Category Archives: Technology

Theranos founder Elizabeth Holmes sentenced to more than 11 years for defrauding investors

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The harsh ruling sends a message to Silicon Valley that the government will hold founders accountable for what’s promised

Elizabeth Holmes, founder of Theranos, has been sentenced to more than 11 years in prison over her role in the blood testing firm that collapsed after its technology was revealed to be largely fraudulent.

Holmes was convicted in January on four counts of defrauding investors. She appeared on Friday afternoon at the San Jose, California, courthouse where her nearly four-month-long trial began in August 2021, alongside relatives and supporters, including her partner, Billy Evans.

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New FTX boss, who worked on Enron bankruptcy, condemns ‘unprecedented failure’

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US corporate restructuring expert John Ray says ‘never in my career have I seen such a complete failure of corporate controls’

In a stinging court filing posted on Thursday John Ray III, the new boss of the bankrupt crypto exchange FTX, said the company had suffered an “unprecedented and complete failure of corporate controls”.

Ray has overseen some of the biggest bankruptcies ever, including the collapse of the energy giant Enron, and has 40 years of experience in restructuring companies. He said he had never seen anything as bad as FTX.

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British government blocks takeover of Welsh semiconductor producer

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BEIS has ‘national security’ concerns over China-owned Nexperia which took control of Newport Wafer Fab

The British government has blocked the takeover of the UK’s largest producer of semiconductors by a Chinese-owned manufacturer, citing “a risk to national security”.

The business department’s decision on Wednesday comes more than a year after semiconductor company Nexperia first announced that it had taken control of Newport Wafer Fab in south Wales in July 2021, in a £63m deal.

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UK Treasury joins chat app Discord and is met with torrent of abuse

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Users on gamer-focused platform manage to respond to posts despite government blocking all comments

The UK Treasury has opened an account on Discord to a torrent of abuse from users of the gamer-focused chat app – abuse they managed to send despite the government blocking all comments on the service.

As Twitter’s future looks increasingly uncertain, prominent users are preparing alternatives, directing followers to Facebook and Instagram accounts, handing out their Mastodon addresses, and setting up servers on chat apps such as Discord.

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Crypto exchange FTX expects to have more than 1m creditors

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Bankruptcy filing says ‘questions arose’ about founder Sam Bankman-Fried’s leadership

The collapsed crypto exchange FTX expects to have more than 1 million individual creditors, the company has said in its first bankruptcy filing, scattered across more than 100 companies in the wider group.

According to the filing at the bankruptcy court in the US state of Delaware, where FTX US is based, Sam Bankman-Fried, the founder and chief executive, stepped down at 4.30am on Friday, “after consultation with his own legal counsel”.

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Google will pay $392m to 40 states in largest ever US privacy settlement

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Case is a historic win for consumers after an investigation found the tech company tracked users’ location even after they opted out

Google has agreed to a $391.5m settlement with 40 states to resolve an investigation into how the company tracked users’ locations, state attorneys general announced on Monday.

The states’ investigation was sparked by a 2018 Associated Press story, which found that Google continued to track people’s location data even after they opted out of such tracking by disabling a feature the company called “location history”.

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Sam Bankman-Fried’s $40m Bahamas penthouse reportedly up for sale

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Entrepreneur at center of FTX scandal put luxury residence up for sale the same day crypto exchange filed for bankruptcy

Sam Bankman-Fried, the crypto trader entrepreneur at the center of the FTX scandal, reportedly put his luxury $40m Bahamas penthouse up for sale on Friday – the same day the cryptocurrency exchange filed for bankruptcy.

Bankman-Fried’s penthouse – “the Orchid”, located in Albany, an exclusive private community in Nassau – was listed by real estate agent Seaside Bahamas at $39,500,000. The offering was first reported on Twitter by Autism Capital.

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Canada charges electric vehicle battery researcher with espionage for China

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Yuesheng Wang, a worker at Quebec’s power utility, is accused of sending trade secrets to China

Canada’s federal police have charged an electric vehicle battery researcher at Quebec’s power utility with espionage, alleging the worker was covertly sending trade secrets to China.

The arrest of Yuesheng Wang, 35, comes as Canada grapples with a barrage of accusations of Chinese interference, including allegations of meddling in its federal elections, as well as reports of secret “police stations” in the country’s largest city.

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Government considers making cyber ransom payments illegal after Medibank hack

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Minister Clare O’Neil says health insurer was right not to pay ransom, even as hackers threatened to release more customer data to dark web

It could soon be illegal for companies that fall victim to data breaches to pay ransoms to the hackers.

The home affairs minister, Clare O’Neil, confirmed the government was examining whether new laws were needed to stop ransom payments in the wake of the Medibank and Optus data breaches.

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Elizabeth Holmes prosecutors seek 15-year sentence and $800m in restitution

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Theranos founder faces maximum of 20 years in prison after she was found guilty of fraud and conspiracy

Federal prosecutors are asking a judge to sentence Elizabeth Holmes to 15 years in prison and require the Theranos founder to pay $800m in restitution, according to court documents filed on Friday.

A jury found Holmes guilty in January of four counts of investor fraud and conspiracy. Her sentencing is scheduled for 18 November, and she faces a maximum 20 years in prison.

