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CNN Halts NFT Project, Seeking Avenue to Compensate Fans

The multinational media company, the Cable News Network (CNN) has announced that it will be terminating its active development and engagement of its Non-Fungible Token (NFT) project dubbed “Vault by CNN.”

Taking to its Twitter handle, the company said the halt in the project does not imply that the NFT collection already launched will cease to exist as it has defined clear modalities to manage the collection. On its part, the company said its active engagement and development of Vault by CNN will cease.

“The Vault team is honoured to have partnered with amazing journalists, producers, artists, photojournalists, and collectors from all over the world during our time together,” the company said in the shared Press Release on Twitter, “We learned a lot from our first foray into Web3, and we are excited to carry Vault’s concepts around community storytelling into future projects.”

With quite a number of deliverables left on its roadmap, which spans till the end of this year, so many collectors of the NFT have been feeling slighted and cheated, some are even calling the move a rug pull.

Understanding how its community felt about the move, Vault by CNN plans to compensate the most affected community members. According to a statement sent out by the Vault by CNN, collectors will receive partial refunds, which will be paid out through Flow (FLOW) tokens.

“The distribution will be either FLOW tokens or stablecoins deposited into each collector’s wallet. We are currently working out the details, but expect the distribution amount to be roughly 20% of the original mint price for each Vault NFT owned.”

The potential incentive was confirmed by one of the core team members on Discord, identified as Jason.

Coming off as one of the media entities besides Marvel and Time Magazine with a vested interest in NFTs. Notably, with the abrupt end of the Vault by CNN project, many collectors may stay sceptical of related projects that may be coming from top media firms in the near future.

North Korean Hackers Allegedly Behind $35 Million Cryptocurrency Heist

North Korean cybercriminals are the prime suspects in a recent cryptocurrency heist involving the theft of a substantial $35 million. Cybersecurity analysts shared this assessment with CNN on Tuesday, pointing to telltale signs in the tactics and techniques used in the attack.

The victim of the heist, Atomic Wallet, a widely-used cryptocurrency service based in Estonia, reportedly suffered a breach in customer accounts over the weekend. While the company has acknowledged the incident, stating that it impacted “less than 1%” of its monthly users, it has yet to comment on the total losses incurred or identify the culprits.

The aftermath of the incident has seen victims appealing directly to the thieves on Twitter, hoping for some semblance of mercy. They’ve posted their cryptocurrency addresses and pleaded for the return of their stolen funds.

Although the total amount stolen remains unconfirmed, independent cryptocurrency analyst ZachXBT, suspects it might exceed $35 million, as Atomic Wallet continues to conduct its investigation.

“We’re seeing some striking similarities between this and previous attacks attributed to North Korean hackers,” he told CNN. “This includes the Harmony case earlier this year, which involved laundering of around $100 million.”

Indeed, Pyongyang-linked cybercrime has been an increasing concern, with North Korean hackers allegedly responsible for siphoning billions of dollars from banks and cryptocurrency firms over recent years. Some reports, including those from the United Nations, suggest this illicit activity is a significant revenue source for the isolated North Korean regime.

The US administration is well aware of the potential national security implications. A White House official shared last month that nearly half of North Korea’s missile program funding could be traced back to these cybercrime activities.

In response to this evolving threat landscape, the Biden administration is shifting its focus toward strengthening defenses against these cyber-attacks and curtailing money laundering activities. As part of this initiative, it is partnering with allies and private companies globally to increase the resilience of the financial system and disrupt the resources flowing into North Korea’s missile program.

Meanwhile, the FBI has been alerted about the Atomic Wallet hack and is expected to join the ongoing investigation. The goal is to uncover the culprits, track the stolen funds, and prevent future incidents of this nature.

Reuters: Federal Reserve Announces Job Cuts

Despite public reassurances about the robustness of the U.S. economy, the Federal Reserve is preparing to downsize its workforce, according to Reuters. The central bank has confirmed plans to eliminate approximately 300 positions by the end of this year. This decision marks the institution’s first notable personnel reduction since 2010. Currently, the Federal Reserve system, which consists of 12 regional reserve banks, employs around 21,000 individuals.

