied about the company. The U.S. Attorney's Office in Manhattan, New York, charged Milton, 39, with two counts of securities fraud and wire fraud. He resigned as chairman in September. The SEC said in its order that Milton embarked on a public-relations campaign aimed at inflating and maintaining Nikola's stock price before the company had produced a vehicle. The SEC also found that Milton misled investors about Nikola's technological advancements, in-house production capabilities, hydrogen production, truck reservations and orders, and financial outlook. In addition, it found that Nikola misled investors by misrepresenting or omitting information about the refueling time of its prototype vehicles, as well as the economic risks and benefits associated with a potential partnership with General Motors.

Nikola, based in Phoenix, didn't admit or deny the SEC's findings. The company did agree to cease and desist from future violations and to the $125 million penalty. Nikola also agreed to continue cooperating with the SEC's ongoing investigation. The order also establishes a fund to return penalty proceeds to investors who were affected. "We are pleased to bring this chapter to a close as the company has now resolved all government investigations," Nikola said in a statement. We will continue to execute on our strategy and vision to deliver on our business plan."

Warren Buffett, the chairman and chief executive of Berkshire Hathaway, announced his resignation as a trustee of the Bill and Melinda Gates Foundation on Wednesday, according to a press release. Interesting Engineering reports: Bill and Melinda Gates announced that they were getting divorced in May of 2021. For many, it was an earth-shattering announcement, one that raises a host of questions about the future of their foundation and its quest to end disease worldwide. This latest announcement adds to the growing number of questions about what's in store for the many enterprises currently being managed by the Gates Foundation. The foundation supplies grants to researchers studying polio, nutrition, agriculture, global education, sanitation, HIV, malaria, tobacco control, vaccines, gender inequality...and we're just getting started.

At the age of 90, Buffet has donated $41 billion worth of Berkshire stock to the five foundations. In today's announcement, he added that he has donated an extra $4.1 billion, but he didn't give a reason for his decision. "Today is a milestone for me," Buffett wrote in a statement. "In 2006, I pledged to distribute all of my Berkshire Hathaway shares -- more than 99% of my net worth -- to philanthropy. With today's $4.1 billion distribution, I'm halfway there."

"For years I have been a trustee -- an inactive trustee at that -- of only one recipient of my funds, the Bill and Melinda Gates Foundation (BMG). I am now resigning from that post, just as I have done at all corporate boards other than Berkshire's," Buffett said. "The CEO of BMG is Mark Suzman, an outstanding recent selection who has my full support. My goals are 100% in sync with those of the foundation, and my physical participation is in no way needed to achieve these goals."

"How would you feel about being able to pay to control multiple aspects of another person's life?" asks the BBC.

"A new app is offering you the chance to do just that." When writer Brandon Wong recently couldn't decide what takeaway to order one evening, he asked his followers on social media app NewNew to choose for him. Those that wanted to get involved in the 24-year-old's dinner dilemma paid $5 (£3.50) to vote in a poll, and the majority verdict was that he should go for Korean food, so that was what he bought...

NewNew is the brainchild of Los Angeles-based entrepreneur Courtne Smith. The app, which is still in its "beta" or pre-full release stage, describes itself as "a human stock market where you buy shares in the lives of real people, in order to control their decisions and watch the outcome". For many of us that sounds a bit ominous, but the reality is actually far less alarming. It is aimed at what it calls "creators" — writers, painters, musicians, fashion designers, bloggers etc. It is designed as a way for them to connect far more closely with their fans or followers than on other social media services and, importantly, monetise that connection...

Whenever a vote is cast the creator gets the money minus NewNew's undisclosed commission... In addition to voting, followers can also pay extra — from $20 — to ask a NewNew creator to do something of their choosing, such as naming a character in a book after them. But the creator can reject all of these "bids", and if they do so then the follower doesn't have to part with the money...

Co-founder and chief executive Ms Smith, a 33-year-old Canadian, has big plans for NewNew, and has some heavyweight backers. Investors include Peter Thiel, the billionaire co-founder of PayPal, and the first outside person to put money into Facebook. Others with a stake in the business include leading US tech investment fund Andreessen Horowitz, and Hollywood actor Will Smith (no relation to Courtne). Snapchat has also given technical support.

Millions of Americans are not getting the second doses of their Covid-19 vaccines, and their ranks are growing. From a report: More than five million people, or nearly 8 percent of those who got a first shot of the Pfizer or Moderna vaccines, have missed their second doses, according to the most recent data from the Centers for Disease Control and Prevention. That is more than double the rate among people who got inoculated in the first several weeks of the nationwide vaccine campaign. Even as the country wrestles with the problem of millions of people who are wary about getting vaccinated at all, local health authorities are confronting an emerging challenge of ensuring that those who do get inoculated are doing so fully. The reasons vary for why people are missing their second shots. In interviews, some said they feared the side effects, which can include flulike symptoms. Others said they felt that they were sufficiently protected with a single shot.

