Global Hive Buzz

AI tokens experience an uptick following Meta's surpassing of analyst expectations.

Meta's (META) stock has surged by nearly 14% after-hours following the announcement of positive quarterly earnings, a substantial increase in revenue, an elevated forecast, and an additional $50 billion stock buyback. This positive news has had a ripple effect, driving up artificial intelligence tokens.

In contrast, bitcoin (BTC) has seen a more modest 2% increase during the same period, according to CoinDesk Indices data.

Despite sustaining over $20 billion in losses since 2021 due to its metaverse pivot, Zuckerberg remains committed to the concept. Meta's metaverse platforms have struggled to significantly capture the market's attention, leading to a nearly 60% decline in the stock throughout 2022.

However, since Zuckerberg announced the company's AI pivot about a year ago, Meta's stock has surged by over 100%.

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The Department of Justice (DOJ) presses charges against the hackers responsible for the $400 million SIM-swap attack on FTX.

The US Department of Justice (DOJ) has filed charges against three individuals accused of orchestrating the SIM-swap attack on the FTX exchange in November 2022, occurring shortly after the exchange filed for bankruptcy.

The DOJ's indictment identifies Robert Powell, Emily Hernandez, and Carter Rohn as the principal culprits behind the hack, which resulted in the theft of over $400 million from the now-defunct exchange.

Federal prosecutors assert that the group operated as a SIM-swapping ring, targeting FTX and other victims over two years. Powell, Hernandez, and Rohn face charges of wire fraud and aggravated identity theft.

Court documents reveal that the group compiled personal information from approximately 50 victims, utilizing the gathered data to activate SIM cards associated with the victims' phone numbers.

The attack seems to have taken advantage of FTX's vulnerabilities in its security, a point emphasized by the company's new CEO after assuming leadership in the aftermath of its collapse. SIM-swapping has emerged as a progressively common hacking method against cryptocurrency firms and notable figures in the industry.

Polygon Labs declares a reduction in workforce.

On February 1, Polygon Labs, the developer behind the Polygon ecosystem, announced a significant reduction in its workforce. In a blog post, CEO Marc Boiron stated that the company would be parting ways with 60 employees "for the sake of enhanced performance." Boiron characterized the layoffs as "difficult but necessary," clarifying that financial reasons were not the driving force behind the decision. Consequently, the CEO mentioned that each remaining employee would receive a 15% pay increase.

This is not the first instance of Polygon undergoing substantial layoffs. In February 2023, the company cut 20% of its staff, affecting approximately 100 people at that time.

The broader tech and banking sectors have also witnessed widespread layoffs at the beginning of 2024. BlackRock, the asset manager responsible for one of the first spot Bitcoin ETFs, plans to reduce its headcount by 3%. Additionally, Block Inc., led by Jack Dorsey, reportedly laid off 1,000 employees.

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