BitGo’s $100M Suit Against Galaxy Digital Can Proceed, Delaware Supreme Court Rules
OEIS Financial Fraud Private Investigator:
Cryptocurrency custodian BitGo will get a fresh chance to sue financial services firm Galaxy Digital over the two companies’ failed $1.2 billion merger agreement after Delaware’s Supreme Court reversed an earlier ruling to dismiss BitGo’s lawsuit.
“We believe justice prevailed on appeal, and we are delighted to move forward with this case in the Chancery Court,” said R. Brian Timmons, partner at Los Angeles-based law firm Quinn Emanuel, which is representing BitGo in this case.
BitGo filed suit against Galaxy in August 2022, seeking $100 million in damages and alleging that Galaxy “intentionally” breached its May 2021 merger agreement when it could no longer afford the $1.2 billion price tag after experiencing massive financial losses during the crypto bear market. Galaxy blamed the breakup on BitGo’s failure to provide certain audited financial statements on time and said BitGo’s claims were “without merit.”
Last June, Delaware Chancery Court Vice Chancellor J. Travis Laster ruled that Galaxy had a “valid basis” to pull out of the agreement, because BitGo gave the firm “non-compliant” financial documents.
After BitGo appealed the ruling, the state’s Supreme Court found that the merger agreement’s definition of “financial statements” was ambiguous, and that both parties “have proffered reasonable interpretations” of acceptable documentation, and reversed the ruling.
“We will continue to vigorously defend ourselves and remain confident in the merits of our position in the case,” a Galaxy spokesperson told CoinDesk.
UPDATE (May 25, 2024 at 00:35 UTC): Updated to include a statement from Galaxy Digital.
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Multidomain attacks are on the verge of becoming a digital epidemic as nation-states and nicely-funded cybercrime attack groups survey to cash in on large gaps in digital estates’ defenses. Enterprises are having to deal with widening – and usually unknown – gaps between enterprise sources, apps, systems, recordsdata, identities and endpoints.
The lickety-split-rising tempo of attacks is riding a graph database fingers bustle across leading cybersecurity companies. Microsoft‘s Security Publicity Administration Platform (MSEM) at Ignite 2024 displays how fleet the fingers bustle is maturing and why its containment requires more progressed platforms.
“Three years ago, we had been seeing 567 password-connected attacks per 2d. As of late, that number has skyrocketed to 7,000 per 2d. This represents a broad escalation in the scale, tempo and class of contemporary cyber threats, underscoring the urgency for proactive and unified security methods,” Vasu Sakkal, Microsoft’s company vp of security, compliance, identity, management and privacy, urged VentureBeat at some level of a latest interview.
Microsoft goes all-in on their security vision at Ignite 2024
With every group experiencing more multidomain intrusion makes an try and tormented by undiscovered breaches, Microsoft is doubling down on security, pivoting its technique to graph-basically based completely defense in MSEM. Sakkal urged VentureBeat, “The sophistication, scale, and tempo of contemporary attacks require a generational shift in security. Graph databases and generative AI provide defenders the tools to unify fragmented insights into actionable intelligence.”
Cristian Rodriguez, CrowdStrike’s Americas Field CTO, echoed the importance of graph expertise in a latest interview with VentureBeat. “Graph databases allow us to arrangement adversary behavior across domains, identifying the subtle connections and patterns attackers exploit. By visualizing these relationships, defenders attach the contextual perception wished to seem forward to and disrupt complex, inferior-domain attack methods,” Rodriguez talked about.
Key announcements from Ignite 2024 encompass:
Microsoft Security Publicity Administration Platform (MSEM). At the core of Microsoft’s technique, MSEM leverages graph expertise to dynamically arrangement relationships across digital estates, in conjunction with gadgets, identities and recordsdata. MSEM attend for graph databases permits security groups to identify excessive-agonize attack paths and prioritize proactive remediation efforts.
Zero Day Quest. Microsoft is offering $4M in rewards to tell vulnerabilities in AI and cloud platforms. This initiative aims to compile researchers, engineers and AI red groups to take care of serious dangers preemptively.