Those attitudes were expected, but another hurdle has been surprisingly prevalent. A number of vaccine providers have canceled second-dose appointments because they ran out of supply or didn't have the right brand in stock. Walgreens, one of the biggest vaccine providers, sent some people who got a first shot of the Pfizer or Moderna vaccine to get their second doses at pharmacies that only had the other vaccine on hand. Several Walgreens customers said in interviews that they scrambled, in some cases with help from pharmacy staff, to find somewhere to get the correct second dose. Others, presumably, simply gave up. From the outset, public health experts worried that it would be difficult to get everyone to return for a second shot three or four weeks after the first dose. It is no surprise that, as vaccines are rolled out more broadly, the numbers of those skipping their second dose have gone up.

An anonymous reader quotes a report from Reuters: Robinhood is building a platform to "democratize" initial public offerings (IPOs), including its own, that would allow users of its trading app to snap up shares alongside Wall Street funds, according to people familiar with the matter. The move could further erode Wall Street's grip on stock market flotations. It would be easier to implement for Robinhood's own IPO, given how companies and their investment bankers tightly control allocations to investors in new listings.

Currently, Robinhood users and other amateur traders cannot buy into stock of a newly listed company until its shares start trading. Since shares often trade higher when they debut, big funds that get allocations in the IPO have an advantage. The average first-day trading pop on U.S. listings of businesses in 2020 was 36%, according to data provider Dealogic. Robinhood plans to carve out a chunk of its shares on offer in its IPO for its 13 million users, and to use technology it is building to administer this part of the offering, the sources said. [...] It would need to negotiate agreements with companies and their brokerages and get the blessing of U.S. regulators, the sources said. Robinhood could have leverage in these negotiations by arguing it would be acting as a bridge between the IPO and a major pool of investor demand, the sources added. It was not clear what kind of arrangements Robinhood would seek to put in place, and no certainty its ambition will come to fruition.

Early last summer, Chinese and Indian troops clashed in a surprise border battle in the remote Galwan Valley, bashing each other to death with rocks and clubs. Four months later and more than 1,500 miles away in Mumbai, India, trains shut down and the stock market closed as the power went out in a city of 20 million people. Hospitals had to switch to emergency generators to keep ventilators running amid a coronavirus outbreak that was among India's worst. The New York Times: Now, a new study lends weight to the idea that those two events may well have been connected -- as part of a broad Chinese cybercampaign against India's power grid, timed to send a message that if India pressed its claims too hard, the lights could go out across the country. The study shows that as the standoff continued in the Himalayas, taking at least two dozen lives, Chinese malware was flowing into the control systems that manage electric supply across India, along with a high-voltage transmission substation and a coal-fired power plant.

The flow of malware was pieced together by Recorded Future, a Somerville, Mass., company that studies the use of the internet by state actors. It found that most of the malware was never activated. And because Recorded Future could not get inside India's power systems, it could not examine the details of the code itself, which was placed in strategic power-distribution systems across the country. While it has notified Indian authorities, so far they are not reporting what they have found. Stuart Solomon, Recorded Future's chief operating officer, said that the Chinese state-sponsored group, which the firm named Red Echo, "has been seen to systematically utilize advanced cyberintrusion techniques to quietly gain a foothold in nearly a dozen critical nodes across the Indian power generation and transmission infrastructure." The discovery raises the question about whether an outage that struck on Oct. 13 in Mumbai, one of the country's busiest business hubs, was meant as a message from Beijing about what might happen if India pushed its border claims too vigorously.

Italian YouTuber Otto Climan modded an original Game Boy Color handheld to act as an Apple TV remote. Gizmodo reports: Otto Climan started with an original Game Boy Color handheld that they upgraded with a backlit LCD display because the GBC arrived well before Nintendo stopped using dim screens that strained your eyes. For the custom white case adorned with Apple's older rainbow logo, Climan turned to a company called Retro Modding that supplied him with matching white buttons and, more importantly, a matching white flash cartridge.

The cartridge looks like a standard GB/GBC game cartridge, but it includes a slot for a microSD card and the ability to run ROM files from it. While some ne'er-do-wells use these flash carts to play games, Climan instead developed his own ROM file capable of controlling the Game Boy Color's IR port, which was originally used to transfer game data between devices.

The newer and much-maligned Apple TV remote with the touchpad works over Bluetooth, but Apple retained the IR capabilities of previous Apple TV boxes so the streaming player can still control other devices like TVs. Getting the Game Boy Color to talk to the Apple TV was relatively straightforward (all the codes that Apple uses for its boxes and remotes to talk are easy to find online), but it apparently did require some overclocking of the GBC's processor, which is a trick some games used decades ago. Because the added TV remote functionality comes through a ROM file running on a flash cart, the Game Boy Color still works like a stock GBC and can play other games by just swapping the cart. You can watch Climan's video here.

