Knowledge is profitable to direct. Musk made cool legal money without stress.

Musk sold 934,091 Tesla shares for more than $1,000 per share to ?

Earned $934,091,000:00

Then Spend $13,728,000:00 to buy 2.2 million Tesla share from ?

The Current value of the 2.2 Million Tesla share is $1001:00

Based on current tesla value, Musk made $920,363,000:00 cash plus 2.2 million Tesla share valued at $2,202,200,000

Tesla CEO Elon Musk continues to offload his company’s shares, selling another bulk worth $963.2 million, according to Thursday regulatory filings. However, the billionaire bought back Tesla shares for pennies on the dollar.

In his latest exercise of options,the tech billionaire sold 934,091 Tesla shares for more than $1,000 per share. However, he also purchased another 2.2 million Tesla shares for $6.24 apiece, according to the filings. Musk doesn’t receive a salary or cash bonuses from his company, so he can only pay his taxes by selling stocks. He is also allowed by the company board of directors to purchase Tesla shares at significantly lower prices.

Last month, Musk, who’s facing a looming tax bill of more than $15 billion, asked his Twitter followers if he should sell stock and pay taxes on unrealized capital gains. His followers voted ‘yes’ and as a result, he has sold more than 10 million shares worth over $11 billion.

thinking of quitting my jobs & becoming an influencer full-time wdyt

— Elon Musk (@elonmusk) December 10, 2021

In September, Musk said at the Code Conference in Beverly Hills, California that his marginal tax rate will be more than 50% when his stock options expire at Tesla, and that he was already planning to sell soon.

“I have a bunch of options that are expiring early next year, so ... a huge block of options will sell in Q4 – because I have to or they’ll expire,” he said.

At his current pace of exercising, there are about three weeks left before Musk will be done with those options.Tesla shares slid 1% on news of the sale, trading at around $1,002 per share in pre-market on Friday, after dropping 6% in the previous session. The fall also followed a tweet in which Musk said he was thinking of quitting his jobs to become an influencer.

https://www.rt.com/business/542799-musk-offloads-tesla-stock/

It took the jury in the Kleiman v Wright trial almost two weeks of deliberation to reach a unanimous decision. The good news is that the verdict is finally out, and the jury has sided with the defense on all counts except conversion, awarding $100 million to W&K Info Defense Research, LLC. No punitive damages have been given to the plaintiff, the Dave Kleiman estate.

This is a loss to the plaintiff, but it is only fitting as no direct evidence to their claims have been presented during the trial. Now, there is no more question that Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is 100% Craig Wright and no one else.

The Kleiman v Wright trial has concluded its closing arguments before Thanksgiving, and the jury has deliberated since then, excluding the holidays. Considering that the plaintiff has revised its demands and is requesting at least $126 billion, which is half of the $252 billion intellectual property of nChain Chief Scientist Craig S. Wright, plus punitive damages of about $34 billion, it would truly be difficult for any jury to reach a verdict in this unprecedented Bitcoin trial.

Facts of the Case

The plaintiff is composed of the David Kleiman estate and W&K Info Defense Research, LLC, and is represented by Ira Kleiman, David Kleiman’s estranged brother and his only living immediate family member. Ira Kleiman claimed through this lawsuit that Wright cheated David Kleiman out of the credit of being a partner in writing the Bitcoin white paper under the pseudonym Satoshi Nakamoto.

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The plaintiff also alleged David Kleiman was a business partner in W&K Info Defense Research, LLC, through which the early mining of 1.1 million Bitcoin, now priced at about $64 billion, was purportedly done.

Thus, the plaintiff originally claimed that David Kleiman’s estate is entitled to half of the Satoshi coins, which was later on changed to half of the value of Wright’s intellectual property as Bitcoin creator Satoshi Nakamoto.

Throughout the three-week trial, it was clear that the plaintiff only had circumstantial and anecdotal evidence as to the alleged partnership between David Kleiman and Wright as Satoshi Nakamoto and business partnership between the two in mining the 1.1 million Satoshi coins.

It was a fact proven in court that there was no evidence of a written agreement between David Kleiman and Wright in being partners as it relates to co-authoring the Bitcoin white paper and mining the said coins.