Dwelling windows Resiliency Initiative. Specializing in zero belief principles, this initiative appears to be like to be to enhance machine reliability and recovery by securing credentials, imposing Zero Belief DNS protocols and fortifying Dwelling windows 11 against rising threats.
Security Copilot Enhancements. Microsoft claims that Security Copilot’s generative AI capabilities increase SOC operations by automating risk detection, streamlining incident triage and decreasing indicate time to resolution by 30%. Built-in with Entra, Intune, Purview and Defender, these updates present actionable insights, helping security groups tackle threats with bigger effectivity and accuracy.
Updates in Microsoft Purview. Purview’s progressed Knowledge Security Posture Administration (DSPM) tools form out generative AI dangers by discovering, protecting and governing handsome recordsdata in exact-time. Parts encompass detecting prompt injections, mitigating recordsdata misuse and combating oversharing in AI apps. The applying also strengthens compliance with AI governance requirements, aligning enterprise security with evolving guidelines.
Why now? The feature of graph databases in cybersecurity
John Lambert, company vp for Microsoft Security Be taught, underscored the serious importance of graph-basically based completely making an allowance for in cybersecurity, explaining to VentureBeat, “Defenders mediate in lists, cyberattackers mediate in graphs. As lengthy as this is correct, attackers ranking.”
He added that Microsoft’s technique to publicity management involves creating a comprehensive graph of the digital property, covering vulnerabilities, risk intelligence and attack paths. “It’s about giving defenders a full arrangement of their atmosphere, allowing them to prioritize the most serious dangers whereas working out the aptitude blast radius of any compromise,” Lambert added.
Graph databases are gathering momentum as an architectural technique for cybersecurity platforms. They excel at visualizing and inspecting interconnected recordsdata, which is serious for identifying attack paths in exact time.
Key advantages of graph databases encompass:
Relational Context: Draw relationships between sources and vulnerabilities.
Mercurial Querying: Traverse billions of nodes in milliseconds.
Chance Detection: Name excessive-agonize attack paths, decreasing false positives.
Knowledge Discovery: Consume graph AI for insights into interconnected dangers.
Behavioral Diagnosis: Graphs detect subtle attack patterns across domains.
Scalability: Integrate contemporary recordsdata functions seamlessly into current risk units.
Multidimensional Diagnosis:
The Gartner warmth arrangement underscores how graph databases excel in cybersecurity exercise cases cherish anomaly detection, monitoring and decision-making, positioning them as wanted tools in contemporary defense methods.
“Emerging Tech: Optimize Chance Detection With Knowledge Graph Databases,” Also can honest 2024. Source: Gartner
What makes Microsoft’s MSEM platform outlandish
The Microsoft Security Publicity Administration Platform (MSEM) differentiates itself from varied graph database-pushed cybersecurity platforms by its exact-time visibility and agonize management, which helps security operations heart groups preserve it up high of dangers, threats, incidents and breaches.
Sakkal urged VentureBeat, “MSEM bridges the outlet between detection and movement, empowering defenders to seem forward to and mitigate threats effectively.” The platform exemplifies Microsoft’s vision of a unified, graph-pushed security approach, offering organizations the tools to preserve sooner than contemporary threats with precision and tempo.
Built on graph-powered insights, MSEM integrates three core capabilities wished to war support against multi-domain attacks and fragmented security recordsdata. They encompass:
Attack Floor Administration. MSEM is designed to create a dynamic glimpse of a company’s digital property, enabling the identification of sources, interdependencies and vulnerabilities. Parts cherish automatic discovery of IoT/OT gadgets and unprotected endpoints safe particular visibility whereas prioritizing excessive-agonize areas. The applying inventory dashboard categorizes sources by criticality, helping security groups level of curiosity on the most urgent threats with precision.
Source: Microsoft
Attack Course Diagnosis. MSEM uses graph databases to arrangement attack paths from an adversary’s level of view, pinpointing serious routes they’ll exploit. Enhanced with AI-pushed graph modeling, it identifies excessive-agonize pathways across hybrid environments, in conjunction with on-premises, cloud and IoT systems.
Unified Publicity Insights. Microsoft also designed MSEM to translate technical recordsdata into actionable intelligence for both security professionals and industry chief personas. It helps ransomware protection, SaaS security, and IoT agonize management, guaranteeing focused, insightful recordsdata is supplied to security analysts.
