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Cyber Criminals Are Increasingly Helping Russia And China Target The US And Allies, Microsoft Says

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Washington — Russia, China, and Iran are increasingly depending on criminal networks to lead cyber espionage and hacking operations against foes such as the United States, according to a report on digital threats issued by Microsoft on Tuesday.

The growing collaboration between authoritarian governments and criminal hackers has alarmed national security officials and cybersecurity experts, who say it demonstrates the increasingly blurred lines between actions directed by Beijing or the Kremlin to undermine rivals and the illegal activities of groups typically more interested in financial gain.

In one case, Microsoft analysts discovered that a criminal hacking gang linked to Iran penetrated an Israeli dating site and attempted to sell or ransom the personal information it gathered. Microsoft found that the hackers had two motives: to shame Israelis and to gain money.

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Cyber Criminals Are Increasingly Helping Russia And China Target The US And Allies, Microsoft Says

In another case, investigators discovered a Russian criminal network that entered more than 50 electronic devices used by the Ukrainian military in June, ostensibly seeking access and intelligence to aid Russia’s invasion of Ukraine. Aside from any cash received from Russia, the group had no evident financial objective.

For countries like Russia, China, Iran, and North Korea, which have their own ties to hacking groups, collaborating with cybercriminals provides a convenient solution that benefits both parties. Governments can increase the number and efficacy of cyber actions without incurring additional costs. For criminals, it opens up new options for profit while also promising government protection.

“We’re seeing in each of these countries this trend towards combining nation-state and cybercriminal activities,” said Tom Burt, Microsoft’s vice president of consumer security and trust.

So far, there is no proof that Russia, China, or Iran are sharing resources or collaborating with the same criminal networks, Burt stated. However, he added the expanding use of private cyber “mercenaries” demonstrates how far America’s adversaries will go to weaponize the internet.

Microsoft’s analysis examined cyber threats between July 2023 and June 2024, focusing on how criminals and foreign governments use hacking, spear phishing, malware, and other ways to obtain access and control of a target’s system. According to the corporation, its consumers experience around 600 million such instances each day.

Russia concentrated much of its cyber activities on Ukraine, attempting to obtain access to military and government networks and spreading disinformation to erode support for the conflict among its supporters.

Ukraine has replied with its own cyberattacks, including one last week that brought some Russian official media outlets offline.

Networks linked to Russia, China, and Iran have also targeted American voters, spreading false and misleading information about the 2024 election via phony websites and social media accounts. Analysts at Microsoft agree with US intelligence officials who think Russia is targeting Vice President Kamala Harris’ campaign, while Iran is seeking to defeat former President Donald Trump.

Iran has also hacked Trump’s campaign in a failed attempt to pique the attention of Democrats in the material. Federal officials have also accused Iran of surreptitiously financing American protests against the Gaza war.

As election day approaches, Russia and Iran are likely to step up their cyber activities against the United States, according to Burt.

Meanwhile, China has mostly avoided the presidential contest, focusing its disinformation efforts on down-ballot races for Congress or state and municipal politics. Microsoft discovered that networks related to Beijing continue to target Taiwan and other nations in the area.

Cyber Criminals Are Increasingly Helping Russia And China Target The US And Allies, Microsoft Says

In response, a spokeswoman for China’s embassy in Washington stated that charges that China collaborates with hackers are false and accused the US of disseminating “disinformation about the so-called Chinese hacking threats.”

In a statement, spokesman Liu Pengyu stated, “Our position is consistent and clear.” China strongly condemns and combats all types of cyber assaults and theft.

Russia and Iran have also denied allegations that they use cyber operations to target Americans. Messages left with spokespeople from those three countries and North Korea were not immediately returned on Monday.

Efforts to disrupt foreign misinformation and cyber capabilities have grown in tandem with the threat, but the anonymous, porous character of the internet can sometimes undermine the effectiveness of the response.

Federal authorities recently revealed measures to take hundreds of internet domains used by Russia to promote election disinformation and facilitate hacking activities against former US military and intelligence officials. However, analysts from the Atlantic Council’s Digital Forensic Research Lab discovered that webpages taken by the government can be readily rebuilt.

