News

Microsoft is laying off a further 650 staff from its gaming business, according to a memo sent by Xbox chief Phil Spencer to staff today, September 12. From a report: In the memo, Spencer said the roles affect mostly corporate and support functions, and were made "to organize our business for long term success." He clarified that no games, devices or experiences are being canceled and no studios are being closed as part of these cuts. These latest layoffs mean Microsoft has let go of 2,550 staff from its gaming business since acquiring Activision Blizzard for $69 billion in 2023. In his memo, below, Spencer makes it clear that the cuts are related to the acquisition.

Read more of this story at Slashdot.

Multiple issues were found in Git, a fast, scalable, distributed revision control system, which may result in file overwrites outside the repository, arbitrary configuration injection or arbitrary code execution.

https://security-tracker.debian.org/tracker/DSA-5769-1

An anonymous reader quotes a report from Ars Technica: Microsoft has updated a key cryptographic library with two new encryption algorithms designed to withstand attacks from quantum computers. The updates were made last week to SymCrypt, a core cryptographic code library for handing cryptographic functions in Windows and Linux. The library, started in 2006, provides operations and algorithms developers can use to safely implement secure encryption, decryption, signing, verification, hashing, and key exchange in the apps they create. The library supports federal certification requirements for cryptographic modules used in some governmental environments. Despite the name, SymCrypt supports both symmetric and asymmetric algorithms. It's the main cryptographic library Microsoft uses in products and services including Azure, Microsoft 365, all supported versions of Windows, Azure Stack HCI, and Azure Linux. The library provides cryptographic security used in email security, cloud storage, web browsing, remote access, and device management. Microsoft documented the update in a post on Monday. The updates are the first steps in implementing a massive overhaul of encryption protocols that incorporate a new set of algorithms that aren't vulnerable to attacks from quantum computers. [...] The first new algorithm Microsoft added to SymCrypt is called ML-KEM. Previously known as CRYSTALS-Kyber, ML-KEM is one of three post-quantum standards formalized last month by the National Institute of Standards and Technology (NIST). The KEM in the new name is short for key encapsulation. KEMs can be used by two parties to negotiate a shared secret over a public channel. Shared secrets generated by a KEM can then be used with symmetric-key cryptographic operations, which aren't vulnerable to Shor's algorithm when the keys are of a sufficient size. [...] The other algorithm added to SymCrypt is the NIST-recommended XMSS. Short for eXtended Merkle Signature Scheme, it's based on "stateful hash-based signature schemes." These algorithms are useful in very specific contexts such as firmware signing, but are not suitable for more general uses. Monday's post said Microsoft will add additional post-quantum algorithms to SymCrypt in the coming months. They are ML-DSA, a lattice-based digital signature scheme, previously called Dilithium, and SLH-DSA, a stateless hash-based signature scheme previously called SPHINCS+. Both became NIST standards last month and are formally referred to as FIPS 204 and FIPS 205. In Monday's post, Microsoft Principal Product Manager Lead Aabha Thipsay wrote: "PQC algorithms offer a promising solution for the future of cryptography, but they also come with some trade-offs. For example, these typically require larger key sizes, longer computation times, and more bandwidth than classical algorithms. Therefore, implementing PQC in real-world applications requires careful optimization and integration with existing systems and standards."

Read more of this story at Slashdot.

fjo3 shares a report from NASA: Engineers working on NASA's Voyager 1 probe have successfully mitigated an issue with the spacecraft's thrusters, which keep the distant explorer pointed at Earth so that it can receive commands, send engineering data, and provide the unique science data it is gathering. After 47 years, a fuel tube inside the thrusters has become clogged with silicon dioxide, a byproduct that appears with age from a rubber diaphragm in the spacecraft's fuel tank. The clogging reduces how efficiently the thrusters can generate force. After weeks of careful planning, the team switched the spacecraft to a different set of thrusters. [...] Switching to different thrusters would have been a relatively simple operation for the mission in 1980 or even 2002. But the spacecraft's age has introduced new challenges, primarily related to power supply and temperature. The mission has turned off all non-essential onboard systems, including some heaters, on both spacecraft to conserve their gradually shrinking electrical power supply, which is generated by decaying plutonium. While those steps have worked to reduce power, they have also led to the spacecraft growing colder, an effect compounded by the loss of other non-essential systems that produced heat. Consequently, the attitude propulsion thruster branches have grown cold, and turning them on in that state could damage them, making the thrusters unusable. The team determined that the best option would be to warm the thrusters before the switch by turning on what had been deemed non-essential heaters. However, as with so many challenges the Voyager team has faced, this presented a puzzle: The spacecraft's power supply is so low that turning on non-essential heaters would require the mission to turn off something else to provide the heaters adequate electricity, and everything that's currently operating is considered essential. Studying the issue, they ruled out turning off one of the still-operating science instruments for a limited time because there's a risk that the instrument would not come back online. After additional study and planning, the engineering team determined they could safely turn off one of the spacecraft's main heaters for up to an hour, freeing up enough power to turn on the thruster heaters. It worked. On Aug. 27, they confirmed that the needed thruster branch was back in action, helping point Voyager 1 toward Earth.

