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<ul class="summary-list"><li>An online auction of <keyword id="12386650" type="UNKNOWN" weightage="60" keywordseo="seized-bitcoin" source="Orion">seized bitcoin</keyword> that was initially priced at a discount spurred a frenzy in Germany, according to reports.</li><li>The minimum bid was set at 42,400 euros ($49,197), below <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>'s recent price above $63,000. </li></ul><p>German prosecutors reportedly held an auction to sell <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> seized by law enforcement, attracting people seeking to buy the cryptocurrency at a discount. </p><p>The minimum required bid was 42,400 euros ($49,197) in the auction that began Monday and was announced by the Justice Ministry of North Rhine-Westphalia, <a href="https://www.bloomberg.com/news/articles/2021-10-25/german-sale-of-seized-bitcoin-stash-sparks-clamor-for-bargains?sref=GUP2BhaG">according to Bloomberg</a>.</p><p>Bitcoin during Monday's session traded above $63,000, rising by nearly 5%. The first bidder in the German auction offered 56,060 euros ($65,010). </p><p>Tens of millions of euros worth of bitcoin went up for public sale on Monday after the crypto was seized in connection with crimes, including cybercrime taking place over encrypted Darknet, according to a <a href="https://www.sueddeutsche.de/wirtschaft/bitcoin-kryptowaehrung-auktion-nrw-justizministerium-1.5446886!amp">translated report by Süddeutsche Zeitung,</a> a daily newspaper published in Munich. </p><p>An announcement on Twitter of the auction sparked a frenzy as 4,000 new users signed up on the auction platform, Bloomberg reported. Proceeds will go to North Rhine-Westphalia's treasury, said the Süddeutsche Zeitung report.  </p><p>Prosecutors must hold an auction for cryptocurrency as they do for other big-ticket items law enforcement takes into its possession, such as luxury cars and helicopters. Authorities in Germany's largest state over the years have seized bitcoins worth tens of millions of euros. </p><p>Bitcoin's price last week reached an all-time high of $66,930.39, <a href="https://coinmarketcap.com/currencies/bitcoin/">according to CoinMarketCap</a>, a day after the<a href="https://markets.businessinsider.com/news/currencies/bitcoin-futures-etf-cryptocurrencies-stocks-funds-markets-experts-sec-2021-10"> first bitcoin-futures ETF</a> launched.</p>

Bitcoin buyers are flooding a German law enforcement website as authorities sell seized crypto at a discount

<p>Good morning and welcome to <keyword id="9070519" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech">10 Things in Tech</keyword>. If this was forwarded to you, <a href="http://newsletter.businessinsider.com/join/4np/10-things-in-tech"><strong>sign up here</strong></a>.</p><p>Let's get started.</p><p><strong>1. The first tourist on Blue Origin's New Shepard spacecraft has bid $28 million for the privilege. </strong>The winner's name will be released in the coming weeks, and they will sit aboard the craft with founder Jeff Bezos and his brother. <a href="https://www.businessinsider.com/blue-origin-auction-spacecraft-jeff-bezos-winner-seat-astronaut-2021-6">More on the auction here</a>.<strong><br /></strong></p><p><strong>2. Here's how <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword> companies reacted to Trump-era government demands for data on journalists and political rivals. </strong>Apple said it was gagged from discussing orders. <a href="https://www.businessinsider.com/trump-doj-sought-data-apple-google-microsoft-how-they-responded-2021-6?op=1&amp;scrolla=5eb6d68b7fedc32c19ef33b433b4">More on tech firms' statements here</a>.<strong><br /></strong></p><p><strong>3. Instacart is building a $1 billion advertising business that's trying to rival Facebook and Google. </strong>A former Amazon executive is behind the new business - which has been more profitable than delivery. <a href="https://www.businessinsider.com/instacart-advertising-business-revenue-ipo-amazon-seth-dallaire-2021-6">Get the full scoop in our exclusive report.</a></p><p><strong>4. Congress unveiled five bipartisan bills that mark its biggest step yet in regulating tech giants. </strong>The new legislation is specifically aimed at Amazon, Google, Apple, and Facebook, and would give regulators more power to keep them from holding too much market dominance. <a href="https://www.businessinsider.com/congress-big-tech-bills-facebook-google-apple-amazon-antitrust-2021-6">We describe the bills here.</a></p><p><strong>5.</strong> <strong>NFTs are a pump-and-dump scheme designed to make a few insiders rich.</strong> The intrinsic value of these digital assets is zero, and NFT purchasers are not buying the physical object. <a href="https://www.businessinsider.com/nfts-cryptos-scheme-value-pump-and-dump-2021-6">Why the concept makes no sense</a>.</p><p><strong>6. In 1953 a scientist predicted a person titled "Elon" would lead humans to Mars. </strong>In his book, German American astronautical engineer (and one-time Nazi scientist) Wernher Von Braun predicted the person would crown himself "Martian Emperor" and colonize the planet. <a href="https://www.businessinsider.com/tesla-science-fiction-nasa-colonize-colony-planets-solar-system-2021-6">Sound familiar?