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News Corp Hack Shows International Dirty Journalism Allowed by United States

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Journalism is something that is meant to inform and snoop out the bad players in the world. Whether it be through corporate scandals, government cover-ups or dirty secrets, journalists are supposed to be the good guys and protect the innocent with their power.

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When do journalists become the bad players though? When has the line been crossed? According to the United States Department of Justice, that line still hasn’t been found.

The Situation At Hand

News CorpRupert Murdoch’s News Corporation (News Corp) will not face any charges for their News of the World journalists bribing U.K. public officials or hacking their phones for information.

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According to a SEC filing, News Corp outlined to their understanding of the situation.

On January 28, 2015, News Corporation (the “Company”) was notified by the United States Department of Justice that it has completed its investigation of voicemail interception and payments to public officials in London and is declining to prosecute the Company or Twenty-First Century Fox, Inc.

News of the World journalists had wire-tapped the voicemail of a murdered girl named to try to find information – a clear invasion of privacy against the living and the deceased. Four journalists themselves. According to reports by CNBC, four journalists of the News Corp print publication “Sun” are currently awaiting a retrial in the U.K. for bribing public officials.

After both scandals, News Corp split into two different operations, with 21st Century Fox handling their broadcast news and News Corp maintaining branding on their print news.

11 News Corp journalists in total have been tried for this kind of behavior. Though some have been found innocent, it’s baffling that there have been this many allegations at one corporation.

In a statement, a general counsel for News Corp said the following:

We are grateful that this matter has been concluded and acknowledge the fairness and professionalism of the Department of Justice throughout this investigation.

The Department of Justice released this statement as well:

Based upon the information known to the Justice Department at this time, it has closed its investigation into News Corp regarding possible violations of the Foreign Corrupt Practices Act concerning bribes allegedly paid for news leads. If additional information or evidence should be made available in the future, the Department reserves the right to reopen the inquiry.

News Corp Stance on Dirty Journalism is Wrong

Upon finding out about the hackings, Murdoch shut down News of the World, but there clearly needs to be a better training regimen in the future. If 11 journalists have been suspected of immoral misconduct such as this, there’s an issue in the type of training they received.

News Corp should be using their power as a mouthpiece to look this issue in the face and declare a clear initiative to cease this behavior. News Corp in a position to come down hard on their employees who may be thinking about using these tactics, but they don’t seem to be trying. Instead, News Corp is following the basic steps they need to follow to make sure this issue goes away.

Furthermore, what does it say about the United States Department of Justice that they allow this sort of behavior without even a fine, at minimum? These journalists were employed by an American company, and although News Corp didn’t give them a direct order to hack phones or bribe officials, the journalists should be considered their responsibility.

News Corp has contributed more than $13 million in political donations since 2012, so it’s hard to expect any completely fair judgment.

News Corp is best known for owning Fox News, the Wall Street Journal and the New York Post.

Photograph from Wikimedia Commons and Shutterstock.

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1 Comment

  1. sjs

    February 5, 2015 at 11:43 am

    What ‘comment’ could you possibly be looking for? A call to arms? You can’t trust the Politicians, Priests, Cops. Bankers and Journos? WE KNOW!!! Why do you think ‘trustless’ technology is so appealing?

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New York-Based TokenBnk Launches Crypto Savings Account

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The blockchain ecosystem is budding with innovation. TokenBnk has added its name to the list of most interesting blockchain startups when it launched a decentralized application that functions very much like a traditional savings account.

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Traditional Finance Meets Cryptocurrency

New York-based TokenBnk is the world’s first Ethereum-based savings account. The general idea behind TokenBnk is that you can deposit tokens into your Savings Contract (instead of a savings account) and earn rewards in the same token you hold. It operates very much like a traditional bank account, only for cryptocurrency. That’s kinda what we’re all about here at Hacked.

To illustrate how the platform works, suppose you receive 1,000 TBK as a reward and hold 500 of them in ether and 500 in OmiseGo. You will receive the same proportion of tokens back into your Savings Contract, thereby boosting your position size.

To withdraw ether from your savings account, you must pay a predetermined fee using the platform’s native TBK token. The fee is distributed as an award throughout the network via smart contract. The amount network participants receive is proportional to the percentage of the Total Network Value they represent.

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The Launch

TokenBnk emerged-by-stealth on or about Thursday, much to the surprise of the author, who has been anticipating this project for quite some time. The release was accompanied by an 11-page whitepaper and plans for a Nov. 30 token launch.

The protocol is being audited as we speak before beta testing goes live. TokenBnk will launch via mobile app some time in Q1 2018, followed by a full platform launch later in the year.

The development team behind TBK is impressive, with the main website listing 14 young men who can’t be more than 35 years old. The team hails from some of America’s most prestigious universities, such as Stanford, Princeton, Columbia, Carnegie Mellon and NYU. Private sector experience is also exemplified with stints at Amazon, AngelList and J.P. Morgan. (We’re glad the former JPM employees at TokenBnk didn’t drink from the same Kool-Aid as Jamie Dimon.)

TokenBnk CEO Shayne Coplan makes a strong case for his platform, especially for those of us keen on investing in cryptos over the long term.

“Currently, most long term holders leave their tokens in their Ethereum wallet, but why do that if you can yield automated regular returns by storing them on the blockchain as part of the TokenBnk network?” Coplan told Hacked. “The idea of holding fiat currency long term and earning no ROI is considered foolish, and it will be no different for cryptocurrencies.”

