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Time Is Money

Aug 25, 2024 • 6 min read

Trending:

Telegram CEO Arrested
India‘s Russian Oil Imports

Week Recap:

AMD, a chipmaker, announced its acquisition of ZT Systems for $4.9 billion, a strategic move to strengthen its position as a partner for companies developing large-scale AI and computing businesses. The deal, comprising both cash and stock, includes a contingent payment of up to $400 million, contingent upon the achievement of certain performance milestones.
Waymo announced on Tuesday that it is now providing over 100,000 paid robotaxi rides weekly across Los Angeles, San Francisco, and Phoenix, its three primary markets. This milestone, shared by Waymo co-CEO Tekedra Mawakana on social media platform X, represents a significant increase from previous figures. Earlier this year, Alphabet and Google CEO Sundar Pichai mentioned during the company's earnings call that Waymo was delivering well over 50,000 paid rides per week, a number also highlighted in a June blog post by the company.
Toyota recently confirmed that a significant amount of customer data was exposed in a third-party data breach after a threat actor, known as ZeroSevenGroup, leaked a 240GB archive of stolen information on a hacking forum. The leaked data includes files with details on Toyota employees and customers, as well as contracts, financial information, and network infrastructure details, including credentials obtained through the ADRecon tool.
Recently, McDonald’s official Instagram account was hacked, resulting in a crypto scam where cybercriminals made off with approximately $700,000 in Solana. The hackers took control of the account, which boasts over 5.1 million followers, and used it to promote a fraudulent cryptocurrency named after McDonald’s mascot, Grimace. The scam unfolded quickly. The hackers launched the Grimace token on the Solana blockchain through a platform known as Pump.fun. Within just 30 minutes, the value of the token skyrocketed, reaching a market capitalization of $25 million.
U.S. Central Command (CENTCOM) forces successfully executed a targeted strike in Syria, killing Abu-'Abd al-Rahman al-Makki, a senior leader of the Hurras al-Din terrorist organization. Al-Makki was a crucial figure within the group’s Shura Council, responsible for overseeing terrorist activities aimed at U.S. and Western interests from Syria. This strike highlights CENTCOM’s ongoing efforts to neutralize key leaders within terrorist networks, significantly disrupting their operations and diminishing their ability to threaten global security.
Robert F. Kennedy Jr. (RFK Jr.) has announced his decision to withdraw from the 2024 presidential race, endorsing former President Donald Trump. This decision was revealed in a court filing prior to Kennedy’s public address, where he articulated his reasons for the endorsement. Kennedy criticized the Democratic National Committee (DNC), accusing it of undermining the democratic process by involving him and Trump in legal challenges across multiple states.

Telegram CEO Arrested:

Yesterday, Pavel Durov, the CEO and founder of the Telegram messaging app, was arrested at Le Bourget airport near Paris, as reported by French media outlets TF1 and BFM TV. The arrest is linked to concerns over Telegram’s lack of moderation, which authorities believe has allowed criminal activities to flourish on the platform, despite its rapidly growing user base, which now boasts over 900 million monthly active users worldwide. Telegram has not yet issued a statement, and French authorities have remained silent, while Russia's Foreign Ministry has expressed its intent to gather more information on the matter.
Pavel Durov, aged 39, is the creator of Telegram, a platform that competes with major messaging apps like WhatsApp and Instagram. Telegram has gained significant traction in Russia, Ukraine, and other former Soviet states, where it has become a crucial tool for communication, particularly during the ongoing conflict between Russia and Ukraine. Before Telegram, Durov founded VKontakte, Russia’s largest social network, which he was forced to sell in 2014 after refusing government demands to censor opposition groups. Durov later relocated to Dubai and reportedly became a French citizen in 2021.
The arrest has generated mixed reactions from the public. Some view Durov as a champion of free speech and privacy, seeing his arrest as an attempt to weaken a platform that is vital for communication, especially in conflict zones. Others, however, criticize Telegram's insufficient moderation, arguing that it has enabled criminal activities to go unchecked, and they believe Durov's arrest is necessary to hold tech leaders accountable for the impact of their platforms. This event has reignited discussions on the challenges of balancing privacy, free speech, and security in the digital world.

India‘s Russian Oil Imports:

In July 2024, India surpassed China as the largest importer of Russian oil, bringing in 2.07 million barrels per day (bpd) compared to China’s 1.76 million bpd. This marked a notable shift in global oil trade dynamics, largely influenced by China’s reduced demand due to lower profit margins in its refining operations and India’s strategic move to leverage heavily discounted Russian oil amidst ongoing Western sanctions.
India's increased imports of Russian oil signify its growing dependence on affordable crude to stabilize its economy and manage inflation. This strategy has also bolstered energy ties between India and Russia, positioning India as a vital market for Russian oil exports, particularly as Russia faces diminished access to its traditional European markets. The strengthening of this trade relationship has become a cornerstone of India's energy security and a key component of Russia's economic strategy.
Conversely, China’s 22% reduction in Russian oil imports since December 2023 reflects a shift in its energy sourcing strategy. Chinese refiners have scaled back their purchases from Russia, partly due to the decreasing profitability of refining Russian crude. As China reduces its intake, other countries, such as Saudi Arabia and Malaysia, have stepped up their oil exports to China, adjusting to the evolving global oil supply landscape.
This shift underscores the changing geopolitical and economic environment, where nations like India and China are recalibrating their energy strategies in response to global events. While India capitalizes on discounted Russian oil, China is diversifying its supply sources, which is reshaping Russia's role in the global energy market and highlighting the broader effects of international sanctions and market dynamics.

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