</a></p><p><strong>7. An Amazon employee's husband was sentenced to prison for insider trading - and earning a $1.4 million profit. </strong>Between 2016 and 2018, Viky Bohra, husband of a former senior manager in Amazon's tax department, illegally traded the stock for a massive profit. <a href="https://www.businessinsider.com/amazon-employees-husband-sentenced-to-prison-for-insider-trading-2021-6">More on that here. </a></p><p><strong>8. New videos show the Tesla Model S Plaid rip to 100 mph in five seconds. </strong>Taken at the car's launch event, videos show just how fast the sedan really is. <a href="https://www.businessinsider.com/tesla-model-s-plaid-0-60-launch-videos-2021-6">Watch the videos here. </a></p><p><strong>9. Thousands of crypto-crazed fans in Miami partied and watched money burn at the bitcoin conference. </strong>Billing itself as the world's largest cryptocurrency event, the conference involved everything from partying with socialites to announcing groundbreaking global developments (but several crypto influencers <a href="https://www.businessinsider.com/crypto-influencers-covid-19-following-miami-bitcoin-conference-2021-6">have claimed to contract COVID-19 since</a>). <a href="https://www.businessinsider.com/wildest-moments-from-miami-bitcoin-conference-cryptocurrency-jack-dorsey-2021-6">Here are five of the wildest stories from the event. </a></p><p><strong>10. Travis Kalanick's CloudKitchens lost its second exec in a month. </strong>The company's head of Americas is leaving for a healthtech startup, just weeks after its head of recruiting left - and after<a href="https://www.businessinsider.com/travis-kalanicks-cloudkitchens-repeats-uber-playbook-loses-staff-2021-4"> hundreds of employees left earlier this year</a>. <a href="https://www.businessinsider.com/travis-kalanick-cloudkitchens-americas-manager-leaves-to-healthtech-startup-2021-6">Read up on the most recent departures.</a></p><p><em>Compiled by Jordan Erb. Tips/comments? Email </em><a href="mailto:jerb@insider.com"><em>jerb@insider.com</em></a><em> or tweet </em><a href="https://twitter.com/jordanparkererb"><em>@JordanParkerErb</em></a><em>.</em></p><p><strong>Sign up for </strong><a href="https://newsletter.businessinsider.com/join/free"><strong>more Insider newsletters here.</strong></a></p>

10 things in tech: Bezos' mystery passenger, Instacart ad business, bitcoin conference

<ul class="summary-list"><li>US stock futures were steady after a benign March US consumer <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword> print.</li><li>The pausing of the Johnson &amp; Johnson vaccine only had a minor impact on <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>. </li><li>The slow vaccine rollout in Japan is raising concern about economic recovery, weighing on the Nikkei.</li></ul><p>Futures contracts on US stock indices were steady on Wednesday, after highly anticipated US consumer price inflation data the previous day proved more neutral than expected. </p><p>Month-on-month, consumer inflation rose 0.6% in March, which was the largest increase since August 2012, but as the data was almost in line with the expected 0.5% increase, markets perceived this as a positive and something that was unlikely to persuade the Federal Reserve to change course with monetary policy.</p><p>US 10-year benchmark yields were last up two basis points around 1.639% on Wednesday, after having fallen to as low as 1.62% on Tuesday. Yields have risen steadily this year to reach their highest since last January, in part thanks to an expectation that a rise in inflation, together with economic growth, might encourage the Fed to raise interest rates sooner than currently expected.</p><p>"This would appear to suggest that for all the recent concerns about rising inflationary pressure, the general consensus would appear to be that for now it is being considered transitory," Michael Hewson, chief market analyst at CMC Markets, said. </p><p>An auction of US 30-year bonds went smoothly overnight, meeting good investor demand, which helped keep yields in check. "With 3-year, 10-year and 30-year auctions all successfully concluding this week, the flame of a steeper yield curve has lessened markedly." Jeffrey Halley, senior market analyst at OANDA, said. </p><p>After the S&amp;P 500 closed at a record high the previous day, <a href="https://markets.businessinsider.com/futures/s&amp;p-500-futures?utm_source=markets&amp;utm_medium=ingestm=ingest">S&amp;P 500 futures</a> edged 0.1% higher on Wednesday. <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures?utm_source=markets&amp;utm_medium=ingestgest">Nasdaq 100 futures</a> similarly gained 0.1%, whereas <a href="https://markets.businessinsider.com/futures/dow-futures?utm_source=markets&amp;utm_medium=ingestgest">Dow Jones futures</a> were flat on the day. </p><p>The pause in the rollout of the Johnson &amp; Johnson COVID-19 vaccine in the US had little impact on the broader stock market. White House officials said this would not cause issues for reaching President Biden's vaccination targets. </p><p>"The J&amp;J vaccine isn't a pivotal one for the overall US supply," Jim Reid, Deutsche Bank strategist said. "The bigger question is perhaps how this affects vaccine attitudes, particularly after the blood clot issues that also took place with the AstraZeneca vaccine, and whether take-up more broadly will be affected." A number of European countries briefly halted deployment of AstraZeneca's vaccine over concerns about its potential link to a rare blood-clot condition.