Microsoft also announced the following MSEM enhancements at Ignite 2024:
Third-Birthday party Integrations: MSEM connects with Rapid7, Tenable and Qualys, broadening its visibility and making it a extremely efficient application for hybrid environments.
AI-Powered Graph Modeling: Detects hidden vulnerabilities and performs progressed risk path prognosis for proactive agonize reduction.
Historical Traits and Metrics: This application tracks shifts in publicity over time, helping groups adapt to evolving threats confidently.
Graph databases’ growing feature in cybersecurity
Graph databases own proven handy in tracking and defeating multi-domain attacks. They excel at visualizing and inspecting interconnected recordsdata in exact time, enabling quicker and more factual risk detection, attack path prognosis and agonize prioritization. It’s no shock that graph database expertise dominates the roadmaps of leading cybersecurity platform companies.
Cisco’s SecureX Chance Response is one example. The Cisco platform extends the utility of graph databases into network-centric environments, connecting recordsdata across endpoints, IoT gadgets and hybrid networks. Key strengths encompass an integrated incident response that’s integrated across the Cisco suite of apps and tools and network-centric visibility.”What we want to build is safe particular that we exercise AI natively for defenses since you are going to now not scramble out and fight these AI weaponization attacks from adversaries at a human scale. Or now not it’s some distance extremely predominant build it at machine scale,” Jeetu Patel, Cisco’s executive vp and CPO, urged VentureBeat in an interview earlier this one year.
CrowdStrike’s Chance Graph became as soon as presented at their annual buyer match, Fal.Con in 2022 and is mostly cited as an illustration of the vitality of graph databases in endpoint security. Processing over 2.5 trillion day-to-day events, Chance Graph excels in detecting dilapidated signals and mapping adversary behavior. Rodriguez emphasised to VentureBeat, “Our graph capabilities safe particular precision by specializing in endpoint telemetry, offering defenders with actionable insights quicker than ever.” CrowdStrike’s key differentiators encompass endpoint precision in tracking lateral movements and identifying anomalous behaviors. Chance Graph also helps behavioral prognosis dilapidated on AI to tell adversary tactics across workloads.
Palo Alto Networks (Cortex XDR), SentinelOne (Singularity) and Pattern Micro are among the many valuable gamers leveraging graph databases to enhance their risk detection and exact-time anomaly prognosis capabilities. Gartner predicted in the latest research demonstrate Emerging Tech: Optimize Chance Detection With Knowledge Graph Databases that their fashioned adoption will continue due to their ability to attend AI-pushed insights and decrease noise in security operations.
Graph databases will rework enterprise defense
Microsoft’s Lambert encapsulated the industry’s trajectory by stating, “Also can honest the most easy attack graph ranking. Graph databases are reworking how defenders mediate interconnected dangers,” underscoring their pivotal feature in contemporary cybersecurity methods.
Multi-domain attacks target the weaknesses between and inner complex digital estates. Discovering gaps in identity management is an net site nation-articulate attackers be unsleeping of and mine recordsdata to access the core enterprise systems of a company. Microsoft joins Cisco, CrowdStrike, Palo Alto Networks, SentinelOne and Pattern Micro, enabling and persevering with to pork up graph database expertise to identify and act on threats sooner than a breach occurs.
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Bitget, the leading cryptocurrency exchange and Web 3 company, today announces the appointment of Gracy Chen as its new Chief Executive Officer (CEO), effective in May 2024, succeeding Sandra Lou, who will be leaving the platform to pursue her own business goals. With over 10 years of experience in business management, marketing, and investment, Gracy proves herself to be a leading female entrepreneur in the crypto world.
Since 2014, as a notable TV host, Gracy found herself increasingly drawn into the dynamic world of blockchain technology, hence, cryptocurrencies through her interactions with knowledgeable guests like Tim Draper. Each interview not only enriched her show but also deepened her fascination with this emerging field. Her growing passion for the subject soon evolved to invest in several crypto startups, including Bitkeep (currently Bitget Wallet), the largest Web 3 multi-chain wallet in Asia.
