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<ul><li><keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword> has suffered a massive <keyword id="19904114" type="General" weightage="20" keywordseo="security-breach" source="keywords">security breach</keyword>, with hackers stealing cryptocurrency from the platform.</li><li>Over $230 million in cryptos was stolen from the company’s wallets.</li><li>The company has suspended withdrawals in rupees and cryptos.</li></ul> WazirX, India’s largest cryptocurrency exchange on Thursday reported a massive security breach on its platform, which has resulted in the theft of over $230 million in cryptocurrency. WazirX took to social media platform X to confirm the security breach and informed users that customer withdrawals from the exchange have been temporarily paused. “A cyber-attack occurred in one of our multisig wallets involving a loss of funds exceeding $230 million. Despite us taking all necessary steps to protect the customer assets, the cyber attackers appear to have possibly breached such security features, and the theft occurred,” WazirX said in a post on X. <div type="Article" hostid="261" msid="111783199" title="Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry" mstype="2" mssubtype="0"></div> The breach reportedly occurred in one of the exchange's multisig wallets, which require multiple private keys to unlock and withdraw funds. The incident was linked to a discrepancy between the data displayed on Liminal's digital asset custody and wallet infrastructure and the actual contents of the transaction. Liminal has been providing services to WazirX since February 2023. “Our preliminary investigations show that one of the self-custody multi-sig smart contract wallets created outside of the Liminal ecosystem has been compromised. We can confirm that Liminal’s platform is not breached and Liminal’s infrastructure, wallets and assets continue to remain safe,” Liminal Custody said in a statement to Business Insider India. “It is also pertinent to note that all WazirX wallets created on the Liminal platform continue to remain secure and protected. Meanwhile, all the malicious transactions to the attacker’s addresses have occurred from outside of the Liminal platform,” Liminal added. WazirX has suspended all withdrawals, in both rupees and crypto on its platform. “To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding. We'll keep you posted with further updates,” the company added. “We have identified 2 more exploited smart contracts. Our team is still investigating the incident. For the time being we have opened up a secluded website to revoke all approvals. Your funds are at risk until you revoke,” WazirX added. This security breach comes at a challenging time for WazirX, as the exchange has seen its trading volume plummet by 90% in 2023 compared to the previous year. The decline can be attributed to the Indian government's introduction of a 30% tax on virtual currencies and a 1% deduction for every crypto transaction in 2022. Additionally, the Enforcement Directorate (ED) has been investigating several cases under the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA) related to cryptocurrencies. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-prime-day-2024-to-begin-on-july-20-in-india-everything-you-need-to-know-about-amazons-biggest-sale/articleshow/111838068.cms">Amazon Prime Day 2024 to begin on July 20 in India – everything you need to know about Amazon’s biggest sale</a> <a href="https://www.businessinsider.in/stock-market/webstories/sanstar-ipo-opens-tomorrow-price-band-to-risk-factors-all-you-need-to-know/slidelist/111826563.cms">Sanstar IPO now open – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms">OnePlus Nord 4 vs Realme GT 6T – which mid-range phone should you buy under ₹35,000?</a>