</p><p>In Japan, the slow rollout of the vaccine dragged on the <a href="https://markets.businessinsider.com/index/nikkei_225">Nikkei 225</a>, which was down 0.4% at the close. Investors appear concerned about the implications of the slow vaccine distribution on economic recovery, as it may delay its <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> in getting back to normality.</p><p>The <a href="https://markets.businessinsider.com/index/hang_seng">Hang Seng</a> index edged 1.4% higher in Hong Kong, while China's <a href="https://markets.businessinsider.com/index/shanghai_composite">Shanghai Composite</a> gained 0.6%. </p><p>European <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> broadly edged higher on Wednesday, with the exception of the German <a href="https://markets.businessinsider.com/index/dax">DAX</a> which was flat after a recent series of all-time high closes. London's <a href="https://markets.businessinsider.com/index/ftse_100">FTSE 100</a> was up 0.1%, as was the pan-European <a href="https://markets.businessinsider.com/index/stoxx_europe_600">Euro Stoxx 600</a>, despite mixed progress with Covid-19 vaccination campaigns and the emergence of a third wave of infections across the region.</p><p>Both <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI</a> and <a href="https://markets.businessinsider.com/commodities/oil-price?type=brent">Brent crude</a> oil futures inched higher, by 1.6% and 1.5% respectively as OPEC increased its demand projections for 2021. </p><p>Meanwhile, crypto exchange platform Coinbase will trade publicly on Wednesday. Each share will be valued at $250 on the Nasdaq, which gave the cryptocurrency complex a boost.</p><p>After hitting a new record high on Tuesday, bitcoin extended gains on Wednesday to reach a new high above $64,000. </p><p>Investors will also be keeping an eye on the first of the quarterly results in the coming days, with JPMorgan, Wells Fargo and Goldman Sachs opening earnings season.</p>

US futures remain steady, hemmed in by US inflation data and vaccine worries

<p><strong><em><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell&amp;hash=8122c716833601fc1471f79af063b104?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.</a></em></strong></p><p>Here's what you need to know before <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> open.</p><p>1. <strong><a href="https://markets.businessinsider.com/news/stocks/morgan-stanley-strategist-explains-risks-to-further-us-stimulus-2020-8-1029500220">A top Morgan Stanley strategist explains the risks to further US stimulus, but expects lawmakers to reach a deal</a></strong>. Michael Zezas says lawmakers may have to return to the table as Trump's measures may not achieve intended relief in the short-term.</p><p>2. <strong><a href="https://markets.businessinsider.com/news/stocks/wirecard-the-fintech-behind-a-2-billion-accounting-scandal-leaves-the-dax-by-august-21-after-a-new-rule-kicks-in-1029500084">Wirecard, the fintech behind a $2 billion accounting scandal, leaves the DAX by August 21 after a new rule kicks in</a></strong>. German stock operator Deutsche Boerse said that insolvent firms have 2 days notice to leave the blue-chip DAX index from August 19.</p><p>3. <strong><a href="https://markets.businessinsider.com/news/stocks/a-renowned-economist-breaks-down-what-the-kamala-harris-vp-pick-means-for-markets-1029497431">A renowned economist breaks down what the Kamala Harris VP pick means for markets</a></strong>. Allison Schrager said that Joe Biden's picking Kamala Harris was a predictable move and that markets seemed comfortable with her on the ballot.</p><p>4. <strong><a href="https://www.businessinsider.com/second-stimulus-check-september-if-congress-agrees-this-week-2020-8">If Congress can't reach an agreement by Friday, Americans probably won't see a 2nd stimulus check until September at the earliest</a></strong>. The IRS is "better positioned" to send stimulus checks in August than it was in April, a union representative said.</p><p>5. <strong><a href="https://www.businessinsider.com/bitcoin-price-forecast-20000-in-2020-michael-novogratz-explains-reasons-2020-8">Former hedge-fund titan Michael Novogratz breaks down 4 reasons why bitcoin is heading to $20,000 by year-end</a></strong>. "You're cautious to be that bullish publicly, but I haven't seen things line up as well in a long time," said Michael Novogratz.</p><p>6. <strong><a href="https://www.businessinsider.com/etfs-to-buy-investing-strategy-advice-advisorshares-ceo-noah-hamman-2020-8">The CEO of an $815 million ETF provider explains how to build the perfect portfolio for today's market using just 3 low-cost funds</a></strong>. Noah Hamman of AdvisorShares said investors could build a strong and diversified foundation for themselves with just three ETFs.