Three Arrows Capital Co-Founders Pitch To Raise $25 Million For New ‘GTX’ Exchange

Su Zhu and Kyle Davies, the founders of collapsed crypto hedge fund Three Arrows Capital (3AC), are hoping to raise $25 million to start a new crypto exchange called GTX, according to two separate pitch decks obtained by The Block. Three Arrows Capital was one of the largest hedge funds in crypto until last year’s collapse of the Terra ecosystem left it facing significant losses. The financial advisory firm Teneo has been handling the liquidation of 3AC’s assets and the hedge fund has filed for Chapter 15 bankruptcy in New York. From the report: News of the fundraise comes two months after exchange giant FTX imploded, leaving more than a million creditors out of pocket. The new exchange takes advantage of the situation offering depositors the ability to transfer their FTX claims to GTX and receive immediate credit in a token called USDG, the pitch deck said. The exchange’s name is even a spin on “FTX,” with one of the GTX pitch decks opening with the line “because G comes after F.”

The Three Arrows pair are partnering with Mark Lamb and Sudhu Arumugam, who founded CoinFlex, a crypto exchange which is in the process of restructuring. The exchange’s executive team is also made up of several CoinFlex executives including the firm’s general counsel and chief technology officer, per one of the decks. GTX will leverage Coinflex’s technology to build the exchange and a legal team will be responsible for overseeing the onboarding of claims for all the recent crypto bankruptcies such as Celsius and Voyager, according to the decks. The exchange is looking to launch as soon as possible — potentially as soon as February — and is estimating that the claims market is worth around $20 billion, according to the decks.

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Discord Acquires Gas, the Popular App For Teens To Compliment Each Other

Discord has acquired the Gas social app, a poll-based app for friends to share compliments with each other. “The app is designed for anonymous compliments and positive affirmations or, as kids say, gassing your friends up,” reports The Verge. From the report: Gas has polls that ask users to vote for things like the most beautiful person they’ve met or the classmate that isn’t afraid to get in trouble. It has soared in popularity among high schoolers since launching in August. One of the co-creators of TBH, a very similar teenager app acquired and shut down by Facebook, created Gas, which has caught the attention of more than 1 million daily active users and 30,000 new users per hour in October.

“Gas’ founders have a proven track record of creating exciting apps and experiences, and we’re thrilled to work with their team to take things to the next level,” says Discord in a blog post announcing the Gas acquisition. “At this time, Gas will continue as its own standalone app and the Gas team will be joining Discord to help our efforts to continue to grow across new and core audiences.” Discord hasn’t disclosed the terms of its Gas acquisition, but it’s clearly part of a broader and continued effort to target communities and users outside of just gaming.

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High-Powered Lasers Can Be Used To Steer Lightning Strikes

fahrbot-bot shares a report from Engadget: Lightning rods have been used to safely guide strikes into the ground since Benjamin Franklin’s day, but their short range (roughly the same radius as the height) and fixed-in-place design makes them ineffective for protecting large areas. The technology may finally be here to replace them in some situations. European researchers have successfully tested a system that uses terawatt-level laser pulses to steer lighting toward a 26-foot rod. It’s not limited by its physical height, and can cover much wider areas — in this case, 590 feet — while penetrating clouds and fog.

[“The experiment was performed on Santis Mountain, in northeast Switzerland,” adds The Washington Post. “A 407-foot (124-meter) communications tower there, equipped with a lightning rod, is struck roughly a hundred times a year.”] The design ionizes nitrogen and oxygen molecules, releasing electrons and creating a plasma that conducts electricity. As the laser fires at a very quick 1,000 pulses per second, it’s considerably more likely to intercept lightning as it forms. In the test, conducted between June and September 2021, lightning followed the beam for nearly 197 feet before hitting the rod. The findings have been published in the journal Nature Photonics. A video of the work has also been published on YouTube.

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IBM Shifts Remaining US-Based AIX Dev Jobs To India

According to The Register, IBM has shifted the roles of US IBM Systems employees developing AIX over to the Indian office. From the report: Prior to this transition, said to taken place in the third quarter of 2022, AIX development was split more or less evenly between the US and India, an IBM source told The Register. With the arrival of 2023, the entire group had been moved to India. Roughly 80 US-based AIX developers were affected, our source estimates. We’re told they were “redeployed,” and given an indeterminate amount of time to find a new position internally, in keeping with practices we reported last week based on claims by other IBM employees.

Evidently, the majority of those redeployed found jobs elsewhere at IBM. A lesser number of staff are evidently stuck in “redeployment limbo,” with no IBM job identified and no evident prospects at the company. “It also appears that these people in ‘redeployment’ limbo within IBM are all older, retirement eligible employees,” our source said. “The general sense among my peers is that redeployment is being used to nudge older employees out of the company and to do so in a manner that avoids the type of scrutiny that comes with layoffs.”

