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First Counter-Hacking, Now Legal Hacking: Sony is Trying to Silence the Media

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Sony, the Japanese company which made its original fortunes by developing Japan’s first tape recorder and later by creating and exporting a high-quality transistor radio, has been in the news a lot lately but not because of the Playstation 4 or anything tied to it.

Rather, as you may know, Sony Pictures Entertainment, the film studio owned by the conglomerate, was hacked this month by a group which, if not directly tied to North Korea, is sympathetic to the hermit kingdom and claimed its motives were the result of the new movie in which two comedy actors are dispatched by the CIA to assassinate the country’s dictator.

Also read: Sony is Counter-Hackingwith DDoS Attacks 

Sony Itself Breaking the Law

silencing mediaUnderstandably, Sony is quite upset by this turn of events, and last week we reported that it had taken to using DDoS attacks with computers based in Asia to thwart attempts at torrenting some of the movies stolen in the hack. Though the likelihood of the Torrent Sites pursuing legal action or being championed by the federal government is slim, it is important to note that such a tactic is actually illegal in the United States and several people have found themselves behind bars as a result of doing DDoS attacks.

Sony Using the Law After Breaking It

Sony has not stopped there, however. Sony is not just upset at the people who’ve made a mockery of their network security and leaked troves of sometimes-embarassing documents about them – it’s also now threatening legal action against those who are reporting on the affair. In a letter from Sony Pictures legal counsel David Boies, Sony makes it apparent that they do not understand the laws applying to journalism:

We have reason to believe that you may possess, or may directly or indirectly be given, illegally obtained documents or other information stolen from SPE (the “Stolen Information”), pursuant to the perpetrators’ scheme. The Stolen Information includes, but is not limited to, documents and information protected under U.S. and foreign legal doctrines protecting attorney-client privileged information, attorney work product, and related privileges and protections, as well as private financial and other confidential information and communications of SPE”s current and former personnel and others, confidential personnel data, intellectual property, trade secrets and other business secrets and related communications, and other confidential information. […] If you do not comply with this request, and the Stolen Information is used or disseminated by you in any manner, SPE will have no choice but to hold you responsible for any damage or loss arising from such use or dissemination by you, including any damages or loss to SPE or others, and including, but not limited to, any loss of value of intellectual property and trade secrets resulting from your actions.

Journalists and News Outlets Protected

It has been time and again established in US courts that so long as the journalists or news organizations themselves did not hack or otherwise acquire its sources by illegal means, then they are protected by the 1st ammendment along with a host of judicial precedents.

This is no different than when the New York Times used documents obtained by WikiLeaks to publish some of the most dynamite reporting of our era regarding the War on Terror, treatment of prisoners, and other things the government would rather have remained secret. Bradley Manning, of course, did not have any of the same legal protection since it was he who broke the law. The same standard applies here: the news organizations have not broken the law and therefore have constitutional protection to publish freely; the people who breached Sony’s security, on the other hand, are in deep trouble if they ever get caught.

Aaron Sorkin Opining In Favor of Sony

Sony Pictures Entertainment has the backing of the formidable Aaron Sorkin, who wrote a piece in the New York Times accusing news outlets of helping the hackers by blowing up the data they’ve uncovered. Sorkin’s next big movie, Steve Jobs, has been a subject of some of the articles going around the Internet. Here is a snippet of what he had to say against the news media:

I’m not a disinterested third party. Much of the squabbling between Ms. Pascal and Mr. Rudin was about a movie that’s about to begin shooting, “Steve Jobs,” for which I wrote the screenplay, so my name comes up from time to time. The widely published documents that were stolen include an email to Ms. Pascal in which I advocated going to Tom Cruise for the lead role (I did), a second email from one executive to another speculating that I’m broke (I’m fine) and a third that suggested that I might be romantically involved with a woman whose book I’m using as source material for a new script (I wish). […] I don’t care. Because the minor insults that were revealed are such small potatoes compared to the fact that they were revealed. Not by the hackers, but by American journalists helping them.

While he does not bother justifying the assumption that the hackers themselves are not American (there’s not a lot to prove what nationality the hacker is or is not – a computer in a hotel room in Thailand was used, that much is known), he does justify his accusation that American journalists are “helping” the hackers. He says that since the articles have nothing to do with the public good (nevermind that Sony Pictures executives make racist comments about the president), the journalists are not acting with the public good in mind.