Coplan was part of the ETH presale back in 2014. With ether prices recently surging past $300, most market participants probably regret trading it right off the bat.

“In hindsight, the buy and hold strategy massively outperformed even the most successful of traders,” Coplan adds. “With the new wave of tokens arriving in the market over the next few years, hopefully TokenBnk can help token holders avoid making that same mistake.”

Ether trails only bitcoin in the race for market cap and is widely considered one of the most promising cryptos from a development point of view.

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Blockchain, Insurance and the Crisis of Trust

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Blockchain has been described as the modern-day cure for many ailments facing industry. For insurers, the ledger technology can change the way businesses process claims, share data and prevent fraud.

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Blockchain for Insurance

Fin-tech disruption has played an important role in reshaping the insurance industry. The internet, mobile devices and even data analytics have become indispensable to modern-day insurance providers.  What’s more, the industry full expects this disruption to intensify in coming years.

A survey of financial service providers conducted by PwC found that nearly three-quarters (74%) of insurers identified their own industry as the most likely to undergo significant change as a result of technology. That survey was conducted long before blockchain was even a thing for the average observer.

Fast forward to today, and blockchain is all the rage. Beyond the hype, the ledger technology has radically transformed our perception of record-keeping and trust. As a self-managed system, it can help insurers coordinate claims and boost efficiency without the need for an intermediary.

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Improving Trust

Most people have or at some point will interface with the insurance sector. It is here that they will likely experience the crisis of trust that have caused many to go uninsured. Recent earthquakes in California revealed that only 17% of the state’s homeowners have insurance to cover the natural disaster.

Of course, everyone in the state knows about the San Andreas fault. The choice to go uninsured is a rational one aimed at circumnavigating an industry plagued by a lack of trust. Blockchain isn’t some magic bullet that will fix this problem. But what it can and will provide is transparency.

More transparency can create a more efficient insurance sector by reducing or eliminating all together the need for manual processes. As anyone who has tried to switch healthcare providers knows, manual data entry is prone to huge risks, not to mention fear of losing personal data.  Through blockchain, personal data may be controlled by an individual, but verification is registered on the immutable ledger book.

Blockchain also provides smart contract capability, which can greatly enhance claims processing. By recording and verifying contracts on the ledger, insurers can guarantee that only valid claims are made. For consumers, it also means not having to fill out cumbersome paperwork.

Insurers are also leaning on the blockchain to detect fraud, which drains businesses out of tens of billions of dollars annually. The blockchain’s permanent record provides a decentralized repository insurers can use to verify every customer, policy and transaction. Before the blockchain, this would have required extensive cooperation between various actors.

There’s already a budding community of blockchain companies involved in the insurance industry. Together with other finance companies, they are among the biggest draws of the ICO market. According to CoinSchedule, more than 9% of the total funds raised via ICOs this year have come to finance companies.

When it comes to blockchain, insurance is another sector investors should carefully monitor. It is highly lucrative, but suffers from huge flaws that these new technologies can help fix.

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Gizer and Gaze Coin Join Forces to Shape eSports Future

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Global gaming network Gizer has joined forces with VR platform Gaze Coin in a bid to transform the eSports economy.  The companies are expected to boost monetization channels while providing new opportunities for virtual reality-based gaming.

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Partnership Announced

The strategic partnership, which was just announced via Gizer’s Medium channel, appears to be centered on delivering gaming events in virtual and augmented reality. That’s a powerful concept for the rapidly growing eSports segment.

Gizer launched its crowdsale last month amid much fanfare, and has been ranked one of Hacked.com’s best ICOs of the year. The gaming network made headlines last month after it brought on blockchain heavyweight David Drake to its  advisory board. Drake is the Chairman of LDJ Capital and is regarded as an influential blockchain leader.

Gaze Coin’s ICO is coming down the pipeline for Nov. 28. It will be hosted on the Ethereum platform, with a total supply of 100 million tokens.

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Both companies appear to be synchronizing their development roadmaps to deliver games in virtual and augmented reality. Gizer plans to unveil its marketplace in early 2018. That’s around the same time Gaze Coin intends its launch the mixed-reality game Dream Channel, which debuted at the Cannes Film Festival this past May.

eSports Industry Is Booming

The eSports ecosystem is growing at a rapid rate, according to various research reports that peg it as a billion-dollar industry over the next two years. Earlier this year, Newzoo said it expects eSports revenues to reach $1.5 billion by 2020, with brand investment doubling over that period.

Clearly, the idea of creating professional leagues out of multiplayer games is gaining in popularity. Given the number of users already playing online, the need for an integrated network that connects all the dots and provides incentives has never been greater. The blockchain can greatly enhance the end user experience by creating a stable infrastructure to handle all transactions. This not only improves the platform, but ensures toxic members are kept at bay. (How many times have you played your favorite EA Sports game only to have to deal with members abusing one another and cheating? The blockchain is a potential remedy.)

Greater community involvement and more opportunity to grow the ecosystem are the other major benefits offered exclusively by the blockchain. And because this environment can be monetized, there’s huge incentive to grow and improve it over time.

In reality, eSports is just one of a myriad of industries currently being developed by the blockchain community. A total of 27 industries have been represented by the ICO universe this year alone, according to CoinSchedule. Gaming and VR token raises have been among the most lucrative, drawing in more than $120 million through the first ten months. That’s roughly 4% of the $3.25 billion in ICO funding raised this  year alone.

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