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A Bitcoin Blunder for the Ages: $40 Billion Accidentally Given Away

Slashdot.org - Tue, 02/10/2026 - 12:00
An anonymous reader shares a report: The hundreds of prize payouts were mostly just a few bucks each, part of a promotional campaign by a South Korean cryptocurrency exchange. The total reward pot: 620,000 Korean won, or about $425. Then came a colossal mistake. A staffer for Bithumb, South Korea's No. 2 crypto exchange, didn't distribute 620,000 Korean won. Rather, the prizes, due to an input error, emerged in a different currency: 620,000 bitcoins, valued at more than $40 billion. That meant a winner who should have received a sum of 2,000 won -- enough to buy a cheap cup of coffee -- reaped, at least momentarily, more than $120 million in bitcoins. Enough recipients sought to sell or withdraw bitcoin that the market sank 17%, before Bithumb halted transactions after roughly 30 minutes. Those affected included investors who had held bitcoin before the botched giveaway. The losses totaled about $685,000, Bithumb says. The company has since said it has reversed the transactions or had recipients voluntarily return more than 99% of the misdistributed bitcoins. But Bithumb is still trying to convince users who during the brief window of trading managed to offload more than 100 bitcoins, valued at roughly $9 million, to give back the equivalent funds.

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Apple and Google Agree To Change App Stores After 'Effective Duopoly' Claim

Slashdot.org - Tue, 02/10/2026 - 11:00
Apple and Google have agreed to a set of commitments to the UK's Competition and Markets Authority that will prevent them from giving preferential treatment to their own apps and require greater transparency around how third-party apps are approved for sale. The CMA announced the measures on Tuesday, seven months after it declared that the two companies held an "effective duopoly" over the UK's mobile app ecosystem. Both companies also committed to not using data gathered from third-party developers in ways the regulator deems unfair. The CMA granted both app stores "strategic market status" in October 2025, a designation that gave it the authority to demand changes. CMA head Sarah Cardell called the commitments "important first steps" and said the regulator would "closely monitor" implementation. Technology analyst Paolo Pescatore described the announcement as a "pragmatic first step" but noted some may see it as "addressing the low-hanging fruit." The UK's app economy is the largest in Europe by revenue and number of developers, generating an estimated 1.5% of the country's GDP.

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The Big Money in Today's Economy Is Going To Capital, Not Labor

Slashdot.org - Tue, 02/10/2026 - 10:00
The American economy's most valuable companies are now worth trillions of dollars more than their predecessors were a generation ago, yet they employ a fraction of the workers -- and a new analysis by the Wall Street Journal argues that this widening gap between capital and labor is the defining economic story of our time. Labor received 58% of gross domestic income in 1980; by the third quarter of 2025, that figure had fallen to 51.4%. Corporate profits' share rose from 7% to 11.7% over the same period. Nvidia, the most valuable US company in 2026, is nearly 20 times as valuable as IBM was in 1985 in inflation-adjusted terms and employs roughly a tenth as many people. Since the end of 2019, real average hourly wages have risen 3% while corporate profits have climbed 43%. Household stock wealth now equals almost 300% of annual disposable income, up from 200% in 2019. Yale economist Pascual Restrepo predicted that AI integration will shrink labor's share of revenue further, just as factory automation did for blue-collar workers in decades past.

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