Layoffs generally come with a severance payment and may have reporting requirements. Redeployments — directing workers to find another internal position, which may require relocating — can avoid cost and bureaucracy. They also have the potential to encourage workers to depart on their own. We’re told that IBM does not disclose redeployment numbers to its employees and does not report how internal jobs were obtained — through internal search, with the assistance of management — or were not obtained — employees left in limbo or who choose to leave rather than wait.

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CircleCI Says Hackers Stole Encryption Keys and Customers’ Secrets

Last month, CircleCI urged users to rotate their secrets following a breach of the company’s systems. The company confirmed in a blog post on Friday that some customers’ data was stolen in the breach. While the customer data was encrypted, cybercriminals obtained the encryption keys able to decrypt the data. TechCrunch reports: The company said in a detailed blog post on Friday that it identified the intruder’s initial point of access as an employee’s laptop that was compromised with malware, allowing the theft of session tokens used to keep the employee logged in to certain applications, even though their access was protected with two-factor authentication. The company took the blame for the compromise, calling it a “systems failure,” adding that its antivirus software failed to detect the token-stealing malware on the employee’s laptop. Session tokens allow a user to stay logged in without having to keep re-entering their password or re-authorizing using two-factor authentication each time. But a stolen session token allows an intruder to gain the same access as the account holder without needing their password or two-factor code. As such, it can be difficult to differentiate between a session token of the account owner, or a hacker who stole the token.

CircleCi said the theft of the session token allowed the cybercriminals to impersonate the employee and gain access to some of the company’s production systems, which store customer data. “Because the targeted employee had privileges to generate production access tokens as part of the employee’s regular duties, the unauthorized third party was able to access and exfiltrate data from a subset of databases and stores, including customer environment variables, tokens, and keys,” said Rob Zuber, the company’s chief technology officer. Zuber said the intruders had access from December 16 through January 4.

Zuber said that while customer data was encrypted, the cybercriminals also obtained the encryption keys able to decrypt customer data. “We encourage customers who have yet to take action to do so in order to prevent unauthorized access to third-party systems and stores,” Zuber added. Several customers have already informed CircleCi of unauthorized access to their systems, Zuber said. Zuber said that CircleCi employees who retain access to production systems “have added additional step-up authentication steps and controls,” which should prevent a repeat-incident, likely by way of using hardware security keys.

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Report: ‘Matter’ Standard Has ‘Undeniable Momentum’

The Verge reports “undeniable momentum” for Matter, the royalty-free interoperability standard that “allows smart home devices from any manufacturer to talk to other devices directly and locally with no need to use the cloud.”

“Matter was the buzzword throughout CES 2023 this year, with most companies even remotely connected to the smart home loudly discussing their Matter plans.”

The new smart home standard was featured in several keynotes and displayed prominently in smart home device makers’ booths as well as in Google, Amazon, and Samsung’s big, showy displays. More importantly, dozens of companies and manufacturers announced specific plans. Several companies said they would update entire product lines, while others announced new ones, sometimes with actual dates and prices. And Matter controllers have become a major thing, with at least four brand-new ones debuting at CES. Interestingly, nearly all of them have a dual or triple function, helping banish the specter of seemingly pointless white hubs stuck in your router closet….

Matter works over the protocols Thread, Wi-Fi, and ethernet and has been jointly developed by Apple, Google, Samsung, Amazon, and pretty much every other smart home brand you can name, big or small. If a device supports Matter, it will work locally with Amazon Alexa, Samsung SmartThings, Apple Home, Google Home, and any other smart home platform that supports Matter. It will also be controllable by any of the four voice assistants….

The big four have turned on Matter support on their platforms, but Amazon’s approach has been piecemeal, and aside from Apple, nobody supports onboarding devices to Matter on iOS yet.

However, that is shifting: at CES, Amazon announced a full rollout by spring, and Samsung’s Jaeyeon Jung told The Verge that Matter support is coming to its iOS app this month. There’s still no news on Matter support in Google Home’s iOS app. Then there’s the whole competing Thread network issue, although that sounds like it will be resolved sooner rather than later….

The Matter device drought should be over soon — although, judging by most of these ship dates, not until at least the second half of 2023.
“It’s also likely we’ll see dedicated bridges coming out that can bring Z-Wave and other products with proprietary protocols into Matter….”

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Will This Next-Generation Display Technology Change the World?

“I saw the future at CES 2023,” writes Geoffrey Morrison, describing “a new, top-secret prototype display technology” that could one day replace LCD and OLED for phones and TVs. “It was impossibly flat, like a vibrantly glowing piece of paper.”

Meet electroluminescent quantum dots:

Until now, quantum dots were always a supporting player in another technology’s game. A futuristic booster for older tech, elevating that tech’s performance. QDs weren’t a character on their own. That is no longer the case. The prototype I saw was completely different. No traditional LEDs and no OLED. Instead of using light to excite quantum dots into emitting light, it uses electricity. Nothing but quantum dots. Electroluminescent, aka direct-view, quantum dots. This is huge.

