Reddit’s long-awaited IPO finds success as shares boom

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Reddit’s long-awaited IPO finds success as shares boom
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Following years of preparation and nearly two decades operating as a privately-held company, Reddit officially went public this week, searching for IPO success. The company had its initial public offering (IPO) on Thursday, March 21 and was subsequently listed on the New York Stock Exchange. As is tradition, Reddit’s IPO was marked by a company figure ringing the NYSE’s opening bell Thursday. It was Reddit’s affectionate mascot, Snoo, that got the honor of ringing the bell and signaling the start of Reddit’s time as RDDT on the NYSE. In the process, Reddit became the most recent social media site to go public, following Pinterest in 2019 and Snap in 2017.

Reddit hoped to sell its shares for $34 each, with the company making a total of 15.3 million shares available. If all shares sold at Reddit’s projected prices, it would generate $519.4 million for the company. Separately, private shareholders put up 6.7 million shares for purchase. Reddit’s projections and goals for the IPO would give it a market value at around $6.5 billion. But, after two whole days on the NYSE as a publicly-traded company, Reddit didn’t just meet its internal goals. It crushed them, finding success in Reddit’s IPO.

As reported by CBS News, Reddit stock prices grew 54% on Thursday after a full day of trading. The peak of Reddit’s share prices hit $52.29 in a result that greatly exceeded the company’s own goals. This meant that Reddit met its target of raising over $500 million for the company, and $748 million was generated through the IPO in total. However, some of that money went to private shareholders. Reddit’s successful IPO continued into Friday. The company traded at a stock price of $46 when the market closed on March 22.

Why Reddit found success through its IPO

Not every IPO turns out to be a success, so why did Reddit perform so well? It comes down to how the company strategically prepared for the IPO. Reddit made a couple of high-profile moves to increase revenue and make the company more valuable. Notably, it started charging for API access. More importantly, it struck an agreement with Google worth $60 million annually. Per the terms of the deal, Google can use Reddit content to help train artificial intelligence models.

In essence, Reddit’s success comes down to its user base. That’s why the company came up with the clever idea of letting users buy Reddit stock at its IPO pricing. With enough Reddit “karma,” users could have an early shot at owning a portion of the company. All of these things are just a few factors that led to a successful IPO for Reddit.


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Threads now shows live scores for NBA games

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Threads now shows live scores for NBA games
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Meta is testing a lot of new features for Threads, the app that has a long way to go before it could replace Twitter. Swipe gestures to “like” posts and “Trending now” are just some of the features that Threads has started testing in the last week or so.

Over the weekend, Meta’s Mark Zuckerberg announced that Threads will start showing live sports scores. The feature is now being tested, which is why NBA live sports scores are the only ones showing up on Threads.

Apparently, this isn’t just a simple implementation of a feature that allows users to see sports scores in real-time, but a more complex one that involves multiple functions.

According to TechCrunch, users can now tap a team’s logo to be redirected to the conversation about that specific team or connect with other sports fans who follow the same team.

Threads didn’t just pick NBA randomly, as basketball seems to be one of the most popular topics on the app. The social network also claims that NBA Threads is currently one of the most active sports communities.


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While the US seeks ways to subdue TikTok, Spain bans Telegram

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While the US seeks ways to subdue TikTok, Spain bans Telegram
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TikTok is feeling the heat – 170 million Americans’ favorite app might be facing a nation-wide ban, but Spain is a step ahead.

Spain’s High Court ordered the suspension of messaging app Telegram (via Reuters).

The popular chat’s services in the country are being put on a pause after media companies said it was allowing users to upload their content without permission – and they don’t like that.

That’s why from today, Monday, the use of Telegram in Spain will be temporarily suspended after a request by companies including Atresmedia, EGEDA, Mediaset and Telefonica.

The one to make that decision was Judge Santiago Pedraz who has issued an order to temporarily suspend Telegram’s services in Spain pending an investigation into the claims. Mobile phone operators will be tasked with implementing the service block, according to a court source.

In Spain, Telegram ranks as the fourth most popular messaging platform, as reported by the competition watchdog CNMC, with nearly 19% of the Spanish population (or more than 9 million people) saying they’re using the app.

Telegram has about 800 million monthly active users globally these days.

Spain’s EL PAIS reports on the matter and cites Fernando Suárez, the president of the General Council of Professional Colleges of Computer Engineering of Spain. According to him, “It’s like deciding to close a province of our country because a case of drug trafficking or a robbery occurred within the territory.”

