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- How One Country Became the Unlikely Crossroads of the Global A.I. Boom
In Malaysia, U.S. and Chinese tech giants are pouring billions into vast data centers, straining local resources and testing the limits of Washington’s restrictions on advanced chips. [TheTopNews] Read More.4 hours ago - Wanted: New Central Bank Chief. Expertise and Political Acumen Required.The looming departure of the European Central Bank’s president, Christine Lagarde, has set in motion a high-stakes search for her successor. [TheTopNews] Read More.5 hours ago
- Expert warns of ‘AI hacking bloodbath’ following massive Binance cry...
The massive $6.3 billion cryptocurrency hack at Binance is a warning of potentially devastating cyberattacks ahead, according to a financial and reputation management expert who cautioned that the worst may be yet to come.Eric Schiffer, chairman of Patriarch and Reputation Management Consultants, told FOX Business that the scale of the theft underscores the growing cybersecurity challenges facing major financial institutions."I look at this as one of the world's greatest thefts of all time, and it's sad," Schiffer said.Schiffer warned that this week's incident could be an early sign of a broader wave of increasingly sophisticated cyberattacks, particularly as artificial intelligence becomes more powerful.THIEVES MAKE OFF WITH $6.3B FROM BINANCE: 'BIGGEST HACK IN HISTORY'"I think the bloodbath of AI hacking is to come," he said. "And there's going to be a lot more pain."He cautioned that businesses can no longer afford to treat cybersecurity as a problem they can address after an attack occurs.Binance, the world's largest cryptocurrency exchange, confirmed Thursday that hackers had stolen approximately $6.3 billion in digital assets. The company later said it had reserved more than $6.34 billion in company funds to cover the losses, including $5 billion already held in the same cryptocurrencies that were stolen.The exchange said it was purchasing additional tokens through market and over-the-counter transactions to replace the remaining affected assets.Binance also said approximately $3 billion in stolen assets had been frozen on-chain with the help of industry partners, with recovery efforts continuing. The exchange temporarily suspended withdrawals while conducting security checks.TRUMP ADMINISTRATION SANCTIONS NORTH KOREAN NETWORK ACCUSED OF INFILTRATING US COMPANIESThe company pledged to cover customer losses, saying it would "absorb the financial impact of these stolen funds, not our users."Despite the scale of the theft, which one market analyst described as the "biggest hack in history," Schiffer predicted that Binance would recover financially, but he warned that restoring investor confidence could prove more difficult."For a company like Binance that allegedly has a balance sheet that far exceeds the hit, they're going to recover," Schiffer said. "It's painful. It certainly is a hit on credibility. They're going [to] lose a lot of asset holders that currently are doing business with them."Binance said its initial investigation pointed to a compromised laptop, but subsequent findings revealed additional points of intrusion. The company said its internet-connected cryptocurrency wallets were compromised, allowing unauthorized withdrawals of approximately $6.3 billion in digital assets.Binance said it had found no… [TheTopNews] Read More.6 hours ago - McDonald’s dealt legal setback as judge allows McRib meat lawsuit to proce...A federal judge ruled Friday that McDonald's must face a proposed class-action lawsuit accusing the fast-food giant of misleading customers about the meat used in its popular McRib sandwich.U.S. District Judge April Perry in Chicago rejected the company's bid to dismiss the lawsuit in its entirety, allowing consumer deception, fraud and unjust enrichment claims to proceed while dismissing five other claims without prejudice.The lawsuit, filed by four consumers in December, alleges that McDonald's designed the McRib patty to resemble a rack of pork ribs despite containing no actual rib meat. The plaintiffs argue that the sandwich's name, appearance and marketing mislead customers into believing they are purchasing a more expensive cut of pork.MCDONALD'S HIT WITH LAWSUIT CLAIMING MCRIB CONTAINS NO REAL RIB MEATPerry determined that it was too early to conclude that consumers could not reasonably expect the sandwich to contain rib meat, citing allegations about its