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FTX assets frozen by Bahamas regulator as crypto exchange fights for survival

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Founder Sam Bankman-Fried races to find funds to fill multibillion-dollar hole in exchange

The Bahamas securities regulator has frozen the assets of the Bahamas subsidiary of FTX, as the world’s second largest cryptocurrency exchange struggles for survival.

The Securities Commission of the Bahamas said on Thursday it had frozen the assets of FTX Digital Markets and related parties, as well appointing a liquidator for the unit.

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Australia’s consumer watchdog calls for new laws to stop scams and rein in anti-competitive behaviour online

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ACCC report says digital platforms expose users and businesses to ‘harms’ as it pushes for overhaul

Australia’s competition regulator has run out of patience with digital platforms such as Google and Facebook and has recommended new laws to clamp down on scams, address consumer complaints and rein in anti-competitive behaviour.

Releasing its fifth progress report on digital platforms since it began an inquiry in 2017, the Australian Competition and Consumer Commission (ACCC) has called for industry-specific legislation, saying it has identified “widespread, entrenched and systematic” consumer and competition “harms”.

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Biden says Elon Musk’s connections to other countries ‘worthy of being looked at’

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President had been asked if he thought the new Twitter boss was a threat to US national security

Joe Biden thinks Twitter boss Elon Musk’s relationships with other countries is “worthy of being looked at”.

Biden was asked at a news conference on Wednesday whether he thought Musk was a threat to national security and if his acquisition of Twitter with help from a Saudi Arabian conglomerate should be investigated by the US government.

Reuters contributed to this report

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Elon Musk scrambles to reassure advertisers amid ‘blue check’ verification chaos

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As the brand-new CEO experiments with changes at the company, major brands pause spending on the platform

Elon Musk sought to reassure advertisers on Twitter on Wednesday that his chaotic takeover of the social media platform won’t harm their brands.

But his effort came after a day of changes to the platform’s account verification systems, and an acknowledgement from Musk that some “dumb things” might happen as he transforms the company.

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Spanish police officer sentenced after posting fake rape video on Twitter

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Guardia Civil first to be convicted after alleging video showed a Moroccan migrant raping a woman

A police officer who deliberately posted a misleading video clip of a sexual assault to try to stir up hatred against migrant children has become the first person in Spain to be handed a jail sentence for using social media to publish and spread fake news.

A court in Barcelona on Tuesday convicted the Guardia Civil officer of an offence against fundamental rights and public freedoms and sentenced him to 15 months in prison and a fine of €1,620 (£1,410).

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Victorians’ Covid contact tracing data sent to crime authority for potential use by Palantir

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Exclusive: Australian data security experts described the July 2020 move as ‘dubious’ and ‘outrageous’

Under pressure to control spiralling Covid cases in July 2020, the Victorian government sent contact tracing data to the Australian Criminal Intelligence Commission in the hope a controversial data mining platform might help identify the source of mystery cases.

Data security experts described the move as “dubious” and “outrageous”.

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Influencer ‘Ray Hushpuppi’ jailed over plan to launder $300m

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Ramon Abbas, described by FBI as one of world’s most prolific money launderers, sentenced to 11 years

A social media influencer who called himself Ray Hushpuppi and flaunted a lavish lifestyle fuelled by his efforts to launder millions of stolen dollars has been sentenced in Los Angeles to more than 11 years in federal prison.

Ramon Abbas, 40, also was ordered by a federal judge to pay $1.7m in restitution to two fraud victims, according to a statement from the US Department of Justice.

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TikTok’s ties to China: why concerns over your data are here to stay

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Harvesting data is the norm for social media apps, but the question that many have is where it goes and who has access to it

In 2021 Android phone users around the world spent 16.2tn minutes on TikTok. And while those millions and millions of users no doubt had an enjoyable time watching clips on the addictive social video app, they also generated a colossal amount of data.

TikTok collects information on how you consume its content, from the device you are using to how long you watch a post for and what categories you like, and uses that information to fine tune the algorithm for the app’s main feed.

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Archie Battersbee’s mother asks coroner to examine role of TikTok in death

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Exclusive: Hollie Dance believes 12-year-old was ‘influenced, persuaded or peer-pressured’ into taking part in online challenge

The mother of Archie Battersbee, the 12-year-old boy who died in August after his life support was switched off, wants a coroner to consider what role exposure to TikTok videos may have played in his death.

Archie sustained a catastrophic brain injury on 7 April at his home in Southend, Essex, when a ligature was found over his head. His mother, Hollie Dance, believes he was injured as a result of taking part in an internet challenge known as the “blackout challenge” and wants the inquest into his death to scrutinise how social media may have contributed.

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Twitter bans comedian Kathy Griffin for impersonating Elon Musk

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Users adopt Musk’s name after he announces suspension of accounts pretending to be someone else

Elon Musk has banned a US comedian’s Twitter account after taking on users who impersonate him on the platform.

Twitter’s new owner announced an immediate ban on accounts pretending to be someone else without flagging them as parodies. The move resulted in the removal of an “Elon Musk” account held by the comedian Kathy Griffin, who had changed her account name to match that of the Tesla chief executive.

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