The report notes that unlike Meta (think Facebook, Instagram), Telegram refuses to share information with the authorities.

According to cybersecurity expert Rafel López, Telegram is sought-after because of that: “In WhatsApp, there are back doors for the NSA and different intelligence agencies to enter. Not on Telegram. Nothing is shared there.”


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The implications of the EU AI Act for the European financial sector

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The implications of the EU AI Act for the European financial sector
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The European Union’s Artificial Intelligence (AI) Act is a groundbreaking piece of legislation that aims to regulate the use of AI across various sectors, with a significant focus on the financial sector. This legislation is poised to have a profound impact on how financial institutions operate, innovate, and manage risks associated with AI technologies. This article delves into the implications of the AI Act for the European financial sector.

Balancing Innovation and Risk

At its core, the AI Act seeks to balance the benefits of AI innovation with the need to mitigate risks and protect consumers, forming part of a wider package of policy measures designed to support the development of trustworthy AI, including the AI Innovation Package and the Coordinated Plan on AI. The financial sector, which has been at the forefront of adopting AI for everything from creditworthiness assessments to fraud detection, is now under the spotlight. The Act categorizes certain AI applications as high-risk, particularly those involved in critical decision-making processes such as credit scoring and insurance underwriting. These applications will be subject to stringent requirements to ensure they are transparent, secure, and do not discriminate against consumers.

High-Risk AI Applications

One of the AI Act’s central features is its classification of certain AI applications as high-risk, especially those integral to financial decision-making processes such as credit scoring, risk assessment, and fraud detection. For high-risk AI applications, the AI Act mandates comprehensive risk assessment and mitigation measures aimed at ensuring transparency, accuracy, and fairness. Financial institutions will need to ensure the quality of the datasets feeding AI systems to minimize risks and discriminatory outcomes. This includes maintaining detailed documentation and logs to ensure traceability of decisions made by AI systems.

Financial institutions will also be required to conduct thorough risk assessments and implement robust risk mitigation systems. This includes ensuring the quality of data feeding into AI systems to minimize biases and discriminatory outcomes, maintaining detailed documentation for transparency, and establishing mechanisms for human oversight. Moreover, these institutions must provide clear information to users and deploy appropriate human oversight mechanisms to minimize risks.

Innovation and Competitive Edge

While the AI Act introduces new regulatory requirements, it will also foster innovation and competition within the financial sector. By providing a clear legal framework for AI deployment, the Act seeks to encourage financial institutions to explore and integrate advanced AI technologies responsibly. This clarity is expected to boost confidence among stakeholders, including investors, regulators, and consumers, thereby promoting a more innovative and competitive financial services market.

The Act’s focus on general-purpose AI systems, including large language models and generative AI, opens up new avenues for financial institutions to enhance their services. These technologies can be leveraged for a range of applications, from personalized financial advice, which could be as pivotal as choosing the right investments to more efficient customer service, driving both innovation and competitive advantage.

The Role of Data and the European Data Strategy

The AI Act is part of a broader European data strategy that seeks to harness the potential of data for innovation while ensuring privacy and data protection. The Act facilitates the re-use of public sector databases and access to private datasets, enabling financial institutions to develop more personalized and efficient services. This is expected to broaden competition and improve consumer choice in the financial sector. Additionally, the proposed Financial Data Access (FiDA) regulation, which complements the AI Act, will further democratize data access by allowing consumers to share their financial data with third parties securely.

Supervision and Compliance

The implementation of the AI Act will require a concerted effort from national competent authorities (NCAs) to ensure compliance. Financial institutions will need to integrate the new AI governance and risk management requirements into their operational frameworks. This includes adapting to sector-specific guidance and leveraging new technologies for supervisory purposes (SupTech). The European Commission’s new AI Office will play a crucial role in enforcing the Act, ensuring that AI systems used in the financial sector are compliant and do not pose undue risks to consumers.

Global Implications and Leadership

The AI Act positions the European Union as a frontrunner in AI regulation, potentially setting a benchmark for other jurisdictions. For global financial institutions operating in Europe, this means navigating a complex regulatory landscape that may influence global standards for AI in finance. The Act’s emphasis on ethical, transparent, and responsible AI use could inspire similar regulatory efforts worldwide, affecting how financial institutions deploy AI on a global scale.

Financial institutions will need to navigate these new requirements carefully, ensuring that their AI systems are transparent, fair, and secure. As the Act is implemented, it will undoubtedly shape the future of AI in finance, not just in Europe but globally. The balance it seeks to strike between innovation and consumer protection could serve as a model for other regions grappling with the complexities of AI regulation.