Read more of this story at Slashdot.

OpenAI is in talks to raise $6.5 billion from investors at a valuation of $150 billion, Bloomberg reported Wednesday, citing people familiar with the situation. From the report: The new valuation, a figure that doesn't include the money being raised, is significantly higher than the $86 billion valuation from the company's tender offer earlier this year, and cements its place as one of the most valuable startups in the world. At the same time, OpenAI is also in talks to raise $5 billion in debt from banks in the form of a revolving credit facility, said one of the people, all of whom asked not to be identified discussing private information. The funding round is slated to be led by Thrive Capital, Bloomberg previously reported. Thrive declined to comment on the latest valuation. Microsoft, the company's largest investor, is also set to participate, and Apple and Nvidia, have been in talks about investing.

Read more of this story at Slashdot.

An anonymous reader quotes a report from Wired, written by Guthrie Scrimgeour: It always seemed difficult for the newspaper where I used to work, The Garden Island on the rural Hawaiian island of Kauai, to hire reporters. If someone left, it could take months before we hired a replacement, if we ever did. So, last Thursday, I was happy to see that the paper appeared to have hired two new journalists -- even if they seemed a little off. In a spacious studio overlooking a tropical beach, James, a middle-aged Asian man who appears to be unable to blink, and Rose, a younger redhead who struggles to pronounce words like "Hanalei" and "TV," presented their first news broadcast, over pulsing music that reminds me of the Challengers score. There is something deeply off-putting about their performance: James' hands can't stop vibrating. Rose's mouth doesn't always line up with the words she's saying. When James asks Rose about the implications of a strike on local hotels, Rose just lists hotels where the strike is taking place. A story on apartment fires "serves as a reminder of the importance of fire safety measures," James says, without naming any of them. James and Rose are, you may have noticed, not human reporters. They are AI avatars crafted by an Israeli company named Caledo, which hopes to bring this tech to hundreds of local newspapers in the coming year. "Just watching someone read an article is boring," says Dina Shatner, who cofounded Caledo with her husband Moti in 2023. "But watching people talking about a subject -- this is engaging." The Caledo platform can analyze several prewritten news articles and turn them into a "live broadcast" featuring conversation between AI hosts like James and Rose, Shatner says. While other companies, like Channel 1 in Los Angeles, have begun using AI avatars to read out prewritten articles, this claims to be the first platform that lets the hosts riff with one another. The idea is that the tech can give small local newsrooms the opportunity to create live broadcasts that they otherwise couldn't. This can open up embedded advertising opportunities and draw in new customers, especially among younger people who are more likely to watch videos than read articles. Reception of the AI avatars has been poor, notes Scrimgeour. "This ain't that,â says one Instagram commenter. "Keep journalism local." Another just reads: "Nightmares." There's also concern around the jobs these avatars will take. "Caledo claims its AI won't take news jobs because it only does work that isn't being done otherwise," notes Scrimgeour, agreeing that his newspaper company never had a video broadcast while he worked there. "The question is, will local audiences buy into the new tech? Early returns suggest that Kauai viewers, at least, might have trouble accepting James and Rose as kama'aina (locals)..."

Read more of this story at Slashdot.