And because Ira Kleiman had previously deleted and overwritten all of David Kleiman’s hard drives, given away his brother’s cellphone and reformatted David Kleiman’s laptop so Ira Kleiman’s wife could use it, no evidence from David Kleiman could be presented in court, aside from emails that were alleged to be forged by the plaintiff.

It was also a fact that almost all evidence presented by the plaintiff came from Wright himself after he contacted Ira Kleiman, the brother of someone Wright considers to be his best friend. In these email exchanges and even in a BBC interview outtake that has been documented, Wright called David Kleiman his partner and as essential to the creation of Bitcoin.

In his testimony, Wright told the court he exaggerated David Kleiman’s role in Bitcoin because he wanted his best friend to be remembered. In fact, according to Wright, David Kleiman only edited the Bitcoin white paper and his crucial role was in providing the encouragement and moral support that Wright needed in order to push through with creating Bitcoin.

There was no evidence presented in court to substantiate Wright’s claim of exaggeration; however, it’s a fact that David Kleiman died in 2013 without making a single attempt to get credit for being a part of the pseudonym Satoshi Nakamoto and without laying claim to the 1.1 million Satoshi coins that Ira claimed his brother David Kleiman mined with Wright.

Questions Left Unanswered

David Kleiman was a computer forensics expert, a former police officer, and was an awarded U.S. army veteran. It has also been established during the trial that David Kleiman knew how to create a signed operating agreement, which he had done with his business partners who were also his best friends.

Why did David Kleiman not have Wright sign an operating agreement while they were allegedly creating and mining Bitcoin? Why did he not file a civil or criminal complaint if Wright fraudulently took hold of assets that were rightfully his? Why did David Kleiman remain on good terms until he died with Wright—someone who allegedly cheated him of a fortune?

David Kleiman died due to complications from several illnesses, but largely in part due to a MRSA infection for which he was hospitalized for the last two years and five months of his life. He was a paraplegic who was also destitute as evidenced by his financial status dissected in court—David Kleiman was in a mountain of debt and could not even afford to pay for his cell phone bill at the time of his death.

Why did David Kleiman not sell off his alleged Bitcoin holdings to alleviate his financial situation or even improve his quality of life by being able to afford better medical care? Even if David Kleiman and Wright were operating in secrecy, as alleged by the plaintiff, why did David Kleiman not even try to lay claim to the Satoshi coins and ask Wright for help considering the dire situation he was in where his life was literally on the line?

David Kleiman knew that he was dying. Less than a month before his death, the value of 1.1 million Bitcoin was already almost $300 million. Many were also already trading Bitcoin at this time. Still, David Kleiman did not do anything nor tell anybody about this alleged partnership in creating and mining Bitcoin. Why?

The plaintiff continued to allege that David Kleiman and Wright were operating in secrecy and that it was the main reason why there were no written agreements or why David Kleiman never mentioned Bitcoin to any of his friends. However, Wright had told his family and friends, and even advised them to buy or mine Bitcoin, as what he also told David Kleiman. Why did David Kleiman not do the same to his family and friends?

David Kleiman’s inaction while he was still alive has left many questions unanswered, or it could also have spoken volumes about the truth, which was what probably resonated more with the jury.

As established in court, David Kleiman was a good guy who many considered as their best friend. It is now obvious that David Kleiman remained a good guy until the end—not laying claim to something that was not rightfully his. Sadly, the same could not be said of Ira Kleiman.

The Verdict

Although it took some time, the jury answered “no” in favor of the defense in 24 of the 25 questions in the verdict form. The only answer in favor of the plaintiff was, “Do you find that Craig Wright is liable to the Estate of David Kleiman and/or W&K Info Defense Research, LLC for conversion?” And the jury answered “yes” only to W&K Info Defense Research, LLC and awarded it $100 million—chump change compared to the $160 billion the plaintiff asked for.

In general, the jury finds Wright not guilty against allegations of breach of partnership, civil theft, fraud, constructive fraud, breach of fiduciary duty and unjust enrichment. The verdict marks a big win for Wright and a clear validation that he alone was behind the pseudonymous Bitcoin white paper author Satoshi Nakamoto.

