Too much carbon in the atmosphere is triggering many climatic changes and is a real threat to our existence, along with animals and plants. Extreme heat waves, storms, long drought periods, and catastrophic floods are a result. So we need something that can help reduce the carbon in the atmosphere, and nothing is better than plants—yes,  the green plants that also look good to the eyes and provide a serene environment and good energy.

Plants draw carbon dioxide from the atmosphere because they have the natural ability to do it. Scientists at Salk are utilizing this same quality of plants to clean the air from carbon dioxide by redesigning their roots so that they can store more carbon. Their sophisticated new tool, SLEAP, is an artificial intelligence software that tracks different features of root growth.

Source: IEA. Designing new plants to fight climate change

Salk Institute’s program called Harnessing Plants Initiative (HPI) is focused on developing solutions to leverage plants for storing carbon, as plants already do store carbon in their biomass. But the storage is usually temporary, as when plants die or crops are harvested, the carbon stored returns to the atmosphere. Salk is trying to increase their capacity to store more carbon and that for longer periods of time.

HPI scientists are using SLEAP to design these climate saving plants. It is quite easy to use and was first designed to track animal movements in the lab, and is now adopted to study root structures. 

In a recent study, researchers revealed the new protocol of SLEAP, which will analyze root characteristics like how deep they grow, their width, how big they grow with time, and their other physical traits, which were quite tiring and time consuming to measure before SLEAP.

SLEAP is a leap forward in plant research

SLEAP is already helping scientists, as they have generated an extensive catalog of plant root systems. Identifying these root systems of plants will help scientists to find genes that are associated with the characteristics that they are looking for. It will also help in defining if multiple characteristics of a plant are defined by the same genes or not. 

Salk researchers will be able to determine that which genes are helpful for designing their new plants. Elizabeth Berrigan, a scientist who was involved in developing SLEAP, says,

“We created a robust protocol validated in multiple plant types that cuts down on analysis time and human error while emphasizing accessibility and ease-of-use—and it required no changes to the actual SLEAP software.”

Source: Salk Institute.

The Salk researchers tested the model on different plant types, for example, rice, canola, and soybean. They also tested it for the mustard family’s flowering weed, scientifically called Arabidopsis thaliana, and they found after the trials that SLEAP is 10 times faster in training AI models than previous practices and is 10 times faster in predicting plant structure on new data. 

Researchers are now focusing on a new challenge, which is to examine 3D root structures with SLEAP. Research with SLEAP will continue, as it is already speeding up the research process at Salk Institute. 

The research study can be seen here.

On Wednesday, Mark Zuckerberg revealed his ambitious plans to invest billions of dollars in artificial intelligence over the next few years. His message to Meta’s shareholders during the earnings call was to expect some bumpiness and keep their cool.

Mark Zuckerberg is ambitious about Meta’s AI ability

Zuckerberg is now more optimistic about his company’s ability to build more capable AI models after the release of Llama 3, which is Meta’s latest model. He said ‘it makes sense’ to go for heavier investments to build more advanced generative AI models and AI services that are going to be at a scale that will be the largest in the world. He said,

“I actually think we’re in a place where we’ve shown that we can build leading models and be the leading AI company in the world. And that opens up a lot of additional opportunities beyond just the ones that are the most obvious for us.”

He also told analysts that his company is not only building better models for developing social and e-commerce products, but they are looking to be the world’s top AI firm. But such high ambitions cost money, so that may not be taken well by investors. Because when the last time Zuckerberg spent big funds on metaverse that panicked investors. 

Source: NASDAQ via search.

His recent announcement also reflected on the company’s stock, which fell nearly 16% in the hours after he shared his investment plans. Zuckerberg said that historically, the company has seen stock volatility at times when they invested in product development and scaling but were not monetizing.

Where will the money go?

Meta also revealed its capital expenditure plans for AI and said that the spend will be somewhere between $34 billion to $40 billion. Zuckerberg tried to convince Wall Street and reduce the panic as he pointed out that investors know the opportunity and should wait. He also laid out some strategies to make money with generative AI and to develop them as big business for Meta. But he also warned that it will take time, likely several years, according to him.

One avenue to generate business, he pointed out, is to provide AI tools to other businesses, which could help them in customer interaction. One way to do this is by evolving Meta’s AI from just a chatbot to an AI agent that will be able to handle more detailed and complex workloads. This could be an option that they can utilize early for revenue generation, he said.

Meta is also looking to introduce ads in AI interactions or even paid content by companies and brands. Though this is not yet the standard for chatbots to show paid content in their answers, but this might change in the future as Meta’s business is primarily selling digital advertisements on its user facing apps. And the company has already deployed AI in its social media content recommendations. 

At the moment, Meta’s AI services are free to use, but as the models become larger and more specialized, people and businesses can pay for them to adopt for their commercial needs, as this will provide access to more computing power. Alphabet, the mother company of Google, is also investing big sums in AI development in the coming years, and Microsoft also plans to invest $100 billion to build a data center for AI development with its partner OpenAI, which is already enjoying strong backing from Microsoft.

Source: Meta Platforms.

The Original story can be seen here.

The UK economy is picking up speed faster than anyone expected, kicking off the second quarter with the strongest growth private sector firms have seen in nearly a year. This rebound seems to have caught many off-guard but shows promising signs for economic stability.

Accelerated Economic Growth

In April, S&P Global reported that the UK’s Purchasing Managers’ Index (PMI), a critical economic indicator, rose to 54, marking an 11-month high. This leap from the previous month’s 52.8 overshadows expectations which were pegged at 52.6. A PMI above 50 indicates the economy is growing, which shows the UK is on the right track, driven mainly by the services sector despite a slowdown in manufacturing.

Source: UK’s Purchasing Managers’ Index (PMI)

Firms have been on a hiring spree, increasing employment at the fastest rate in nine months. However, they’re also feeling the heat from rising costs, the biggest of which come from a huge increase in staff wages following a nearly 10% rise in the minimum wage that started in April.

This uptick in wages might be good news for workers but it poses a challenge for the Bank of England, which fears that these cost pressures could complicate efforts to keep inflation in check.

Currently, the economy is delicately balanced as it tries to maintain growth while managing inflation, which hovers near the desired 2% target. However, rapid wage growth coupled with strong economic performance suggests the battle against inflation is far from over.

Market Reactions and Inflation Challenges

Recent shifts in market sentiment have seen a delay in expectations for interest rate hikes by the Bank of England (BOE), reflecting concerns that the UK could face inflation pressures akin to those experienced in the US. Despite these fears, the outlook remains optimistic with the market fully expecting a cut in borrowing costs by August, followed by another reduction before the year’s end.