WazirX suspends withdrawals after $230 million worth of cryptos stolen in a hack

<keyword id="19908736" type="General" weightage="20" keywordseo="Indian-Army" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Army" meta.hostid="153" meta.entityid="Indian Army">Indian army</keyword> has inducted the first-ever <keyword id="20068291" type="General" weightage="20" keywordseo="indigenous" source="keywords">indigenous</keyword> <keyword id="22234520" type="General" weightage="20" keywordseo="chip-based" source="keywords">chip-based</keyword> 4G mobile base station, which it procured from Bangalore-based firm <keyword id="22234519" type="General" weightage="20" keywordseo="Signaltron" source="keywords" meta.keywordsubtype="org" meta.entityname="Signaltron" meta.hostid="153" meta.entityid="Signaltron">Signaltron</keyword> through the government e-marketplace portal, a top company official said. Signaltron founder Himamshu Khasnis told PTI that the chip used in the Sahyadri LTE base stations has been developed by Signalchip. Earlier in 2010, Khasnis and his team founded a fabless semiconductor company Signalchip to make chips for 4G and 5G networks. "Signaltron has built the entire system indigenously using India's first chips for 4G and 5G networks developed by Signalchip. This is the first time an Indian system running on an Indian chip for complex communication technology has been inducted into the army. Using indigenous chips gives a high degree of control on the security of the system in its operation," Khasnis said. He said the Indian Army had posted a bid on GeM (Government e-Marketplace) for the supply of 4G LTE NIB (Network In a Box) solution last year. "Signaltron proposed the Sahyadri NIB solution and came out successful in stringent technical trials. Subsequently, Signaltron also won the competitive bid to supply the equipment. Weighing just 7 kgs, Sahyadri Network In a Box (NIB) systems provide high-quality secure wireless communication for audio, video and data applications," Khasnis said. He said the Sahyadri NIB is capable of working in both standalone and cellular modes and capable of seamless inter-operation with legacy analogue and IP telephony systems. The majority of the base stations deployed in India are not made in India. Even the few that are made in India do not have indigenous chips inside, which is the most strategic and important component of modern electronic devices and equipment. Signaltron has supplied 20 units to the army and the deployment of the base stations depends on their strategic requirement, Khasnis said. "We have supplied 20 units to the army. The Army takes its own call on when and where to deploy base station. Since they are light and mobile units, it gives them the flexibility to change the location as per their requirement," he added. At present, there is no fabrication facility in India for modern semiconductor chips. Signalchip has designed the chip indigenously and owns the entire technology that the chips deliver. In a model similar to leading semiconductor companies like Nvidia, Qualcomm, Mediatek etc, Signalchip also gets its chips fabricated through third-party wafer fabs. Khasnis said the Indian base station market is expected to be about USD 24 billion by 2029. "With the use of indigenous systems, there could be significant savings to forex and also boost GDP. There are sizeable market volumes available in India and worldwide. Modernisation targets of different sectors like defence, railways etc. are excellent opportunities for indigenous solutions," he said. Khasnis said that the CNPN (Captive Network-Private Network) 4G/5G market worldwide is expected to cross USD 30 billion by 2030, which will enable large possibilities for the local chip-based base stations, thereby providing economies of scale. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a>

Indian Army inducts first-ever indigenous chip-based made in India 4G base station from Signaltron