After his resounding trial WINs in the Kleiman case today, a word from #CraigWright (#SatoshiNakamoto) to his supporters#Satoshi #Bitcoin #CraigWrightisSatoshi pic.twitter.com/oS6UbglGN8

— Jimmy Nguyen (@JimmyWinSV) December 6, 2021

The jury has spoken very clearly: David Kleiman was not a partner of Wright in writing the Bitcoin white paper as Satoshi Nakamoto and his estate is not entitled to half of the 1.1 million Satoshi coins; Wright did not steal anything from David Kleiman; and Wright did not commit any fraudulent act as it relates to David Kleiman’s estate.

“The decision reached by the jury today reinforces what we already knew to be the truth: Dr. Craig Wright is Satoshi Nakamoto, the sole creator of Bitcoin on blockchain technology. And Craig Wright did not form a partnership with David Kleiman to mine Bitcoin. Thankfully, the jury recognized the overwhelming evidence that Dr. Wright holds 3,208 patents related to Bitcoin and blockchain technology, he has written extensively about Bitcoin and its underlying code, and has restored the original Bitcoin protocol in Bitcoin Satoshi Vision (BSV),” Andres Rivero, lead counsel for the defense, said in a statement.

Although it is a clear win for Wright and the defense, the plaintiff can still appeal the case or reach a settlement behind closed doors.

What now?

It must be noted that although W&K Info Defense Research, LLC has been awarded $100 million by the jury, that there is still a probate case in Palm Beach County court that will decide whether or not Ira Kleiman gets a piece of the $100 million.

This is because Lynn Wright, Craig Wright’s ex-wife and the fiduciary controller of W&K Info Defense Research, LLC, has filed a lawsuit against Ira Kleiman claiming that he does not have the authority to represent and act on behalf of W&K Info Defense Research, LLC to sue Craig Wright.

Holding undeniable proof of her shares in W&K Info Defense Research, LLC, Lynn Wright’s lawyers argue that based on the Chapter 605 of the Florida Statutes. According to the section on limited liability companies, a transfer of shares to a non-member does not mean the non-member would also have management rights to the company.

In the case of W&K Info Defense Research, LLC, even if David Kleiman’s shares were transferred to Ira Kleiman after the former’s death, it does not give Ira Kleiman the right to manage or participate in the company’s affairs—or even represent the company in a lawsuit.

While the future is dim for Ira Kleiman and his team of litigators, this is clearly a momentous occasion for Wright and BSV. On top of Wright’s claims of being Satoshi Nakamoto being proven as true, interest in BSV is expected to grow rapidly, with it being validated as the original Bitcoin with Wright at the helm. This is evidenced by the fact that the price of BSV jumped from $118 to $136 in a matter of minutes.

“Now that this case confirmed the origins of Bitcoin’s creation, Dr. Wright plans to make good on his promise to empower marginalized groups through the greatest financial equalizer of the modern era. Bitcoin Satoshi Vision will allow people to steadily become part of the global capitalist world, start selling, trading, building themselves—not because they have to take handouts from the government but because they can work with dignity for themselves. Dr. Wright plans to make Bitcoin Satoshi Vision something that is sustaining and sustainable that lasts,” Rivero stated.

Wright has been largely criticized for his claim of being Satoshi Nakamoto by the BTC camp—even having a popular moniker as “Faketoshi.” The big question now is what will happen to BTC now that it has been proven through the verdict that Wright is indeed Satoshi Nakamoto?

At the time of writing this article, the price of BTC has dipped to $49,206.40. And this is low, especially compared to its all-time high of $68,521 on November 5 at the start of the Kleiman v Wright trial. Will the downward spiral continue? Only time will tell.

https://www.benzinga.com/markets/cryptocurrency/21/12/24467590/bitcoin-creator-satoshi-nakamoto-is-craig-wright-alone-according-to-kleiman-v-wright-jury?utm_campaign=mixi.media&utm_campaign=benzinga&utm_source=mixi.media&utm_source=mixi&utm_medium=feed&utm_medium=referral&utm_content=site

By DAVID R BAKER, DAVID WETHE AND ARI NATTER on 11/26/2021

WASHINGTON (Bloomberg) --President Joe Biden wants Americans to dramatically scale back their use of gasoline. And he wants that fuel to be as cheap as he can get it.

