TikTok Hack Targets Paris Hilton And CNN 💻️

Good morning. It's Wednesday, Jun. 5, and we're covering Databricks Acquires Data Management Startup Tabular, Former Meta Engineer Sues Meta Over Alleged Bias, Indian Reject Modi’s One-Party Vision, and much more. First time reading? Sign up to get this newsletter: Sign up here.

We always Listen and respond to questions and feedback, email us at [email protected]

MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.64 Trillion, a 3.12% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $92.3B, which makes a 19.01% increase.

• The total volume in Defi is currently $6.82B, 7.39% of the total crypto market 24-hours.

• The volume of all stablecoins is now $86.4B, which is 93.64% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.21%, an increase of 0.4% over the day.

BUSINESS & FINANCE

Databricks Acquires Data Management Startup Tabular

Databricks has acquired Tabular, a data management company founded in 2021 by Ryan Blue, Daniel Weeks, and Jason Reid. The acquisition was valued at over $1 billion. Tabular, known for its products built on Apache Iceberg a data management project Blue and Weeks developed at Netflix will now collaborate with Databricks to merge Iceberg with Databricks' Delta Lake, creating a common standard for data lakehouses.

Why it matters: The acquisition allows Databricks to expand its market reach and attract new customers seeking efficient data management and analytics solutions. Tabular's expertise in enhancing Iceberg tables aligns with Databricks' goal of providing comprehensive data analytics offerings. ( Read Deeper )

Fintech Firm Nium Raised $50 Million And Cuts Valuation By 30% In New Funding Round

Fintech startup Nium announced on Wednesday that it has raised $50 million in a new funding round led by an undisclosed Southeast Asian sovereign wealth fund. The round, which included participation from venture capital firms BOND, NewView Capital, and Tribe Capital, values the company at $1.4 billion. This marks a 30% decrease from its previous valuation of $2 billion in 2022. Nium is planning to go public within the next 18 months, targeting an IPO in late 2025. CEO Prajit Nanu explained that the down round reflects broader market challenges for fintech companies due to macroeconomic pressures.

Takeaway: Nium intends to use the new funds to pursue mergers and acquisitions of growth-stage payment firms. Nium is not currently interested in acquiring companies in the cryptocurrency space due to low merchant demand for crypto as a payment method. ( Read Deeper )

TECHNOLOGY & SCIENCE

Former Meta Engineer Sues Meta Over Alleged Bias and Wrongful Termination Of His Job

A former Meta engineer, Ferras Hamad, has sued the company, alleging discrimination and wrongful termination. Hamad, a Palestinian-American who has been part of Meta's machine-learning team since 2021, claims he was fired for addressing bugs that suppressed Palestinian Instagram posts. He accuses Meta of bias against Palestinians, including deleting internal communications about Gaza deaths and investigating employees' use of the Palestinian flag emoji, while not investigating similar use of Israeli or Ukrainian flag emojis.

Takeaway: The lawsuit follows long-standing criticisms of Meta's content moderation concerning Israel and the Palestinian territories. Hamad's dismissal occurred after he raised procedural concerns about an emergency troubleshooting procedure (SEV) involving Palestinian content. Meta allegedly fired him for violating a policy on working with accounts of people he knows personally, which Hamad denies, stating he had no personal connection to the individuals involved. ( Read Deeper )

TikTok Hack Targets Paris Hilton And CNN Amidst Rising Security Concerns

A cyber-attack on TikTok has compromised accounts belonging to various brands and celebrities, including Paris Hilton and CNN. TikTok confirmed the breach, stating that a "very limited" number of accounts were affected and that they are working with users to restore access and enhance security. While Paris Hilton's account was targeted but not compromised, CNN's account was indeed breached.

Takeaway: The attack comes amid ongoing scrutiny of TikTok's data security and its links to the Chinese government. The platform faces a potential US ban unless it is sold by its parent company, ByteDance. TikTok is becoming a crucial tool in the US political arena, with Donald Trump and Joe Biden actively using the platform for campaigning. Trump's account has garnered over five million followers, outpacing Biden's 350,000 followers. ( Read Deeper )

AROUND DE WORLD & POLITICS

Indian Reject Modi’s One-Party Vision In Favor Of Competitive Democracy

Indian voters have rejected Prime Minister Narendra Modi's vision for a one-party state, leading to a setback for his Bharatiya Janata Party (BJP) in the recent elections. Despite predictions of a sweeping victory, Modi's BJP failed to secure a simple majority in the lower house of parliament, winning only 240 seats—far short of the 272 required. As a result, Modi will rely on coalition partners to stay in power.

Why it matters: The results challenge Modi's authority and his ambitions to transform India into a Hindu-first nation, as well, as highlight public discontent with his governance, which has been accused of fostering religious polarization and stifling opposition. ( Read Deeper )

Uncovering Tragedy: Al-Shifa Hospital's Grim Aftermath

After Israeli forces withdrew from Gaza City’s al-Shifa hospital on April 1, the aftermath revealed a scene of devastation and death. The hospital, once Gaza’s largest medical facility, had been raided twice by Israeli forces who claimed Hamas was using it as a base, a claim Hamas denies. Israeli forces conducted a two-week raid in March, claiming to target Hamas operatives, resulting in over 200 alleged terrorists killed and 900 apprehended.

Takeaway: Israel claimed its raid was precise, targeting over 200 Hamas terrorists without civilian casualties. Palestinians found mass graves with hundreds of bodies, including women and children, and signs of executions and torture. The UN and other international bodies have called for an independent investigation into possible war crimes. The IDF claimed bodies were examined respectfully and reburied. ( Read Deeper )

ENTERTAINMENT & SPORTS

Man City's Legal Battle: Threatening The Premier League's Competitive Balance

Manchester City's legal battle against the Premier League is characterized as an attempt to dismantle financial controls, jeopardizing the league's competitive nature. The lawsuit aims to remove restrictions on commercial deals, allowing unlimited spending power for Abu Dhabi-owned clubs. ( Read Deeper )

Lady Gaga Shuts Down Pregnancy Rumors

Lady Gaga recently shut down pregnancy rumors with a playful reference to Taylor Swift's song "Down Bad" on TikTok. The singer, celebrating her sister's wedding in Maine, emphasized that she's not pregnant and urged fans to register to vote. In a short video clip, Gaga showcased her bleached eyebrows with text overlay reading "Not pregnant -- just down bad cryin at the gym register to vote." (Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Are you in the market for hiring a full-time developer and feeling stressed about making the right choice? ( Listen )

EXTRA BREVITI

• Elon Musk Diverts Thousands of Tesla's Reserved Nvidia AI Chips to X and xA. ( Read More )

• Worldcoin Awaits Critical EU Privacy Ruling in Coming Weeks ( Read More )