🚨 Major Global Tech Outage Happening

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Hey Waivly Crew! 🌊 In today’s edition, a global tech outage disrupts travel and commerce, while Samsung boosts its AI game with the acquisition of Oxford Semantic Technologies.

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Here’s what’s on the horizon today:

• Hackers steal $230M from crypto exchange WazirX

• Global tech outage grounds flights and hits businesses

• Samsung to acquire British AI startup Oxford Semantic

• Meta won’t release its Llama AI model in the EU

Let’s dive in!

STORIES MAKING A SPLASH

^_CRYPTO
Hackers steal $230M from crypto exchange WazirX

WazirX, a leading Indian crypto exchange, suspended withdrawals Thursday after a “force majeure event” led to a $230 million loss—nearly half its reserves. The breach impacted a multisig wallet, requiring multiple keys for transactions, with preliminary findings showing an external wallet was compromised.

The attack was due to a mismatch between data displayed on Liminal’s interface and the actual transaction, suggesting an altered payload shifted control to attackers. More than 200 cryptocurrencies, including SHIB and Ethereum, were stolen, with attempts to offload assets on Uniswap. Elliptic associates the hackers with North Korea.

This setback is significant for WazirX, which reported around $500 million in reserves as of June. The exchange, which split from Binance in early 2023 after a high-profile dispute, now faces serious challenges.

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^_TECH
Global tech outage grounds flights and hits businesses

A massive technology outage has disrupted businesses and institutions across multiple countries, affecting airports, airlines, rail companies, government services, banks, stock exchanges, supermarkets, telecoms, health systems, and media outlets.

The cause of the outage remains unclear, though it occurred hours after Microsoft reported issues with its 365 apps and services. Experts linked the disruption to CrowdStrike, a cybersecurity firm whose software protects industries globally. CrowdStrike acknowledged reports of crashes in machines running Microsoft Windows, related to a problem with its Falcon sensor product.

Despite the widespread impact, services were beginning to resume, including Sky News in the UK. Transport systems were notably affected; major U.S. airlines were grounded, and Sydney Airport experienced blank flight information screens, causing delays.

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AI SPECIAL

^{_{AI SPECIAL}}
Samsung to acquire AI startup Oxford Semantic

Samsung announced Thursday its acquisition of Oxford Semantic Technologies, a UK startup known for its AI reasoning engine RDFox, designed to operate on edge devices. Founded in 2017 by Oxford professors, the company specializes in converting data into machine-readable knowledge, enhancing user experiences through improved search and AI-driven recommendations.

The startup’s expertise lies in knowledge graphs, which organize data into interconnected nodes representing real-world entities and their relationships. This technology, utilized by Google for its search results, extends its applications from medical diagnostics to autonomous vehicle safety and financial crime detection.

Samsung aims to leverage these capabilities across its product ecosystem, enhancing personalized user experiences while ensuring data security directly on devices like mobiles, televisions, and home appliances.

^{_{AI SPECIAL}}
Meta won’t release its Llama AI model in the EU

Meta will not release its upcoming multimodal AI models in the European Union due to regulatory uncertainties, according to a statement to Axios. These models, which handle text, images, and audio, were set to enhance Meta’s platforms and Ray-Ban smart glasses.

This decision follows Apple’s recent move to avoid releasing its AI features in Europe over similar concerns. EU competition commissioner Margrethe Vestager criticized Apple for potentially stifling competition, a sentiment that could also apply to Meta’s decision, limiting the availability of AI-powered services in the EU.

Meta plans to release its text-only Llama 3 model in the EU but faces challenges with GDPR compliance for training AI on European data. The company argues that training on local data is crucial for accurately understanding regional languages and cultures.

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THE WAVES

^{_{OTHER NEWS}}
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SAIL INTO A NEW CAREER

^{_{NEW JOB OPPORTUNITIES}}
Waivly Work Highlights

👩‍💻 Employee Lifecycle Specialist at Chorus One

👩‍💻 Senior Unity Engineer at Decentraland

👩‍💻 Product Growth Marketer at Aptos

👩‍💻 VIP Account Manager at Flipster

BACK TO THE SHORE

^{_{THANKS FOR READING}}
That wraps up today’s newsletter

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