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OEIS Financial Fraud Private Investigator:
A $2 billion settlement has been reached between New York Attorney General Letitia James and failed crypto lender Genesis to repay their investors. The settlement is said to be the largest against a cryptocurrency company in New York’s history. It mandates restitution for affected investors and bans Genesis trading from operating in the state.
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“This historic settlement is a major step toward ensuring the victims who invested in Genesis have a semblance of justice,” said Attorney General James.
“Once again, we see the real-world consequences and detrimental losses that can happen because of a lack of oversight and regulation within the cryptocurrency industry,” she added.
“New York investors deserve the peace of mind that comes from a properly regulated marketplace, and that is something my office will always act to achieve.”
As per the latest settlement, a “Victims’ Fund” for Genesis’ creditors will be created, and the victims will receive distributions from the assets remaining in Genesis’ estate. In the event that Genesis’ remaining assets are not sufficient to repay those creditors, the Victims’ Fund will receive up to $2 billion.
This case relates to Sam Bankman-Fried’s FTX fraud in November 2022 and its consequences. Genesis, owned by Barry Silbert’s Digital Currency Group, was a lending partner of the crypto exchange Gemini’s Earn product. It had its derivatives unit lock up around $175 million in funds with FTX. After hearing the news of FTX’s collapse, Genesis paused withdrawals from the Earn program, which had approximately $900 million in assets from 340,000 users.
Crypto exchange and Genesis creditor Gemini didn’t like the way Genesis dealt with the financial troubles. Cameron Winklevoss wrote an open letter in January 2023 addressed to the CEO of Digital Currency Group, the parent organization of Genesis. In the letter, he accused the parent firm of acting in “bad faith” by delaying the process of returning the $900 million owed to clients of Gemini’s Earn program.
New York Attorney General Letitia James charged Gemini Trust, Genesis Capital, and Digital Currency Group with $1 billion in fraud in 2023.
Genesis, which is undergoing bankruptcy proceedings, agreed to give $1.1 billion back to crypto customers. Meanwhile, Genesis Global Capital, which is also bankrupt, agreed to pay $21 million to settle charges with the U.S. Securities and Exchange Commission (SEC) for violating securities laws that are related to its involvement with the now-defunct Gemini Earn program.
Recently, the failed crypto exchange FTX said in a statement that it expects almost 100% of its former customers to get back the money they lost when the cryptocurrency exchange collapsed. Earlier this year, FTX co-founder Sam-Bankman Fried was sentenced to jail for 25 years.
OEIS Private Investigator:
Skórzewiak – stock.adobe.com
Governments all the plot through the field must always alter into more proactively attentive to mitigate the threat of contemporary and evolving cyber threats, per the United Countries (UN)-backed Global cybersecurity index 2024 file.
The file is the work of the Global Telecommunication Union (ITU), which is a digital applied sciences-focused UN company supposed to shine a gradual on the development countries all the plot through the field are making by formula of evading cyber threats.
It does this by assessing their efforts all the plot through 5 pillars, spanning valid, technical, organisational, skill, style and cooperation. The closing time the file used to be published used to be in 2021.
For the principle time, the file also makes use of a tiering machine to shocking countries primarily based on how ready they are to protect themselves from cyber threats, with 46 countries achieving the ideal Tier 1 ranking, which marks them out as showing a solid dedication to addressing all 5 pillars.
“Most countries are either ‘organising’ (Tier 3) or ‘evolving’ (Tier 4) by formula of cyber security,” talked about the ITU in a assertion. “The 105 countries in these tiers have faith largely expanded digital services and connectivity however serene must always integrate cyber security features.”
Total, the file talked about countries all all the plot through the field are stepping up their investments and efforts on the cyber security entrance.
To illustrate, the file confirmed that 132 countries now have faith a nationwide cyber security intention in situation, which is up from 107 in 2021.
On the choice hand, given how many countries have faith a Tier 3 or Tier 4 ranking, it’s certain more must always be finished, talked about the ITU.
“Building have faith in the digital world is paramount,” talked about Doreen Bogdan-Martin, ITU secretary general. “The development seen in the Global cybersecurity index is a model that we must always proceed to focal point efforts to guarantee that that everybody, in each assign can safely and securely design up cyber threats in on the present time’s more and more complex digital panorama.”
