A business columnist at the Los Angeles Times notes Sam Bankman-Fried's judge issued another ruling "that may have a more far-reaching effect on the crypto business.

U.S. Judge Failla "cleared the Securities and Exchange Commission to proceed with its lawsuit alleging that the giant crypto broker and exchange Coinbase has been dealing in securities without a license." What's important about Failla's ruling is that she dismissed out of hand Coinbase's argument, which is that cryptocurrencies are novel assets that don't fall within the SEC's jurisdiction — in short, they're not "securities." Crypto promoters have been making the same argument in court and the halls of Congress, where they're urging that the lawmakers craft an entirely new regulatory structure for crypto — preferably one less rigorous than the existing rules and regulations promulgated by the SEC and the Commodity Futures Trading Commission...

Failla saw through that argument without breaking a sweat. "The 'crypto' nomenclature may be of recent vintage," she wrote, "but the challenged transactions fall comfortably within the framework that courts have used to identify securities for nearly eighty years...." Since Congress hasn't enacted regulations specifically aimed at crypto, Coinbase said, the SEC's lawsuit should be dismissed. The judge's opinion of that argument was withering. "While certainly sizable and important," she wrote, "the cryptocurrency industry 'falls far short of being a "portion of the American economy" bearing vast economic and political significance....'"

Failla's ruling followed another in New York federal court in which a judge deemed crypto to be securities. In that case, Judge Edgardo Ramos refused to dismiss SEC charges against Gemini Trust Co., a crypto trading outfit run by Cameron and Tyler Winkelvoss, and the crypto lender Genesis Global Capital. The SEC charged that a scheme in which Gemini pooled customers' crypto assets and lent them to Genesis while promising the customers high interest returns is an unregistered security. The SEC case, like that against Coinbase, will proceed....

The hangover from March continued into this month. On April 5, a federal jury in New York found Terraform Labs and its chief executive and major shareholder, Do Kwon, liable in what the SEC termed "a massive crypto fraud...." The value of UST fell in effect to zero, the SEC said, "wiping out over $40 billion of total market value ... and sending shock waves through the crypto asset community."

Movie exhibitors still face "serious risks," the Los Angeles Times reported Tuesday: Attendance was on the decline even before the pandemic shuttered theaters, thanks to changing consumer habits and competition for people's time and money from other entertainment options. The industry has demonstrated an over-reliance on Imax-friendly studio action tent poles, when theater chains need a deep and diverse roster of movies in order to thrive... It remains to be seen whether the global box office will ever get back to the $40 billion-plus days of 2019 and earlier years. A clearer picture will emerge in 2025 when the writers' and actors' strikes are further in the past. But overall, there's a strong case that moviegoing has proved to be relatively sturdy despite persistent difficulties.
Which brings us to this year's CinemaCon convention, where multiplex operators heard from Hollywood studios teasing upcoming blockbusters like Joker: Folie à Deux, Furiosa: A Mad Max Saga, Transformers One, and Deadpool & Wolverine. Exhibitors pleaded with the major studios to release more films of varying budgets on the big screen, while studios made the case that their upcoming slates are robust enough to keep them in business... Box office revenue in the U.S. and Canada is expected to total about $8.5 billion, which is down from $9 billion in 2023 and a far cry from the pre-pandemic yearly tallies that nearly reached $12 billion... Though a fuller release schedule is expected for 2025, talk of budget cuts, greater industry consolidation and corporate mergers has forced exhibitors to prepare for the possibility of a near future with fewer studios making fewer movies....

As the domestic film business has been thrown into turmoil in recent years, Japanese cinema and faith-based content have been two of movie theaters' saving graces. Industry leaders kicked off CinemaCon on Tuesday by singing the praises of Sony-owned anime distributor Crunchyroll's hits — including the latest "Demon Slayer" installment. Mitchel Berger, senior vice president of global commerce at Crunchyroll, said Tuesday that the global anime business generated $14 billion a decade ago and is projected to generate $37 billion next year. "Anime is red hot right now," Berger said. "Fans have known about it for years, but now everyone else is catching up and recognizing that it's a cultural, economic force to be reckoned with.... " Another type of product buoying the exhibition industry right now is faith-based programming, shepherded in large part by "Sound of Freedom" distributor Angel Studios...

Theater owners urged studio executives at CinemaCon to put more films in theaters — and not just big-budget tent poles timed for summer movie season and holiday weekends... "Whenever we have a [blockbuster] film — whether it be 'Barbie' or 'Super Mario' ... records are set," added Bill Barstow, co-founder of ACX Cinemas in Nebraska. "But we just don't have enough of them."

