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☆ Some H&R Block customers faced hours of outages on Tax Day
▼ + stars: | 2024-04-15 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Some H&R Block customers who waited until the last day to file their taxes faced frustrating outages that began Sunday night, according to the company and Downdetector. The IRS had expected “tens of millions” more returns to be filed in the last few days, and many tax filers rely on online services such as H&R Block. The bad gateway error prevented some desktop software users from filing their returns, H&R Block said on X. H&R Block advised customers to either file again or print, file and mail the form to the IRS. “We have notified our clients via an in-product message and as they reach out to customer service that they can now efile their return,” H&R Block said in a statement to CNN.

Persons: Block, X, ”, CNN’s Jeanne Sahadi Organizations: New, New York CNN, IRS, Block, CNN, Taxpayers, “ Taxpayers, Patriots, District of Columbia Locations: New York, Maine, Massachusetts, District

☆ Don't overlook these 3 tax moves that could save you thousands, experts say
▼ + stars: | 2024-04-04 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

It could also mean taking a few minutes to click around the deductions page on your tax software to make sure you're not leaving money on the table. Here are three tax moves that experts say people tend to overlook. If you didn't hit your maximum contribution for 2023, you can retroactively direct funds to those accounts for the 2023 tax year. If you have children or other dependents, for instance, your tax prep software will likely guide you to the Child Tax Credit and the Child and Dependent Care Credit. "You're not going to enter something in wrong and the program's not going to give you the Child Tax Credit.

Persons: Mark Jaeger, Hunt, Jaeger, Ed deHaan, deHaan, de Haan Organizations: Child Tax, Care, American Opportunity, Tax, Stanford Graduate School of Business, Research Locations: TaxAct

☆ This company is using the AI that powers ChatGPT to help warehouse robots expect the unexpected
▼ + stars: | 2024-03-17 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

This story is available exclusively to Business Insider subscribers. Since its founding, Covaraint has secured around $222 million in funding, Business Insider previously reported. And the company's software already powers sorting robots in warehouses across the globe, according to the Times. AdvertisementBut by relying on the same underlying technology ChatGPT uses, the robots powered by Covariant's software can learn through trial and error. A spokesperson for Covariant did not respond to a request for comment from Business Insider.

Persons: —, ChatGPT, Pieter Abbeel, Peter Chen, Rocky Duan, Tianhao Zhang, Abbeel, Chen, Duan, Covaraint Organizations: Service, The New York Times, Business, Times, The Times, YouTube, University of California Locations: California, The, Berkeley

☆ That security camera and smart doorbell you’re using may have some major security flaws
▼ + stars: | 2024-03-09 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +11 min

… I’m completely done with smart devices like that.”24-year-old Heather Hines is among the Wyze users whose personal camera footage was viewed during a recent security breach. Henderson, who owns 10 Wyze cameras, said he is starting to replace them with other brands. It also raises the question about whether the value of smart devices is worth the risks. Amazon and Google have experienced security breaches with Ring and Nest security devices in recent years. People can also reconsider how many smart devices they actually need in the home.

Persons: Heather Hines, Hines, ”, “ I’m, ” Hines, I’m, Eddie Henderson, Henderson, Dave Cosby, Tuck, Paddy Harrington, That’s, Michela, Michela Menting, “, ” Harrington, It’s, you’ve, they’ll, ” Menting Organizations: CNN, Wyze, Consumer, Amazon, Walmart, Sears, Federal Communications Commission, US, Forrester Research, Attackers, Google, ABI Research, Consumer Product Safety, White, FBI Locations: Southern California, Nova Scotia, Canada, China, ” Haddington

☆ UBS says the AI-driven tech rally 'still has room to run' as the sector is set to see explosive growth — and shares 2 trades to benefit from the upside potential
▼ + stars: | 2024-02-23 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

But can the momentum continue for AI stocks continue? But our estimates could prove to be conservative in light of recent developments like Open AI's text-to-video model Sora and management commentary from Nvidia," Marcelli said. Both Microsoft and Alphabet reported increased cloud revenue growth thanks to AI, and revenue from their AI models and applications should see significant growth in the next five years, she said. "Given the strong AI-related tailwinds, we see 18% year-over-year earnings growth in 2024 for the global tech sector, including information technology and internet," Marcelli said. 2 trades to ride the AI waveTo take advantage of further AI upside, Marcelli said UBS prefers two market subsectors: semiconductors and software.