While businesses and consumers are spending more, which is great for growth, the cost of living and a general lack of confidence are still dampening the full potential of this recovery. S&P Global has noted that economic growth, while steady, faces these persistent hurdles, with growth estimated at 0.4% on a quarterly basis, a slight increase from 0.3% in the previous quarter.

Interestingly, the UK’s recent uptick in public spending is causing some to draw comparisons with France rather than the US, according to Indermit Gill, the World Bank’s chief economist. He highlighted that the UK’s governmental expenditure as a percentage of GDP looks more like that of France. Before the pandemic, the UK’s public spending was 38% of GDP, but this surged to nearly 50% during the pandemic’s peak.

Public Spending and Economic Consequences

This shift is not without its consequences. The increase in public spending has led to a notable slowdown in economic growth, making the UK appear more aligned with European models of governance. Such spending levels, although reduced from their pandemic peak, remain historically high and are contributing to record levels of taxation as the government struggles to manage its borrowing.

Furthermore, the UK has faced several economic shocks that necessitated increased public spending. The Russian invasion of Ukraine, for instance, forced the government to allocate around £78 billion for an energy support package to help manage skyrocketing energy prices and support low-income households.

The pandemic itself was a massive financial burden, with pandemic-related support measures costing the UK approximately £311 billion, according to the UK’s Office for Budget Responsibility.

Do Kwon, a co-founder of Terraform Labs, is appealing a high court ruling in Montenegro that could result in his extradition to the US or South Korea. The lengthy judicial proceedings span several months and entail complex disagreements on procedural compliance and legal interpretations.

Do Kwon battles extradition in Montenegro court

The high-stakes legal drama between Terraform Labs Co-founder Do Kwon and Montenegrin courts took place in a trial that attracted the attention of the international crypto world. Kwon is resisting the Montenegrin lower court’s decision, possibly leading to his extradition to the U.S. or South Korea. The legal procedure has been running for a few months and is very complex. It has been done based on legal interpretation and procedural compliance.

However, the dispute started when the Supreme Court invalidated a ruling that ratified the lower court’s ratification of Kwon’s extradition order. This added another obstacle to overcome by Milović, who was ready to act and give his final verdict. 

This act occurred soon after the Supreme State Prosecutor’s Office tripped the “protection of legality” measure, which intended to re-evaluate the legality of the extradition process. Since the lawyers Goran Rodic and Marija Radulovic have recently appealed the High Court of Bosnia’s unjustified and illegal verdict, the defense team led by them will most certainly continue the fight.

Case challenges Montenegro’s judicial integrity

The court records show that the party’s defense consisted of the court’s criticism for the reason that, as the party’s lawyers put it, for a “fantastic” or an even “mockery” interpretation of the Law on the International Legal Assistance in Criminal Matters. 

They maintain that the matter was manipulated in favor of the Minister of Justice for reasons other than ethical, which magnifies the intricacies of the trial proceedings. The defense contends that the courts create unworkable legal rules in favor of the Minister of Justice. Yet, they claim that this situation undermines the integrity of the judicial process.

This case also leads to the serious question about the role of national courts in transnational extradition proceedings and the difference in the jurisdiction where several countries are mentioned. 

As the lawyers highlight, there are inconsistencies in the interpretations of international treaties and, in particular, a lack of an exact criterion for which country has sufficiently valid grounds to extradite a criminal element from another country. 

However, defense counsel does not consider these problems technical but rather raises troubles in the interpretation and application of extradition laws in Montenegro. Thus, while Montenegro’s national judicial system entangles itself in a mesh of national and international law, eyes worldwide will closely watch over the final verdict, which will most likely set a line far beyond Montenegro’s boundaries.

.

In April, India’s economy demonstrated strong expansion, driven by significant contributions from both the services and manufacturing sectors. Recent insights from HSBC Holdings Plc provide a snapshot of the economy’s current state, showing promising trends across key sectors.

Current Trends in Economic Indicators

The Services Purchasing Managers’ Index (PMI) increased slightly to 61.7 from 61.2 in March, while the Manufacturing PMI held steady at 59.1. These developments led the composite index to reach 62.2, the highest since June 2010. These numbers, from preliminary survey results, indicate ongoing expansion, as readings above 50 suggest growth. Final PMI data, expected next week, will likely confirm these trends.

April saw a quickening in services sector growth with a rise in new orders both domestically and abroad. Pranjul Bhandari, HSBC’s chief India economist, noted in a statement that manufacturing also saw gains with better margins as companies managed to pass on higher costs to consumers amidst strong demand.

“The overall future business outlook improved further in April, caused by strong demand,” Bhandari explained. This period also marked huge job creation, supported by rising demand, although the pace of hiring in services was slightly down from March, manufacturers expanded their workforce substantially, the most in over a year.

Controversies and Predictions

A notable development this month was a rebuttal from the International Monetary Fund (IMF). IMF spokeswoman Julie Kozack clarified in Washington that the 8% growth forecast for India by Krishnamurthy Subramanian, representing India at the IMF, does not align with the IMF’s own projection of 6.5%.

Subramanian defended his optimistic view, critiquing the IMF staff’s predictions for India as “consistently inaccurate.” His comments highlights a larger narrative that views India as an emerging economic powerhouse, a narrative that closely ties to the political standing of Prime Minister Narendra Modi both domestically and internationally.

Since his 2014 campaign, Modi has been credited with transforming India’s economic fortunes. Under his leadership, India has become the fastest-growing major economy, surpassing the UK to become the world’s fifth largest economy with projections to climb higher.

Modi’s administration, while promoting India’s growth, has faced criticism for the alleged manipulation of economic data and a widening income inequality gap.

Economic Realities and Challenges

Despite official reports of growth, various economic indicators reveal a more nuanced picture. Foreign direct investment is at its lowest in nearly two decades, and private sector investment has declined as a percentage of GDP since 2012. Consumer markets remain sluggish, with massive downturns in staple goods consumption and a stark decrease in tractor sales, an indicator of rural economic health.

Unemployment, particularly among educated youth, remains a critical issue, with increasing numbers seeking opportunities even in conflict zones abroad. The manufacturing sector, despite the “Make in India” initiative, has not seen the promised job growth, and the share of agriculture in employment has unexpectedly increased, suggesting a shift away from industrialization.

Data integrity has also been questioned. Ahead of the 2019 elections, the government faced allegations of suppressing unfavorable employment data. Recent releases have shown improvements in poverty and consumer spending, though these figures contradict other data sources, suggesting possible discrepancies.

Moreover, income disparity continues to widen in India, with a big concentration of wealth among the “octopus class,” controlling 80% of the nation’s wealth. This inequality starkly contrasts with the government’s portrayal of a thriving economy, raising concerns about the long-term sustainability and inclusivity of India’s economic growth model.

Nigeria’s Naira is experiencing a notable downturn, marking its most severe four-day drop since a devaluation earlier this year, as available U.S. dollars become scarce.