O'Reilly's "Tech Trends" newsletter included an interesting item this month: Want your own Klein Bottle? Made by Cliff Stoll, author of the cybersecurity classic The Cuckoo's Egg, who will autograph your bottle for you (and may include other surprises).
First described in 1882 by the mathematician Felix Klein, a Klein bottle (like a Mobius strip) has a one-side surface. ("Need a zero-volume bottle...?" asks Stoll's web site. "Want the ultimate in non-orientability...? A mathematician's delight, handcrafted in glass.")

But how the legendary cyberbreach detective started the company is explained in this 2016 article from a U.C. Berkeley alumni magazine. Its headline? "How a Berkeley Eccentric Beat the Russians — and Then Made Useless, Wondrous Objects." The reward for his cloak-and-dagger wizardry? A certificate of appreciation from the CIA, which is stashed somewhere in his attic... Stoll published a best-selling book, The Cuckoo's Egg, about his investigation. PBS followed it with a NOVA episode entitled "The KGB, the Computer, and Me," a docudrama starring Stoll playing himself and stepping through the "fourth wall" to double as narrator. Stoll had stepped through another wall, as well, into the numinous realm of fame, as the burgeoning tech world went wild with adulation... He was more famous than he ever could have dreamed, and he hated it. "After a few months, you realize how thin fame is, and how shallow. I'm not a software jockey; I'm an astronomer. But all people cared about was my computing."

Stoll's disenchantment also arose from what he perceived as the false religion of the Internet... Stoll articulated his disenchantment in his next book, Silicon Snake Oil, published in 1995, which urged readers to get out from behind their computer screens and get a life. "I was asking what I thought were reasonable questions: Is the electronic classroom an improvement? Does a computer help a student learn? Yes, but what it teaches you is to go to the computer whenever you have a question, rather than relying on yourself. Suppose I was an evil person and wanted to eliminate the curiosity of children. Give the kid a diet of Google, and pretty soon the child learns that every question he has is answered instantly. The coolest thing about being human is to learn, but you don't learn things by looking it up; you learn by figuring it out." It was not a popular message in the rise of the dot-com era, as Stoll soon learned...

Being a Voice in the Wilderness doesn't pay well, however, and by this time Stoll had taken his own advice and gotten a life; namely, marrying and having two children. So he looked around for a way to make some money. That ushered in his third — and current — career as President and Chief Bottle Washer of the aforementioned Acme Klein Bottle company... At first, Stoll had a hard time finding someone to make Klein bottles. He tried a bong peddler on Telegraph Avenue, but the guy took Cliff's money and disappeared. "I realized that the trouble with bong makers is that they're also bong users."

Then in 1994, two friends of his, Tom Adams and George Chittenden, opened a shop in West Berkeley that made glassware for science labs. "They needed help with their computer program and wanted to pay me," Stoll recalls. "I said, 'Nah, let's make Klein bottles instead.' And that's how Acme Klein Bottles was born."
UPDATE: Turns out Stoll is also a long-time Slashdot reader, and shared comments this weekend on everything from watching the eclipse to his VIP parking pass for CIA headquarters and "this CIA guy's rubber-stamp collection."

"I am honored by the attention and kindness of fellow nerds and online friends," Stoll added Saturday. "When I first started on that chase in 1986, I had no idea wrhere it would lead me... To all my friends: May you burdens be light and your purpose high. Stay curious!"

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.

An anonymous reader quotes a report from Reuters: Independent browser companies in the European Union are seeing a spike in users in the first month after EU legislation forced Alphabet's Google, Microsoft and Apple to make it easier for users to switch to rivals, according to data provided to Reuters by six companies. The early results come after the EU's sweeping Digital Markets Act, which aims to remove unfair competition, took effect on March 7, forcing big tech companies to offer mobile users the ability to select from a list of available web browsers from a "choice screen." [...]

Cyprus-based Aloha Browser said users in the EU jumped 250% in March -- one of the first companies to give monthly growth numbers since the new regulations came in. Founded in 2016, Aloha, which markets itself as a privacy focused alternative to browsers owned by big tech, has 10 million monthly average users and earns money through paid subscriptions, rather than selling ads by tracking users. "Before, EU was our number four market, right now it's number two," Aloha CEO Andrew Frost Moroz said in an interview. Norway's Vivaldi, Germany's Ecosia and U.S.-based Brave have also seen user numbers rise following the new regulation. U.S.-based DuckDuckGo, which has about 100 million users, and its bigger rival, Norway-based Opera (OPRA.O), opens new tab are also seeing growth in users, but said the choice screen rollout is still not complete. "We are experiencing record user numbers in the EU right now," said Jan Standal, vice president at Opera, which counts over 324 million global users.