If you sense a contradiction there, you’re hardly alone.

In the past several weeks, Biden has urged the world to move faster against climate change and phase out the fossil fuels causing it. But on Tuesday he confirmed the U.S. is opening the spigots on its Strategic Petroleum Reserve, releasing 50 million barrels to bring down gasoline prices, working in concert with China, India, Japan, South Korea and the U.K. That comes less than a week after a long-delayed sale of oil-exploration leases in the Gulf of Mexico which enraged environmentalists. He even asked OPEC to ramp up oil production at a faster pace (the cartel rebuffed him).

The policy whiplash reveals the tension between Biden’s long-term climate goals and short-term political realities. He’s determined to transition the U.S. to cleaner sources of energy and rein in carbon emissions. But his administration is also mindful of the energy crisis roiling Europe in recent months. The president can ill afford to let energy prices rise so high that voters turn against him. Former Treasury Secretary Larry Summers made the danger explicit last week when he said inflation threatened to usher in a return to power for former President Donald Trump, who called global warming a hoax.

“That’s a challenging tightrope to walk,” said Dan Pickering, founder and chief investment officer at Houston-based Pickering Energy Partners. With no major breakthrough at the United Nations climate conference in Glasgow, and no cohesive strategy for lowering gasoline prices, Pickering added, “you look not great at either, which seems like the worst place in the world for a politician to be.”

If the future of Biden's administration is on the line, so is the climate. Steps to promote oil production will likely mean additional emissions for years to come, making the goal of limiting warming to 1.5 degrees Celsius even harder to achieve.

“A lot of what's taking place will have long-term harmful effects, especially when we're talking about drilling permits, leases, pipelines — these things aren't just going to go away,” said Mitch Jones, policy director at campaign group Food & Water Watch. “There's no clear, coherent, overarching message here, unless you want to say they're still promoting the use of fossil fuels, because that's what they're doing.”

An administration official pointed to moves such as Biden's swift action to rejoin the Paris climate accord and other executive actions as examples of leadership the president has taken while tackling global warming. The president recognizes the need to build a new, clean energy economy while keeping costs low for American families in the short-term, the official said.

U.S. presidents from both parties have long viewed high energy prices — particularly for gasoline — as a threat, and with good reason. Besides the grocery store, the gas pump can be the most visible inflation indicator for consumers, and a sharp price spike can leave people searching for someone to blame beyond a faceless oil company.

“It’s the most transparent price in America,” said Daniel Simmons, who was an Energy Department official under Trump. “People see it every day, it is a reflection of the economy as a whole and it really scares people to see prices this high.”

The Biden administration has said its push for more oil isn’t inconsistent with its efforts to cut greenhouse gas emissions in half by the decade’s end. “You can’t just shut down everybody’s economy across the planet and say, ‘Okay, we’re not going to use’” fossil fuels, John Kerry, U.S. special presidential envoy for climate, said earlier this month when asked about the administration’s request for OPEC to unleash more oil.

The president still wants the Senate to pass his Build Back Better package of social and climate spending programs, and a consumer revolt over inflation would only make that harder.

“I don’t see a conflict between having long-term policies on climate change and having a short-term policy that would protect the economic well-being of Americans in need,” said Amy Myers Jaffe, managing director of the Climate Policy Lab at Tufts University. That’s particularly true, she said, at a time when the lingering Covid-19 pandemic has made many people fearful of using public transit or planes, pushing them back into their cars.

The U.S. and other major oil-consuming nations have grown increasingly anxious during the past year about resurgent prices. That led to the White House’s outreach to OPEC, and discussions between the U.S. and other countries. Biden’s team has mulled various options in recent weeks for lowering gasoline prices. Aside from releasing inventories, other measures debated in the White House include the halting of oil exports and limiting the use of biofuels.

Energy prices are a problem for Biden in a way that they weren’t for his predecessor. Like Biden, Trump complained about the price of gasoline and called on OPEC to do something about it. But he also pulled the U.S. out of the Paris climate agreement, opened more public lands to oil and gas drilling and championed the concept of American “energy dominance” based on fossil fuels.