</p><p>7. <strong><a href="https://www.businessinsider.com/gold-investing-advice-strategies-from-bullish-george-milling-stanley-2020-8">A 50-year gold vet and co-creator of its largest ETF shared 2 strategies investors should be using now amid the rise to new highs — and told us why his 'bull-case scenario' hasn't yet come to pass</a></strong>. "I'm definitely leaning to the optimistic side and I'm not expecting to see the bear-case come to pass," says State Street's George Milling-Stanley.</p><p>8. <strong>Global stocks are mixed</strong>. In Europe, Germany's DAX fell 0.2%, Britain's FTSE 100 fell 1% and the Euro Stoxx 50 fell 0.2%. In Asia, China's Shanghai Composite and Hong Kong's Hang Seng were about flat, and Japan's Nikkei rose 1.7% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&amp;P 500, and the US Tech 100 were mostly flat.</p><p>9. <strong><a href="https://markets.businessinsider.com/earnings-calendar">Earnings expected today</a></strong>. Mitsubishi, Swisscom, Carlsberg, and Fujifilm are highlights. </p><p>10. <strong><a href="https://markets.businessinsider.com/economic-calendar">On the data docket</a></strong>.  Initial weekly jobless claims, the US 4-week bill auction, and 30-year bond auction are due.  </p>

10 things you need to know before the opening bell

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Scott Olson/Getty</span></p><p class="caption">Traders in the Standard &amp; Poor's 500 stock index options pit at the Chicago Board Options Exchange (CBOE) fill orders March 3, 2017 in Chicago, Illinois.</p></div><p></p></div></div></p><p>Dave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.</p><ul><li><a href="http://markets.businessinsider.com/commodities/gold-price">Gold is trading at a 10-month high.</a></li><li><a href="http://markets.businessinsider.com/indices">Global markets are mixed this morning.</a></li><li><a href="http://www.businessinsider.com/bitcoin-price-ethereum-after-china-ico-ban">Bitcoin and Ethereum crashed over the weekend.</a></li></ul><p><strong>Here's Lutz:</strong> </p><p class="tagline">Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/gary-shilling-fed-wrong-about-wage-inflation-2017-8">GARY SHILLING: The Fed is wrong about wage inflation</a></h3>        <div>                    </div>    </div>

Here's a super-quick guide to what traders are talking about right now

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">Traders work on the floor of the NYSE</p></div><p></p></div></div>Dave Lutz, the head of exchange-traded funds at JonesTrading, has a quick overview of what's happening in markets on Tuesday. In brief:</p><ul><li>US stock futures are little changed as stocks continue to trade in a tight range after the 'Trump rally' that followed the election. </li><li>In economic data, Markit's flash manufacturing purchasing manager's index will cross at 9:45 a.m. ET, while existing home sales data will be released at 10 a.m.  </li></ul><p>Here's Lutz:</p><p style="padding-left: 30px;">Morning!   US Futures drifting near unchanged as the Dow tries to rebound after being down 6 of the last 7 sessions as "Trump Trades" reverse.   Europe up small in a broad based rally - Energy and Discretionary leading, while Italy is seeing a 1.3% rebound as the Fins jump and Generali recovers.  FTSE not derailed from Brexit Ruling and Telecoms weaker on BT warning - Miners on Fire this AM - Rio, BHP and Anglo all up 4%+ on China headers.  Volumes are strong across the continent, with London trading almost 2x normal volumes.  In Asia, Japan hit for 60bp as the Autos got hit - Shanghai and Hong Kong climbed small in weakening volumes into the weeklong Lunar Holiday - Aussie jumped 70bp on the back of the Miners.  All of EM Asia staged a rally on the falling $ and TPP withdraw.</p><p style="padding-left: 30px;"><span></span>Euros Selling Treasuries and Bunds early this AM, driving the US 10YY back upside 2.4% and giving some hope to the equity bulls today - DXY 100 rebound as Pound under 1.25 as UK Supremes say Parliament must trigger Article50 - Euro weaker despite German PMI better - $/Y on 7week lows on TPP angst - Lira hit as Turkey stands pat on rates.   Ore in China ripped 7% higher on stockpiling, while Aluminum jumped to 20month highs as China is planning to Capacity to fight pollution.  Copper is up 1% ahead of the Chile Vote, while Gold is just in the red despite the $ Jump.  Energy all better, with WTI adding 20bp but Natty 2% higher after jumping yesterday afternoon on weather forecasts.   Softs look better across the board despite angst from the Farm community on TPP.</p><p style="padding-left: 30px;"><span> </span>Ahead of us today, World Bank issues its quarterly Commodity Markets Outlook 2017 while Workers at World's largest copper Mine (Escondida in Chile) vote on striking.   At 9:45 this AM, we get Markit US Manufacturing PMI, just before the 9:50 Bank of England Bond-Buying Operation Results.  At 10am we get Existing Home Sales and the Richmond Fed - and at 1pm the US Treasury holds an auction of 2year notes.    We have unlocks today from COLL, KNSL, TCMD, TNXP - and after the close we are looking for #s from AA, STX and TXN.  At 4:30 we get API data for Crude.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/tech-finance-coinbase-buy-sell-trade-bitcoin-app-coinbase-2017-1">Here's how to use one of the many apps to buy and trade bitcoin</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="8xa3Z1ODE6jmPca8bIn4JsdTak2saJbY" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>REUTERS/Marcos Brindicci </span></p><p class="caption">The U.S. men's national team plays Belgium at 4 p.m. today.</p></div><p></p></div></div>Good morning, welcome to July! Here's what you need to know.</p>