Under the new EU rules, mobile software makers are required to show a choice screen where users can select a browser, search engine and virtual assistant as they set up their phones. Previously, tech companies such as Apple and Google loaded phones with default settings that included their preferred services, such as the voice assistant Siri for iPhones. Changing these settings required a more complicated process. Apple is now showing up to 11 browsers in addition to Safari in the choice screens curated for each of the 27 countries in the EU, and will update those screens once every year for each country. While DuckDuckGo and Opera are offered in Apple's list, opens new tab in all 27 countries, Aloha is in 26 countries, Ecosia is in 13 and Vivaldi in 8. Google is currently showing browser choices on devices made by the company and said new devices made by other companies running Android operating system will also display choice screen in the coming months. A Google spokesperson said they do not have data on choice screens to share yet.

For the first time ever, the Environmental Protection Agency announced Wednesday it is issuing a national regulation limiting the amount of certain per- and polyfluoroalkyl substances, known as PFAS, found in drinking water. From a report: Commonly called "forever chemicals," PFAS are synthetic chemicals found nearly everywhere -- in air, water, and soil -- and can take thousands of years to break down in the environment. The EPA has stated there is no safe level of exposure to PFAS without risk of health impacts, but now it will require that public water utilities test for six different types of PFAS chemicals to reduce exposure in drinking water. The new standards will reduce PFAS exposure for 100 million people, according to the EPA, and prevent thousands of deaths and illnesses.

"Drinking water contaminated with PFAS has plagued communities across this country for too long," EPA Administrator Michael S. Regan said in a statement Wednesday. For public water utility companies to comply with the new drinking water standards, the EPA is making $1 billion available to states and territories to implement PFAS testing and treatment at public water systems. That money is part of a $9 billion investment made possible by the 2021 Bipartisan Infrastructure Law to assist communities impacted by PFAS contamination.

The Federal Communications Commission chair decided not to impose Universal Service fees on Internet service, rejecting arguments for new assessments to shore up an FCC fund that subsidizes broadband network expansions and provides discounts to low-income consumers. From a report: The $8 billion-a-year Universal Service Fund (USF) pays for FCC programs such as Lifeline discounts and Rural Digital Opportunity Fund deployment grants for ISPs. Phone companies must pay a percentage of their revenue into the fund, and telcos generally pass those fees on to consumers with a "Universal Service" line item on telephone bills.

Imposing similar assessments on broadband could increase the Universal Service Fund's size and/or reduce the charges on phone service, spreading the burden more evenly across different types of telecommunications services. Some consumer advocates want the FCC to increase the fund in order to replace the Affordable Connectivity Program (ACP), a different government program that gives $30 monthly broadband discounts to people with low incomes but is about to run out of money because of inaction by Congress. The Universal Service funding question is coming up now because, on April 25, the FCC is scheduled to vote on reclassifying broadband as a telecommunications service in order to re-impose the net neutrality rules scrapped during the Trump era. Imposing Universal Service charges on broadband would likely result in ISPs adding those costs to monthly bills and would make the net neutrality proceeding even more of a political minefield than it already is. FCC Chairwoman Jessica Rosenworcel's net neutrality proposal takes the same stance against requiring Universal Service contributions that the FCC took in 2015 when it first imposed the net neutrality rules.

When Disneyland opened in 1955, its car-themed attraction Autopia "represented the future of what would become America's multilane limited-access highways," according to Wikipedia, " which were still being developed. President Eisenhower had yet to sign the Interstate Highway legislation..."

Wikipedia adds that the cars "generate a moderate level of exhaust from the Honda GX gasoline engines that propel the cars." But that may change, according to a climate-oriented newsletter from the Los Angeles Times: If anyone could get away with defending the toxic odor, it might be Bob Gurr. He designed the original Autopia cars in the mid-1950s, working closely with Walt himself. He's proud of what they built together. But today the 92-year-old Disney legend says the polluting motors need to go. "Get rid of those God-awful gasoline fumes," he told me.