A new survey released on Tuesday found that Americans used over 100 trillion megabytes of wireless data last year -- a 36% increase from the previous year and the largest single-year increase in the history of wireless data consumption. Reuters reports: The increase -- 26 trillion MBs over 2022 -- comes as a growing number of 5G wireless devices are being used, said wireless industry association CTIA that represents major wireless carriers like Verizon, AT&T, T-Mobile, and technology firms. The total number of wireless connections rose to 558 million last year, up 6% over 2022, the survey found. Demand for spectrum use is soaring, driven in part by more wireless use in advancements including drones, self-driving vehicles, space missions and precision agriculture. The survey said the number of minutes Americans spent talking on the phone fell slightly from 2.5 trillion in 2022 to 2.4 trillion in 2023 and text messages were about the same at 2.1 trillion in 2023 over the prior year.

Read more of this story at Slashdot.

Mistral AI has launched Pixtral 12B, its first multimodal model with language and vision processing capabilities, positioning it to compete with AI leaders like OpenAI and Anthropic. You can download its source code from Hugging Face, GitHub, or via a torrent link. VentureBeat reports: While the official details of the new model, including the data it was trained upon, remain under wraps, the core idea appears that Pixtral 12B will allow users to analyze images while combining text prompts with them. So, ideally, one would be able to upload an image or provide a link to one and ask questions about the subjects in the file. The move is a first for Mistral, but it is important to note that multiple other models, including those from competitors like OpenAI and Anthropic, already have image-processing capabilities. When an X user asked [Sophia Yang, the head of developer relations at the company] what makes the Pixtral 12-billion parameter model unique, she said it will natively support an arbitrary number of images of arbitrary sizes. As shared by initial testers on X, the 24GB model's architecture appears to have 40 layers, 14,336 hidden dimension sizes and 32 attention heads for extensive computational processing. On the vision front, it has a dedicated vision encoder with 1024x1024 image resolution support and 24 hidden layers for advanced image processing. This, however, can change when the company makes it available via API.

Read more of this story at Slashdot.

Bluesky, the decentralized social networking startup, has introduced support for videos up to 60 seconds long in its latest update, version 1.91. The Verge reports: The videos will autoplay by default, but Bluesky says you can turn this feature off in the settings menu. You can also add subtitles to your videos, as well as apply labels for things like adult content. There are some limitations to Bluesky's video feature, as the platform will only allow up to 25 video uploads (or 10GB of video) per day. To protect Bluesky from harmful content or spam, it will require users to verify their email addresses before posting a video. Bluesky may also take away someone's ability to post videos if they repeatedly violate its community guidelines. The platform will also run videos through Hive, an AI moderation solution, and Thorn, a nonprofit that fights child sexual abuse, to check for illegal content or media that needs a warning.

Read more of this story at Slashdot.

An anonymous reader quotes a report from TechCrunch: The home of the Golden State Warriors was packed on Tuesday evening this week, but it wasn't to watch Steph Curry. Thousands of fans gathered at the Chase Center in downtown San Francisco to watch one of Silicon Valley's biggest ballers, Meta CEO Mark Zuckerberg, sit down for a conversation with the hosts of the Acquired podcast, David Rosenthal and Ben Gilbert. Shortly after hopping onstage, Zuckerberg joked that he might need to schedule his next appearance in order to apologize for whatever he was about to say. After a beat, he added that he was just kidding and that, in fact, his days of apologizing are over. Zuckerberg has had something of a rebrand recently. He raises cattle in Hawaii now, has long bouncy curls and a gold chain, and commissions Roman-style statues of his wife. Onstage, the Facebook founder wore a boxy T-shirt he designed himself alongside fashion designer Mike Amiri that read "learning through suffering" in Greek letters. The tongue-in-cheek comment about apologizing was a reference to Nvidia CEO Jensen Huang, who himself addressed a flub he'd made on the Acquired podcast earlier this year, via a pre-recorded video on a screen hanging over the crowd. Huang's original comment -- that he never would have started Nvidia if he knew what he did today -- was grossly taken out of context, he said. In the video, he clarified that he absolutely would start Nvidia again, and that his comment was more about the blissful ignorance of startup founders. While Zuckerberg's opening comment was just a friendly jab at Huang, it set the tone for Zuckerberg's new attitude toward life and business. The founder of Facebook has spent a lot of time apologizing for Facebook's content moderation issues. But when reflecting on the biggest mistakes of his career, Zuckerberg said his largest one was a "political miscalculation" that he described as a "20-year mistake." Specifically, he said, he'd taken too much ownership for problems allegedly out of Facebook's control. "Some of the things they were asserting that we were doing or were responsible for, I don't actually think we were," said Zuckerberg. "When it's a political problem there are people operating in good faith who are identifying a problem and want something to be fixed, and there are people who are just looking for someone to blame."