The induction of <keyword id="21291143" type="General" weightage="20" keywordseo="heavy-lift-helicopters" source="keywords">heavy-lift helicopters</keyword> and <keyword id="21291142" type="General" weightage="20" keywordseo="logistic-drones" source="keywords">logistic drones</keyword>, deployment of all-terrain vehicles and laying of an extensive network of tracks are among a host of measures that have enhanced India's <keyword id="20889609" type="General" weightage="20" keywordseo="combat-prowess" source="keywords">combat prowess</keyword> in Siachen, the world's highest battlefield, officials said on Saturday. As the <keyword id="19908736" type="General" weightage="20" keywordseo="Indian-Army" source="keywords">Indian Army</keyword> marks the 40th year of its presence on the strategically-significant <keyword id="20282432" type="General" weightage="20" keywordseo="Siachen-glacier" source="keywords">Siachen glacier</keyword>, the officials said there have been extensive improvements in the operational capabilities of the force due to the enhancement of infrastructure in the region in the last few years. The Siachen glacier at the height of around 20,000 feet in the Karakoram mountain range is known as the highest militarised zone in the world where soldiers have to battle frostbite and high winds. Under its "<keyword id="21291144" type="General" weightage="20" keywordseo="Operation-Meghdoot" source="keywords">Operation Meghdoot</keyword>", the Indian Army established its full control over the glacier on April 13, 1984. "The Indian Army's control over the Siachen glacier has not only been a story of unparalleled valour and determination but also an incredible journey of technological advancements and logistical improvements that transformed it from one of the most formidable terrains into a symbol of indomitable spirit and innovation," said an official. The initiatives, especially laid out in the last five years, have made significant strides in improving the living conditions and operational capabilities of the personnel deployed in Siachen, he said on the condition of anonymity. In January last year, Captain Shiva Chauhan from the Army's Corps of Engineers was posted at a frontline post in the Siachen glacier, in the first such operational deployment of a woman Army officer at a key battlefield. The official cited above said there has been a noteworthy improvement in the aspect of mobility in Siachen. "The development of an extensive network of tracks and the introduction of all-terrain vehicles (ATV) have significantly improved mobility across the glacier," he said. Another official said innovations like the DRDO-developed ATV bridges have enabled the Army to overcome natural obstacles, while high-quality "Dyneema" ropes in aerial cableways ensure seamless supply lines to even the most-remote outposts. "The induction of heavy-lift helicopters and logistic drones has vastly improved the supply of essentials to the personnel deployed in posts that are cut off, especially in winters," he said. "The availability of special clothing, mountaineering equipment and advanced rations has enhanced the ability of the soldiers to withstand the harsh conditions of the world's coldest battlefield," the official added. He said gadgets, such as pocket weather trackers, with each soldier provides timely weather updates and warn them about possible avalanches. "Recent initiatives concerning the improvement of connectivity have ensured that the personnel in forward posts in the northern and central glacier regions have access to fresh ration and vegetables instead of tinned ration, an aspect that could not have been imagined a few years ago," the official said. "Fresh ration and vegetables are now a reality for our forward posts, thanks to new logistic initiatives," he added. There has been a focus on improvement in mobile and data connectivity in the region as well. "The introduction of the VSAT technology has revolutionised communication on the glacier, providing the troops with data and internet connectivity," the second official said. "This leap in technology has enhanced real-time situational awareness, telemedicine capabilities and the well-being of our soldiers by keeping them connected with their families," he said. The VSAT or very small aperture terminal is a data-transmission technology. The Army has also been focusing on boosting the medical infrastructure in Siachen. The Indian Space Research Organisation (ISRO) has established telemedicine nodes that provide critical medical support not only to the troops but also to the local populace and tourists in the Nubra valley. "The medical facilities in Partapur and the base camp boast of some of the best medical and surgical specialists, state-of-the-art HAPO chambers and oxygen generation plants, besides life-support systems. This has ensured that all endeavours are made to save every life in this challenging terrain," said a third official. The HAPO (High Altitude Pulmonary Oedema) chamber is a life-saving device that provides emergency treatment in medical conditions relating to breathlessness and accumulation of fluids in the lungs etc. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank">Telecom companies may hike tariffs by up to 17% after the general elections, predict analysts</a><a href="https://www.businessinsider.in/business/auto/news/ather-rizta-vs-tvs-iqube-which-family-scooter-should-you-buy/articleshow/109233645.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ather-rizta-vs-tvs-iqube-which-family-scooter-should-you-buy/articleshow/109233645.cms" target="_blank">Ather Rizta vs TVS iQube – Which family scooter should you buy?</a><a href="https://www.businessinsider.in/tech/news/playstation-5-is-now-available-at-a-discount-of-10000-for-a-limited-period/articleshow/109183034.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/playstation-5-is-now-available-at-a-discount-of-10000-for-a-limited-period/articleshow/109183034.cms" target="_blank">PlayStation 5 is now available at a discount of ₹10,000 for a limited period</a>

