Technology this week: teenagers arrested for a cryptocurrency robbery of more than 32 million euros, Elon Musk continues Tesla stock sale | European News

2021-11-25 06:30:45 By : Mr. Richard Ho

A Canadian teenager was arrested on suspicion of stealing cryptocurrency worth 46 million Canadian dollars (32 million euros).

The victim is the target of the SIM swap attack. This usually involves collecting some personal details of the victim, then calling their mobile phone operator and impersonating them to trick the operator into sending the SIM card. This SIM card can then be put into the cell phone of the offender, which may have dangerous consequences, as the phone number is usually used for dual identification.

After they used digital currency to buy a rare username in a video game, the teenager got a sensation. The transaction aroused suspicion and eventually led to Hamilton police tracking them with the help of the FBI.

No details were provided about the type of encryption that was stolen, the name of the suspect, or the game they were playing.

The rare first edition of the U.S. Constitution was sold at Sotheby's in New York for $43.2 million (38.2 million euros), setting a record for auctioning documents or books.

At the auction on Thursday night, the anonymous winning bidder's bid exceeded 17,000 cryptocurrency enthusiasts from all over the world, who crowdfunded about 40 million U.S. dollars (35.3 million euros) to buy it last week.

This document is one of only 13 known copies of the constitution that was printed for the first time, of which only two are in private hands.

The last time this printed constitution was sold was in 1988, when real estate developer and collector S. Howard Goldman bought it at an auction for $165,000 (145,779 euros).

The proceeds from the sale on Thursday will be used for the foundation established by the widow of Goldman Sachs, Dorothy Tapper Goldman, to further understand the principles of the Constitution.

Selby Kiffer, a senior international expert on Sotheby's books and manuscripts, said in a statement: "Tonight's auction of this extremely rare and important constitutional print is a monumental and historic moment. "

Kiefer said the auction results reflect that the constitution is still relevant, "not only in the United States, but also for global democracy."

The bidder’s name is ConstitutionDAO, and it announced on Twitter on November 12 a plan to raise millions of dollars to purchase the Constitution. DAO stands for Decentralized Autonomous Organization, a community-based business operating on the blockchain.

On Thursday night, ConstitutionDAO wrote on Twitter: “We showed the world what encryption and web3 are, and in the process attracted thousands of people, including museum curators and art directors who are now very happy to continue their studies. ".

We are the first to work with DAO Sotheby's, but we are sure we will not be the last," the organization added.

We did not get the constitution, but we still made history. We broke the record for the most mass-funded and crowd-funded funds in 72 hours, which of course will be refunded to everyone who participated. To all our 17,437 contributors, thank you ❤️

The previous auction record for a book or manuscript was set in 1994, when Bill Gates bought Leonardo da Vinci’s Leonardo da Vinci’s Le Codex Leicester.

Elon Musk sold more Tesla shares than he needs to pay his current tax obligations. Experts say that he is either converting part of his wealth from stocks to cash, or he is saving for a larger tax bill due next year.

As of early Wednesday, Musk had sold approximately 8.2 million shares of the electric car and solar panel manufacturer in the past nine days, with a total value of just over US$8.8 billion (€7.8 billion).

According to documents submitted to the US Securities and Exchange Commission, Musk sold 2.8 million shares worth about US$3 billion (2.6 billion euros), specifically paying taxes for the three batches of stock options he exercised this week. This means that the shares he sold are about $5 billion (4.4 billion euros) more than what is currently required.

According to the 2012 salary plan, Musk can choose to buy 26.4 million shares. The option will expire next year and the tax bill will expire.

Wedbush analyst Daniel Ives estimates that, based on stock prices, the bill will reach between 10 billion U.S. dollars (8.8 billion euros) and 15 billion U.S. dollars (13.3 billion euros). So far, Musk's options allow him to buy shares at 6.24 US dollars (5.51 euros) per share, and the stock is sold for about 1,080 US dollars (954 euros).

Eric Gordon, a professor of business and law at the University of Michigan, questioned why Musk would now sell so many stocks to pay for debts due next year.

He said that it only makes sense to include future tax liabilities if Musk expects the stock price to fall.

"If you think the stock will rise, or you think the stock will stay the same, you won't sell additional stock," he told the Associated Press.

On November 6, Musk asked his 60 million Twitter followers whether he should sell some Tesla shares.

He wrote: "Recently, a lot of unrealized gains are tax avoidance methods, so I recommend selling 10% of my stock." According to Musk, 58% of respondents agreed.

There have been a lot of unrealized gains recently as a means of tax avoidance, so I recommend selling 10% of Tesla stock. Do you support this?

Musk also admitted that his wealth is tied to stocks, and he said on Twitter that he did not receive cash salary or bonuses from anywhere. "I only have stocks, so the only way I personally pay taxes is to sell the stocks," he wrote.

Musk began selling on Monday, and as of Wednesday, he has liquidated about 5% of the shares.

Brad Badertscher, a professor of accounting at the University of Notre Dame, said his federal tax liability for some sales revenue may be as high as 40%.

Wedbush's Ives said that although the Twitter poll was unorthodox, it sent a sale message to investors and prevented a sharp sell-off of Tesla stock.

Ives said: "If he didn't do a Twitter poll and started to sell stocks, then the stock price could be 15% lower than today."

As of Tuesday, since Musk agreed to comply with the polls, Tesla's stock price has fallen nearly 14%. On Wednesday, the stock rose more than 3%. Ives believes that as sales begin to decline, investors will see the value of the stock.

Gordon said that Musk has always been good at pushing the price of Tesla stock through tweets.

"He has proven that he is a master of influencing Tesla's stock price," he said, "this is the story over and over again."