Tuesday saw the Naira depreciate by 5.3% against the dollar, although it remains the best performer this month among currencies tracked by financial analysts, holding a 15% gain. However, in less formal markets, it’s a different story; the Naira dipped by 0.2%, cumulating a 17% drop over four trading sessions, according to Abubakar Muhammed, CEO of Forward Marketing Bureau de Change Ltd.

Dollar Drought Impacting Central Bank Efforts

The struggle for dollar availability is becoming increasingly evident, affecting the Central Bank of Nigeria’s (CBN) efforts to stabilize the Naira. In response to rising inflation, the CBN has hiked interest rates by a total of 600 basis points this year alone.

Despite these measures, trading volumes in the forex market were notably low last Friday, reaching a two-month trough at $86 million, though there was a slight recovery to $133 million by Tuesday.

Nigeria’s total dollar reserves have dwindled to $32 billion as of late April, reflecting a sharp 29% decrease over the past five years. Even with a marginal uptick noted on Monday, the reserves have been falling for 17 consecutive days, signaling inadequate dollar inflows to replenish after settling past due foreign currency obligations.

Adjustments and Predictions

Recent fluctuations in the Naira value are partly due to onshore dollar sales as traders closed their long positions, leading to an unsustainable rally, noted Samir Gadio, head of Africa strategy at Standard Chartered Bank.

The Naira has lost over 60% of its value against the dollar since last June following two major devaluations. These were intended to make the currency more market-responsive to attract foreign investment. Additional initiatives by the CBN have urged banks to increase dollar distribution to the local market, which helped the Naira rise from a low of 1,627 to 1,300 per dollar on the official market.

In a recent move, the CBN offered dollars at 1,021 Naira to bureau de change operators, which is 21% below the rate listed by FMDQ.

Ayodeji Dawodu, an analyst at Banctrust Investment Bank, expressed skepticism about the long-term effectiveness of this strategy. He anticipates the Naira might stabilize around 1,500 per dollar by year-end, potentially encouraging more robust foreign capital inflows.

The Association of Bureau De Change Operators of Nigeria (ABCON) points a finger at peer-to-peer (P2P) cryptocurrency platforms, such as Binance, for the Naira’s ongoing depreciation. Aminu Gwadabe, ABCON’s national president, highlighted the challenges posed by these platforms, noting that as long as they remain profitable, the downward pressure on the Naira will persist. P2P platforms enable users to buy USDT, a stablecoin tied to the dollar, facilitating speculative activities that impact the currency’s stability.

Moreover, despite the CBN’s recent intervention, releasing an additional $10,000 to eligible bureau de change operators, the Naira continued its decline. Concurrently, the Economic and Financial Crime Commission (EFCC) has increased its scrutiny of Binance and other cryptocurrency platforms to protect the Naira in the foreign exchange market.

Recently, Binance and two of its executives were brought before an Abuja High Court on charges of alleged fraud and currency manipulation, signaling a tightening grip on unregulated financial activities that could be affecting the national currency.

In an unexpected turn of events, the anxiously awaited joint venture between Fortnite and Fall Guys, two of the leading game developers, has been delayed and will be released in the summer quarter.

Fans of Fortnite and followers of Fall Guys were anxiously waiting for these two well-known games to unite and collaborate. However, the update delay was announced by Epic Games, saying that the update will not be coming as soon as fans expected. The news traveled fast through social media sites making the fans sad but also excited about what would happen.

We’re working on getting the @FallGuysGame beans ready for their big UEFN debut, but they need a little more time to cook.The beans will fall in Summer 2024. https://t.co/rkg50Gu1Ps

— Fortnite Creators (@FNCreate) April 24, 2024

Quality Assurance

Even though the postponement may be frustrating, it is handy to know why it’s happening. Epic Games put special emphasis on the smoothness of linking Fall Guys content with the Fortnite universe to the very high quality. These kinds of ambitious meetings of fictional characters require careful planning and implementation to make sure that players are only satisfied in the end. Epic Games does it by giving more time to the development team to work on all the details, ensuring the ultimate gaming experience since its release gets delayed so much.

What players can expect

The release turned out a bit disappointing, but still, there is a great deal of enthusiasm for the appearance of the Fortnite x Fall Guys collaboration. The players will be greeted by plenty of new content, such as skins, emotes and challenges to the whimsical Fall Guys world. The addition of Fall Guys features is anticipated to give Fortnite a much-needed facelift by placing the gamers in an unusual and captivating game that they never imagined could be achieved.

Community Response

The delay has triggered a variety of reactions, including some feelings of disappointment. The gaming community is not happy at all. Although some fans vented their anger at the producer for the prolonging, others were supportive of Epic Games’ decision to postpone the release until the release was completely ready. Moreover, the delay enables developers to fix any potential problems and be confident about the release of the update when it arrives. Still, Fortnite and Fall Guys fans eagerly await the moment of the combined collaboration, and the excitement remains high.

Although the pause might bring a bit of aggravation, it also shows how much interest the collaboration might generate. The gamer’s fraternity is now reaching the final countdown of the days before summer. Therefore, they are waiting for a moment when both Fortnite and Fall Guys will be released together. This time Epic Games tackles production quality and innovation and players can ensure that the partnership would result in the same world-class experience.

According to a leak from Lookonchain, a blockchain analyst company, a digital monetary trader, has made approximately $12.8 million through trading cryptocurrency and other digital tokens, of which $PEPE was $12.8 million. That is equivalent to more than 1503 times the initial investment. It is even higher when compound interest is taken into account and reinvested.

Trader stakes and returns

A thorough description of jwynn.eth’s trading activity by Lookonchain.the early days of the coin’s introduction, jwynn.eth invested $8,524 to purchase 2.83 trillion $PEPE tokens. After that, he made $4.57 million by selling 1.81 trillion of these tokens. He has three separate wallets holding approximately 1.02 trillion $PEPE tokens worth about $8.25 million.

jwynn.eth spent 2 ETH($6,518) to buy 38B $ELON(5.5% of the total supply) with 2 wallets.He burned 5B $ELON and has 33B $ELON left, currently worth $1.1M.He currently becomes the largest holder of $ELON, controlling 4.78% of the supply.https://t.co/sQx0YBEFNB pic.twitter.com/I180qw8izP

— Lookonchain (@lookonchain) April 24, 2024

Apart from $PEPE, Jwynn.eth has lately earned about $430,000 and $388,000 by trading other cryptocurrencies, such as $BOBO and $ANDY. Over the last two days, he has added to his remarkable portfolio by transacting in $JOTCHUA, $BIRDDOG, and $BRETT, bringing him profit.

Performance and market movements

According to Lookonchain’s overview, the trader has traded 20 different cryptocurrencies, but just 9 are clear-winning cryptocurrencies. This indicates that his success rate in trading is about 45%. 