Within one day after the Department of Justice taking multiple domains in September, analysts discovered 12 new websites that had been launched to replace them. They are still operating one month later.

SOURCE | AP

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Trudeau Accelerates Bond Selloff Over Mass Spending Fears

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2024-11-23

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Trudeau, Bond Market
Trudeau accelerated a bond selloff due to expectations of faster growth and a deeper deficit

Prime Minister Justin Trudeau has accelerated bond selloffs, citing fears of a larger deficit over his GST giveaway. Investors were concerned he was returning to his free-spending strategy as an election loom.

On Thursday, Trudeau unveiled a C$6.3 billion ($4.5 billion) tax relief and rebate program. It includes a two-month moratorium on federal sales tax on various commodities such as Christmas trees, wine, toys, and books and a C$250 check for almost 19 million Canadians, or over half of the population.

The declaration looked to mark the end of a brief period of fiscal restraint, as Finance Minister Chrystia Freeland committed to contain budget deficits to prevent stoking inflationary pressures.

Now that inflation has returned to the Bank of Canada’s 2% target, policymakers have reduced the benchmark interest rate by 125 basis points since June.

Trudeau’s Liberal government sees an opportunity to dig deeper into the public purse, but some analysts believe investors are keeping a careful eye on the country’s debt.

Bonds continued to fall on Thursday following the announcement, as the 10-year benchmark yield rose 7 basis points to 3.457%. After retail data showed a rise in consumer spending on Friday, it increased by up to 3.488%.

As the Trudeau government considers additional fiscal spending, concerns about Canada’s financial situation persist.

Budget Shortfall

Freeland has yet to publish final spending and income figures for the fiscal year that ended in October. Parliamentary Budget Officer Yves Giroux predicts a deficit of C$46.8 billion, much exceeding Freeland’s self-imposed aim of a C$40 billion shortfall.

Despite promises to reduce deficits, the Trudeau government continues to increase expenditure. This year’s budget includes a new capital gains tax inclusion rate to balance the cost of new housing and social initiatives.

This sparked anger from investors and entrepreneurs but allowed Freeland to present a consistent deficit despite significant spending.

The recent declaration indicates that Trudeau’s government no longer feels restrained in its capacity to use economic stimulus to restore favor.

Pierre Poilievre’s Conservatives have led most surveys by roughly 20 points for over a year. They have pounded the prime minister on affordability and promised to reduce taxes, especially income taxes. An election is expected in late October 2025.

The sales tax break will run from December 14 to February 15. The left-wing New Democratic Party intends to support it but has stated that it will continue to advocate for its permanent implementation and expansion to include additional items.

Let the Bankers Worry

Following Trudeau’s announcement, traders in overnight swap markets reduced their bets that the Bank of Canada will drop interest rates by 50 basis points for the second time in December, lowering the odds to fewer than 25% by the end of Thursday. As of late Friday morning, the odds were less than 17%.

The announcement also encouraged several experts to improve their short-term projections for Canada’s GDP. Analysts at the Bank of Montreal predict that the country’s GDP will increase at a 2.5% annualized rate in the first three months of 2025, up from 1.7%.

Speaking to reporters on Friday, Trudeau praised his government’s approach to program expenditure, claiming it fosters optimism and possibilities for families and the middle class.

“We’re focusing on Canadians. “Let the bankers worry about the economy,” Trudeau stated.

Related:

Canada’s Budgetary Watchdog Warns Over Trudeau’s Spending

Canada’s Budgetary Watchdog Warns Over Trudeau’s Spending

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Forced Sale Google Chrome Could Fetch $20 Billion

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2 days ago

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2024-11-21

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Sale Google Chrome

Antitrust officials in the US could force the sale of Google’s Chrome browser for up to $20 billion, demonstrating the tremendous worth of the world’s most popular web browser.

Bloomberg Intelligence attributes Chrome’s projected worth to its more than 3 billion monthly active users. The US Department of Justice is preparing to request a federal judge order the browser’s separation from Google’s parent company, Alphabet.

Chrome’s worth comes from its overwhelming 61% market share and its crucial role in Google’s advertising ecosystem. User data enables businesses to better target adverts, and the browser also acts as an important distribution mechanism for Google’s AI technologies.