The cyber security threats organisations and countries are having to face down proceed to adapt and grow in sophistication, with the file flagging authorities-focused ransomware assaults, machine outages and cyber breaches affecting core industries as particularly worrisome.
“The Global cybersecurity index 2024 reveals well-known enhancements by countries that are enforcing wanted valid measures, plans, skill constructing initiatives and cooperation frameworks, particularly in strengthening incident response capabilities,” talked about Cosmas Luckyson Zavazava, director of ITU’s Telecommunication Vogue Bureau.
“ITU’s cyber security projects and programmes are supporting these nationwide efforts to more successfully design up cyber threats, and I hope that the development demonstrated by this most contemporary index encourages countries to operate more in organising accept and valid digital programs and networks.”
From a geographical point of view, the file flags Africa as being a situation of the field the assign the largest enchancment in mitigating cyber assaults has came about since the closing file used to be published in 2021.
“The arena’s least developed countries [LDCs] have faith also began making positive aspects, though they serene need make stronger to attain further and sooner,” talked about the ITU assertion.
“[The report also] reveals that the common LDC has now reached the identical degree of cyber security situation that quite a bit of the non-LDC organising countries had in 2021.
“Land-locked organising countries and shrimp island organising states proceed to face resource and skill constraints on cyber security efforts,” it added.
OEIS Cyber Security Investigator:
NPR’s Ayesha Rascoe talks with cyber security specialist Ram Dantu about disruptions earlier this month to 9-1-1 systems in Nevada, South Dakota, and Nebraska.
AYESHA RASCOE, HOST:
It’s not something any of us want to experience – you’re in an emergency. You need help, so you pick up the phone and dial 911. And…
(SOUNDBITE OF BUSY TONE)
RASCOE: …You can’t get through. Earlier this month, emergency systems in parts of Nevada, South Dakota, and all of Nebraska went dead for about 3 hours. Apparently, that was because workers installing a light pole in Missouri accidentally cut into a fiber line that was connected to 911 operations in those areas. How does one little light pole cause so much chaos? To talk more about that incident and related risk, I’m joined by Ram Dantu. He’s director of the Center for Information and Cybersecurity at the University of North Texas. Thank you for joining us.
RAM DANTU: Thank you for having me.
RASCOE: That light pole was being installed in Kansas City, Mo., and emergency services weren’t cut off there, but they were much farther away. How did that happen?
DANTU: The emergency services – these are all generally connected through fiber optic cables, fiber optic rings going across all these center you can call. So if you go and cut a particular fiber by mistake – normally, you have one going on clockwise, another going anticlockwise rings. So I’m not sure exactly how the provider has installed this, but if you cut one, there should be service on the other one. So that’s the kind of thing that normally happens.
RASCOE: Well, in this case – I mean, it’s hard to say how many people were unable to get through to 911 centers. There were cases, I guess, where callers were asked to call a different line or in some cases to text. But how concerned should we be about that?
DANTU: This is more or less life-and-death situation because they cannot reach the 911. So the ambulance cannot be dispatched, as you know, that every minute counts.
RASCOE: Yeah. Yeah, exactly. So is there anything that can be done about it?
DANTU: Yes. When you make a phone call, there is actual a line is going from your house to the 911 center, end to end. But when it comes next generation 911, in case, if there’s a disaster in Texas, they can be routed to California and bring them back. It is not a wire connection. It can’t go some other route and get connected.
RASCOE: In San Francisco recently, we did see that modernization can come with its own pitfalls. They had a computer shut down only hours after opening a new call system. Like, what are some of the issues that can happen, even with, you know, a modern system?
DANTU: Obviously, there are several reasons why there’ll be glitch because they’re setting up and they should have various software in various different servers they use. There’s a database. There’s a call server. There’s a dispatch server. The several servers are connected. So when they’re actually working together, if it is brand new, that means they’re not tested as much as it should be or it can be.
RASCOE: So the Federal Communications Commission declined to comment to NPR, but says it’s investigating. What would you personally like to see happen after these outages happened?
DANTU: Yeah, the number one is availability. And 911 network has to be available all the time. There should be some regulation from the federal government, so they have to construct their networks so that they can route these calls to different networks or different routes so that you will never, never lose a call.
RASCOE: That’s Ram Dantu. He’s the director of the Center for Information and Cybersecurity at the University of North Texas. Thank you so much for speaking with us.
DANTU: Thank you.
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