Persons: Solita Marcelli, Marcelli Organizations: Nvidia, Business, UBS, UBS Americas, Microsoft, VanEck Semiconductor, Invesco Semiconductors, Software Sector, P Software & Services, Big Tech

☆ Nintendo CEO once cut his salary in half to prevent layoffs—here's why that's so uncommon today
▼ + stars: | 2024-02-13 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

As sweeping rounds of layoffs rock the tech, media and finance industries in 2024, some video game fans are thinking about former Nintendo CEO Satoru Iwata. Iwata ran the Kyoto, Japan-based video game company from 2002 until his death in 2015. To avoid layoffs, Iwata took a 50% pay cut to help pay for employee salaries, saying a fully-staffed Nintendo would have a better chance of rebounding. Iwata had faith in his talentFor Iwata, taking a pay cut over layoffs centered around his employees' ability to bounce back, Verma says. "Nintendo [needed] to see through the changes that necessitated launching the Nintendo Switch, which has been massively profitable for the company," says Verma.

Persons: Satoru Iwata, Iwata, Rohan Verma, —, it's, Verma, could've, Sandra Sucher, Sucher Organizations: Nintendo, Riot Games, Microsoft, Activision Blizzard, Stanford University, Harvard Business, CNBC Locations: Kyoto, Japan, —, U.S

☆ Here's how to pick the best free tax filing option this season
▼ + stars: | 2024-02-04 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

IRS Free FileA public-private partnership between the IRS and Free File Alliance, a nonprofit comprised of tax software companies, IRS Free File offers free guided tax prep software for eligible filers. If you're comfortable with tax software, Free File has eight partners this season, with varying income eligibility — and some offer free linked state filings. Volunteer tax prep from IRS programsIf you're looking for more guidance, you may also qualify for free tax prep from IRS programs with trained volunteers. The Volunteer Income Tax Assistance, or VITA, program offers free tax prep for taxpayers typically making up to $64,000, in addition to filers with disabilities and limited English proficiency. AARP Foundation Tax-Aide also offers free tax prep for low- to moderate-income older adults.

Persons: Tim Hugo, Hugo, Steven Hamilton Organizations: U.S . Bureau of Labor Statistics, Taxpayers, IRS, Alliance, National Taxpayer, Volunteer, Internal Revenue, The George Washington University, Social Locations: Arizona , California, Florida , Massachusetts, Nevada , New Hampshire , New York, South Dakota , Tennessee , Texas, Washington and Wyoming

☆ Tax season is here—how to file your 2023 tax return for free
▼ + stars: | 2024-01-30 | by ( Mike Winters | ) www.cnbc.com time to read: 1 min

The vast majority of Americans pay to file their tax return, even though they could do it for free. Despite the fact that free tax filing preparation software is available to 70% of the population through the Internal Revenue Service's Free File program, only 4% of eligible taxpayers use the program, per a 2021 U.S. Government Accountability Analysis report. However, that doesn't have to be the case for the 2023 tax filing season, which started Jan. 29. If you made an adjusted gross income of $79,000 or less for all tax filing statuses, you qualify for the IRS Free File program, which allows filers to use software from commercial tax prep companies at no cost. There are other free options available too, including the IRS's own free tax prep software, which has been soft-launched in select states for the 2023 tax filing season.

Organizations: Government, IRS Locations: U.S

The Direct File pilot program is rolling out in stages. The agency estimates that several hundred thousand taxpayers are eligible for the initial rollout in the 2024 tax season. Four other states that have a state income tax also are part of the pilot program — Arizona, Massachusetts, California and New York. In those four, state tax agencies will help people directly file their state taxes as well. “Direct File is one step toward getting the IRS in line with 21st century tax administration,” Olson said.