But some might say he’s just acting in defense of the hand that feeds him.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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5 stars on average, based on 2 rated postsP. H. Madore has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors. He is a major contributing developer to the Woodcoin project, and has made technical contributions on a number of other cryptocurrency projects. In spare time, he recently began a more personalized, weekly newsletter at http://ico.phm.link




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2 Comments

  1. Thomas Wolf Tompkins

    December 21, 2014 at 7:15 pm

    Well Sony did invent the root kit which has plauged the internet ever since.

  2. Mirco Romanato

    December 22, 2014 at 2:14 pm

    “nevermind that Sony Pictures executives make racist comments about the president”

    nevermind freedom of speech is applied equally to everyone without questions or distinctions.

    Are black people (or half-black in the case of the POTUS) the only permitted to be racists?

    Attacking Zimmerman and the police in the Trayvon Martin case was just RACISM.
    Siding against the victim of a crime (Zimmerman) to score political points supporting the criminal just because he was black (Trayvon Martin) is just plain racism or political opportunism.

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Uber: $120 Billion IPO?

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Uber Technologies Inc., the global ride-hailing giant, is reportedly eyeing an initial public offering (IPO) worth as much as $120 billion. According to The Wall Street Journal, the IPO could take place early next year, giving investors ample time to prepare.

More Valuable than the Auto Giants

The $120 billion value proposal was delivered to Uber last month by Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS), two of Wall Street’s largest banks. The banks were presumably advising Uber on how to position stock offerings to potential investors before underwriting the IPO.

The new valuation far exceeds the one Uber received from Toyota Motors Co (TYO), which priced the ride-sharing service at %72 billion.

At $120 billion, Uber would be worth more than the General Motors Co (GM), Ford Motor Co (F) and Fiat Chrysler Automobiles (FCA) combined. The Detroit auto giants have seen their valuations rise in the wake of the financial crisis, buoyed by a prolonged recovery and increased appetite for automobiles. However, their growth has paled in comparison to Uber’s, which was founded in 2009.

Uber’s expansion hasn’t been without growing pains. The company has been mired by regulatory bottlenecks, workplace scandals and the alleged theft of trade secrets from Alphabet Inc. (GOOGL), Google’s parent company.

It is not entirely clear what metrics the Wall Street banks used to evaluate Uber’s potential value. The company reportedly told Morgan Stanley it won’t be profitable for at least another three years, though annual revenues are expected to reach up to $11 billion this year. That’s a marked rise over the $7.78 billion generated in 2017.

While there’s no guarantee that Uber will go public in the proposed timeframe, it must issue a public offering by the end of 2019, according to WSJ sources. That’s the agreement it has in place with investor SoftBank Group Corp.

Uber by the Numbers

Uber’s startling growth over the past nine years can be represented by a few statistics. As of May 8, 2018, the company had 19,000 employees. This doesn’t include the more than 3 million drivers who are getting paid through the ride-hailing service. Since inception, Uber drivers have completed some 10 billion rides. This averages out to about 15 million rides each day. Gross bookings in 2016 alone amounted to $20 billion.

As of June, 75 million riders were using the Uber app. In the U.S. alone, adult users are projected to reach 48 million by the end of 2018. The Uber app is installed on 21% of U.S. adult Android devices.

Currently, Uber owns up to 87% of the U.S. ride-hailing market. The growth and widespread adoption of the service has opened the door to other competitors, with Lyft being the biggest. Founded in 2012, Lyft is available in about 220 cities across the U.S. as well as in major cities across Asia.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 647 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Argo Mining as a Means of Diversification

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Buying Bitcoin (or any cryptocurrency) is something we talk about a lot, but earning crypto is just as interesting. There are many ways to earn crypto that allow for arbitrage-like opportunities, but the focus of this piece is on mining companies.

More specifically, Argo Mining, which is the first cryptocurrency mining company to IPO. That might not sound like a big deal, but it gives Argo a critical competitive advantage over other companies.

The Mining Industry

One thing is clear right now, the mining industry is still very opaque. Users are constantly worried about being scammed, which is very similar to how it was when trading exchanges were popping up left and right. There are numerous options out there for companies that will help you mine cryptocurrency, but it isn’t always clear what the best choice is.