A large portion of the fee goes to the exchange, as that’s where many of the crypto trading activities happen. Investment returns can be substantially affected depending on the market’s volatility.

Not only that, but Jwynn.eth also bought a significant amount of a cryptocurrency called $ELON crypto, about 38 billion, which became 5.5% of its total supply. Although almost 5 billion $ELON tokens were burned within the holding, he remains the largest, with 4.78% of the total circulating supply.

Industry reactions and speculations

The performances of Jwynn.eth and other traders usually produce applause and some doubt from the crypto community. The feedback from social media users contains fragments of users, and these fragments consider these large profits evidence of those having insider knowledge or simply as part of the wide range of strategies that lead to the more popular projects being funded.

A user named “Anti Ruggers United” criticized the news, saying that developers, not actual market opportunities, usually manipulate such lucky gains. Similarly, other enlighteners, such as cryptocurrency experts, oppose the news.

Since the level of cryptocurrencies is getting higher and higher and the interest on this matter is increasing as well, many professional traders see this opportunity along with the new investors while at the same time, market dynamics as illustrated in cases like jwynn.eth and highlight the interplay of risk, reward, and market sentiment in digital assets trading.

Amidst the turbulence of the crypto market, two crypto tokens, ETFswap (ETFS) and Near protocol (NEAR), have shown a lot of resilience by keeping their heads out of the water and making their investors happy. ETFswap (ETFS) has also attracted the attention of several investors, including those of Chainlink (LINK), through its successful private sale and massive presale event. 

Near Protocol (NEAR) On The Verge Of Rally 

Near Protocol (NEAR) is a developer-friendly platform that challenges the Ethereum (ETH) network as a competitor in housing decentralized applications (dApps). Over the past year, its native token NEAR has broken past two critical resistances, the first being when it surged past the $2.70 and and the second being the $3.40 roadblock in December 2023. 

When it retested the $2.70 resistance level in January, it signaled an upward direction toward the $6.08 resistance. Now, price experts are optimistic that if history repeats itself, NEAR next stop would be the $10.24 mark, with its current price level increasing by 50% the way it did in December 2023. 

Furthermore, if the bulls could surpass the $10.24 resistance, its next stop would be the $15 mark. Near Protocol (NEAR), at the time of writing, trades at $5.69 and ranks 20th in the crypto market according to data from asset tracking platform Coinmarketcap. 

Chainlink (LINK) Could Drop By 25% Scaring Investors

Chainlink (LINK) is a blockchain oracle system that enables blockchains to interact with the outside world and source accurate real live data. Its native token, LINK, is an ERC-677 token used to reward the node operators who secure the chainlink (LINK) network. In early April, price experts speculated that LINK could drop by 25% to $13.08 if the bulls show weakness and give the bears a chance to take charge. 

As of then, Chainlink (LINK) struggled to hold on to the $16.86. However, if the LINK price could increase to $20.70, that would reverse the bearish thesis. LINK currently trades at $14.30 and ranks 18th in the crypto market, according to data from Coingecko. This means LINK is still in danger of further dropping in price since it is just slightly above $13.08; therefore, this uncertainty has made Chainlink (LINK) investors shift to safer investments like ETFswap (ETFS). 

ETFswap (ETFS) Grabs The Attention Of Crypto Investors With Private Sale Success

ETFSwap (ETFS) is a blockchain platform that aims to use the tokenization of assets to bridge decentralized finance with traditional finance by creating a tokenized version of exchange-traded funds (ETFS). ETFs, the current darling of the blockchain industry, recorded another landmark win on April 15, 2024, when Hong Kong regulators approved spot Bitcoin and Ethereum ETFs. 

This showed that ETFs have secured a long-lasting place in the crypto industry, and by creating tokenized versions of these assets, ETFswap (ETFS) is making it accessible to all crypto investors. However, all interested in trading the tokenized ETFs will need to hold ETFS, the platform’s native token. ETFS will serve the purpose of utility, unlocking the benefits of trading tokenized ETFs to all who have them. 

Also, holders will have the opportunity to have a say in making decisions on the platform through voting. To open the platform to large investors, ETFswap (ETFS) held a private sale of its token, where it raised $750,000 from the investment of two institutional investors and three angel investors to help develop the ecosystem. 

The success of the private sale kick-started the public sale, where it is offering the token to all investors at $0.00854 per coin in its stage 1 presale event. Stage 2 will start at a higher price of $0.01831, cementing profit for all stage 1 participants. Currently, over 22 million tokens have been sold, with more to go as savvy investors are moving in to buy this token with untapped potential. 

They stand in line to benefit from the 10,000% surge in price speculated by experts, which will mean 100x yield on investments. So what are you waiting for? Join the savvy investors and buy the ETFS presale today to increase your chances of making a 100x yield on profit. 

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

Tigran Gambaryan, a high-ranking executive with Binance, faces continued imprisonment in Nigeria as his bail hearing has been pushed back to May 17. This postponement was ordered by an Abuja court, which will not address his bail until his trial on money laundering charges begins.

Binance and the Turmoil in Abuja

Gambaryan, an American and a former agent at the Internal Revenue Service, is currently Binance’s head of financial crime compliance. On February 26, he and Nadeem Anjarwalla, Binance’s regional manager for Africa and a UK-Kenyan citizen, were detained. Their arrest came shortly after their arrival in Abuja, where they were scheduled to meet with Nigerian officials—a meeting requested by the Nigerian government itself.

Initially, the Nigerian government levied accusations against Binance, claiming the company facilitated currency speculation that detrimentally impacted the Nigerian naira. While Gambaryan and Anjarwalla were initially not declared under arrest, their situation swiftly changed to house arrest, and within a month, escalated to formal charges of money laundering and tax evasion by the authorities.

Following Anjarwalla’s mysterious flight from Nigeria, Gambaryan was transferred to the infamous Kuje prison, known also for housing suspects linked to the Boko Haram group. In a video message recorded after his colleague’s departure, Gambaryan expressed his unawareness of Anjarwalla’s plans and pleaded for U.S. government intervention.

Harsh Realities and Legal Battles

The response to Gambaryan’s detainment from the U.S. has been minimal, with the U.S. embassy staff visiting him just once since his relocation to Kuje prison, where his access to legal representation remains severely restricted.

Yuki Gambaryan, his wife, has publicly criticized the treatment of her husband, labeling it as unjust and a form of cruelty. She expressed her ongoing distress and anxiety over her husband’s fate as he faces his 40th birthday in confinement.

In a countermove, both Gambaryan and Anjarwalla have sued Nigeria’s National Security Advisor and the Economic Financial Crimes Commission, accusing them of human rights violations. Despite the serious charges, Gambaryan has maintained his innocence, pleading not guilty.