Persons: “, Danny Werfel, Nina Olson, ” Olson, Werfel, Tania Mercado, ” Robert Nassau, preparers, ” Organizations: WASHINGTON, IRS, Center for Taxpayer Rights, Organization for Economic Cooperation, Development, Republicans, Intuit, Low, Clinic, Syracuse University College of Law Locations: Florida , New Hampshire , Nevada , South Dakota , Tennessee , Texas, Washington, Wyoming, Arizona , Massachusetts, California, New York, Germany, Japan

☆ Meta to expand encryption on Messenger making it similar to WhatsApp
▼ + stars: | 2023-12-07 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +4 min

Because of the encryption technology "nobody, including Meta, can see what's sent or said, unless you choose to report a message to us," Loredana Crisan, the head of Messenger, wrote in an accompanying blog post . Since 2016, Messenger users could choose, or opt-in, to safeguarding their chats via a process referred to as end-to-end encryption, which scrambles peoples' communications so that third-parties can't eavesdrop and access the data. Although Meta's other messaging app, WhatsApp, also utilizes end-to-end encryption, privacy advocates have generally considered Signal to be a more secure communication service because it collects less user data. "After years of work rebuilding Messenger, we've updated the app with default end-to-end encryption for all personal calls and messages," Meta CEO Mark Zuckerberg wrote in a Facebook post on Wednesday. In 2022, Meta conducted a test on Messenger that let users back up their end-to-end encrypted conversations in case they needed to access them on another device.

Persons: Crisan, what's, Meta, Mark Zuckerberg, Zuckerberg Organizations: Meta, Facebook, Cambridge, Federal Bureau of Investigation, Apple, IBM Locations: Nebraska, San Bernardino , California, WhatsApp, United Kingdom

☆ Nvidia CEO: Senior executives don't need pampering, career guidance
▼ + stars: | 2023-11-29 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Nvidia CEO Jensen Huang offered a glimpse into his unusual management style, including having "50 direct reports," in an interview with CNBC's Andrew Ross Sorkin on Wednesday. Huang says that he has so many direct reports — most executives only have 10 or so — because it keeps Nvidia from developing unnecessary layers of management. "The more direct reports a CEO has, the less layers are in the company. "The people that report to the CEO should require the least amount of pampering and so I don't think they need life advice. I don't think they need career guidance," Huang said.

Persons: Jensen Huang, CNBC's Andrew Ross Sorkin, Huang, Steve Jobs, Mark Zuckerberg Organizations: New York Times, Jazz, Lincoln Center, Nvidia, AMD Locations: New York City, China

☆ This quirky ETF could be sign tech rally is broadening beyond 'Magnificent 7', Oppenheimer says
▼ + stars: | 2023-11-28 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

A recent uptick for a broad-based tech ETF could signal that the market is ready for a rally in software stocks, regardless of size, according to Oppenheimer. Given Oppenheimer's coverage in the former, we think it's important to flag that the equal-weighted S & P Software & Services SPDR (XSW) reclaimed its Q2 breakout above its year-long bottoming pattern. A big rally for the XSW would be a change of pace from the strength of the so-called "Magnificent Seven" tech stocks that have dominated the market in 2023. And the fund's holdings mean that investors won't be adding even more exposure to all of the Magnificent Seven. Though the fund is broad, it does not include all categories of what many investors consider to be tech stocks.

Persons: Oppenheimer, Ari Wald, We're, — CNBC's Michael Bloom Organizations: P Software & Services, P Software, Services, Apple, Nvidia, Meta Locations: Technology

☆ Wall Street hits Salesforce with a downgrade. Here's why Cramer disagrees
▼ + stars: | 2023-10-23 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +4 min

Enterprise software giant Salesforce (CRM) has been trudging through a challenged stretch of trading lately — but it's certainly no justification for a Wall Street downgrade, Jim Cramer said Monday. Salesforce appears well-positioned on both sales growth and profitability, even if some on Wall Street question its ability to deliver a growth mix on par with its software peers. Alongside its fiscal 2024 second-quarter results in late August, Salesforce tweaked its full-year revenue guidance to a level slightly above Wall Street consensus estimates at the time, implying nearly 11% year-over-year growth. However, the firm said Club holding Microsoft (MSFT) is still its favorite large-cap software stock to own into year-end, citing AI catalysts. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: it's, Jim Cramer, Piper Sandler, Salesforce, Jim, Marc Benioff, Jim Cramer's Organizations: Enterprise, Club, Microsoft, CNBC, Bloomberg, Getty Locations: Salesforce, ASAN, San Francisco

☆ Taiwan’s Foxconn to build ‘AI factories’ with Nvidia
▼ + stars: | 2023-10-18 | by ( Eric Cheung | ) edition.cnn.com time to read: +5 min

Taipei CNN —Taiwan’s Foxconn says it plans to build artificial intelligence (AI) data factories with technology from American chip giant Nvidia, as the electronics maker ramps up efforts to become a major global player in electric car manufacturing. Foxconn Chairman Young Liu and Nvidia CEO Jensen Huang jointly announced the plans on Wednesday in Taipei. The duo said the new facilities using Nvidia’s chips and software will enable Foxconn to better utilize AI in its electric vehicles (EV). Nearly 14 million electric cars will be sold in 2023, it projected. REUTERS/Ann Wang Ann Wang/ReutersDuring last year’s tech day, Liu told reporters that the company hoped to build 5% of the world’s electric cars by 2025.