Disney is finally preparing to do just that. In news shared exclusively with The Times ahead of this column's publication — after several weeks of my prodding the company for answers on the future of Autopia — Disney officials revealed that pure gasoline engines are on their way out... "As the industry moves toward alternative fuel sources, we have developed a roadmap to electrify this attraction and are evaluating technology that will enable us to convert from gas engines in the next few years," spokesperson Jessica Good said in an email. Good wouldn't confirm whether that means electric vehicles, or if hybrids are a possibility...

[Gurr] also expressed a grander vision for Tomorrowland as a hub for stories about renewable energy, public transit and other sustainable technologies that will help us create a better tomorrow... [H]ow about using the former Innoventions building, which once displayed futuristic technologies but is now closed to most guests, to showcase solar panels, lithium-ion batteries and other clean energy devices that guests might want in their homes...? Why not switch to electric cooking at the Alien Pizza Planet restaurant, and offer induction stove demos for diners? Maybe start screening some National Geographic films (Disney owns NatGeo) at the largely unused Magic Eye Theater...? Add some infotainment-style signs and voice-overs about the wonders of clean energy and public transit, and boom, you've got a Tomorrowland that should leave kids and their parents excited to help build a safer, happier, more sustainable world...

[Gurr] told me that if he could, he'd tear out everything in Tomorrowland except the Monorail and rebuild it as a version of the public transit-oriented futuristic city that Walt once planned for Florida — only with clean energy at the core of its storytelling... At the very least, he said it's time for an Autopia where guests "don't smell the fumes, don't hear that racket of the little motor going putt-putt-putt."
The newsletter agrees electric vehicles for Autopia are "the obvious starting point" for remodeling Tomorrowland with "a buzz of optimism and futuristic energy." ("Solar-panel shade structures over the line would be great too.") They even add that "it's not that it's my job to make money for Disney, but I'm sure the company could find sponsors for this vision of Tomorrowland. There are plenty of renewable energy companies, electric utilities and environmental groups eager to tout their causes and their credentials."

And it shares this observation from climate scientist and communicator Katharine Hayhoe (paraphrasing another scientist who studies climate communications): "Showing people what climate solutions look like is one of the most effective ways to get them to support action." The newsletter's conclusion? "This is where Tomorrowland could prove especially valuable in the fight to save the planet."


Some additional context... Disney's current CEO once said he was "particuarly proud" of the 270-acre, 50+-megawatt solar facility the company brought online in Orlando." And the Washington Post reports that Disney's plans to electrify Autopia "comes as the park is taking steps to decarbonize as part of an effort to reach a goal of net-zero emissions by 2030."

A professor at Ithaca College runs part of each student's essay through ChatGPT, "asking the AI tool to critique and suggest how to improve the work," reports CNN. (The professor said "The best way to look at AI for grading is as a teaching assistant or research assistant who might do a first pass ... and it does a pretty good job at that.")

And the same professor then requires their class of 15 students to run their draft through ChatGPT to see where they can make improvements, according to the article: Both teachers and students are using the new technology. A report by strategy consultant firm Tyton Partners, sponsored by plagiarismâdetection platform Turnitin, found half of college students used AI tools in Fall 2023. Meanwhile, while fewer faculty members used AI, the percentage grew to 22% of faculty members in the fall of 2023, up from 9% in spring 2023.

Teachers are turning to AI tools and platforms — such as ChatGPT, Writable, Grammarly and EssayGrader — to assist with grading papers, writing feedback, developing lesson plans and creating assignments. They're also using the burgeoning tools to create quizzes, polls, videos and interactives to up the ante" for what's expected in the classroom. Students, on the other hand, are leaning on tools such as ChatGPT and Microsoft CoPilot — which is built into Word, PowerPoint and other products.

But while some schools have formed policies on how students can or can't use AI for schoolwork, many do not have guidelines for teachers. The practice of using AI for writing feedback or grading assignments also raises ethical considerations. And parents and students who are already spending hundreds of thousands of dollars on tuition may wonder if an endless feedback loop of AI-generated and AI-graded content in college is worth the time and money.
A professor of business ethics at the University ofâVirginia "suggested teachers use AI to look at certain metrics — such as structure, language use and grammar — and give a numerical score on those figures," according to the article. ("But teachers should then grade students' work themselves when looking for novelty, creativity and depth of insight.")

But a writer's workshop teacher at the University of Lynchburg in Virginia "also sees uploading a student's work to ChatGPT as a 'huge ethical consideration' and potentially a breach of their intellectual property. AI tools like ChatGPT use such entries to train their algorithms..."