<p><strong>BNP Paribas Shares Pop. </strong>The firm's stock <a href="http://www.ft.com/intl/cms/s/0/db2daede-009c-11e4-9a62-00144feab7de.html?siteedition=intl#axzz3689XVJVF">opened up 3.4% higher</a> in Paris after it announced it had sufficient funding to pay for its record $8.9 billion settlement over U.S. fraud charges, and that it would still be able to support its dividend of $1.50. We documented <a href="http://www.businessinsider.com/bnp-paribas-memos-2014-6">some of the howlers</a> contained in the New York Department of Financial Services' consent order against the firm. Moody's kept its credit rating unchanged <a href="http://on.ft.com/1rSAg5k">but noted its internal controls need work.</a>    </p>
<p><span><strong>China PMI Expands For The First Time In Six Months.</strong> The purchasing manager's index reading from HSBC/Markit <a href="http://www.businessinsider.com/june-hsbc-china-pmi-2014-6">came in at 50.7</a>, a bit below the preliminary reading but rising above 50 for the first time since December. "The economy continues to show more signs of recovery, and this momentum will likely continue over the next few months, supported by stronger infrastructure investments," said Qu Hongbin, chief economist for China at HSBC. "</span><span>However there are still downside risks from a slowdown in the property market, which will continue to put pressure on growth in the second half of the year. We expect both fiscal and monetary policy to remain accommodative until the recovery is sustained."</span></p>
<p><strong style="line-height: 1.5em;">Two Manufacturing Readings.</strong><span style="line-height: 1.5em;"> At 9:45 a.m. we get Markit's purchasing manager's index for manufacturing. And at 10 a.m. we get ISM's manufacturing reading. </span><span style="line-height: 1.5em;">Consensus is for an increase to 55.6 from 55.4 in May. In May the employment index was at 52.8%, and the new orders index was at 56.9%. </span><span style="line-height: 1.5em;">"An array of survey evidence, along with the </span><span style="line-height: 1.5em;">latest hard production data, indicates that the </span><span style="line-height: 1.5em;">manufacturing sector is recovering quite strongly," Pantheon Macro's Ian Shepherdson writes in a note Monday. "The </span><span style="line-height: 1.5em;">weather hit over the winter was much less severe than </span><span style="line-height: 1.5em;">in some of the other data, and output rose at a 6.3% </span><span style="line-height: 1.5em;">annualized rate in the three months to May, compared </span><span style="line-height: 1.5em;">to the previous three months. We see no reason for </span><span style="line-height: 1.5em;">these favorable trends to weaken in the near-term, but </span><span style="line-height: 1.5em;">we are wary too that the next few months' ISM surveys </span><span style="line-height: 1.5em;">will overstate the pace of the rebound."</span></p>
<p><span style="line-height: 1.5em;"><strong>A Better Siri. </strong><span>Apple is beefing up hiring in its Siri division to improve the speech recognition service. "Apple is not hiring only in the managerial level, but hiring also people on the team-leading level and the researcher level," Abdel-rahman Mohamed, a postdoctoral researcher at the University of Toronto, who was courted by Apple, </span><a href="http://www.wired.com/2014/06/siri_ai/">told Wired.</a><span> "They're building a very strong team for speech recognition research."</span></span></p>
<p><span style="line-height: 1.5em;"><strong>Auto Sales. </strong><span>All day, we get auto sales data for June. Analysts are expecting a reading of 16.4 million, down slightly from 16.7 million. </span></span></p>
<p><span></span><strong style="line-height: 1.5em;">Construction Spending. </strong><span style="line-height: 1.5em;">Also at 10 a.m. we get construction spending data from the Census. C</span><span style="line-height: 1.5em;">onsensus is for a 0.5% increase.</span></p>
<p><strong>Eurozone Unemployment Goes Nowhere. </strong>The reading for May held at 11.6%. <span>German unemployment was 5.1%, while Italy's was 12.6% and Spain's was 25.1%. </span></p>
<p><span><strong>UK Pound At Highs. </strong>The British sovereign hit its highest level since 2008, trading at <span>$1.7147. The move came as UK PMI hit 57.5, topping expectations and signaling that a rate hike could come before the end of the year.</span></span></p>
<p><span><strong>Markets. </strong>U.S. futures were higher. Stocks in Asia were mixed. European stocks were up across the board. <br /></span></p>