Read more of this story at Slashdot.

Android Authority's Mishaal Rahman reports: There are many reasons why you may want to sideload apps on your Android phone, but there are also good reasons why developers would want to block sideloading. A sideloaded app won't contribute to the developer's Play Store metrics, for one, but it also prevents the developer from curating which devices can use their app. Improperly sideloaded apps can also crash due to missing assets or code, or they might be missing certain features because you installed the wrong version for your device. Whatever the reason may be, developers who want to stop you from sideloading their apps now have an easier way to do so thanks to the Play Integrity API. The Google Play Integrity API is an interface that helps developers "check that interactions and server requests are coming from [their] genuine app binary running on a genuine Android device." It looks for evidence that the app has been tampered with, that the app is running in an "untrustworthy" software environment, that the device has Google Play Protect enabled, and more. If you've heard of or dealt with SafetyNet Attestation before on a rooted phone, then you're probably already familiar with Play Integrity, even if not by that name. Play Integrity is the successor to SafetyNet Attestation, only it comes with even more features for developers. As is the case with SafetyNet Attestation, developers call the Play Integrity API at any point in their app, receive what's called an integrity verdict, and then decide what they want to do from there. Some apps call the Play Integrity API when they launch and block access entirely depending on what the verdict is, while others only call the API when you're about to perform a sensitive action, so they can warn you that you shouldn't proceed. The Play Integrity API makes it easy for apps to offload the determination of whether the device and its software environment are "genuine," and with the latest update to the API, apps can now easily determine whether the person who installed them is "genuine" as well. "As Google continues to bolster Play Integrity's detection mechanisms and add new features, it's going to become harder and harder for power users to justify rooting Android," concludes Rahman. "At the same time, regular users will be better protected from potentially risky and fraudulent interactions, so it's clear that Play Integrity will continue to be adopted by more and more apps."

Read more of this story at Slashdot.

Waymo's driverless cars have a much lower crash rate than human drivers, with fewer than one injury-causing crash per million miles driven, compared to an estimated 64 crashes by human drivers over the same distance. As Ars Technica's Timothy B. Lee notes, a significant portion of Waymo's most severe crashes involved human drivers rear-ending the Waymo vehicles. From the report: Twenty injuries might sound like a lot, but Waymo's driverless cars have traveled more than 22 million miles. So driverless Waymo taxis have been involved in fewer than one injury-causing crash for every million miles of driving -- a much better rate than a typical human driver. Last week Waymo released a new website to help the public put statistics like this in perspective. Waymo estimates that typical drivers in San Francisco and Phoenix -- Waymo's two biggest markets -- would have caused 64 crashes over those 22 million miles. So Waymo vehicles get into injury-causing crashes less than one-third as often, per mile, as human-driven vehicles. Waymo claims an even more dramatic improvement for crashes serious enough to trigger an airbag. Driverless Waymos have experienced just five crashes like that, and Waymo estimates that typical human drivers in Phoenix and San Francisco would have experienced 31 airbag crashes over 22 million miles. That implies driverless Waymos are one-sixth as likely as human drivers to experience this type of crash. The new data comes at a critical time for Waymo, which is rapidly scaling up its robotaxi service. A year ago, Waymo was providing 10,000 rides per week. Last month, Waymo announced it was providing 100,000 rides per week. We can expect more growth in the coming months. So it really matters whether Waymo is making our roads safer or more dangerous. And all the evidence so far suggests that it's making them safer. It's not just the small number of crashes Waymo vehicles experience -- it's also the nature of those crashes. Out of the 23 most serious Waymo crashes, 16 involved a human driver rear-ending a Waymo. Three others involved a human-driven car running a red light before hitting a Waymo. There were no serious crashes where a Waymo ran a red light, rear-ended another car, or engaged in other clear-cut misbehavior.

Read more of this story at Slashdot.

An anonymous reader quotes a report from 9to5Google: Rolling out starting today, Google Search results will now directly link to The Internet Archive to add historical context for the links in your results. [...] Google has partnered with The Internet Archive, a non-profit research library that, in part, stores and preserves massive portions of the web to be easily referenced later. This is done through the "Wayback Machine" which can show a website or specific page as it existed on a previous date. Through this new partnership, Google will link directly to The Internet Archive's Wayback Machine for pages that you find in Search. To access The Internet Archive's Wayback Machine links through Google Search you'll need to click the three-dots menu button that appears alongside all search results and then tap on "More about this page." This new feature is still actively rolling out, but Google was able to provide an image to show what the integration looks like. In a post regarding the announcement, The Internet Archive said that this partnership "underscores the importance of web archiving."