Biden, in stark contrast, campaigned on his commitment to address climate change. He wants to reduce the nation's greenhouse gas emissions by at least 50% by the end of the decade and achieve net zero emissions by 2050, a goal that can’t be reached without slashing fossil fuel use. The infrastructure bill he signed into law this month devotes billions of dollars to ramping up renewable power and electric cars. Those investments should lessen U.S. demand for oil and gas, but not for many years.

In the meantime, Biden has failed to implement other key changes he sought. He signed an executive order during his first week in office pausing new oil and gas lease sales on federal lands, only to see a federal judge order a resumption. The first, for leases in the Gulf of Mexico, went forward last week, with environmentalists branding it a betrayal that came on the heels of the COP 26 climate summit.

To some, Biden’s moves on energy and climate seem haphazard. Charif Souki, chairman of Tellurian Inc., which is trying to develop a natural gas export project, said he doesn't know what Biden's energy policy is right now.

https://www.worldoil.com/news/2021/11/25/biden-wants-the-world-to-go-green-while-pushing-for-cheap-gasoline-at-home

Lesson for Nigerians and the importance of developing quality value.

When Satya Nadella took over as CEO of Microsoft in February 2014, he inherited a toxic culture in a company considered a tech dinosaur. Bill Gates, its founder, had been known for berating employees, and Steve Ballmer, who succeeded Gates, continued the hardball business tactics that partners loathed. Microsoft had lost the battle for smartphones, and the technology platform its technologies were built for, the desktop, was giving way to the cloud.

As I explained in my book From Incremental to Exponential, Nadella chose to focus first on changing Microsoft’s culture. Indian by birth, and with Buddhist beliefs, he was determined to transform the company into one that embraced what he called “learn-it-all” curiosity, in contrast to its then “know-it-all” worldview. And he made clear that the old, aggressive behaviors were no longer welcome. Refusing to tolerate anger or yelling in executive meetings, never raising his own voice or showing overt anger toward employees or executives, never writing angry emails, he constantly worked to create a more comfortable environment.

As a result of the cultural shift and the strategy changes it enabled, Microsoft’s market capitalization increased from roughly $300 billion at Nadella’s ascension to $2.5 trillion today, making it one of the two most valuable companies in the world.

Sundar Pichai, too, inherited a company with cultural problems. Google was known for having a permissive workplace culture, where sexual relationships between top executives and employees generated internal tensions. In his gentle, humble Indian manner, Pichai navigated the company into calmer waters. He attained extraordinary success—as did Indian tech CEOs such as Shantanu Narayen of Adobe and Jayshree Ullal of Arista Networks. Beyond the tech sector, other Indian-born CEOs too have left their mark, including Indra Nooyi at PepsiCo and Ajay Banga at Mastercard.

But how do Indians come to be even considered for such senior positions? What accounts for their success as tech-company founders?

I came to the U.S. in 1980 and observed the evolution of the Valley's leadership firsthand while founding two technology companies and taking one of them public. Later, at Duke University, I researched what had given Indians like me such an advantage.

According to research by University of California at Berkeley professor AnnaLee Saxenian, as of 1999 immigrants accounted for one-third of the scientific and engineering workforce in Silicon Valley, and Indian CEOs were running 7% of its high-technology firms. In 2006, my research team collaborated with Saxenian to update her work and found that the percentage of immigrant-founded startups had increased to 52.4%, with Indian-born executives having founded 15.5% of Silicon Valley tech firms—though they constituted only 6% of the Valley’s working population.

We found that 96% of the immigrant entrepreneurs involved in engineering and technology had completed a bachelor's degree, and 74% held master's or Ph.D. degrees. Within that group, Indian founders had been educated in a diverse set of universities; the famed Indian Institutes of Technology, for example, accounted for only 15% of the company founders.

Culture, as much as education, is key

There is no doubt that education gave the Indians an advantage. But this does not explain why the boards of companies such as Microsoft, Google, IBM, and Twitter would choose foreign-born technologists over equally qualified Americans. The answer may lie in cultural values, upbringing, and struggles.