<p><strong>Bitcoin Auctions Results Still Unknown. </strong>Prices climbed to multi-week highs on word from major institutions that they'd been outbid at the U.S. Marshals' auction of nearly 30,000 Bitcoins from the Silk Road case Monday, but the service itself hasn't announced anything yet. <a href="http://dizzynomics.wordpress.com/2014/07/01/oh-winners-where-are-ye/">Some have their own theories about what may have happened... </a></p>

10 Things You Need To Know Before The Opening Bell

<p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Some dealers say the celebrity photo trading industry died on the afternoon of Labor Day 2014. An </span><a href="http://www.businessinsider.com/originalguy-the-icloud-hacker-who-leaked-naked-celebrity-photos-2014-9">anonymous pornography collector, "OriginalGuy</a><span style="line-height: 1.5em;">," did the unthinkable and set about uploading his entire collection of stolen photographs to notorious porn forum AnonIB - hundreds of images of 101 different actresses and singers. When users discovered what was happening, they swarmed the site. Eventually he was unable to load the forum to post any more images, so he took to 4chan, the anarchic discussion forum read by thousands.</span></p>
<p>That's when people really started to notice what was going on.</p>
<p>Hours after OriginalGuy shared hundreds of stolen photographs of female celebrities, the media began to realize what had happened. At first, they weren't sure how to report on the incident. Gossip blogger Perez Hilton re-uploaded stolen naked photographs to his site, and was <a href="http://www.independent.co.uk/news/people/perez-hilton-apologises-for-jennifer-lawrence-nude-photo-leak-9703045.html">forced to issue an apology hours later </a>due to widespread outrage. TMZ, the celebrity news site famed for breaking stories of hacking and sex scandals, <a href="http://www.tmz.com/2014/08/31/jennifer-lawrence-nude-photos-leak/">took hours to publish anything on the leaked images.</a> It looked like this was a world-first: Hackers had infiltrated Apple's iCloud service and made away with a seemingly endless trove of stolen photographs. But for those in the know, this wasn't new. Rather, it signaled the death of a thriving underground industry that had existed online for years.</p>
<p>This is the story of that death, and the way it led within days to a reconstitution of the marketplace in a new home, where it thrives today.</p>
<h3>/stol/, short for "Stolen"</h3>
<p>Pornography forum AnonIB was started in May 2006, formed as an offshoot site of notorious anonymous message board 4chan. The site was controversial from its very inception. AnonIB has struggled to prevent its users from posting child porn on the site, which includes the subforums "Teens (18+)" and "Drunk/Passed Out." One board in proved particularly popular: /stol/, short for "Stolen" and "Obtained Pictures." For years, /stol/ served as a kind of advertising system, almost like a Craigslist for hackers. </p>
<p><strong>Here's the kind of ad users see on AnonIB. This French hacker advertises his services as a "ripper" who can steal naked photographs from iCloud accounts:</strong></p>
<p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="anonIB" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/54058a3fecad044c7344e2f9-960/screen shot 2014-09-02 at 10.13.09.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>anonIB</span></p></div><p></p></div></div></p>
<p>But after OriginalGuy posted his trove of photos online, AnonIB was immediately taken down. For two weeks, the site claimed to be undergoing "scheduled maintenance." The truth was that the site's anonymous operator was scrubbing the site of any incriminating evidence that linked the porn forum to the iCloud hacks. <div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="AnonIB" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/542bdabe6da811720ae4192f-960/screen-shot-2014-09-04-at-9.46.47-am.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>AnonIB</span></p></div><p></p></div></div></p>
<p>When AnonIB came back online, every post in the /stol/ forum had been deleted. Thousands of stolen photographs and hundreds of ads for iCloud hackers had been removed. The internet's celebrity photo trading ring gradually realised that its central hub had been compromised. </p>
<p>Nonetheless, some dedicated users returned, asking for help in stealing photographs of women. They were cautioned from posting on the site, warned that journalists were monitoring AnonIB for information about how iCloud accounts were illegally accessed. </p>
<p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="AnonIB" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/543518d4ecad04e72406f08f-960/screen shot 2014-10-08 at 11.57.52.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>AnonIB</span></p></div><p></p></div></div></p>
<p>The mass leak of celebrity photos (dubbed "The Fappening" by fans amazed at the scale of the collection) forced would-be photo leakers to take to private forums and chatrooms. They communicate using a network of monikers, encrypted emailed addresses, and Google-hosted Blogger pages.</p>
<h3>Google's servers host a thriving market in hacked pictures</h3>