Although the exact number of layoffs has not been specified, the majority of the reductions will target support roles. This includes specific technology positions that are now considered superfluous.

Interestingly, while this move has garnered attention, job cuts at the Federal Reserve are not unprecedented in its history. According to a Reuters report, the U.S. Federal Reserve system had previously made similar reductions, emphasizing the rarity but not the novelty of such decisions.

Federal Reserve Chair Jerome Powell recently voiced his surprise at the resilience of the U.S. economy in the face of rising inflation and interest rates. “Economic activity has been stronger than we expected, stronger than I think everyone expected,” Powell stated in a press conference following the central bank’s most recent monetary policy meeting. Reflecting this sentiment, Fed officials have adjusted their economic growth forecasts upwards and project a decline in unemployment rates.

However, Powell also recognized the inherent challenges in curbing inflation to sustainable levels. He hinted that achieving this might require a “softening” in the job market. While Powell is optimistic about the possibility of a “soft landing” — a situation where inflation is managed without inducing a recession — he also warned that such an outcome could be influenced by external factors beyond the Fed’s control.

Overview of the Federal Reserve’s History

Established in 1913 by an act of Congress, the Federal Reserve System, commonly known as the Fed, serves as the central bank of the United States. Its primary mission was to stabilize the American banking system. Over its century-long existence, the Fed has navigated through various economic challenges, from the Great Depression to the Great Financial Crisis and the recent COVID-19 pandemic. The institution has evolved, adapting to changing economic landscapes and implementing policies to ensure financial stability and economic growth. This website offers a comprehensive look into the Fed’s history, detailing its key events, policy actions, and the influential figures that have shaped its trajectory. The Fed’s journey reflects its commitment to safeguarding the nation’s financial health, ensuring the flow of money and credit, and responding to economic challenges with informed decisions.

OpenAI Negotiates Licensing with Major Media Amid NY Times Copyright Dispute

OpenAI, known for its groundbreaking AI technology including ChatGPT, is currently engaged in strategic negotiations with several major media companies, including CNN, Fox Corp., and Time. These talks revolve around licensing articles, videos, and images for OpenAI’s use, a move that gains significance amidst the company’s ongoing legal battle with The New York Times over alleged copyright infringement.

The backdrop of these negotiations is OpenAI’s recent lawsuit filed by The New York Times. The newspaper alleges that OpenAI used its content without authorization to train its AI models, including the widely popular ChatGPT. In response, OpenAI has attributed this to a “rare bug” in their system and disputes the accusations, highlighting the complexities surrounding AI ethics and copyright laws.

As part of its strategy to navigate these legal and ethical challenges, OpenAI is seeking to secure formal content licenses with media giants. The discussions with CNN, Fox Corp., and Time are aimed at acquiring a diverse range of content to enhance AI training while mitigating legal risks. Time’s CEO, Jessica Sibley, has confirmed ongoing discussions with OpenAI and expressed optimism about reaching a fair agreement.

However, the situation is not uniformly positive across the media landscape. While some media companies like Guardian News & Media and Axel Springer SE, the parent company of Politico, show willingness to enter negotiations, others like The Washington Post remain hesitant. The concerns mainly revolve around compensation and the implications of AI technology on copyright law. For instance, there’s skepticism among media executives about reaching productive agreements until legal clarity is established.

A significant aspect of these negotiations is the compensation offered to publishers. Reports suggest that OpenAI’s offers range from $1 million to $5 million annually, a figure that some top publishers find insufficient. This is juxtaposed against the backdrop of a multi-year deal with Axel Springer SE for tens of millions of dollars, setting a precedent for higher expectations among other publishers.

Additionally, during a recent Senate Judiciary subcommittee hearing, the need for clearer regulations was voiced, with calls for Congress to step in and establish rules for copyrighted content’s use in commercial generative AI.

OpenAI’s situation illustrates the delicate balance between technological innovation and the protection of intellectual property. As AI continues to evolve, the dynamics between AI developers and content creators are rapidly changing, underscoring the need for legal and ethical frameworks that cater to the complexities of this emerging field.