Read more of this story at Slashdot.

An anonymous reader shares a column: The PS5 Pro's announcement yesterday wasn't a surprise. What was a surprise was the price: at $699.99, it debuts as Sony's most expensive console ever. It brought back memories of the PS3â(TM)s controversial price tag, a console that when adjusted for inflation is the same $779 price point of a PS5 Pro with the additional disc drive. It's a very expensive PlayStation, and I fear it's a test of what's to come for next-gen console pricing. For years, console gamers have been used to purchasing hardware at a significantly reduced price compared to what you could build yourself in the PC gaming space. Yes, you can find components that match the PS5 or Xbox Series X on paper, but it's still difficult to hit the price points that consoles sell for, especially when they're discounted during promotions. Besides, the easy plug-and-play model, simplified UI, and hassle-free warranty process are all big benefits over having to build or find a good prebuilt PC and then deal with Windows and driver updates. Consoles sell in their millions because they're far more consumer-friendly than PCs.

Read more of this story at Slashdot.

Facebook has admitted that it scrapes the public photos, posts and other data of Australian adult users to train its AI models and provides no opt-out option, even though it allows people in the European Union to refuse consent. From a report: Meta's global privacy director Melinda Claybaugh was pressed at an inquiry as to whether the social media giant was hoovering up the data of all Australians in order to build its generative artificial intelligence tools, and initially rejected that claim. Labor senator Tony Sheldon asked whether Meta had used Australian posts from as far back as 2007 to feed its AI products, to which Ms Claybaugh responded "we have not done that". But that was quickly challenged by Greens senator David Shoebridge. Shoebridge: "The truth of the matter is that unless you have consciously set those posts to private since 2007, Meta has just decided that you will scrape all of the photos and all of the texts from every public post on Instagram or Facebook since 2007, unless there was a conscious decision to set them on private. That's the reality, isn't it? Claybaugh: "Correct." Ms Claybaugh added that accounts of people under 18 were not scraped, but when asked by Senator Sheldon whether public photos of his own children on his account would be scraped, Ms Claybaugh acknowledged they would.

Read more of this story at Slashdot.

An anonymous reader shares a report: Google co-founder and ex-Alphabet president Sergey Brin said he's back working at Google "pretty much every day" because he hasn't seen anything as exciting as the recent progress in AI -- and doesn't want to miss out. "It's a big, fast-moving field," Brin said at All-In Summit of AI, adding that there is "tremendous value to humanity," before explaining why he doesn't think training more capable AI will require massively scaling up compute. "I've read some articles that extrapolate [compute] ... and I don't know if I'm quite a believer," he said, "partly because the algorithmic improvements that have come over the last few years maybe are actually even outpacing the increased compute that's being put into these models."

Read more of this story at Slashdot.

A security researcher has exposed a critical vulnerability in the WHOIS system. Benjamin Harris, CEO of watchTowr, gained unprecedented access by registering an expired domain once used for .mobi's authoritative WHOIS server. His rogue server received millions of queries from thousands of systems, including government agencies, certificate authorities, and major tech companies. ArsTechnica adds: The humor aside, the rogue WHOIS server gave him powers he never should have had. One of the greatest was the ability to dictate the email address certificate authority GlobalSign used to determine if a party applying for a TLS certificate was the rightful owner of the domain name the certificate would apply to. Like the vast majority of its competitors, GlobalSign uses an automated process. An application for example.com, for instance, will prompt the certificate authority to send an email to the administrative email address listed in the authoritative WHOIS for that domain. If the party on the other end clicks a link, the certificate is automatically approved. When Harris generated a certificate signing request for microsoft.mobi, he promptly received an email from GlobalSign. The email gave him the option of receiving a verification link at whois@watchtowr.com. For ethical reasons, he stopped the experiment at this point. The vulnerability stems from outdated WHOIS client configurations, which underscores systemic weaknesses in internet infrastructure management.

Read more of this story at Slashdot.