Even the Ithaca professor acknowledged to CNN that "If teachers use it solely to grade, and the students are using it solely to produce a final product, it's not going to work."

Thursday America's Environmental Protection Agency "awarded $20 billion to help finance clean-energy projects across the country," reports the Washington Post. The money comes from the Greenhouse Gas Reduction Fund established by President Biden's signature climate law, the Inflation Reduction Act. The fund seeks to leverage public and private dollars to invest in clean-energy technologies such as solar panels, heat pumps and more.

The program is potentially one of the most consequential — yet least understood — parts of the climate law...

Simply put, the program allows people to access low-interest loans for clean-energy projects that they might not otherwise have received. Imagine a community group that wants to install electric vehicle charging stations at its neighborhood recreation center but can't get a loan from a bank or a lender. As is often the case, potential lenders say they're hesitant to support a novel green technology or a business without a track record of success. Low-income and minority communities have long encountered such obstacles in trying to attract private capital. The program aims to overcome this problem by providing a huge influx of federal cash — $27 billion in total — for nonprofit organizations to dole out to clean-energy projects nationwide. Each nonprofit will serve as a "green bank" that offers more favorable lending rates than commercial banks. "It's just really hard to get banks to bring capital into low-income communities, especially for these new projects that they're not used to financing," said Adrian Deveny, the founder of the firm Climate Vision and the former director of energy and environmental policy for Senate Majority Leader Charles E. Schumer (D-N.Y.), a key architect of the Inflation Reduction Act....

The EPA is awarding money to eight nonprofits, which have committed to leverage nearly $7 in private capital for every $1 of federal investment. The nonprofits have also pledged to ensure that at least 70 percent of the funds will benefit disadvantaged communities, and that the financed projects will reduce up to 40 million metric tons of carbon dioxide a year — equivalent to the annual emissions of nearly 9 million gasoline-powered cars... [The nonprofit] Coalition for Green Capital, will use a $5 billion award to establish a "national green bank," co-founder and CEO Reed Hundt said. "We're going to be able to cause about $100 billion of total additional investment over a seven-year time period with that number, because we can leverage it," Hundt said.

Longtime Slashdot reader DrunkenTerror shares a report from AnandTech: SK hynix this week announced plans to build its advanced memory packaging facility in West Lafayette, Indiana. The move can be considered as a milestone both for the memory maker and the U.S., as this is the first advanced memory packaging facility in the country and the company's first significant manufacturing operation in America. The facility will be used to build next-generation types of high-bandwidth memory (HBM) stacks when it begins operations in 2028. Also, SK hynix agreed to work on R&D projects with Purdue University.

The facility will handle assembly of HBM known good stacked dies (KGSDs), which consist of multiple memory devices stacked on a base die. Furthermore, it will be used to develop next-generations of HBM and will therefore house a packaging R&D line. However, the plant will not make DRAM dies themselves, and will likely source them from SK hynix's fabs in South Korea. The plant will require SK hynix to invest $3.87 billion, which will make it one of the most advanced semiconductor packaging facilities in the world. Meanwhile, SK hynix held the investment agreement ceremony with representatives from Indiana State, Purdue University, and the U.S. government, which indicates parties financially involved in the project, but this week's event did not disclose whether SK hynix will receive any money from the U.S. government under the CHIPS Act or other funding initiatives.

An Ethiopian bank has put up posters shaming customers it says have not returned money they gained during a technical glitch. From a report: Notices bearing their names and photos could be seen outside branches of the Commercial Bank of Ethiopia (CBE) on Friday. The bank says it has recovered almost three-quarters of the $14m it lost, its head said last week. He warned that those keeping money that is not theirs will be prosecuted. Last month, an hours-long glitch allowed customers at the CBE, Ethiopia's largest commercial bank, to withdraw or transfer more than they had in their accounts.

China will attempt to disrupt elections in the US, South Korea and India this year with artificial intelligence-generated content after making a dry run with the presidential poll in Taiwan, Microsoft has warned. From a report: The US tech firm said it expected Chinese state-backed cyber groups to target high-profile elections in 2024, with North Korea also involved, according to a report by the company's threat intelligence team published on Friday. "As populations in India, South Korea and the United States head to the polls, we are likely to see Chinese cyber and influence actors, and to some extent North Korean cyber actors, work toward targeting these elections," the report reads.

