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Who Got Hacked?

SEC, Moon Landing, Home Prices

Good Morning!

Happy Wednesday! We have an exciting newsletter for you:

👉 SEC is hacked before a major decision

👉 Moon landing is cancelled 

👉 Home prices are on the rise

Let’s get into it!

SEC: Hacked Before Major Decision

The US Securities and Exchange Commission's (SEC) long-awaited verdict on a spot-Bitcoin exchange-traded fund (ETF) turned into a significant cybersecurity breach on Tuesday. An unauthorized post from their compromised X account falsely announced the approval of the Bitcoin ETF, leading to a temporary surge in Bitcoin's price and triggering a US investigation into the breach. This incident, especially ironic for an agency that often warns of crypto-related cyber risks, has garnered significant attention.

Source: Courthouse News

The breach, which occurred due to the SEC's lack of two-factor authentication on their account, underscores the agency's current focus as it nears a critical decision date. By January 10, the SEC is expected to respond to several applications for Bitcoin ETFs, potentially making a collective announcement.

The approval process for a Bitcoin ETF includes two main steps: the SEC's endorsement of 19b-4 filings by the exchanges planning to list the ETFs, and approval of S-1 registration forms from prospective issuers, including major players like BlackRock and Fidelity. Decisions on these filings could lead to the ETFs being available for trading shortly after approval, possibly as early as the next business day.

🎯 GRIT TAKE: If a Bitcoin ETF is approved…upgrade to VIP to read the full Grit Take.

MOON: Landing Cancelled

Astrobotic faced a setback in its first lunar mission when a malfunction after launch led to the cancellation of its moon landing attempt. This mission, involving the Peregrine moon lander, was poised to be the first U.S. moon landing in over 50 years. The malfunction, likely in the propulsion system, caused a significant fuel leak.

Source: The Business Journal

Despite a successful launch on ULA's Vulcan rocket from Cape Canaveral, Florida, and initial post-launch operations proceeding well, the propulsion issue soon caused the lander to tumble. Astrobotic has redirected its efforts to gather as much scientific data as possible before the expected power loss by Thursday due to the fuel depletion. The Peregrine lander was carrying 20 payloads, including five for NASA under a $108 million contract.

HOME: Prices Soar

Home prices are rising quickly due to falling mortgage rates. A new CoreLogic report shows a 5.2% national increase in home prices this November compared to last year, more than October's 4.7% rise. This increase is linked to lower mortgage rates, enhancing buyer purchasing power. Despite expectations of a slight price decrease next year, the current low supply and high demand suggest prices will continue rising.

Source: Shutterstock

After record lows during the pandemic's first two years, mortgage rates spiked in 2022, reaching a 20-year high in October. The average 30-year fixed mortgage rate, once over 8%, is now in the high 6% range.

Headlines You Need To Know: 🎙

  • Here’s what Wall Street wants to see from Hollywood

  • Blackrock cuts 3% of global workforce

  • Is AI impacting your job? Your salary might actually rise

  • HPE to acquire Juniper Networks

  • Boeing CEO fights back tears

  • Xi’s empty dream city

  • The bond market rally is overlooking a big problem

Ryan Reynolds Nearing Billionaire Status

Ryan Reynolds has been quietly creeping toward being a billionaire for years, and you’d never know it. Reynolds has made investments in tons of business ventures that include liquor, sports, finance, and telecommunications. These have all led to multi-million dollar returns. In 2018, he bought a huge stake in Aviation Gin, and two years later, the company sold it for $610 million.

Source: Entrepreneur

In 2019, Reynolds became an owner of Mint Mobile, which sold to T-Mobile for $1.35 billion. Even though he said that he knew nothing about fintech, he became an investor in WealthSimple, which is now valued in the billions. As a big sports fan, he has acquired stakes in the Ottawa Senators and a professional soccer team. Celebrity Net Worth says he is worth $350 million as of today.

Chart of the Day

📊 Tech Talent Hubs 

Source: Visual Capitalist

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Source: @herodividend

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