marketing and consumer surveys submitted by the plaintiffs.One survey found that 72% of respondents expected the McRib to contain rib meat, while another found that 67% considered rib meat important or very important to their purchasing decision, according to the court filing.The ruling allows portions of the case to proceed but does not establish that McDonald's engaged in deceptive advertising.NELSON PELTZ-LED GROUP OFFERS TO BUY WENDY’S FOR $1.4BAs FOX Business previously reported, the lawsuit alleges that the McRib contains lower-grade pork products, including pork shoulder, heart, tripe and stomach, rather than rib meat.McDonald's has denied the allegations, maintaining that the sandwich contains 100% pork sourced from U.S. farmers and suppliers. The company previously told FOX Business that it does not use heart, tripe or scalded stomach in the McRib patty.McDonald's argued that the sandwich's name does not mislead reasonable consumers and that its publicly available ingredient list identifies pork as the primary ingredient.Perry rejected the argument that the McRib's trademarked name shields the company from deceptive-marketing claims, noting that other McDonald's products, including the McChicken and Egg McMuffin, have names that describe their ingredients.GET FOX BUSINESS ON THE GO BY CLICKING HEREA representative for McDonald's did not immediately respond to FOX Business' request for comment.Introduced in 1981, the McRib has developed a loyal following through its periodic limited-time returns to McDonald's menus. The sandwich features a boneless pork patty covered in barbecue sauce and topped with onions and pickles.There are nearly 14,000 McDonald's restaurants in the US, and more than 45,000 worldwide. [TheTopNews] Read More.7 hours ago
- Real estate CEO and family shot, attacked with hammer by masked intruders in hom...A Canadian real estate CEO and his family were attacked by three masked intruders at their multi-million-dollar home in Toronto this week, leaving two of them with "life-altering injuries," according to police and reports.David Morton, the CEO of the MAC Group, and his two daughters were shot in the attack, police said, and his wife, Doriana Zohil-Morton, was attacked with a hammer."A struggle ensued during this altercation in which the suspects fired their guns multiple times and one victim was struck with a hammer," Toronto Police Insp. Kristy Smith said at a Thursday press conference.SUSPECT ARRESTED AFTER HOUSEKEEPER TIED UP, ATTACKED IN MASSACHUSETTS MANSION HEISTShe added, "We recognize how frightening and disturbing an incident like this is. People should be able to feel safe in their homes."Smith said the intruders entered through a locked back door in the exclusive Bride Path neighborhood of Toronto early Thursday morning. MASKED BURGLARY CREWS TERRORIZING RITZY NEIGHBORHOODS SHOW ‘THEY’RE DOING THEIR HOMEWORK,’ VETERAN COP WARNSPolice don’t yet have a detailed description of the suspects. They fled in an SUV, Smith said.Morton was shot in the leg along with one of his daughters, the Toronto Sun reported. His other daughter was shot under the arm.GUNMAN FIRED AT US CONSULATE IN TORONTO, SECOND TIME BUILDING WAS SHOT AT THIS YEAR"There was a violent interaction. There was a demand made for valuables from within the home," Smith said. "Whether or not they escaped with anything is uncertain at this point."She added, "An affluent area where people would have things that are sought after would be the motivation for this."CRIME IS FALLING, OFFICIALS SAY — VICTIMS CLAIM REPORTING ISN’T WORTH ITToronto Mayor Olivia Chow said she was "deeply troubled" by the attack."My thoughts are with the family and their loved ones, who are going through something no family should ever have to face," she said. "I am praying for their full recovery. This attack has understandably shaken the neighbourhood and many residents across Toronto."She continued, "This violence is not acceptable in our city. People must be safe in their own homes. Toronto Police are investigating and they have my full support as they work to find those responsible and hold them accountable to the fullest extent of the law." [TheTopNews] Read More.9 hours ago
- Binance Lost Over $6 Billion in Crypto Hack. Here’s What to Know.Hackers made off with around $6 billion in digital currency in what could be the biggest crypto heist in history. Binance said it will cover the losses. [TheTopNews] Read More.11 hours ago
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