The trial addressing the money laundering accusations is set to commence on May 2, with the tax evasion charges being handled separately starting May 17. During a recent court session, the Economic and Financial Crimes Commission argued against granting bail to Gambaryan, citing the flight risk demonstrated by Anjarwalla’s escape and an alleged attempt by Gambaryan to acquire a new passport after his had been seized.

The prosecution stressed the potential danger in releasing Gambaryan, emphasizing his lack of ties to any community in Nigeria and the risk of him following Anjarwalla’s footsteps. Conversely, Gambaryan’s defense argued that there is no credible evidence justifying his continued detention and highlighted the lack of concrete proof linking Gambaryan to any planned escape or wrongdoing.

The United States-based popular crypto payments company, Strike, has officially launched services in Europe, a statement on Wednesday says.

Nevertheless, these services are not yet provided in many European nations. Residents in the countries where the services are available are now able to buy, sell, deposit, and withdraw funds using the platform.

The company has made it easier for consumers to know if the app is available in their area by simply checking the app stores on both the iOS and Android platforms. Qualified users can buy Bitcoin (BTC) using Euros via SEPA deposits, which is a payment system launched by the EU to allow transactions in Euros across the region. Strike has stated that in some regions, the recipients have the opportunity to get the value of assets in either BTC, euros, or USDT, which is a stablecoin of Tether. Built on the Bitcoin blockchain, Strike is a cryptocurrency payment app that lets you purchase the leading cryptocurrency at low prices.

Since it was introduced in the US in 2020, the organization’s reach has also been broadened to cover Africa and now Europe, making for a wider customer base as opposed to just the American clientele. Strike considers Europe to be one of Bitcoin’s growth potentials’ key areas. The company declared, “With around 440 million people, Europe is the third-largest economy in the world, and as such, represents a massive opportunity for Bitcoin adoption. As the leading Bitcoin-only app, we are confident that Strike is ideally positioned to fulfill Bitcoin access needs of millions across Europe.”

Wide Range of Merchandise for European Customers

Strike stated that it was entering the European market with a variety of products, not limited to cryptocurrency transactions only. Qualified customers will have the opportunity to use Strike’s Bitcoin and Lightning wallets, set up regular purchases, and transfer funds globally to supported African countries such as Nigeria, Ghana, and Benin. More so, the service enables a person to send money to other areas like the Philippines, Mexico, and Vietnam. 

Users will also benefit from such functions as P2P trading and free on-chain withdrawals. Strike added that its European application is available to businesses that are looking for full cryptocurrency solutions. The offering will be available for the end users as well as business clients. The American payment application is poised to provide its Strike API to qualifying countries to make transactions automatic in the system.

LinkedIn has been used by the North Korean hacker team Lazarus as a platform for targeted malware attacks, focusing on the digital currency industry. According to research released by blockchain security analytics company SlowMist, the Lazarus group has been impersonating job-seeking blockchain developers to get access to corporate networks.

Lazarus group impersonation targets crypto assets

SlowMist claims that hackers ask for help when working on projects that need access to code repositories. When employees give this access without thinking twice, they put themselves at risk because the shared code samples contain dangerous elements intended to steal financial assets and sensitive data.

#Lazarus #APT The Lazarus group appears to be currently reaching out to targets via LinkedIn and steal employee privileges or assets through malware. #Lazarus #APT Lazarus 组织目前正通过 LinkedIn 联系加密货币行业的目标，并通过恶意软件窃取员工权限或资产。🧐

— 23pds (@im23pds) April 24, 2024

Lazarus has a long history in cyber security, having appeared first in 2009. As time passes, they are among those who perpetuated some of the notable cryptocurrency scams in the financial sphere. The most common Ronin Bridge hack is well known for the malicious transfer that happened there. $625 million was transferred to the account. 

These cyber criminals frequently use hi-tech ways not to be uncovered, such as obscure transfers employed to move the stolen funds back to North Korea. Those funds are often moved and cleaned away by crypto mixing services, which are reported as necessary to feed the most expensive weapon of war of North Korea. 

Final take: Measures in countering persistent cyber threats

Although the blockchain architecture has this decentralized nature, which seems to complicate the position of crypto platforms when tracing and stopping such illicit transfers, these platforms adversely employ enhanced security measures.

Cybercriminals still use platforms like LinkedIn to create cyber threats. This shows the dynamic nature of cybercrimes and the fact that all technology users need to remain extra vigilant. Crypto companies advocate strengthening their security protocols and holding seminars with their employees about the possible threats and consequences of unauthorized online dealings/interactions with unidentified parties.

This industry response to such threats has been rather robust and has witnessed more reinforcement of digital asset security and the fencing of credentials. Nevertheless, organizations’ creativity compels constant changes and allocation of funds to cybersecurity to protect them from data leaks and theft of financial resources.

The Lazarus syndicate LinkedIn activity alerts us that dangers exist and are forever present in the digital world. Each attack, whatever its strength, is a cause for an overall collective response geared towards productively eliminating breaches in the future, which needs investors, traders, and social media users to stay alert.

Jack Dorsey’s payment company, Block, formerly known as Square, is making a major move by escalating its efforts from merely designing chips to establishing a comprehensive Bitcoin mining system.

Advancements in Mining Chip Technology

Yesterday, Jack himself revealed they have successfully developed a standalone three-nanometer bitcoin mining chip. They are currently finalizing the design alongside a prominent global semiconductor foundry. This progression marks a significant leap from their previous focus solely on chip design, showing their commitment to enhancing their technological footprint in the bitcoin mining arena.

we’re building a mining rig https://t.co/IKOQHNSHgO

— jack (@jack) April 23, 2024

Block isn’t stopping at chip design; they have set their sights on an expansive project that aims to create a full bitcoin mining system. This decision stems from extensive discussions with a diverse group of bitcoin miners, which helped Block identify the myriad of challenges these operators face regularly.

Comprehensive Mining Solutions on the Horizon

The insight gained from these conversations has been pivotal. Block has expressed a strong intention to support the decentralization of bitcoin mining through not only the provision of a new mining chip but also by introducing an entire mining system tailored by their own engineers.

According to their press release, this initiative began with the creation of an advanced bitcoin mining chip aimed at decentralizing the supply of mining hardware and the distribution of hash rates. Having completed the three-nanometer chip, Block is now engaging in a full tapeout of the design, signaling a major milestone in their mining project.

Previously, Block developed a prototype of a five-nanometer mining chip and received silicon samples from their foundry partner last fall. These samples met their design goals and provided essential feedback that validated their architecture and design strategy, encouraging further development on the three-nanometer design.

The current design has demonstrated competitive performance, and as a result, Block is moving forward with the full tapeout. The advanced technology of their mining chip promises to deliver the necessary performance that will allow mining operators to not only survive but also thrive in the ongoing fifth mining epoch, which follows the recent fourth halving of the block subsidy.