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Hackers Claiming Unauthorized Access to the Fortinet Devices

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Hackers Claiming Unauthorized Access to the Fortinet Devices
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Hackers have claimed unauthorized access to Fortinet devices across various companies.

This breach highlights cybercriminals’ persistent threat to corporate security infrastructures and the importance of robust cybersecurity measures.

Overview of the Breach

A tweet from a dark-themed webpage has surfaced, showcasing a list of companies alongside details of their Fortinet device information.

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The list enumerates companies “A” through “J,” with each company having between 5 and 50 FortiGate devices.

A stylized eagle or bird emblem in the corner of the page suggests the identity of the hacker group or entity behind the unauthorized access.

Impact on Companies

The unauthorized access to Fortinet devices is a significant security concern for the affected companies. Fortinet devices, such as FortiGate firewalls, are integral to a company’s network security, providing a barrier against external threats.

The breach could allow hackers to monitor, disrupt, or even take control of a company’s network traffic, leading to data theft, service interruptions, or other malicious activities.

While the motives behind this breach remain unclear, such unauthorized access could be driven by various factors, including financial gain, espionage, or the challenge of breaching high-profile security systems.

The hackers may attempt to sell access to these devices on the dark web or use the compromised devices for more nefarious purposes.

Security Vulnerabilities

This incident underscores the vulnerabilities that even sophisticated security devices like those from Fortinet can have.

It serves as a stark reminder that no organization is immune to cybersecurity threats and that constant vigilance and updating of security protocols are essential.

To mitigate such risks, companies must regularly audit their security infrastructure, conduct penetration testing, and train employees on security best practices.

Response and Mitigation

In response to such incidents, companies are advised to immediately investigate the extent of the breach, identify any compromised systems, and take appropriate action to secure their networks.

This may include updating firmware, changing passwords, and implementing additional layers of security.

Fortinet and other cybersecurity firms often release patches and updates to address vulnerabilities, and companies must apply these updates promptly.

The unauthorized access to Fortinet devices across multiple companies is a severe incident that brings to light the ongoing battle between cybersecurity defenses and the ingenuity of hackers.

As cyber threats evolve, the need for comprehensive security strategies becomes more critical.

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Hackers Transform the Raspberry Pi into an Online Anonymity Tool – GBHackers on Security

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Hackers Transform the Raspberry Pi into an Online Anonymity Tool – GBHackers on Security
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A new tool, GEOBOX, was advertised on the Dark Web that utilizes Raspberry Pi devices for fraud and anonymization, allowing users to spoof GPS locations, emulate network settings, mimic Wi-Fi access points, and bypass anti-fraud filters. 

Criminals were using multiple GEOBOX devices as proxies to enhance anonymity during an online banking theft investigation.

Attackers are believed to utilize more custom-made or modified devices in the future, creating challenges for law enforcement. 

The tool is advertised on underground forums and Telegram for a fee of $700 for a lifetime or $80 monthly in cryptocurrency. 

Raspberry Pi i
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GEOBOX utilizes the Raspberry Pi to create an anonymous and fraudulent device, where a user manual with clear instructions is provided to simplify setup. 

The manual includes SD card selection for optimal performance, guides users to download Raspberry Pi OS from the official website, and explains how to obtain the GEOBOX software image. 

Obtaining Geobox Software Image

After installing the OS, the user guide details how to use the GEOBOX software, activate the device, connect to the Internet, and configure GEOBOX functions. 

Raspberry Pi i
Working of Geobox Software

Feature of Geobox

A software suite designed for network configuration on the Raspberry Pi offers various functionalities, including managing multiple VPN connections with protocols like OpenVPN, L2TP, and Wireguard. 

Fatureset of the Geobox

Users can create and switch between VPN profiles for customized network routing, which supports creating cascaded VPN tunnels for enhanced anonymity and allows the configuration of proxy servers to manipulate DNS, GPS, and Wi-Fi MAC address information. 

It provides a GPS emulator for devices lacking a GPS receiver and enables users to manage Wi-Fi network settings and DNS servers. For advanced users, GEOBOX offers a Mimic Tab to monitor data manipulation and a Log Tab for system diagnostics.

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Technical Insights

Geobox is a device that can be installed on a Raspberry Pi to anonymize online activity and manipulate geolocation and it achieves this by using WebRTC IP, GPS spoofing, and MAC address masking. 