Persons: Taipei CNN — Taiwan’s Foxconn, Young Liu, Jensen Huang, ” Huang, “, ” Liu, Foxconn, ”, Kylie Huang, Ann Wang Ann Wang, Liu, Chiang Shang, TSMC, Jun Seki, Bill Russo, Automobility, Tesla, ‘ I’m, ’, ” Hanna Ziady Organizations: Taipei CNN, Nvidia, Foxconn, Global, International Energy Agency, Hai Technology Group, Daiwa, Tech, REUTERS, Reuters, Lordstown Motors, General Motors, EV, Nissan Motor, Infineon Technologies Locations: Taipei, Taiwan, Kaohsiung, EVs, Ohio, Chiang, German, Shanghai

Political Cartoons View All 1206 ImagesHe even thought there was a 5% chance he'd become president someday, Ellison said. Assistant U.S. Attorney Danielle Sassoon asked her what he thought he'd be president of. Shortly after Ellison’s highly anticipated turn on the witness stand began, she was asked to identify Bankman-Fried in the courtroom. Ellison testified under a cooperation deal that could win her leniency when she is sentenced. As Ellison testified, several of her friends or online fans were in attendance at the courthouse.

Persons: Sam Bankman, Fried, Caroline Ellison, Ellison, ”, he'd, Danielle Sassoon, ” Ellison, Ellison’s, FTX, Judge Lewis A, Kaplan, Palo, Sassoon, Jane, Bankman, “, Joe Biden, Gary Wang Organizations: Stanford, U.S, Alameda Research, Alameda, Republican Locations: Manhattan, Bankman, United States, Bahamas, Washington, Palo Alto , California, Alameda

☆ Deutsche Bank says this cloud software software stock is poised for big gains ahead
▼ + stars: | 2023-09-21 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Five9 is well-positioned to grow its market share in the software space as companies prioritize customer satisfaction, according to Deutsche Bank. The firm upgraded Five9, which provides cloud software services to customer contact centers, to buy from hold. Niknam thinks there is a significant runway for incremental growth in the cloud contact center as a service market, which he said has a size of about 16 million total agent seats globally. Only about 20% of these seats have transitioned to the cloud — which suggests additional room for growth. Shares also trade at an attractive valuation — and off peak-levels — despite "enhanced visibility toward re-accelerating growth," the analyst added.

Persons: Five9, Matt Niknam, Niknam, Michael Bloom Organizations: Deutsche Bank

REUTERS/Brendan McDermid Acquire Licensing RightsReuters Graphics Reuters GraphicsThe S&P 500 dropped 1.22% to end at 4,450.32 points. All 11 S&P 500 sector indexes declined, led lower by information technology (.SPLRCT), down 1.95%, followed by a 1.88% loss in consumer discretionary (.SPLRCD). For the week, the S&P 500 fell 0.16% and the Nasdaq lost 0.39%. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 4.4-to-one ratio. The S&P 500 posted seven new highs and eight new lows; the Nasdaq recorded 48 new highs and 216 new lows.

Persons: chipmakers, Lam, Stoking, Lisa Erickson, Brendan McDermid, Amgen, Japan's, Ankika Biswas, Shristi, Noel Randewich, Vinay Dwivedi, Richard Chang Organizations: Nasdaq, Dow, Lam Research, KLA Corp, Reuters, Nvidia, Devices, Broadcom, Micron Technology, Philadelphia Semiconductor, United Auto Workers ', General Motors, Ford, Chrysler, Federal Reserve, U.S, Bank Wealth Management, Traders, Microsoft, Adobe, New York Stock Exchange, REUTERS, Reuters Graphics Reuters, Dow Jones, SoftBank's Arm Holdings, Neumora Therapeutics, Thomson Locations: U.S, Minneapolis, New York City, Bengaluru, Oakland , California