<p>One of the new hubs for stolen photographs of celebrities is a blog known as "Abi Wins." It's public and available for anyone to view. Abi Wins is also hosted on Google's Blogspot servers, which is unfortunate for the company which so keenly defended itself against <a href="http://www.businessinsider.com/icloud-naked-celebrity-photo-hack-lawsuit-v-google-2014-10">an accusing letter from top Hollywood lawyer Marty Singer</a>. </p>
<p>In his note to Google founders Larry Page and Sergey Brin, as well as chairman Eric Schmidt, Singer accused Google of failing to remove photographs from its Blogger service. Google responded to the letter, defending its moderation procedures, remarking:</p>
<p style="padding-left: 30px;">We've removed tens of thousands of pictures -- within hours of the requests being made -- and we have closed hundreds of accounts. The Internet is used for many good things. Stealing people's private photos is not one of them.</p>
<p>The Abi Wins blog is used to index stolen photographs of celebrities obtained by accessing iCloud accounts. Users then discuss the latest leaked images using Chatango, a chatroom tool created by programmers from MIT, Caltech, and Berkeley. Business Insider contacted Chatango to inform it that stolen images were being shared using its forums. We also reached out to Google about Blogspot, and will update this post when we hear back.</p>
<p>But the Abi Wins blog is just the public gateway to the internet's celebrity photo trading ring, which lives on despite the increased press attention that occurred following the Labor Day leak.</p>
<h3>The new home for stolen pictures</h3>
<p>The celebrity photo fans who used to gather on AnonIB have a new home on the internet: Volafile. German startup Volafile offers "realtime filesharing" for large groups of people, along with a chat facility to discuss the files posted. The site allows the creation of anonymous accounts, and offers fast upload speeds. For iCloud hackers with collections of celebrity photos to offload, Volafile is a dream come true. New celebrity photo leaks are now emerging almost exclusively through Volafile.</p>
<p>When a photo collector is about to leak new stolen photographs, they post excited messages, creating hype for whatever is about to appear online.</p>
<p><strong>The left of this screenshot shows the chatroom discussion of leaked images, and the list on the right shows files uploaded to the room. A user named "realpsamathe" is excitedly announcing a new celebrity leak, posting "HERE WE GO." in the chat:</strong></p>
<p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Volafile" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/543522d76da8111c0bc2b350-960/screen_shot_2014-10-05_at_23_57_00.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Volafile</span></p></div><p></p></div></div></p>
<p>"realpsamathe" uploaded a large video file named "THE ONE YOU'VE BEEN WAITING FOR." The file was a video sent by actress Abigail Spencer, known for her roles in Cowboys &amp; Aliens and the TV show Suits, to her boyfriend, actor Josh Pence, who starred in The Dark Knight and The Social Network.</p>
<p>Chatroom users rushed to thank realpsamathe for posting the stolen video.</p>
<p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Volafile" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5435282e6bb3f7ef3006f08d-960/screen shot 2014-10-05 at 23.57.15.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Volafile</span></p></div><p></p></div></div></p>
<p>As users downloaded and viewed the stolen video, which had just been shared online for the first time, they offered to send Bitcoin donations to realpsamathe. He declined, saying "I don't want donations." He instructed users to "go donate somewhere meaningful" and shared a link to a UNICEF donation page to help fight Ebola in Africa.</p>
<h3>The trade in photos of under-age celebrities</h3>
<p>Users constantly request photographs of 18-year-old Olympic gymnast McKayla Maroney and actress Bella Thorne, who is aged just 17. Naked photographs of both women are alleged to have leaked online as part of the iCloud leak, and the photographs were taken while both were underage. That hasn't stopped celebrity photo fans requesting that others post the child pornography online. Every request results in a debate over the ethic of child pornography.</p>
<p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Volafile" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5435416069beddf15306f08b-960/screen shot 2014-10-06 at 00.04.17.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Volafile</span></p></div><p></p></div></div></p>
<p><span style="line-height: 1.5em;">New photographs and videos of female celebrities are still being posted online on a daily basis. "OriginalGuy," the person who first leaked the images, seems to have gone silent, but other established photo traders have realized that the industry is all but dead and are offloading their collection for Bitcoin (and the adoration of their peers) using chatrooms like Volafile.</span></p>
<p>When Business Insider contacted Volafile founder Nils Kuhnhenn, the chatrooms were deleted, along with the content hosted on Volafile and the backup chatrooms reserved for "emergency use." Kuhnhenn informed Business Insider that he deletes rooms that breach the site's terms of use as he finds them.</p>