Microsoft said that "at a minimum" China will create and distribute through social media AI-generated content that "benefits their positions in these high-profile elections." The company added that the impact of AI-made content was minor but warned that could change. "While the impact of such content in swaying audiences remains low, China's increasing experimentation in augmenting memes, videos and audio will continue -- and may prove effective down the line," said Microsoft. Microsoft said in the report that China had already attempted an AI-generated disinformation campaign in the Taiwan presidential election in January. The company said this was the first time it had seen a state-backed entity using AI-made content in a bid to influence a foreign election.
UPDATE: Last fall, America's State Department "accused the Chinese government of spending billions of dollars annually on a global campaign of disinformation," reports the Wall Street Journal: In an interview, Tom Burt, Microsoft's head of customer security and trust, said China's disinformation operations have become much more active in the past six months, mirroring rising activity of cyberattacks linked to Beijing. "We're seeing them experiment," Burt said. "I'm worried about where it might go next."

In an interview with Roblox Studio head Stefano Corazza, Eurogamer asked about the reputation Roblox has gained and the notion that it was exploitative of young developers, since it takes a cut from work sometimes produced by children. Here's what he had to say: "I don't know, you can say this for a lot of things, right?" Corazza said. "Like, you can say, 'Okay, we are exploiting, you know, child labour,' right? Or, you can say: we are offering people anywhere in the world the capability to get a job, and even like an income. So, I can be like 15 years old, in Indonesia, living in a slum, and then now, with just a laptop, I can create something, make money and then sustain my life. "There's always the flip side of that, when you go broad and democratized - and in this case, also with a younger audience," he continued. "I mean, our average game developer is in their 20s. But of course, there's people that are teenagers -- and we have hired some teenagers that had millions of players on the platform.

"For them, you know, hearing from their experience, they didn't feel like they were exploited! They felt like, 'Oh my god, this was the biggest gift, all of a sudden I could create something, I had millions of users, I made so much money I could retire.' So I focus more on the amount of money that we distribute every year to creators, which is now getting close to like a billion dollars, which is phenomenal."

At this point the PR present during the interview added that "the vast majority of people that are earning money on Roblox are over the age of 18." "And imagine like, the millions of kids that learn how to code every month," Corazza said. "We have millions of creators in Roblox Studio. They learn Lua scripting," a programming language, "which is pretty close to Python - you can get a job in the tech industry in the future, and be like, 'Hey, I'm a programmer,' right? "I think that we are really focusing on the learning - the curriculum, if you want - and really bringing people on and empowering them to be professionals."

An anonymous reader writes: Could you imagine discovering that your identity had been used to take out fraudulent loans and when you tried to resolve the issue by providing your state ID and Social Security card you were instead arrested, charged with multiple felonies, jailed for over a year, incarcerated in a mental hospital and given psychotropic drugs, eventually to be released with a criminal record and a judge's order that you could no longer use your real name? As dystopian as this might sound, it actually happened. And it was only after the victim learned his oppressor worked for The University of Iowa Hospital and contacted their security department was the investigation taken seriously leading to the perpetrator's arrest. The Gazette reports: Matthew David Keirans, 58, was convicted of one count of false statement to a National Credit Union Administration insured institution -- punishable by up to 30 years in federal prison -- and one count of aggravated identity theft -- punishable by up to two years in federal prison. Keirans worked as a systems architect in the hospital's IT department from June 28, 2013 to July 20, 2023, when he was terminated for misconduct related to the identity theft investigation. Keirans worked at the hospital under the name William Donald Woods, an alias he had been using since about 1988, when he worked with the real William Woods at a hot dog cart in Albuquerque, N.M. [...] By 2013, Keirans had moved to eastern Wisconsin. He started his IT job with UI Hospitals and worked remotely. He earned more than $700,000 in his 10 years working for the hospital. In 2023, his salary was $140,501, according to the hospital.

In 2019, the real William Woods was homeless, living in Los Angeles. He went to a branch of the national bank and explained that he recently discovered someone was using his credit and had accumulated a lot of debt. Woods didn't want to pay the debt and asked to know the account numbers for any accounts he had open at the bank so he could close them. Woods gave the bank employee his real Social Security card and an authentic California Identification card, which matched the information the bank had on file. Because there was a large amount of money in the accounts, the bank employee asked Woods a series of security questions that he was unable to answer. The bank employee called Keirans, whose the phone number was connected to the accounts. He answered the security questions correctly and said no one in California should have access to the accounts. The employee called the Los Angeles Police Department, and officers spoke with Woods and Keirans. Keirans faxed the Los Angeles officers a copy of Woods' Social Security card and birth certificate, as well as a Wisconsin driver's license Keirans had acquired under Woods' name. The driver's license had the name William David Woods -- David is Keirans' real middle name -- rather than William Donald Woods. When questioned, Keiran told an LAPD officer he sometimes used David as a middle name, but his real name was William Donald Woods. The real Woods was arrested and charged with identity theft and false impersonation, under a misspelling of Keirans' name: Matthew Kierans.