☆ Google nears release of AI software Gemini - The Information
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

Sept 14 (Reuters) - Alphabet's (GOOGL.O) Google has given a small group of companies access to an early version of Gemini, its conversational artificial intelligence software, The Information reported on Thursday, citing people familiar with the matter. Gemini is intended to compete with OpenAI's GPT-4 model, according to the report. Google has intensified investments in generative AI this year as it plays catch-up after Microsoft-backed OpenAI's launch of ChatGPT last year took the tech world by storm. It is also expected to help software engineers write code and generate original images based on what users ask to see. The search and advertising giant plans to make Gemini available to companies through its Google Cloud Vertex AI service.

Persons: OpenAI's, Rishabh, Sherry Jacob, Phillips Organizations: Google, Microsoft, Thomson Locations: India, Japan, Bengaluru

☆ Adobe forecasts fourth-quarter profit above estimates on AI strength
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsSept 14 (Reuters) - Photoshop software maker Adobe (ADBE.O) forecast current-quarter profit above Wall Street estimates on Thursday, after beating revenue estimates for the third quarter on strong demand for its photo, video editing and document tools with generative AI integrations. Excluding items, it reported earnings of $4.09 per share in the quarter ended Sept. 1, above analysts' estimates of $3.98 per share, according to LSEG data. Quarterly revenue stood at $4.89 billion, compared with estimates of $4.87 billion. Adobe expects revenue between $4.98 billion and $5.03 billion for the fourth quarter, compared with analysts' expectation of $5 billion, according to LSEG data. The company expects fourth-quarter adjusted profit between $4.10 and $4.15 per share, compared with analysts' average estimate of $4.06 per share.

Persons: Dado Ruvic, Akash Sriram, Shailesh Organizations: REUTERS, Adobe, Wall, Thomson Locations: San Jose , California, Bengaluru

A Union Jack flag flutters in front of the Houses of Parliament in London, Britain, November 5, 2019. "Chinese recruitment schemes have tried to headhunt British and allied nationals in key positions and with sensitive knowledge and experience," the government said. The arrest of the young researcher, who denied being a spy, has led to calls by British members of parliament for a tougher stance. Sunak told parliament that he accepted the report and recognised that it identified areas where "we can do better". Last year, MI5 issued a rare security alert, warning members of parliament that a suspected Chinese spy was "involved in political interference activities" in Britain.

Persons: Hannah McKay, Sunak, Andrew MacAskill, Kylie MacLellan, Michael Holden, Christina Fincher Organizations: REUTERS, CAN, Intelligence, Security Committee, Thomson Locations: London, Britain, China, Beijing

☆ AI Can Build Software in Under 7 Minutes for Less Than $1: Study
▼ + stars: | 2023-09-11 | by ( Aaron Mok | ) www.businessinsider.com time to read: +5 min

They found AI could develop software in under 7 minutes for less than $1 in costs, on average. The findings come after researchers published another study in which AI agents powered by large language models were able to run a virtual town on their own. Once the researchers gave the AI bots their roles, each bot was allocated to their respective stages. "Our experimental results demonstrate the efficiency and cost-effectiveness of the automated software development process driven by CHATDEV," the researchers wrote in the paper. Nevertheless, the study isn't perfect: Researchers identified limitations, such as errors and biases in the language models, that could cause issues in the creation of software.

Persons: ChatDev, didn't, Daniel Dippold Organizations: Service, Brown University Locations: Wall, Silicon, Berlin

☆ Musk's college friend quit working with him at Zip2 after only 6 weeks: 'I knew I could either be working with him or be his friend, but not both'
▼ + stars: | 2023-09-11 | by ( Polly Thompson | Grace Dean | ) www.businessinsider.com time to read: +4 min

Farooq came to work for Musk at his first company, Zip2, but quit just six weeks into the job. Farooq told biographer Walter Isaacson that he soon "found himself in fights with Musk." In 1995, Musk was in the midst of getting his first company, Zip2, off the ground with his brother, Kimbal. "We completely entered a zone for hours until we were exhausted," Farooq told Isaacson. But working under the notoriously intense Musk was too much for Farooq and he lasted just six weeks at Zip2 before quitting.

