The announcement comes after more than $1 trillion was wiped from the crypto market last week, though some coins are recovering as of Monday.
Goldman Sachs: Bitcoin Is an Asset Class
Goldman Sachs, the second-largest investment bank in the world, now officially considers the cryptocurrency Bitcoin as a new asset class.
The development comes from Mathew McDermott, the bank’s global head of digital assets. In a report published Monday, McDermott wrote that while Bitcoin does come with its own unique risks, “Clients and beyond are largely treating it as a new asset class, which is notable—it’s not often that we get to witness the emergence of a new asset class.”
Cash, stocks, bonds, mutual funds, and real estate are all examples of asset classes.
This is a big turn-around for the bank, which said just a year ago that cryptocurrencies, including Bitcoin, aren’t an asset class.
“As a whole, discussions with institutional clients revolve around how they can learn more on the topic and get access to the space — as opposed to questions around what Bitcoin or cryptocurrencies are — which was really the main topic just a few years ago,” McDermott said in Monday’s report.
“But beyond that, asset managers and macro funds are interested in whether or not crypto fits into their portfolios, and if it does, how to get access to either the physical — by trading the spot instrument on a blockchain — or exposure through other types of products, typically futures.”
Alongside this report, a different Goldman Sachs report, which was leaked over the weekend, predicts Bitcoin will be overtaken by Ethereum, the second largest crypto on the market, which the bank called the “Amazon of information.”
Big Swings in Crypto Over the Weekend
Both reports come amid another very volatile cycle for Bitcoin, Ethereum, Dogecoin, and crypto in general over the weekend.
Bitcoin first began to crash earlier this month when Tesla CEO Elon Musk announced that the company would no longer be accepting the coin as a form of payment due to environmental concerns. Last week, China furthered sell-offs in the crypto market after it told its financial institutions not to offer crypto services.
After both comments, the crypto market seemed to have a brief recovery, but that was hampered when China again threatened to crack down on crypto Friday. Ultimately, it led to over $1 trillion being wiped from the crypto market by the end of the week.
In fact, Bitcoin ultimately sank to under $32,000 Sunday, or about half of its all-time high of $64,000, which it hit last month. As is the name of the game with Bitcoin, that volatility continued into Monday, though on a more positive note as the coin managed to climb back up to $38,000 at one point during the morning.
See what others are saying: (Yahoo! News) (Business Insider) (Cryptoslate)
Philadelphia Will Pay $2M to Black Woman Beaten by Officers Whose Child Was Used in a Pro-Police Social Media Post
The post from the National Fraternal Order of Police claimed officers found the toddler “lost” and “barefoot,” but the mother’s lawyers said police ripped the child from her vehicle during an unjust stop and caused him to lose his hearing aids.
$2 Million Settlement
The city of Philadelphia has agreed to pay a $2 million settlement to 29-year-old Rickia Young, a Black woman who was pulled from her car and beaten by police officers last year while trying to navigate through protests spurred by the police killing of Walter Wallace Jr.
Along with the settlement, both an officer and a sergeant have been fired in connection to their treatment of Young that night. Another 14 members of the Philadelphia Police Department are awaiting disciplinary hearings that stem from an internal investigation into the incident.
The terminations and investigations have not satisfied Kevin Mincey, one of Young’s attorneys. He’s currently calling on District Attorney Lawrence Krasner to file criminal charges against those officers, saying, “If any citizen did something like this, there would be no question they will be charged with aggravated assault as a felony.”
As of Thursday morning, Kranser has not said whether he plans to pursue such charges.
Police Beating of Rickia Young
On Oct. 27, 2020, Young said she drove into West Philly to pick up her 16-year-old nephew because he lived near the epicenter of the protests that were happening that night.
On her way back home, she reportedly came across a group of protesters blocking the street while engaging in a standoff with police. The police allegedly ordered her to turn her car around, and according to her attorneys, she complied but paused at one point to avoid hitting protesters running past her car.
From there, Young’s attorneys claimed police surrounded her vehicle. They then allegedly broke her windows with batons before pulling her and her nephew out of the vehicle. According to multiple outlets, the officers began beating her, leaving her with swelling on her face and body, as well as a swollen trachea. A video of this incident later went viral online.
For hours, Young was separated from her toddler, who was removed from the car by police and lost his hearing aids at some point during the night, according to her attorneys. Even after getting her son back, for days, she was without her car.
Ultimately, neither young nor her nephew were cited.
Pro-Police Post Involving Young’s Son
Two days after the incident, the National Fraternal Order of Police, the country’s largest police labor union, posted an image to Facebook showing an officer holding a young, Black child.
“This child was lost during the violent riots in Philadelphia, wandering around barefoot in an area that was experiencing complete lawlessness,” The caption read. “The only thing this Philadelphia Police Officer cared about in that moment was protecting this child.”
“We are not your enemy. We are the Thin Blue Line. And WE ARE the only thing standing between Order and Anarchy.”