Or at least, has the potential to be huge. Theoretically, this will mean thinner, more energy-efficient displays. It means displays that can be easier, as in cheaper, to manufacture. That could mean even less expensive, more efficient, bigger-screen TVs. The potential in picture quality is at least as good as QD-OLED, if not better. The tech is scalable from tiny, lightweight, high-brightness displays for next-generation VR headsets, to highly efficient phone screens, to high-performance flat-screen TVs.
The article predicts the simpler structure means “Essentially, you can print an entire QD display onto a surface without the heat required by other ‘printable’ tech…. Just about any flat or curved surface could be a screen.” This leads to QD screens not just on TVs and phones, but on car windshields, eyeglass lenses, and even bus or subway windows. (“These will initially be pitched by cities as a way to show people important info, but inevitably they’ll be used for advertising. That’s certainly not a knock against the tech, just how things work in the world….”)

Nanosys is calling this direct-view, electroluminescent quantum dot tech “nanoLED,” and told CNET that “their as-yet-unnamed manufacturing partner is going to be talking more about the technology in a few months…

“Even Nanosys admits direct-view quantum dot displays are still several years away from mass production…. But 5-10 years from now we’ll almost certainly have options for QD [quantum dot] displays in our phones, probably in our living rooms, and possibly on our windshields and windows.”

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Symbolic Wyoming Proposal Urges Voluntary Phase-out of EV Purchases by 2035

Though the state of Wyoming is home to one of America’s largest wind farms, “Wyoming’s legislature is considering a resolution that calls for a phaseout of new electric vehicle sales by 2035,” reports Engadget:

In the proposed resolution, a group of lawmakers led by Senator Jim Anderson says Wyoming’s “proud and valued” oil and gas industry has created “countless” jobs and contributed revenue to the state’s coffers. They add that a lack of charging infrastructure within Wyoming would make the widespread use of EVs “impracticable” and that the state would need to build “massive amounts of new power generation” to “sustain the misadventure of electric vehicles.” SJ4 calls for residents and businesses to limit the sale and purchase of EVs voluntarily, with the goal of phasing them out entirely by 2035.

If passed, the resolution would be entirely symbolic. In fact, it’s more about sending a message to EV advocates than banning the vehicles altogether. To that point, the final section of SJ4 calls for Wyoming’s Secretary of State to send President Biden and California Governor Gavin Newsom copies of the resolution. “One might even say tongue-in-cheek, but obviously it’s a very serious issue that deserves some public discussion,” Senator Boner, one of the bill’s co-sponsors, told the Cowboy State Daily. “I’m interested in making sure that the solutions that some folks want to the so-called climate crisis are actually practical in real life. I just don’t appreciate when other states try to force technology that isn’t ready.”

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How NASA’s Planned Moon Presence Will Practice Living in Space

NASA’s plans for a presence on the moon “will allow the program to practice how to live in space sustainably,” writes the Washington Post. “It will allow scientists to tap into the moon’s considerable scientific value to learn more about how Earth was formed. And perhaps, it would also serve as a steppingstone to Mars and other deep-space destinations years in the future.”

First, unlike in the 1960s — we now know that the moon has water.

Water is not only key to sustaining human life, but its component parts — hydrogen and oxygen — can be used as rocket propellant, making the moon a gas station in space. That could be critical for long-duration missions, allowing spacecraft to refuel on the moon instead of lugging all the fuel from Earth. And since the moon’s gravity is one-sixth of Earth’s, it is a relatively easy springboard to other points of the solar system.

NASA is also considering building a nuclear reactor on the moon:

It’s one of several initiatives NASA has begun under its Artemis program, designed to help astronauts stay for extended periods when they’ll need power, transportation and the ability to use the moon’s resources…. The effort is still very much in its nascent stages, and the funding NASA would need for the long term has not materialized in full…. A sustainable presence, despite the rosy predictions coming from the top echelons of the agency, is still years away, and the technical challenges are immense.

But NASA has begun developing the technologies that would be needed to sustain astronauts on the surface for extended periods. In June of last year, the agency and the Energy Department awarded contracts, worth $5 million each, to three companies to develop nuclear power systems that could be ready to launch by the end of the decade for a test on the moon. The systems would generate 40 kilowatts of power, enough energy to power six or seven American households, and last about 10 years….

NASA is also looking to build solar farms, using arrays that point vertically and catch the angle of the sun over the horizon. And it’s exploring how best to exploit what are called “in situ resources” — meaning those that already exist, such as the regolith.

The article even broaches the idea of “a lunar economy that would help sustain a permanent presence.”

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Videogame Studio Called ‘Proletariat’ Declines to Recognize Union