In a land of more than a billion people, most of whom are hampered by rampant corruption, weak infrastructure, and limited opportunities, it takes a lot to simply survive, let alone to get ahead. Indians learn to be resilient, battle endless obstacles, and make the most of what they have. In India, you learn to work around the problems that an unjust state and society create for you. Entrepreneurship, along with the creativity and resourcefulness required to deal with all the obstacles, is part of life.

In the absence of a social safety net, family values and support are everything, and the family takes on a very important role, family members providing all kinds of aid and guidance to those in need.

Indians have many ethnic, racial, gender, and caste biases—as do people all over the world. Yet in order to succeed, they learn to overlook or adapt these biases when necessary. There are six major religions in India, and the Indian constitution recognizes 22 regional languages. Every region in the country has its own customs and character, and people accept differences in attitudes and beliefs, especially in the context of business.

Then there is the humility that comes from moving to new lands. Talk to almost any immigrant, regardless of origin, and he or she will share stories about leaving social status behind in their home country and working their way up from the bottom of the ladder in the adopted land. It's a humbling process; you learn many valuable lessons when starting from scratch and working your way to success.

These are all traits that any board would recognize—and value—especially when the alternatives are arrogant company founders who believe they are entitled to their jobs. And it’s these traits that enable a CEO to transform company culture. This is what I believe has given the Indian CEOs the advantage.

This may be why Twitter’s board unanimously approved the recommendation of Jack Dorsey to appoint Indian-born Parag Agrawal as his replacement. And it is such a cultural transformation that Twitter may need above all else.

Twitter has received a barrage of justified criticism over a toxic work culture and insensitivity to abuses on its platform. Plus, Jack Dorsey was a part-time CEO, also running payments company Square and championing blockchains and cryptocurrencies. Dorsey’s predecessor, Dick Costolo, is someone I personally tangled with when I noted that there was a problem with the company’s chauvinistic culture and all-male board. As many tech CEOs do, his response was to publicly attack me, rather than listen to criticism.

It’s a response that none of the Indian CEOs that I know would make—and that is why they are being chosen to run America’s leading technology companies.

https://finance.yahoo.com/news/microsoft-nadella-google-pichai-now-180100561.html

The Central Bank of Nigeria has said it wants players in the country’s payment industry to develop and help introduce products based on its central bank digital currency, the e-naira.

Central Bank Open to Suggestions

In its bid to deepen the adoption of the e-naira, the Central Bank of Nigeria (CBN) has asked payment service providers, financial institutions, and fintech firms to develop and introduce products that are based on its digital currency.

According to a report by the Vanguard, this plea was made by Rakiya Mohammed — the CBN’s director of the information technology department — when she addressed financial institutions and fintech companies that attended the central bank’s one-day engagement session.

During this meeting, Mohammed is reported to have also reassured participants that the central bank is not competing against financial institutions or other players in the payment system. Instead, Mohammed said the CBN is open to suggestions or ideas that add value to the e-naira or those that improve the user experience.

Further, Mohammed is also reported to have urged the country’s payment service providers to find more innovative ways to support members of the public with the onboarding process. She also encouraged service providers to develop solutions that support offline e-naira functions and these include cards, wearables, USSD, among others.

CBN’s Financial Inclusion Objective

Meanwhile, reports that the CBN is encouraging players in Nigeria’s payment industry to support the CBDC come as the bank’s anti-cryptocurrency governor, Godwin Emefiele, is quoted by another publication claiming that more people are downloading the e-naira wallet application. He said almost 600,000 of the digital currency’s wallet apps have been downloaded since the CBDC’s launch over a month ago.

However, Emefiele — just like the bank’s information technology director — suggested that support from the financial industry will be critical if the CBN is to achieve its goal of hastening the adoption of the e-naira by Nigerians who lack smartphones

https://news.bitcoin.com/nigerian-central-bank-wants-financial-institutions-to-develop-products-based-on-its-cbdc/

The Central Bank of Nigeria has said it wants players in the country’s payment industry to develop and help introduce products based on its central bank digital currency, the e-naira.

Central Bank Open to Suggestions

In its bid to deepen the adoption of the e-naira, the Central Bank of Nigeria (CBN) has asked payment service providers, financial institutions, and fintech firms to develop and introduce products that are based on its digital currency.