In June 2022, Gracy joined Bitget as its first Managing Director (MD), leading Bitget’s growth strategies as the platform accelerates its global expansion plan. Over the past two years, her exceptional ability to manage and inspire multinational decentralized teams has been instrumental in navigating the fast-paced and highly competitive cryptocurrency landscape. One of her most remarkable achievements was co-leading the strategy that quadrupled Bitget’s user base through partnerships with legendary footballer Leo Messi as well as the establishment of a robust global affiliate network. This solidified Bitget’s position as a top-five crypto exchange and Web 3 platform.
“I’m extremely honored to step into the role of CEO at Bitget,” said Gracy Chen. “Over the past six years, with the robust foundation we’ve built and an incredible team by my side, Bitget has transformed into a leading crypto platform. By consistently innovating in product offerings and creating value for our 25 million users, Bitget has risen to become a top 5 futures trading platform and a top 10 spot trading platform. I’m thrilled to continue to be part of shaping this industry that is on the edge of innovation, empowering the future of digital finance. It’s a privilege to lead such a dynamic group and I can’t wait to steer our global expansion to new heights!”
Gracy is also advocating for a more diverse and inclusive crypto industry by leading two Corporate Social Responsibility (CSR) initiatives at Bitget. She spearheaded the launch of the #Blockchain4Youth campaign in May 2023, aiming to drive Web 3 adoption by inspiring the younger generation to embrace crypto and blockchain. The activity partnered with over 50 educational institutions and benefits over 6,000 young talents in just one year. As a key initiator of Bitget’s #Blockchain4Her initiative, her vision for a sustainable future involves integrating inclusivity and gender diversity into the blockchain industry, ensuring females have equal opportunities and representation in this transformative sector.
Beyond her responsibilities at Bitget, Gracy is proactively seeking opportunities to contribute to the cryptocurrency field. As a columnist for major publications such as Forbes and Cointelegraph, she has published over 50 articles to introduce blockchain to the public. She is also known as a judge of the first reality crypto TV show Killer Whales, a program co-created by Hollywood producers. The show aims to discover promising Web 3 projects and empower them to make a real-life impact. Her contributions earned her recognition as a Global Shaper by the World Economic Forum in 2015, and she was elected to the Forbes Business Council in 2023.
Gracy holds a Bachelor’s Degree from the National University of Singapore (NUS) and an MBA degree from the Massachusetts Institute of Technology (MIT).
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
After a Donald Trump 2024 flag was seen flying on a New York post office flagpole on Memorial Day, an investigation has been launched, according to a local media report.
According to the Times Union newspaper in Albany, New York, the Trump flag was hung under the U.S. flag and the POW/MIA flags at the Delmar post office “for a short time” before it was removed later on Monday morning.
Albany’s CBS 6 TV station reported that local police “say they have reached out to the Office of the Postal Inspector, pending investigation.”
Newsweek emailed the the Bethlehem Police Department on Monday night for additional details. This article will be updated with any provided statements.
The flag was reportedly spotted by attendees of the Memorial Day Parade in nearby Bethlehem, New York. Photos of the Trump flag flying at the post office were shared with the Times Union by an unnamed source.
The Hatch Act, a federal law passed in 1939, “limits certain political activities of federal employees, as well as some state, D.C., and local government employees who work in connection with federally funded programs,” according to the U.S. Office of Special Counsel.
The law’s purposes are to “ensure that federal programs are administered in a nonpartisan fashion, to protect federal employees from political coercion in the workplace, and to ensure that federal employees are advanced based on merit and not based on political affiliation. ”
“The flag in question was placed there by an unknown individual, David Walton, Director of Public Relations for the U.S. Postal Service told Newsweek via email Tuesday afternoon. The flag’s placement was not authorized by the United States Postal Service and was subsequently removed.”
Meanwhile, approximately 150 miles south of the Delmar post office, Trump’s criminal trial in Manhattan is coming to a close this week after over four weeks of testimony.
The former president and presumptive 2024 Republican nominee is facing 34 charges in connection to a payment made to adult film star Stormy Daniels to allegedly keep quiet about an affair she said they had. Prosecutors claim that Trump falsified business records to conceal his involvement in the payment, which was made by Trump’s former personal attorney, Michael Cohen, during the 2016 presidential election.