Throughout the development process, Block has actively solicited and incorporated feedback from the mining community, focusing on addressing the real-world challenges encountered by miners. This includes issues related to pre-sales discovery, purchasing processes, reliability, maintenance, and software functionality.

Miners have reported various pain points, such as difficulties in evaluating potential mining hardware purchases due to a lack of sufficient data and transparency. Others have highlighted problems with the purchasing process itself, the reliability of mining hardware, and challenges in maintaining miner uptime.

Software shortcomings are also a significant concern, with many seeking enhancements that would improve their mining operations. Post-sale support is another critical area where miners feel improvements are necessary to ensure the longevity and efficiency of their mining activities.

With this feedback, Block plans to leverage its extensive product development, system engineering, supply chain management, and aftermarket support experience to deliver a unique and effective mining solution to the market.

They aim to be the only large, well-capitalized hardware vendor offering both a standalone mining chip and a full system, potentially revolutionizing mining system innovation and supporting the development of new mining system form factors and use cases.

The Bank of England is holding back on reducing interest rates despite inflation simmering down a bit. Huw Pill, the chief economist for the bank, recently explained that even though the interest rate decrease from 5.25% seems a bit closer, the fall in headline inflation doesn’t fully justify an easier monetary policy.

Pill highlighted that after years of inflation overshooting targets, the risk of easing monetary policy prematurely could be more hazardous than delaying it, especially if inflation doesn’t settle down. He stressed the point this Tuesday, backing his cautious take on trimming the Bank Rate anytime soon.

Current Economic Dynamics

This call for prudence comes as the Monetary Policy Committee gears up for its next meeting, slated for just after next week. Pill’s hesitation contrasts with the Deputy Governor Dave Ramsden’s optimism, who believes inflation might stay near the bank’s 2% target for the coming three years.

Meanwhile, the pound has seen a small uptick, increasing by 0.3% to $1.238 against the dollar, indicating market reactions to these discussions.

Economic reports also showed UK business activity in April grew faster than expected, marking the quickest expansion since the previous May. This data was captured in the S&P Global flash UK composite output index, which climbed to 54 from 52.8 in March, beating the forecasts.

Chris Williamson of S&P Global pointed out that the UK is on a recovery track, with services growth balancing a slump in manufacturing. The current figures suggest a 0.4% economic growth in the second quarter, following a 0.3% rise at the start of the year.

Fiscal and Political Challenges Ahead

As the economy shows signs of life, costs are also rising sharply. The same reports noted a significant jump in average cost burdens, the largest since May of the previous year. Economist Rob Wood from Pantheon Macroeconomics mentioned that this growth and inflation are outstripping earlier forecasts by the Monetary Policy Committee.

The International Monetary Fund (IMF) has issued a warning about the UK’s fiscal health, listing it among nations needing urgent fiscal reforms to correct spending-revenue imbalances. Predictions suggest UK debt could swell from 92% of GDP to 98% by 2030, urging similar vigilance in the US, China, and Italy due to looming elections known to trigger spending sprees.

Back home, Chancellor Jeremy Hunt hinted at possible tax cuts later this year, conditional on a Conservative win in the upcoming general elections. However, Labour leader Sir Keir Starmer criticized these plans as unfunded, likening them to the failed budget under former PM Liz Truss, which plunged the economy into turmoil.

Prime Minister Rishi Sunak defended the fiscal strategy, asserting tax cuts would proceed only when financially feasible, maintaining that the aim to scrap national insurance contributions is a long-term goal, previously reduced from 12% to 8% by Hunt.

In a fiery session in the Commons, Sunak also took a swipe at Truss’s policies, which he had opposed during his 2022 leadership bid, arguing they were flawed. His remarks followed Truss’s defense of her tenure in a recent memoir, underscoring ongoing debates over fiscal responsibility amidst ambitious tax cuts.

The IMF’s recent critique of the March budget cuts, suggesting they might worsen debt trajectories despite being partly funded by new revenue measures, adds another layer of complexity as the UK navigates fiscal challenges amid demographic shifts and labor market changes.

In an unexpected twist of events, Invictus Gaming’s League of Legends jungler Lu “Leyan” Jue has been suspended for two matches and heavily fined after behaving inappropriately by engaging with a big teddy bear in a recent livestream. Riot Games, the developer and publisher of League of Legends, cracked down on the professional player with a fine of almost $7,000 (¥49,000) and a two-match disqualification.

League of Legends pro suspended and fined over $6,000 for “inappropriate” behavior with stuffed bear on stream pic.twitter.com/WeRN85rUHk

— Dexerto (@Dexerto) April 23, 2024

The controversial incident

The event under discussion was when Leyan was online, and he was caught on camera, hurling his buttocks at the chair-sized Lotso Bear, which was a stuffed toy from the movie Toy Story 3. It did not take long for this film clip to be circulated all around the globe, leading to profound widespread criticism in the League of Legends community.

The attitude of Leyan wasn’t convincing either when he tried to portray being just “rocking out” with the gigantic stuffed toy and called it all a joke for a while. Riot Games and Invictus Gaming took action immediately, assuming a behavior like that wasn’t appropriate in the professional e-sports scene for them.

Consequences and Reactions

Besides the heavy fine and ban from the league, Invictus Gaming also took other unfair actions towards Leyan, He got his salary reduced for two months as the consequence of what he did. At the time the Chinese social media platform Weibo was identified, warning the public about the weight of the situation and insisting that professional players are supposed to do their best to demonstrate ethical behavior.

“As public figures, e-sports players’ words and deeds represent the image of the club and the e-sports industry. Active professional players should be more cautious in their words and deeds in public and set a good example. The club will continue to strengthen internal management, require players to regulate their own behavior, maintain a positive image of professional players, and jointly maintain a healthy and benign e-sports professional ecological environment.”

The event certainly outbid many controversies within the League of Legends community, where some players are offended, while to others the issue is funny. A particular Reddit user had a funny comment, “God, you only lost one series out of this whole split which is against this little old bear teddy-fucker”

Professionalism Maintenance 

As the esports industry keeps on increasing in number and getting the recognition of the masses, every single incident like this heads a bitter reminder of the need for players to maintain a high degree of standard decorum and to behave as appropriate public figures.

Riot games as well as the teams like Invictus Gaming are setting an example by laying down the strict rules against such misconduct, proving their adherence to the ethics, and the spirit of sportsmanship in the League of Legends esports.

However, the payoff for Leyan may seem much more severe, it shows how important to create clear lines and principles for professional game players, who are the leaders of the process and the face of the whole industry.