Elon Musk had just wrapped up a wide-ranging 90-minute interview on the audio chat app Clubhouse early on Monday, when he threw the hosts a curveball. "Do you want to hear the real story from Vlad [from] Robinhood about what happened on the Street with GameStop?" Musk asked. He advised the moderators to click on Robinhood CEO Vladimir Tenev so he could talk. From a report: That's when Musk launched into a torrent of questions, a CEO-to-CEO showdown over why the popular trading app had halted trading on the market's hottest stocks at one point last week. "Spill the beans, man," Musk said to Tenev, whom the Tesla CEO introduced as "Vlad the stock impaler." "What happened last week? Why couldn't people buy the GameStop shares? The people demand answers, and they want to know the truth."

Musk, who has come under fire for quality control issues, business missteps and personal behaviors, asked Tenev what caused him to halt trades on GameStop and other heavily shorted stocks last week. Were more powerful entities, such as regulators, depriving smaller retail investors of a potential payday at the expense of shadowy hedge funds? Was Robinhood partner Citadel Securities responsible for the trading halt? "Is anyone holding you hostage right now?" Musk asked. [...] "If you had no choice, that's understandable, but then we got to find out why you have no choice," Musk said. "And who are these people that are saying you have no choice?" In response, Tenev suggested more transparency was needed in the formulas used by financial institutions to calculate these requirements. He emphasized how Robinhood was able to raise more than $1 billion in capital in 24 hours to reopen on Monday. Tenev would not commit to imposing no restrictions on the stocks.

With Reddit's interest in sending some stocks soaring showing no sign of slowing down, the trading app Robinhood started restricting some transactions Thursday morning. Reddit wasn't happy -- and neither are some lawmakers. From a report:The incident apparently struck an unusual bipartisan chord, with Texas Republican Ted Cruz throwing his weight behind progressive Democrats who called out the company. Rep. Rashida Tlaib called Robinhood's decision "beyond absurd" and suggested that the House Financial Services Committee hold a hearing on what she deemed "market manipulation" from the personal finance startup. "They're blocking the ability to trade to protect Wall St. hedge funds, stealing millions of dollars from their users to protect people who've used the stock market as a casino for decades," Tlaib said. Her colleague Rep. Alexandria Ocasio-Cortez -- a member of that committee -- chimed in with support for a hearing on Robinhood, calling the situation an "unacceptable" step to prevent retail investors from trading. Seeing Cruz and Ocasio-Cortez line up on anything right now is unusual, to put it mildly. Silicon Valley Rep. Ro Khanna also flagged Robinhood's decision to stop some trades, slamming the startup for freezing out small investors while powerful hedge funds scramble to get control of the situation.

Tech's biggest companies just wrapped up a huge year. From a report: The seven most valuable U.S. technology companies -- Apple, Microsoft, Amazon, Alphabet, Facebook, Tesla and Nvidia -- picked up a combined $3.4 trillion in market cap in 2020, powering through a global pandemic and broader economic crisis. Between continued optimism over iPhone sales, Microsoft's growing Teams collaboration product, Amazon's ongoing control of e-commerce and the strength of Google and Facebook's online ad duopoly, Big Tech was neither slowed by Covid-19 nor the rising number of investigations into its dominance. Tesla's wild rally served as the biggest surprise. The stock climbed almost ninefold this year, lifting the electric car maker's market cap from $76 billion at the beginning of the year to $669 billion at Thursday's close. Despite initial factory closures due to the pandemic, Tesla bounced back to deliver a record number of vehicles in the third quarter.

Bernard Meyer, reporting for CyberNews: In a collaboration between CyberNews Sr. Information Security Researcher Mantas Sasnauskas and researchers James Clee and Roni Carta, suspicious backdoors have been discovered in a Chinese-made Jetstream router, sold exclusively at Walmart as their new line of "affordable" wifi routers. This backdoor would allow an attacker the ability to remotely control not only the routers, but also any devices connected to that network. CyberNews reached out to Walmart for comment and to understand whether they were aware of the Jetstream backdoor, and what they plan to do to protect their customers. After we sent information about the affected Jetstream device, a Walmart spokesperson informed CyberNews: "Thank you for bringing this to our attention. We are looking into the issue to learn more. The item in question is currently out of stock and we do not have plans to replenish it."

Besides the Walmart-exclusive Jetstream router, the cybersecurity research team also discovered that low-cost Wavlink routers, normally sold on Amazon or eBay, have similar backdoors. The Wavlink routers also contain a script that lists nearby wifi and has the capability to connect to those networks. We have also found evidence that these backdoors are being actively exploited, and there's been an attempt to add the devices to a Mirai botnet. Mirai is malware that infects devices connected to a network, turns them into remotely controlled bots as part of a botnet, and uses them in large-scale attacks. The most famous of these is the 2016 Dyn DNS cyberattack, which brought down major websites like Reddit, Netflix, CNN, GitHub, Twitter, Airbnb and more.