Industry analysts think it may be difficult to find a suitable buyer. While tech behemoths like Amazon could finance the purchase, they would likely face regulatory scrutiny.

AI businesses, such as OpenAI, may emerge as more viable contenders. They could potentially leverage Chrome to broaden their reach and develop an advertising business.

“It’s not directly monetizable,” one analyst told Bloomberg. “It functions as a gateway to other things. It’s unclear how you would assess that in terms of pure revenue generation.”

Google opposes prospective sales, claiming that they will hamper innovation. The firm does not break out Chrome’s revenue individually in its financial filings, even though the browser’s user data plays an important part in the company’s principal revenue stream, advertising.

The DOJ’s suggestion follows Judge Amit Mehta’s August decision that Google had illegally monopolized the search industry. The judge will consider the recommended remedies at a two-week hearing in April 2024, with a final judgment due in August 2025.

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Appeals Court Delays Order For Google To Open Its App Store In Antitrust Case

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Bitcoin Has Set a New Record And Is Approaching $100,000.

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3 days ago

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2024-11-21

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Bitcoin

(VOR News) – Bitcoin broke beyond the $98,000 mark for the first time on Thursday as investors awaited Donald Trump’s second term as president. All of this happened during the day. As such, cryptocurrency has reached a significant turning point.

According to Coin Metrics, the top cryptocurrency was trading at $97,541.61 during the most recent trading session. Merchants provided this information. This suggests a price gain of more than three percent during the previous trading session.

When the period began, Bitcoin peaked at $98,367.00.

During the premarket trading session, MicroStrategy, a platform that facilitates cryptocurrency foreign exchange trading and serves as a bitcoin proxy, saw a 13% gain. Coinbase, on the other hand, had a 2% rise during that period. Furthermore, all of these increases occurred simultaneously.

The market value of Mara Holdings increased by 9%, which helped raise the valuation of mining companies overall. This was among the factors that led to the total rise.

Because of the widespread belief that President Trump will usher in a new era of prosperity for cryptocurrencies, one marked by more favorable laws and the possible creation of a national strategic bitcoin reserve, the price of Bitcoin has been rising steadily this month.

The most recent change brought about by the increase was the consequence of higher financing rates and more open interest in the futures market during Asian trading hours. The rise was the catalyst for this change. This action was prompted by the ensuing rush.

Throughout its lifespan, this legislation was the catalyst for this change for a variety of reasons. At the same time, spot market premiums decreased, according to CryptoQuant statistics. All of this happened at the same time.

Furthermore, a number of short liquidations have been sparked by the recent spikes in Bitcoin’s price, which has caused the price to rise overnight. As a result, the price has gone up much more. As a result, the total number of short liquidations has increased.

According to CoinGlass, these liquidations have effectively produced more than $88 million in capital during the last 24 hours.

Rob Ginsberg, an analyst at Wolfe Research, noted in a study released on Wednesday that “historically, following previous movements of this magnitude, Bitcoin has either entered a consolidation phase or disregarded the overbought condition as investors accumulate.” This phrase relates to the fact that this particular move has happened before.

Ginsberg stated this in reference to the evolution of Bitcoin over time.

Ginsberg’s answer makes reference to Bitcoin’s propensity to go through a period of consolidation. The comment also made reference to this.

He said, “Considering we are emerging from an extended consolidation phase and the price has reached a new high, it suggests that the pursuit is underway.”

The crucial psychological milestone of $100,000 is expected to be reached in the upcoming weeks, and this breakthrough could happen as early as Thursday. It seems likely that this level will be reached. There is a chance that this new development will take place.

This task will be carried out against the backdrop of this historical era. In addition, if Trump were to win a second term, federal budget deficits would increase, inflation would likely increase, and the dollar’s position in international affairs would change.

The administration that Trump would run during his presidency would be responsible for these consequences. All of these characteristics would positively impact the value of Bitcoin as a currency if they were taken into account in the order that they are presented.

The price of bitcoin had risen by more than 130% by the beginning of 2024.

SOUREC: CNBC

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