A startup for artificial intelligence observation WhyLabs debuted a new AI product that will provide real-time control of the outputs of their AI apps. The platform called AI Control Center is designed to monitor and control the operations of AI solutions to ensure their reliability and safety, as traditional monitoring systems are not capable of observing AI reliably.

WhyLabs introduces the AI Control Center

The company said that there are many challenges that businesses are facing today, especially regarding LLMs. As the teams at the companies have to ensure that prompt injection attacks are not making their LLMs susceptible so that they do not provide harmful or inaccurate outputs that can damage their reputation.

The company’s solution can assist in tackling these issues by evaluating the operation of LLMs in real time. As it can deal with the entire range of aspects that can be problematic for LLMs, for example, user prompts, the process of generating responses (RAG), and the feedback that it generates. Alessya Visnjic, CEO and co-founder of WhyLabs, mentioned that

“Our customers are moving Generative AI initiatives from prototypes to production, where security and quality are paramount.”

Mentioning traditional observability tools that only perform passive monitoring, she added,

“Passive observability tools alone are not sufficient for this leap because you cannot afford a 5-minute delay in learning that a jailbreak incident has occurred in an application. Our new security capabilities equip AI teams with safeguards that prevent unsafe interactions in under 300 milliseconds, with 93% threat detection accuracy.”

Source: Businesswire.

Source: WhyLabs. Traditional monitoring vs. AI-based monitoring for

According to Visnjic, the difference between traditional monitoring and AI observability is that the key point to look for is pointing out the risk factors to measure and the procedure adopted to measure them in a consistent way. She says,

“LLMs and gen AI applications open up a whole new set of security challenges that we haven’t solved before.”

Source: Siliconangle.

She explains the challenges as to how a system pinpoints a prompt injection or jailbreak, including any type of input with bad intent from the end user. AI Control Center can provide companies with real-time control of AI application performance, which helps cybersecurity and business teams to tackle many risks, WhyLabs claims. Businesses can fine-tune the observability system and also set their own set of rules for advanced threat detection for more precise control, which can also be a continuous exercise with emerging threats.

In this way, teams can build high quality data sets based on their AI application interactions with users, as the platform also allows investigations into the problems that appear with time. These capabilities can now be availed of at WhyLabs AI Control Platform, along with many other tools for AI models’ performance, as the company is expanding its offering with a backing of $14 million. The key investors are Bezos Expeditions and AI Funds, and Madrona Venture Group.

The Original story can be seen here.

Eminent figures from the Worldcoin iris-scanning project, Sam Altman and Alex Blania, have recently held talks with Malaysian leaders to improve government relations for the project and show that they care about users’ safety and privacy.

Worldcoin’s regulatory challenges

As a post on X reveals, Biania, who serves as the company’s president and co-founder, and the deputy of the Digital Ministry of Malaysia Government held a meeting on Tuesday.

Exciting discussions today as we met with Nordstar and its impressive lineup of portfolio companies including Nothing, Airwallex, and Worldcoin. The meeting was attended by YB Tuan Gobind Singh Deo, Minister of Digital; YBrs. Tuan Ma Sivanesan, pic.twitter.com/GOpn6L6qmR

— Malaysia Digital Economy Corporation (@mymdec) April 23, 2024

Last Friday together with co-founder Altman partnered in Tools for Humanity, the duo graced the occasion with this particular Prime Minister of Malaysia Anwar Ibrahim, according to a forum post made by the government leader. On Tuesday, Blania shared Ibrahim’s post, mentioning her gratitude to the Malaysian scholar.

Worldcoin’s top-notch persuaders meeting with Malaysian officers follows a string of events that indicate that the project is aware of the issues of data collection and privacy. These actions also demonstrate that the project is ready to work together with regulators and government officials to come up with solutions that will cover such concerns.

Addressing privacy concerns

Worldcoin’s major assumption is that people could be identified digitally at some point in the future. This would make it easier to differentiate between humans and artificial conversationalists, which are intelligent AI.

Last month, the Worldcoin project was awed by two suspension in Spain and Portugal were commissioned to come to a complete stop during personal information collection. Worldcoin shares the cryptocurrency to users (WLD tokens) when the people scan their eyeballs in order from their eye print for their own World ID. Data security and privacy have been, among others, critical issues brought up by the privacy experts who have been speculating on how Worldcoin can manage the information collected from people’s irises.

Worldcoin’s problems with Spain and Portugal had been repeated regularly during the Ages of Exploration. Once the project distributed the WLD tokens to new accessions, which actually consists largely of the Global South region, Worldcoin was faced with a heightened level of regulatory interrogations from several countries, including Germany, France, Argentina, and Kenya. Even last month, South Korea conducted a probe into the case to determine the capability to acquire private information.

Jamie Dimon, the CEO of JPMorgan Chase, recently shared his mixed feelings about the apparently booming U.S. economy, expressing caution about the future. During an extensive interview at the Economic Club of New York, he described the economy’s state as “unbelievable,” noting it has been booming for some time.

Despite this growth, Dimon remains skeptical about the possibility of a smooth economic slowdown, or “soft landing,” which many hope for.

Economic Growth and Projections for the U.S.

According to Dimon, the U.S. is currently outpacing other major economies, with the International Monetary Fund (IMF) forecasting it to grow twice as fast as any other G7 country this year. This growth is largely driven by strong household spending and investment, defying the previous concerns that rapid interest rate hikes by the Federal Reserve might push the economy into a recession.

Instead, the IMF expects the U.S. economy to grow by 2.7% this year and 1.9% next year, following a 3.4% annual growth rate in the last quarter of 2023. “We’re in pretty good shape, and it looks like a soft landing scenario,” Dimon remarked, though he quickly added, “But put me on the cautious side of that one.”

Dimon recalled a Wall Street saying from his early days that markets often hurt the most people, suggesting current conditions might be deceptive.

Despite the geopolitical tensions not impacting oil prices as expected—they remain around $88 per barrel—Dimon expressed surprise that the situation has not worsened. He warned that it wouldn’t take much for oil and gas prices to surge to $120 or higher, pointing to potential risks to energy infrastructure.

Dimon on Leadership and Global Influence

In the interview, Dimon also reflected on leadership and service. Last year, there were calls for him to run for president, an idea promoted by figures like hedge fund billionaire Bill Ackman. Although flattered, Dimon joked about needing to be “anointed” rather than elected.

He advocated for more business leaders to participate in government, suggesting that if Joe Biden or Donald Trump were president next year, they should include members of the opposite party in their cabinets.

He praised Indian Prime Minister Narendra Modi for his achievements, especially for lifting 400 million people out of poverty, despite criticism from the liberal press. This endorsement highlights Dimon’s acknowledgment of effective leadership beyond the U.S.

Looking forward, Dimon discussed the ongoing resilience of the U.S. economy. Despite expectations that Federal Reserve rate hikes would dampen economic activity, the U.S. GDP is expected to grow at least 2% this quarter, marking the seventh consecutive quarter of solid growth.

