Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Tech this week: Teen arrested over €32 million crypto heist

Tech this week: Teen arrested over €32 million crypto heist

A multimillion crypto heist by a teenager, Elon Musk continues his Tesla stock sale and a €35 million cryptocurrency bid for a US Constitution. Here's your weekly tech round up.

A teenager in Canada has been arrested for the alleged theft of C$46 million (€32 million) worth of cryptocurrency.

The victim was targeted by a SIM swap attack. This often involves gathering some personal details on the victim, then calling their mobile phone operator and impersonating them to trick the operator into sending out a sim card. This sim can then be put into the perpetrator’s phone and this can have dangerous consequences as phone numbers are often used for two-factor identification.

The teen was rumbled after they used the digital money to buy a rare username in a video game. The transaction aroused suspicions and eventually led to the Hamilton police, with the help of the American FBI, tracking them down.

Details weren’t provided on the type of crypto stolen, the name of the suspect or the game they were playing.

Crypto bid to buy US constitution copy at auction fails


A rare first printing of the US Constitution sold at Sotheby’s in New York for $43.2 million (€38.2 million), a record price for a document or book sold at auction.

The anonymous winning bidder at Thursday night's sale outbid a group of 17,000 cryptocurrency enthusiasts from around the world who last week crowdfunded around $40 million (€35.3 million) to buy it.

The document is one of only 13 known copies of the first printing of the Constitution and just two of them are in private hands.

This printing of the Constitution was last sold in 1988, when real estate developer and collector S. Howard Goldman bought it at auction for $165,000 (€145,779).

Proceeds from Thursday's sale will benefit a foundation established by Goldman's widow, Dorothy Tapper Goldman, to further the understanding of constitutional principles.

“Tonight’s sale of this exceptionally rare and important printing of the Constitution was a monumental and historic occasion," Selby Kiffer, Sotheby’s senior international specialist for books and manuscripts, said in a statement.

Kiffer said the auction result reflects how relevant the Constitution remains, "not only in America but for global democracy”.

The underbidder went by the name of ConstitutionDAO, who announced its plan to raise millions of dollars to buy the Constitution on Twitter on 12 November. DAO stands for decentralised autonomous organisation, a type of community-run business that operates on the blockchain.

ConstitutionDAO tweeted on Thursday night, “We showed the world what crypto and web3, onboarding thousands of people in the process, including museum curators and art directors who are now excited to keep learning”.

We were the first DAO Sothebys has ever worked with, but we’re sure we won’t be the last one,” the group added.


The previous auction record for a book or manuscript was set in 1994 when Bill Gates purchased the Codex Leicester by Leonardo da Vinci at Christie’s for $30.8 million (€33.5 million).

Musk sells more shares than he needs to pay current tax bill


Elon Musk is selling more Tesla shares than he needs to pay current tax obligations, and experts say he's either converting part of his fortune from stock to cash, or he's saving for bigger tax bills that are due next year.

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

Of those, Musk sold 2.8 million shares worth about $3 billion (€2.6 billion) specifically to pay taxes on three tranches of stock options that he exercised this week, according to filings with the US Securities and Exchange Commission. That means he has sold roughly $5 billion (€4.4 billion) more in shares than he needs at present.

Under a compensation plan from 2012, Musk has options to buy 26.4 million shares. The options expire next year, and the tax bill will be due.

Wedbush analyst Daniel Ives estimates the bill to be $10 billion (€8.8 billion) to $15 billion (€13.3 billion), depending on the stock price. Musk's options so far allowed him to buy shares at $6.24 (€5.51) each, and the stock is selling for around $1,080 (€954).

Erik Gordon, a University of Michigan business and law professor, questioned why Musk would sell that many shares now to pay obligations that won’t be due until next year.

He said accruing for future tax liabilities makes sense only if Musk expects the stock price to drop.

“If you think the stock is going to go up, or if you think the stock is going to stay the same, you wouldn't be selling extra shares,” he told the Associated Press.

On 6 November, Musk asked his 60 million Twitter followers if he should sell some of his Tesla stock.

“Much is made lately of unrealised gains being a means of tax avoidance, so I propose selling 10 per cent of my stock,” he wrote. According to Musk, 58 per cent of those who responded said yes.


Musk also conceded his wealth is tied up in stock, tweeting that he doesn't get a cash salary or bonus from anywhere. “I have only stock, thus the only way for me to pay taxes personally is to sell stock,” he wrote.

Musk started selling on Monday, and as of Wednesday, he had liquidated about 5 per cent of his holdings.

His federal tax obligations could be as high as 40 per cent on proceeds from some of the sales, said Brad Badertscher, an accounting professor at the University of Notre Dame.

Wedbush's Ives said that while the Twitter poll is unorthodox, it telegraphed the sale to investors, preventing a huge selloff in Tesla stock.

“If he didn't do the Twitter poll and just started selling stock, the stock is probably 15 per cent lower than it is today,” Ives said.

As of Tuesday, Tesla's stock shed nearly 14 per cent since Musk agreed to abide by the poll. On Wednesday, the stock rose more than 3 per cent. Ives is confident that investors will see the stock's value as the sales start to wane.

Musk historically has been adept at moving the price of Tesla stock through tweets, said Gordon.

“He's shown himself to be a master of influencing the price of Tesla stock," he said. "That's the story over and over again”.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
×