Nvidia is banking on its software expertise and broad GPU ecosystem to stay ahead in the fiercely competitive AI chip market, CEO Jensen Huang said in an interview with Goldman Sachs Wednesday. Huang pointed to NVIDIA's large base of installed GPUs and their software compatibility as key strengths. Huang highlighted three key elements of Nvidia's competitive moat: a large installed base of GPUs across multiple platforms, the ability to enhance hardware with software like domain-specific libraries, and expertise in building rack-level systems. The CEO said Nvidia's chip design prowess, noting the company has developed seven different chips for its upcoming Blackwell platform. These comments come as Nvidia faces increasing competition from rivals. Addressing supply chain concerns, Huang said NVIDIA has sufficient in-house intellectual property to shift manufacturing if necessary without significant disruption. The company plans to begin shipping Blackwell-based products in the fourth quarter of fiscal 2025, with volume production ramping up in fiscal 2026, according to Huang. From the note that Goldman Sachs sent to its clients: 1) Accelerated Computing: Mr. Huang highlighted his long-held view that Moore's Law was no longer delivering the rate of innovation it had in the past and, as such, was driving computation inflation in Data Centers. Further, he noted that the densification and acceleration of the $1 trillion data center infrastructure installed base alone would drive growth over the next 10 years, as it would deliver material performance improvement and/or cost savings. 2) Customer ROI: Mr. Huang noted that we have hit the end of transistor scaling that enabled better utilization rates and cost reductions in the previous virtualization and cloud computing cycles. He explained that, while using a GPU to augment a CPU will drive an increase in cost in absolute terms (~2x) in the case of Spark (distributed processing system and analytics engine for big data), the net cost benefit could be as large as ~10x for an application like Spark given the speed up of ~20x. From a revenue generation perspective, Mr. Huang shared that hyperscale customers can generate $5 in rental revenue for every $1 spent on Nvidia's infrastructure, given sustained strength in the demand for accelerated computing.

Read more of this story at Slashdot.

Google is adding some new features to Chrome that aim to help users organize and keep track of their browser tabs across both desktop and mobile devices. From a report: The search giant announced in a new blog post that tab groups -- which enable Android and desktop Chrome users to keep related pages together in custom-labeled groups -- will start rolling out to Chrome for iOS starting today. Once Chrome is updated, iPhone and iPad users can access the feature by opening the tab grid, long-pressing on a tab, and selecting "Add Tab to New Group." Custom names and colors can then be assigned to the created tab groups to help keep them organized and easily identifiable. Another feature that's rolling out across Android and desktop Chrome apps is the ability to sync those saved tab groups across multiple devices.

Read more of this story at Slashdot.

An anonymous reader shares a report: A giant unregulated currency is undermining America's fight against arms dealers, sanctions busters and scammers. Almost as much money flowed through its network last year as through Visa cards. And it has recently minted more profit than BlackRock, with a tiny fraction of the workforce. Its name: tether. The cryptocurrency has grown into an important cog in the global financial system, with as much as $190 billion changing hands daily. In essence, tether is a digital U.S. dollar -- though one privately controlled in the British Virgin Islands by a secretive crew of owners, with its activities largely hidden from governments. Known as a stablecoin for its 1:1 peg to the dollar, tether gained early use among crypto aficionados. But it has spread deep into the financial underworld, enabling a parallel economy that operates beyond the reach of U.S. law enforcement. Wherever the U.S. government has restricted access to the dollar financial system -- Iran, Venezuela, Russia -- tether thrives as a sort of incognito dollar used to move money across borders. Russian oligarchs and weapons dealers shuttle tether abroad to buy property and pay suppliers for sanctioned goods. Venezuela's sanctioned state oil firm takes payment in tether for cargoes. Drug cartels, fraud rings and terrorist groups such as Hamas use it to launder income. Yet in dysfunctional economies such as Argentina and Turkey, beset by hyperinflation and a shortage of hard currency, tether is also a lifeline for people who use it for quotidian payments and as a way to protect their savings. Tether is arguably the first successful real-world product to emerge from the cryptocurrency revolution that began over a decade ago. It has made its owners immensely rich. Tether has $120 billion in assets, mostly risk-free U.S. Treasury bills, along with positions in bitcoin and gold. Last year it generated $6.2 billion in profit, outearning BlackRock, the world's largest asset manager, by $700 million.

Read more of this story at Slashdot.