Raspberry Pi i
Mimic Tab

The device is easy to use and provides a variety of functionalities through a web interface, including proxy server configuration, VPN connectivity, and altering Wi-Fi network parameters. 

It also poses a significant challenge to cybersecurity as it can be used to commit a variety of cybercrimes, such as cyber-attacks, dark web market operations, and financial fraud.

Resecurity discovered cybercriminals using GEOBOX with multiple LTE modems and proxy servers to anonymize connections, which makes tracing them difficult, especially for remote access. 

Criminals use short sessions to eliminate evidence, further impeding investigations, while easy access to GEOBOX raises concerns about its potential widespread use. The evolving threat landscape highlights the need for advanced security solutions and global cooperation to combat increasingly sophisticated cybercrime. 

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WhatsApp will reportedly let you use Meta AI straight from its search bar

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WhatsApp will reportedly let you use Meta AI straight from its search bar
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Artificial Intelligence (AI) is everywhere these days, and we’d be pretty naive not to admit that it is transforming how we use our devices on a daily basis. Meta is one company that has been at the forefront of integrating AI into its platforms, and WhatsApp, Messenger, and Instagram users in the US already have a taste of what it can do. But soon, interacting with Meta AI might become even more seamless.According to WABetaInfo, Meta is working on a new feature for WhatsApp that allows you to ask Meta AI questions directly from the app’s search bar. This means that it will no longer be necessary to manually start separate AI chats.
WhatsApp will reportedly let you use Meta AI straight from its search bar

Image Source: WABetaInfo

We can see a new prompt that reads “Ask Meta AI” beneath the search bar in the screenshot above from WABetaInfo. This prompt would reportedly eliminate extra steps, make interacting with the AI incredibly more convenient, and wouldn’t require that unsightly Meta AI shortcut that got in the way of accessing your messages.In fact, if you’ve ever used ChatGPT, Meta AI will feel familiar, as it is designed as an all-around assistant. However, one advantage that this chatbot will have is that instead of having to hunt it down, you’ll simply type your question into the search bar. WhatsApp is even planning suggested prompts to get your creative AI juices flowing.

This feature is still under development and will likely appear in a future version of the app. In the meantime, WhatsApp is showing us that it is clearly all in on AI, as it is reportedly also working on implementing AI-powered image editing tools into its platform.

WhatsApp’s new features are a glimpse into a future where AI is woven deeply into our everyday apps. It’s likely just the beginning, and I’m excited to see what other innovations Meta and other tech giants have in store.


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EU Fitbit users to lose access to third party app and watch faces

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EU Fitbit users to lose access to third party app and watch faces
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Fitbit users across the European Union should brace for a significant shift in the way they customize their smartwatches. Google has announced the removal of all third-party apps and clock faces from the Fitbit app gallery starting in June 2024.

Why the sudden change? The update points to newly imposed “regulatory requirements” from the EU as the reason. According to the support page where the change was quietly announced, EU Fitbit users will have until June 2024 to add any third-party apps or clock faces before that feature is shut down.

What happens after that? You will only be able to install apps and clocks developed by Fitbit and Google. However, according to Android Authority, existing third-party content on your Fitbit will continue to work after the deadline — you just won’t be able to install or download anything new. It is also important to note that U.S. users are unaffected, as this change is specific to the E.U.

This change will impact numerous popular Fitbit smartwatches, such as:

  • Fitbit Sense 2, Fitbit Sense
  • Fitbit Versa 4, Fitbit Versa 3, Fitbit Versa 2, Fitbit Versa Lite, Fitbit Versa
  • Fitbit Ionic

Meanwhile, the specific EU regulation fueling this shift is not cited in Google’s announcement, so it is difficult to say the exact reason(s) why this is happening. It leaves us wondering if this is a consequence of the EU’s Digital Markets Act (DMA) or some other regulatory framework Google must adhere to.This move does raise numerous questions regarding the user experience for Fitbit users in Europe, and more importantly, is this a sign of more restrictive tech regulations coming from the EU in the future? For now, all we can advise you on is to promptly download as many third party apps and clock faces as you think you may need for the future, before this restriction goes into effect.

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New Fitbit workout UI is now rolling out to the first-gen Pixel Watch

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New Fitbit workout UI is now rolling out to the first-gen Pixel Watch
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Google’s original Pixel Watch was promised some love when the March Pixel Feature Drop was announced. One of the headline features was a revamped fitness tracking interface, bringing the first-generation smartwatch in line with the Pixel Watch 2‘s streamlined workout experience.