You can go one of two routes: have a mining application operate on your computer, or pay for a rented service. Honeyminer is an example of a native application that works well and pays out cryptocurrency, and Argo is an example of a “shared service”. Argo operates much like Amazon Web Services does. You pay to rent computational capabilities, but your goals end up being slightly different. The business models are sound, but very different.

Where Argo’s Advantage Comes From

Argo is the first mining company to IPO, which adds a level of trust that no other company can currently command. There are so many potential risks for users that they tend to shy away from these companies. They are worried about their payment information being ripped off, withdrawal of the coins, and the costs being greater than the revenues.

By raising $32 million in their June 11th IPO, Argo has alleviated many of these worries, and added a degree of trust to their brand. They started off mostly mining altcoins such as Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash, but have recently announced Bitcoin mining packages as well.

The overall goal of Argo, as stated by their CEO, Jonathan Bixbay, is to democratize mining so everyone can participate. Right now, most of the mining is done by a select few of the elites, and Argo is enabling the wealth to be spread here.

Can Argo Actually Make You Money?

The big question to answer about Argo is whether you can actually make money doing this. The costs per month could potentially be higher than the value of the crypto you mine. Sure, you don’t have to pay trading fees on them, but it is important to calculate exactly how much you are coming out ahead.

It depends on the package, but you could potentially end up paying more for the fees than you earn. The trick is to remember that the crypto market isn’t like other markets – it isn’t perfectly efficient – and there are always arbitrage opportunities if you look hard enough.

An Alternate Route to Being Long Crypto

With much of crypto mining currently being done by elites because of the massive investment involved, it is clear that Argo has tapped a massive market. The company had a waitlist of 50,000 in September, and with the funds from the IPO, they can finally finance the expansion of their operations in a way that will speed up the number of people they can bring online.

If you believe Bitcoin (or cryptocurrencies in general) is coming out of a rut soon, then this is a good way to diversify into the market. Do your own tests and make sure that you are coming out ahead after the fees, but it should be a simple way to make some extra money in what is currently an inefficient market.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Ripple Price Analysis: XRP/USD at Risk of September Bull Run Being Completely Deflated

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  • Ripple’s native token XRP is at large danger of totally giving back the big September bull run gains. 
  • XRP/USD is capped to the upside at $0.6000. Vital near-term support seen tracking from $0.4550-0.4350.

Ripple’s native token XRP price has further been sent down to the burning south. This comes after the chunky and excessive bull run observed at the back end of September. XRP/USD had run higher by some 190%, from lows of around $0.27. Bulls managed to see a spike up, just short of $0.8000, within the early $0.7900 territory. Since this initial big trek to the north, up to mentioned highs, the price has dropped around 40%.

September Recap

There was not one catalyst behind the rocket move of around 195% in September for Ripple’s XRP. A few developments are worth recapping. Fintech heavyweight in Japan, SBI Holdings, announced their plans to launch a Ripple-powered mobile payment application known as MoneyTap. Elsewhere, London-based firm TransferGo announced they are using Ripple’s blockchain. This will be to facilitate digital currency transfer from Europe to India.

Furthermore, the litigation between R3 and Ripple Lab announced that they have reached a settlement of all outstanding litigation between the parties.  To top all the above, there was huge anticipation ahead of the xRapid product launch. This is now live, available for commercial use, allowing both individuals and businesses to access instant liquidity and low fees, using Ripple’s XRP. This trumps the traditional process of a 2-3 day wait. A sense of buy on the rumor sell on the fact was definitely observed here.

Technical Review

XRP/USD is on its journey south, looking to completely give back September’s run higher. Starting off with resistance, as can be seen the price upside has been capped at $0.6000. There hasn’t been enough momentum since the exhausted rally, to clear this chunky supply cap. Firm rejections have been observed at the mentioned resistance block since the bull run. If life kicks back into the bulls, they will need to comfortably settle around $0.7500, before then conquering $0.8000. Ripple’ XRP is still a long way away from of reclaiming the big psychological $1.00, with much supply even seen within the early to mid $0.9000 region.

XRP/USD 4-hour chart

Given current downside momentum, near-term support is now eyed from a range of $0.4550-0.4350. This is a demand zone, having proven to be the case during the fall on 25th September. The price managed to receive a bid within this area, moving back towards the $0.6000 resistance, before again faltering. Should the demand zone fail to hold, there will likely be a very fast move, back down to 0.2700-0.2500 area. XRP/USD had been within consolidation mode, for much of September, it was floating around this territory.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 32 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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