According to a report by the Vanguard, this plea was made by Rakiya Mohammed — the CBN’s director of the information technology department — when she addressed financial institutions and fintech companies that attended the central bank’s one-day engagement session.

During this meeting, Mohammed is reported to have also reassured participants that the central bank is not competing against financial institutions or other players in the payment system. Instead, Mohammed said the CBN is open to suggestions or ideas that add value to the e-naira or those that improve the user experience.

Further, Mohammed is also reported to have urged the country’s payment service providers to find more innovative ways to support members of the public with the onboarding process. She also encouraged service providers to develop solutions that support offline e-naira functions and these include cards, wearables, USSD, among others.

CBN’s Financial Inclusion Objective

Meanwhile, reports that the CBN is encouraging players in Nigeria’s payment industry to support the CBDC come as the bank’s anti-cryptocurrency governor, Godwin Emefiele, is quoted by another publication claiming that more people are downloading the e-naira wallet application. He said almost 600,000 of the digital currency’s wallet apps have been downloaded since the CBDC’s launch over a month ago.

However, Emefiele — just like the bank’s information technology director — suggested that support from the financial industry will be critical if the CBN is to achieve its goal of hastening the adoption of the e-naira by Nigerians who lack smartphones

https://news.bitcoin.com/nigerian-central-bank-wants-financial-institutions-to-develop-products-based-on-its-cbdc/

Cyberhackers are using compromised cloud accounts to mine cryptocurrency, Google has warned.

Details of the mining hack are contained in a report by Google’s cybersecurity action team, which spots hacking threats against its cloud service – a collection of remote computing services which can include storage of customers’ data and files off-site – and gives advice on how to tackle them.

Other threats identified by the team in its first “threat horizon” report include: Russian state hackers attempting to gain users’ passwords by warning they have been targeted by government-backed attackers; North Korean hackers posing as Samsung job recruiters; and the use of heavy encryption in ransomware attacks.

“Mining” is the name for the process by which blockchains such as those that underpin cryptocurrencies are regulated and verified, and requires a significant amount of computing power. Google reported that of 50 recent hacks of its cloud computing service, more than 80% were used to perform cryptocurrency mining.

The report said that “86% of the compromised Google Cloud instances were used to perform cryptocurrency mining, a cloud resource-intensive for-profit activity”, adding that in the majority of cases the cryptocurrency mining software was downloaded within 22 seconds of the account being compromised. Google said that in three-quarters of the cloud hacks the attackershad taken advantage of poor customer security or vulnerable third-party software.

Google’s recommendations to its cloud customers to improve their security include two-factor authentication – an extra layer of security on top of a generic user name and password – and signing up to the company’s work safer security programme.

Elsewhere in the report, Google said the Russian government-backed hacking group APT28, also known as Fancy Bear, targeted 12,000 Gmail accounts in a mass attempt at phishing, where users are tricked into handing over their login details. The attackers attempted to lure account holders into handing over their details via an email that said: “We believe that government-backed attackers may be trying to trick you to get your account password.” Google said it had blocked all the phishing emails in the attack – which focused on the UK, the US and India – and no users’ details had been compromised.

Another hacking ruse flagged by Google in the report involved a North Korea-backed hacker group posing as recruiters at Samsung and sending fake job opportunities to employees at South Korean information security companies. Victims were then steered towards a malicious link to malware stored in Google Drive, which has now been blocked.

Google said dealing with ransomware attacks, where the files and data on a user’s computer are encrypted by the attacker until a payment is made for their release, was difficult because heavy encryption “makes recovery of files nearly impossible without paying for the decryption tool”. The report flags the emergence of Black Matter, which it describes as a “formidable ransomware family”.

However, at the beginning of the month Black Matter said it was shutting down due to “pressure from the authorities”. Black Matter victims include the Japanese technology group Olympus.

The Google report said: “Google has received reports that the Black Matter ransomware group has announced it will shut down operations given outside pressure. Until this is confirmed, Black Matter still poses a risk.”

[url] https://www.theguardian.com/technology/2021/nov/25/cryptocurrency-miner-hacked-google-cloud-account-cybersecurity-action-team-threat-horizon-report [/url]

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