<h3>Yet another massive cache of celebrity photos is poised to leak</h3>
<p>But there's an even more secretive side to the online photo trading industry. Private dealers still operate, using encrypted email accounts and fake names to avoid detection. After observing the conversations in the main Volafile chatroom, Business Insider learned that a dealer named "Sets Ahoy" has a substantial collection of unreleased images, potentially equal in size to the "OriginalGuy" collection that was posted online on Labor Day. (A "set" is a collection of images, usually around a dozen.)</p>
<p>Using cached versions of deleted messages on the anonymous note site Pastebin, Business Insider was able to contact Sets Ahoy through his encrypted email address. Posing as a potential buyer, Business Insider messaged the photo dealer. We didn't specify what we were looking to buy, just that we had heard he was reliable. Sets Ahoy replied within hours, telling us "You came to the right guy." He sent over his catalogue of stolen celebrity photographs and videos without any prompting. Here it is in full:</p>
<p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Sets Ahoy" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5435339e6bb3f7445b06f08e-960/screen shot 2014-10-08 at 13.49.58.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Sets Ahoy</span></p></div><p></p></div></div></p>
<p>Continuing to pose as an interested buyer, we expressed interest in the photographs of British model Daisy Lowe. No stolen photographs of Lowe have leaked online. If Sets Ahoy were to possess them, then it might prove there may be thousands of stolen photographs yet to be released.</p>
<p>Minutes after we expressed our interest in the Daisy Lowe photographs, Sets Ahoy replied with a price.</p>
<p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Sets Ahoy" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/543535fe6bb3f7a36206f08e-960/screen_shot_2014-10-08_at_14_00_48.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Sets Ahoy</span></p></div><p></p></div></div></p>
<p>For around $350 (roughly 1 bitcoin), Sets Ahoy was selling a collection of stolen naked celebrity photographs. To prove that he was in possession of the photographs, Sets Ahoy sent a Dropbox link to a sample photograph from the Daisy Lowe set. The photograph shows Lowe in a hotel bathroom with an unnamed male. Their genitals are obscured by black bars, and Sets Ahoy's email address is watermarked over the image. Sample photographs are intentionally censored by traders to reduce their value and prevent other dealers selling the same collections. Minutes after Sets Ahoy uploaded the sample to Dropbox, he deleted it to avoid detection from Dropbox's illegal content filters. Business Insider contacted Dropbox for comment on this story, and will update this post when we hear back from them.</p>
<p>Sets Ahoy sent Business Insider a Bitcoin payment address, which could be used to send him the one bitcoin he requested in payment for the stolen photographs. The address was newly created, showing no previous transactions. It's likely that it would have been deleted immediately after payment was processed, which makes sure that Sets Ahoy remains anonymous. Business Insider did not purchase any photographs, and the sample image was deleted as soon as it was received. We contacted Daisy Lowe's representatives prior to publication to inform them that their client was a target of iCloud hackers, and that stolen photographs of her were circulating online.</p>
<h3>Hundreds or thousands of photos have been stolen</h3>
<p>The collection of photographs that OriginalGuy posted online on Labor Day is by no means the full extent of the stolen material that photo traders possess. Dealers like Sets Ahoy have hundreds, possibly thousands, of photographs and videos of female actresses that they are seeking to offload. Some traders realized that OriginalGuy's leak changed the underground industry forever, and so they have taken to leaking the images online for free, as realpsamathe has been doing on Volafile.</p>
<p>It's difficult for Hollywood lawyers like Marty Singer to clamp down on the spread of stolen photographs online. For every blog shut down, and every chatroom deleted, the community of people hungry for more content moves on to another site. It's difficult to see where the community will move next, although the trend is to adopt more private networks.</p>
<p>There has been talk of a "deepweb" marketplace for stolen celebrity photographs, accessible only through the Tor web browser. Tor is constructed so that no search engine would be able to index that auction site, and nobody would be able to discover it without knowing the unique series of letters and numbers that form the URL. Until the dealers flock to the deepweb, however, the signs of the internet's underground photo trading ring remain: Cached pages, notes, emails and forums linger online for lawyers, journalists, curious internet users, and potential buyers to discover. </p>

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