😲 OpenAI CEO Gave People $1,000 A Month

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Hey Waivly Crew! 🌊 In today’s edition, a study backed by Sam Altman shows guaranteed paydays lead to less work and more leisure for low-income individuals. Meanwhile, India’s top crypto exchange WazirX halts trading after losing $230 million.

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Here’s what’s on the horizon today:

• Rivian launches its first EV charging outpost

• OpenAI CEO gave people $1,000 a month

• WazirX suspends trading after $230 million loss

Let’s dive in!

STORIES MAKING A SPLASH

^_AUTOMOTIVE
Rivian launches its first EV charging outpost

Rivian has launched its first EV charging rest stop, the Rivian Yosemite Charging Outpost, just 24 miles from Yosemite National Park. Located in Groveland, California, it features five DC fast chargers for Rivian owners and offers amenities like bathrooms, a lounge with a library, a water refill station, and free coffee for everyone.

The Outpost, which replaces an old gas station, has a shop open from 7 AM to 7 PM, with bathrooms and chargers available 24/7. This marks Rivian’s first foray into specialized charging infrastructure, complementing its Waypoint and Adventure charging sites around Yosemite.

Rivian plans to build more Charging Outposts near national parks and popular destinations. The facility boasts eco-friendly features, including a retaining wall made from recycled materials and solar panels to reduce energy use.

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^_FINANCE
OpenAI CEO gave people $1,000 a month

A recent study on basic income, backed by OpenAI founder Sam Altman, reveals that providing low-income individuals with guaranteed paydays leads to slightly less work and more leisure time. This comprehensive study, one of the largest of its kind, explored the effects on recipients' health, spending, employment, and other life aspects.

Starting in 2020, 3,000 participants in Illinois and Texas received $1,000 monthly for three years, boosting their incomes by 40%. The study found that recipients spent more on essentials like rent, transportation, and food, and worked 1.3 to 1.4 hours less each week compared to a control group receiving $50 a month.

Interestingly, basic-income recipients increased their healthcare spending and experienced more hospitalizations and emergency visits. Researchers will continue to monitor outcomes as other U.S. cities test similar programs.

^_CRYPTO
WazirX suspends trading after $230 million loss

WazirX, one of India’s top cryptocurrency exchanges, has "temporarily" suspended all trading after losing $230 million, nearly half of its reserves, in a security breach. The Mumbai-based platform announced that the attack severely impacted its ability to maintain a 1:1 collateral ratio, raising concerns about its reserve adequacy and customer reimbursements.

Earlier this week, WazirX halted customer withdrawals after an attacker accessed a multi-signature wallet, protected by six signatories, five of whom were from WazirX. The breach was caused by a data discrepancy on Liminal’s interface, according to the exchange.

To recover the stolen assets, WazirX has launched a bounty program offering up to $23 million. Risk-management firm Elliptic linked the attacker to North Korea. The $230 million loss is significant for WazirX, which had reported $500 million in reserves in June.

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THE WAVES

^{_{OTHER NEWS}}
More Stories Surfing The Web

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🤖 OpenAI unveils cheaper small AI model GPT-4o mini

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