Because Woods continued to insist, throughout the judicial process, that he was William Woods and not Matthew Kierans, a judge ruled in February 2020 that he was not mentally competent to stand trial and he was sent to a mental hospital in California, where he received psychotropic medication and other mental health treatment. In March 2021, Woods pleaded no contest to the identity theft charges -- meaning he accepted the conviction but did not admit guilt. He was sentenced to two years imprisonment with credit for the two years he already served in the county jail and the hospital and was released. He was also ordered to pay $400 in fines and to stop using the name William Woods. He did not stop. Woods continued to attempt to regain his identity by filing customer disputes with financial organizations in an attempt to clear his credit report. He also reached out to multiple law enforcement agencies, including the Hartland Police Department in Wisconsin, where Keirans lived. Woods eventually discovered where Keirans was working, and in January 2023 he reached out to the University of Iowa Hospitals' security department, who referred his complaint to the University of Iowa Police Department.

University of Iowa Police Detective Ian Mallory opened an investigation into the case. Mallory found the biological father listed on Woods' birth certificate -- which both Woods and Keirans had sent him an official copy of -- and tested the father's DNA against Woods' DNA. The test proved Woods was the man's son. On July 17, 2023, Mallory interviewed Keirans. He asked Keirans what his father's name was, and Keirans accidentally gave the name of his own adoptive father. Mallory then confronted Keirans with the DNA evidence, and Keirans responded by saying, "my life is over" and "everything is gone." He then confessed to the prolonged identity theft, according to court documents. The full story can be ready via The Gazette.

Many investors are lining up to bet on the collapse of former President Donald J. Trump's social media company, Trump Media & Technology Group Corp., which made its stock market debut last week under the ticker "DJT." The stock has been called the "mother of all meme stocks" since it is highly volatile and there are no fundamental underpinnings. It's being valued at roughly 1,600 times its annual revenue, at Wednesday's closing price. "By comparison, the stock of Facebook's owner trades at about eight times revenues, and Google's owner trades at six times," notes Fast Company. The New York Times reports: Trump Media is the most "shorted" special purpose acquisition vehicle in the country, according to the financial data company S3 Partners. Short-sellers bet that the price of a stock will fall. They do that by borrowing shares of a company and selling them into the market, hoping to buy them back later at a lower price, before returning the shares to the lender and pocketing the difference as profit. The demand to short Trump Media, the parent company of the social media platform Truth Social, is so great that stock lenders can charge enormous fees, making it hard for short-sellers to turn a profit unless the shares fall significantly. Still, there is a lot of interest in taking the bet. "They are looking for this stock to crater and crater very quickly," said Ihor Dusaniwsky, managing director of predictive analytics at S3. Last month, traders lost $126 million betting against Trump Media, according to S3.

On Monday, Trump Media published updated financial information, revealing little revenue, large losses and a statement from the company's independent auditor expressing "substantial doubt" about its financial viability. This appeared to galvanize investors betting against the company, as the stock slipped from its highs. But short-sellers are finding it difficult and costly to trade in Trump Media. There are roughly 137 million shares in the company, and only around five million of those are available to short-sellers. Mr. Trump owns about 60 percent of shares, and company executives also hold a chunk of the stock. Company insiders tend not to lend their shares to short-sellers. Big asset managers like BlackRock, Vanguard and State Street, which regularly lend out shares, are not major holders of Trump Media, further crimping the supply.

According to S3, 4.9 million of the roughly five million available shares are already on loan. As with any loan, when share owners lend their stock to a short-seller, they charge a fee, usually expressed as an annual interest rate on the stock's current value. Typically, the fee for borrowing stock is a fraction of a percentage point. For Trump Media, it has risen to 550 percent, Mr. Dusaniwsky said. Trump Media's stock currently trades at around $50. That means that shorting it for a month would cost more than $20 per share. For a short-seller to break even, the stock price would have to fall by almost half by early May.