This resilience can be attributed to the U.S. continuing to stimulate its economy well beyond the 2020 recession’s end, with approximately $10 trillion in new spending released under Presidents Trump and Biden.

While the rest of the developed world reduced their deficits, the U.S. deficit grew to 40% of GDP, double the average in Europe. This massive fiscal stimulus contributed significantly to U.S. economic growth in 2023, accounting for over a third of it.

Additionally, the Federal Reserve’s monetary policy during the pandemic created a liquidity surplus that continues to influence financial markets and asset prices, with the money supply, or M2, remaining well above pre-pandemic levels.

However, this growth has led to an overheated economy with elevated consumer and asset prices, giving the Fed limited room to strategize.

The ongoing high interest rates and substantial government deficits pose risks to the U.S. economy, suggesting that when the stimulus effect wears off, the economic downturn could be more abrupt than many anticipate.

Greater levels of integration have been the tools of the trade to progress the performance and functionality of computing platforms of any type, achieving the goals of lowering power, complexity, and cost by increasing efficiency. On that note, among many problems, one crucial part hasn’t received enough attention yet — the clock timing solutions. Nevertheless, this is about to change with the advent of the SiTime Chorus family of clock generators geared towards complementing the swift lane of AI data centers and networking technologies.

Integrated timing solution

Advanced devices, in almost all cases, are equipped with time-clocking circuits. They are part of any up-to-date workstation or server design specification list. They essentially are an engine within the processor, delivering core kHz levels while staying in sync among data flow and other circuit segments. In the past, complicated circuits have used different types of delays, such as resonators and oscillators, to work as clock sources and clog the buffers and the generators. These are responsible for clock duplication, division, and multiplication. 

Sitar’s advantage of integrating all these technologies in a single device, with its incorporation of Aura’s clock synthesis technology and SiTime MEMS resonator-based technology, has virtually eliminated the clocking timing solution hierarchy as previously, where one system-on-chip device needed an independent clock source for each processor and input and output interfaces.

Simplifying AI data center clocking

With the help of SiTime Chorus clock generators, the shifting clock hierarchy level is now an image. In other words, the entire timing solution for this simplified circuit design is now present in a single SiTime Chorus clock generator, accelerating the reduction of board complexities and area use and lessening the power consumption of the components. In addition, multiple failure risks are also minimized. SiTime claims all three traits to be provided by Chorus, possibly each in a single, 4mm x 4mm package: this translates to up to 10X better resilience, excellent stability, and lower phase jitter (clock deviation). 

This latter works as well as enlarging the clock timing design capacity of engineers because aroused Chorus clock generators are 6 weeks earlier than similar products market introduction time. “AI makes datacenters require more data throughput and thus uses less power. SiTime can help resolve this issue as it is well positioned and knows the market variables”. “The timeline of takt via hard farmers was characterized by pain about usages of discrete product types, e.g., the clocks, oscillators, and resonators, and this created performance compromises. The chorus delivers the integrator clock generator to solve such problems, and it’s another example of us transforming the timing market with our unique approach.”

SiTime is evolving and expanding its market presence by aiming Chorus at key AI Data Center applications such as Smart NICs, PAM-4 boards at 400 – 800 Gbps high-speed communication links, and data center enterprise switching.

SiTime’s line, the Chorus series of clock generators, is now being sampled for strategic customers, with Gen. sampling available in the year’s second half. All software system designers who need highly accurate timing solutions that are greener, more dependable, yet fully integrated into their designs will see Chorus as a win-win.

This article originally appeared in Forbes.

This Tuesday, the Federal Trade Commission (FTC) cast a decisive 3-2 vote, striking down noncompete agreements nationwide. Sparked from a proposal in January 2023 aimed at pushing wage growth and innovation, this ruling is set to reshape the employment landscape. Currently, these contracts bind about 30 million workers, spreading across various industries.

Source: FTC

FTC Chair Lina Khan outlined that these agreements represent “unfair methods of competition” and noted the agency had been flooded with over 26,000 comments, mostly supporting the ban. According to Khan, these clauses not only strangle personal freedom but also throttle competition across markets. The decision has drawn fire from industry groups, who argue it’s a drastic move that will inflate business costs and endanger trade secrets.

Response and Repercussions

Andrew Ferguson, a Republican FTC commissioner who opposed the vote, criticized the move as “unlawful,” arguing that the FTC overstepped its congressional authority.

Nevertheless, the ruling is set to kick in 120 days following its publication in the Federal Register, despite anticipated challenges from various business sectors. The U.S. Chamber of Commerce, for instance, announced its plan to sue the FTC shortly after the decision.

The ban will eradicate existing noncompete clauses, except for those applying to senior executives earning upwards of $151,164, who hold policy-making positions. Echoing the sentiment behind this shift, President Joe Biden remarked, “Workers ought to have the right to choose who they want to work for.”

This policy is expected to liberate approximately 18% of American workers currently under noncompete agreements. These contracts often restrict employees from joining industry competitors, which could offer better career prospects, higher pay, or more favorable locations.

Chair Lina Khan also highlighted the broader economic benefits, noting, “Noncompete clauses keep wages low, suppress new ideas, and rob the American economy of dynamism.” She suggested over 8,500 startups could emerge annually without these restrictions.

Despite pushbacks claiming that noncompetes safeguard intellectual property, the FTC recommends companies use non-disclosure agreements to protect sensitive information.

This is part of a larger effort led by the FTC under Biden’s administration, which has aggressively targeted anti-competitive practices through numerous lawsuits against big corporate mergers and other market-dominating strategies.

Broad Opposition and Legal Battles Ahead

The rule’s introduction has been contentious. Sean Heather from the U.S. Chamber of Commerce slammed the decision as “blatantly unlawful,” emphasizing noncompetes’ role in driving innovation and maintaining competitive markets. Conversely, Sarah Miller from the American Economic Liberties Project praised the rule for ending what she described as “coercive noncompete agreements” that severely limit worker mobility and wage growth.

Legal expert Kristen Limarzi predicts focused legal challenges, questioning whether the FTC has clear congressional authorization to implement such comprehensive bans. Meanwhile, industry backlash is expected, particularly from sectors and regions where noncompetes are commonplace.

The announcement coincided with the FTC revealing that major glass manufacturers Ardagh Glass S.A. and O-I Glass Inc, along with a security firm, agreed to eliminate their noncompete requirements affecting over 1,700 workers. This prior action hints at the FTC’s broader crackdown on restrictive employment contracts.

The ongoing legal and economic debates are set to test the boundaries of the FTC’s authority and the practical implications of its ambitious move to free millions of American workers from restrictive employment clauses, setting a significant precedent in U.S. labor law.