While claiming that she had been abused by police, Young would also go on to claim the “lost” child in the photo was that of her son.
“They’re attempting to erase what happened — police brutality — and turn it instead into police saviorism,” Riley Ross, one of Young’s attorneys said. “It’s another deep wound that they cut.”
After being informed of the background behind the photo, the National Fraternal Order of Police deleted the post with Young’s child.
Still, as Philly council member Isaiah Thomas asked in February, “Who knows how many people there are who’ve seen that original image, but never actually understood that parent was not involved in some type of looting situation as it was displayed unfortunately on social media?”
See what others are saying: (Philadelphia Inquirer) (USA Today) (ABC News)
TikTok Works To Block “Devious Lick” Trend That Has Kids Stealing School Equipment
Some schools have even threatened to pursue charges against those stealing or destroying school property.
What Is a Devious Lick?
TikTok is taking action against a new trend on the platform that involves users showing off what they consider impressive thefts they’ve pulled off, often at their own schools.
Users on the app refer to these thefts as “devious licks,” and some standout examples include kids stealing school projectors, street signs, microscopes, fire alarms, and pretty much anything you can imagine.
A lot of students also seem to particularly enjoy targeting school bathrooms, stealing paper towels or soap dispensers and even entire toilets or sinks, sometimes leaving bathrooms totally unusable.
School officials across the country are obviously unhappy with this trend since it’s leaving their schools destroyed and low on equipment that is expensive to repair or replace.
In fact, many have issued warnings calling for the behavior to stop. Along with threats of suspension, some schools have said they will make families pay for the cost of the damage their child creates. Others even said they would get law enforcement involved.
For instance, Aubrey Chancellor, executive director of communications at North East Independent School District in San Antonio Texas, told Fox News, “It’s important for students to understand what they see on social media is not always a good idea in reality.”
“The students involved face disciplinary action and are expected to pay restitution as well. If possible, charges may be filed as well.”
With the trend generating widespread concerns, TikTok issued a statement Wednesday saying, “We are removing this content and redirecting hashtags and search results to our Community Guidelines to discourage such behavior.”
See what others are saying: (NBC News)(Desert News)(Gizmodo)
Walgreens Is Openly Exposing the Data of Millions Who Registered for COVID Tests, Vox Claims
Vox said the issues stem at least as far back as July 2020 but could potentially trace back to April 2020. Anyone signing up for a test with the pharmacy as of Wednesday will be similarly exposed.
Test Data Exposed
Vox’s Recode published an alarming report Monday that accuses Walgreens of exposing and failing to protect the personal data of millions who signed up for COVID-19 tests through its “sloppy” registration system.
That exposed data reportedly includes people’s name, birthday, gender identity, phone number, address, email information, and in some cases, even their test results. All of this “was left on the open web for potentially anyone to see and for the multiple ad trackers on Walgreens’ site to collect,” Recode reporter Sara Morrison said in the article, published Monday.
According to Morrison, the exposed data potentially stretches as far back as April 2020, which is when Walgreens first began offering COVID-19 tests, but it definitively traces back at least to July 2020 given Recode’s findings.
The Issue Involves Test Confirmation Links
Security experts cited by Morrison said the vulnerabilities are basic issues that Walgreens, one of the largest pharmacy chains in the country, should have known how to prevent.
Essentially, anyone with a link to an appointment confirmation can view the full confirmation. There’s no need to log in or authenticate your identity any other way.
To make the situation even easier for bad actors, the links used to confirm appointments are exactly the same minus a unique patient ID contained in what’s called a “query string.” With millions of tests confirmed, it’s not hard for a hacker or a bot to start finding active pages, though a Morrison noted, it would be “close to impossible” to find a specific person through this method.
Still, it’s not totally impossible to find a specific person. If a patient views their confirmation link on a shared computer, such as one at work or a public library, anyone with the ability to check that computer’s browser history can click on the link and reap the person’s information.
“Security by obscurity is an awful model for health records,” Sean O’Brien, founder of Yale’s Privacy Lab, told Recode.
Walgreens Has Not Fixed the Issue
Even after one tech consultant discovered the issue in March and pointed it out to Walgreens multiple times, the company seemingly did nothing, according to Morrison.
From there, Recode said it informed Walgreens of the findings again and even gave it “time to fix the vulnerabilities before publishing” its piece, but once again, the company failed to do anything.
As of right now, anyone scheduling a COVID test with Walgreens appears to be at the same level of risk as those who previously registered. Not only is that a concerning privacy issue, but it could also discourage many from getting tested.
In statements to several outlets, Walgreens has not directly addressed the security concerns. For example, it only told Fox Business that it “routinely evaluate[s] our technology solutions in order to provide safe, secure, and accessible digital services to our customers and patients.”
For those seeking COVID tests and potentially discouraged by this news, it is important to remember that Walgreens isn’t the only pharmacy chain offering free tests. Cities and counties across the country are also continuing to offer free testing sites amid a spike in cases caused by the Delta variant.