Persons: Navaid Farooq, Elon Musk's, Farooq, Musk, Walter Isaacson, Kimbal, Elon Musk Farooq, Walter Isaacson's, Isaacson, Elon Musk, Bauer, Griffin, FilmMagic, Lyndon, Peter Rive, Tesla, Peter Thiel, Thiel Organizations: Queen's University, Canada, Service, YMCA, Zip2, PayPal, SpaceX Locations: Wall, Silicon, Canada, Ontario

☆ Stocks making the biggest moves before the bell: Kroger, DocuSign, Snowflake, Adobe and more
▼ + stars: | 2023-09-08 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

But the company posted $33.85 billion in quarterly revenue, under the $34.13 billion anticipated by analysts. Planet Labs — The satellite imagery stock slipped 2.6% in premarket trading after delivering a weaker quarterly report than expected on Thursday. DocuSign — The electric signature stock advanced 2.4% premarket on the heels of a stronger-than-expected quarterly report released Thursday. The Wall Street firm said Snowflake is in an advantageous position with "best-in-class growth rates" and is set to benefit from increased demand for artificial intelligence applications. The Wall Street firm cited First Solar's strong growth message during its investors day.

Persons: Kroger, LSEG, DocuSign, Davidson, Snowflake, Mizuho, RH —, Gary Friedman, —, Yun Li, Sarah Min, Jesse Pound, Michelle Fox, Scott Schnipper Organizations: Planet Labs, LSEG, Deutsche Bank, Mizuho, Gilead Sciences, Bank of America Locations: Gilead

☆ Here are Thursday's biggest analyst calls: Nvidia, Meta, Apple, Netflix, Roku, McDonald's, Micron & more
▼ + stars: | 2023-09-07 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Thursday's biggest calls on Wall Street: Barclays initiates Jabil and Flex as overweight Barclays initiated several technology manufacturers Thursday and said it sees margin expansion. Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by its overweight rating on the stock heading into Apple's iPhone event next week. Barclays initiates LPL Financial as overweight Barclays said the financial services company is a "solid organic grower at reasonable valuation." Barclays downgrades Seagate to equal weight from overweight Barclays downgraded Seagate mainly on valuation. Morgan Stanley reiterates Meta as overweight Morgan Stanley said it's staying bullish on shares of Meta.

Persons: Wells, Goldman Sachs, Morgan Stanley, McDonald's, Apple, it's, Jefferies, Canaccord, Johnson, Bernstein, Tesla, underperform Bernstein, Raymond James, Dell, Dan Jedda, Stifel, Riley downgrades Crocs, Riley, Truist, Raymond James downgrades Dave, Buster's, Guggenheim, Meta Organizations: Street, Barclays, JBL, EV, HSBC, Citi, Micron Citi, Micron, Oracle, Johnson, JPMorgan, Netflix, Tesla, DELL, Bank of America, Cloud Computing, LPL, Vail Resorts, Seagate, CyberArk Software Ltd, Meta, Nvidia Locations: 3Q23, Vail

☆ Tornado Cash cryptocurrency co-founders Roman Storm and Semonov indicted for laundering for Lazarus Group
▼ + stars: | 2023-08-23 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

Roman Semenov, the Russian national, and Roman Storm, were charged with laundering and violating sanctions through Tornado Cash, a crypto “mixer” that allegedly laundered more than $1 billion, including hundreds of millions that went to Lazarus Group, a North Korean cybercrime organization, the indictment alleged. The third co-founder of Tornado Cash, who was unnamed in the indictment, was arrested on money laundering charges in the Netherlands last year, the Treasury said. Tornado Cash is one of the most well-known mixers, and it, along with much of the crypto industry, was under growing regulatory scrutiny. Lazarus Group, the North Korean organization, allegedly used Tornado Cash in April and May 2022, the US attorney’s office said, in violation of US sanctions. The US Department of the Treasury sanctioned Tornado Cash last year, alleging it laundered more than $7 billion worth of crypto since 2019.

Persons: Roman Semenov, “, Damian Williams, Semenov, Storm, Tornado Cash, ”, Brian Klein, “ Mr, ” Klein, Lazarus Organizations: New, New York CNN, Russian, North, Court, Tornado, Lazarus Group, Storm, US, Office, Treasury, DOJ, US Treasury, Korean, US Department of Locations: New York, Washington, Southern, Russian, Roman, Korean, Netherlands

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