There is another wrinkle, too. One large broker said much of the short trading was not an outright bet against Trump Media. Since the advent of meme-stock trading and the vilification of short-sellers that win only if popular companies lose, large investors are wary of making such trades. Instead, the current trade driving demand is designed to capture the difference between DJT's stock price and outstanding "warrants," which will give the owners the right to new stock at a fixed price as long as regulators approve the new shares. Partly because of that uncertainty, those warrants currently trade below $19, with a list of hedge funds as recent holders. Even after the high cost to borrow stock is accounted for, they are still able to profit from the $30 difference between existing stock and what the warrants are worth, assuming the warrants become registered as shares.

Taiwan's biggest earthquake in 25 years has disrupted production at the island's semiconductor companies, raising the possibility of fallout for the technology industry and perhaps the global economy. From a report: The potential repercussions are significant because of the critical role Taiwan plays in the manufacture of advanced chips, the foundation of technologies from artificial intelligence and smartphones to electric vehicles.

The 7.4-magnitude earthquake led to the collapse of at least 26 buildings, four deaths and the injury of 57 people across Taiwan, with much of the fallout still unknown. Taiwan Semiconductor Manufacturing Co., the world's largest maker of advanced chips for customers like Apple and Nvidia, halted some chipmaking machinery and evacuated staff. Local rival United Microelectronics also stopped machinery at some plants and evacuated certain facilities at its hubs of Hsinchu and Tainan.

Taiwan is the leading producer of the most advanced semiconductors in the world, including the processors at the heart of the latest iPhones and the Nvidia graphics chips that train AI models like OpenAI's ChatGPT. TSMC has become the tech linchpin because it's the most advanced in producing complex chips. Taiwan is the source of an estimated 80% to 90% of the highest-end chips -- there is effectively no substitute. Jan-Peter Kleinhans, director of the technology and geopolitics project at Berlin-based think tank Stiftung Neue Verantwortung, has called Taiwan "potentially the most critical single point of failure" in the semiconductor industry.

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.

The White House plans to renew a push in April to convince Congress to extend an internet subsidy program used by 23 million American households just weeks before it runs out of money, officials said. From a report: In October, the White House asked for $6 billion to extend the program through December 2024, but Congress has not funded it, potentially putting millions of households at risk of losing their internet service. Federal Communications Commission Chair Jessica Rosenworcel told lawmakers in a letter that April is the last month participants will get the full subsidy, with partial subsidies in May.

Congress previously allocated $17 billion to help lower-income families and people impacted by COVID-19 gain broadband access through a $30 per month voucher to use toward internet service. "We have come too far to allow this successful effort to promote internet access for all to end," Rosenworcel said on Tuesday. "Despite the breadth of this support and the urgent need to continue this program to ensure millions of households nationwide do not lose essential internet access, no additional funding has yet been appropriated."

Telegram is enhancing its platform for businesses with the introduction of Telegram Business, offering specialized features like customizable start pages, business hours, and chat management tools, while also initiating an ad-revenue sharing model for public channels with at least 1,000 subscribers. "As a whole, the features could introduce competition into a market where Meta's apps like Messenger, Instagram and WhatsApp have a hold on business communication," reports TechCrunch. From the report: The features arrived just a couple of weeks after Telegram founder Pavel Durov told the Financial Times in an interview that he expected the app, which now has over 900 million users, to become profitable by 2025. Telegram Business is clearly part of that push, leading up to a future IPO, as it's an offering that requires users to subscribe to the paid Premium version to access. Telegram Premium is a bundle of upgraded features that cost $4.99 per month on iOS and Android and is also available as a three-month, six-month or one-year plan.

Telegram Business will likely give Premium another bump as it offers tools and features that can be used by business customers without needing to know how to code. For instance, businesses can choose to display their hours of operation and location on a map, and greet customers with a customized start page for empty chats where they can choose the text and sticker users see before beginning a conversation. Similar to features available on WhatsApp, Telegram Business will offer "quick replies," which are shortcuts to preset messages that support formatting, links, media, stickers and files.

Businesses can also set their own custom greeting messages for customers who engage with the company for the first time, and they can specify a period after which the greeting would be shown again. They can manage their availability using away messages while the business is closed or the owner is on vacation. Plus, the businesses can categorize their chats using colored labels based on what chat folders they're in, like delivery, claim, orders, VIP, feedback, or any others that make sense for them. In addition, businesses can create links to chat that will instantly open a Telegram chat with a request to take an action like tracking an order or reserving a table, among other things. Business customers can also add Telegram bots, including those from other tools or AI assistants, to answer messages on their behalf. The company said more features will roll out to Telegram Business in future updates.