The previous Pixel Watch workout UI, while functional, wasn’t ideal. A single large metric dominated the screen, with three smaller stats crammed below. However, with the new update that — according to 9to5Google — is rolling out now, Google has abandoned this in favor of a layout that is more user-friendly and straight from the Pixel Watch 2.

New Fitbit workout UI is now rolling out to the first-gen Pixel Watch

New OG Pixel Watch Fitbitworkout UI based on Pixel Watch 2 | Source: Google

Now, your key exercise stats are displayed in a vertical list that you can easily swipe through. This provides a much clearer view, allowing you to check things like heart rate, calories burned, and elapsed time at a glance. This will definitely be more helpful while in the middle of a workout.

Heart rate zones also get a cool visual representation: a filled-in heart icon. Other subtle tweaks are also present, such as a change in the shape of the end, resume, and lock buttons, which are now pills instead of circles. These small changes add to the polish of the new UI.

These changes arrive via Fitbit 3.19 for Wear OS, which you’ll likely find waiting for you on the on-watch Play Store. There is one quirk that 9to5 mentioned regarding this update, and that is that you’ll likely have to restart your Pixel Watch after the update in order to see the new UI.

It’s very encouraging to see Google bringing features from the Pixel Watch 2 to the original Pixel Watch, which was lacking on many fronts when it first launched. The update will likely improve the user experience for health-conscious users who are still holding on to their original Pixel Watch.


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Sign1 Malware Hijacked 39,000 WordPress Websites

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Sign1 Malware Hijacked 39,000 WordPress Websites
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A client’s website was experiencing random pop-ups as server side scanner logs revealed a JavaScript injection related to Sign1, which is a malware campaign that targets websites and has infected over 2,500 websites in the past two months and uses challenging techniques to evade detection.  

Daily server-side scans are crucial to detect changes like new malware, examine website logs, and identify changes in plugins, particularly those allowing custom code injection. 

Plugin changes

The plugins are attractive to attackers because they enable embedding malicious code and an investigation revealed malicious code embedded within a seemingly harmless custom CSS and JS plugin. 

While attackers abusing such plugins is common, this specific code displayed a unique and intriguing method.  

culprit nestled inside Custom CSS & JS

History Of The Sign1 Malware

Security researchers at Sucuri discovered a malware campaign targeting WordPress websites called Sign1, which injects malicious scripts into websites using custom HTML widgets or plugins. 

The malware uses base64-encoded parameters and time-based randomization to generate dynamic URLs that change every 10 minutes and fetch additional malicious scripts that can redirect visitors to scam sites or deliver unwanted ads. 

In the second part of 2023, it was also discovered to be a campaign, and researchers noticed that the malware was changing its concealment methods to avoid detection. 

Analysis Of The Malware

The code utilizes time-based randomization for verification purposes and retrieves the current Unix time (milliseconds since 1970-01-01) using Date.now(), which is then converted to seconds and aligned to a 10-minute interval, ensuring timestamps are consistent within that window. 

The value is expressed as a hexadecimal string, and a seemingly random string acts as a verification token, whereas requests for JavaScript files from a third-party domain include this token. 

use of the date.  now function near the top of the script

The server compares the token’s time component with the current time, likely rejecting requests with outdated or invalid timestamps, potentially to prevent unauthorized access or outdated data retrieval. 

Attackers injected a hard-coded array of numbers obfuscated with XOR encoding, while the key (40682) was readily available in the sample, allowing researchers to reverse the encoding and discover a newly registered domain. 

New values

The technique is common for attackers to mask malicious content while remaining detectable with knowledge of the key. 

Malicious Javascript code dynamically changes URLs in visitors’ browsers every 10 minutes, targeting visitors who haven’t visited the site through a major referrer (e.g., Google) and haven’t seen the pop-up before (checked by a cookie). 

Redirecting occurs

If conditions are met, the code injects another script to redirect users to scam sites (often VexTrio domains) by sending the current page URL, referrer, and browser language (base64 encoded) to a Traffic Distribution System (TDS). 

Downloads per day

Attackers utilize the popular Simple Custom CSS and JS plugins to achieve this, whereas the malware fetches additional scripts from domains registered shortly before the attack, making them difficult to block. 

The attackers switched hosting providers and used Cloudflare to further make it more difficult to understand their location by bypassing typical security scans as the malicious code resides in the database rather than server files. 

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