Indian Army marks 4 decades of presence in Siachen glacier

Mumbai (Maharashtra) [India], June 27 (ANI): In a remarkable turnaround on Thursday, benchmark indices surged after a dip in early trade, with the Sensex surpassing the historic 79,000-mark for the first time ever and the Nifty setting a new <keyword id="19953076" type="General" weightage="20" keywordseo="record-high" source="keywords">record high</keyword>. This spike follows an all-time high close in the previous trading session. The 30-share BSE Sensex climbed 339.51 points, reaching an unprecedented peak of 79,013.76, driven by strong buying in blue-chip giants Reliance Industries and ICICI Bank. Meanwhile, the Nifty rebounded impressively, adding 97.6 points to achieve a fresh all-time high of 23,966.40. Top gainers included Ultra Cement, Dr. Reddy's Laboratories, Grasim Industries, JSW Steel, and Tata Steel. Conversely, Tech Mahindra, TCS, HCL Technologies, Shriram Finance, and Nestle India were among the top losers. Ajay Bagga, banking and market expert, commented on the market's performance, saying: "Foreign Institutional Investors (FII) selling returned in a big way yesterday in the cash markets but DIIs stepped in to absorb that selling. Today we have a weak <keyword id="20542711" type="General" weightage="20" keywordseo="global-market" source="keywords">global market</keyword> handsoff. <keyword id="20577663" type="General" weightage="20" keywordseo="US-markets" source="keywords">US markets</keyword> recovered in the second half on Wednesday trading to end mildly positive but <keyword id="20155107" type="General" weightage="20" keywordseo="Asian-markets" source="keywords">Asian markets</keyword> and US futures both are weak on Thursday morning." Bagga emphasised the upcoming significant events, including the U.S. Presidential Election Debate and the U.S. Personal Consumption Expenditures (PCE) inflation number, which are expected to influence the market. He added: "Two big events coming up are the US Presidential Election Debate tonight and the US PCE inflation number on Friday. Indian markets are in an overbought zone, and we expect some consolidation at these levels. The next triggers will be US inflation number based rate cut expectation anchoring and the Union Budget expectations, along with the start of the earnings announcement season in two weeks time." In the U.S., indices closed marginally higher on Wednesday, buoyed by Amazon's generative AI initiative, which pushed its valuation past USD 2 trillion. However, a disappointing outlook from Micron Technology impacted the semiconductor sector, including major player Nvidia. Chinese industrial profit growth also showed signs of slowing, with a 0.7 per cent year-on-year increase in May, down from April's 4 per cent. The Japanese yen's weakness continues, hitting a near 38-year low against the dollar, trading at 160.82. Meanwhile, U.S. home sales declined in May, with the Commerce Department reporting a decrease to 619,000, down 11.3 per cent from April's revised 698,000. Investors are now keenly awaiting the U.S. PCE price index data, the Federal Reserve's preferred measure of inflation, which is due on Friday. Varun Aggarwal, founder and managing director, Profit Idea said, "Asian markets were trading negatively on Thursday, with the Nikkei 225 down by 1.07 per cent, the Hang Seng declining by 1.56 per cent, and the Shanghai Composite falling by 0.70 per cent. Despite the bearish trend in equities, crude oil prices saw a slight uptick, with WTI crude rising to USD 80.89 per barrel, up 0.08 per cent, and Brent crude climbing to USD 85.23 per barrel, up 0.26 per cent." He added, "The U.S. Dollar Index (DXY) also saw a rise, up 0.26 per cent to 106.05, reflecting the dollar's strength amidst global economic uncertainties. U.S. stock indices ended with modest gains; the Nasdaq Composite rose by 0.49 per cent, the S&amp;P 500 increased by 0.16 per cent, and the Dow Jones Industrial Average went up by 0.04 per cent." Market participants are closely watching the developments in global economic indicators and key events. The Indian market, after achieving an all-time high, appears to be in a consolidation phase, awaiting further cues from both domestic and international arenas. The anticipated U.S. inflation data and domestic earnings announcements are expected to provide clearer direction in the coming weeks.

After flat opening to market, Sensex breaches 79,000-mark for first time; Nifty hits new lifetime high

After several days of impressive gains, Indian stock indices saw some correction on September 27, 2024, as investors booked profits following a prolonged rally. The <keyword id="19896382" type="General" weightage="20" keywordseo="sensex" source="keywords">Sensex</keyword>, which briefly touched the 86,000 mark during the trading session, closed the day slightly lower at 85,571.85 points, down by 264.27 points or 0.31%. Similarly, the <keyword id="19896381" type="General" weightage="100" keywordseo="nifty" source="keywords">Nifty</keyword> index, which reached a lifetime high of 26,277.35, eventually closed in the red at 26,175.15 points, down by 40.90 points or 0.16%. Market participants were primarily focused on locking in gains after the indices reached record highs. Sectoral performance saw a divergence, with banking, financial services, media, and real estate stocks facing pressure. <keyword id="19969359" type="General" weightage="20" keywordseo="vinod-nair" source="keywords">Vinod Nair</keyword>, Head of Research at <keyword id="19933343" type="General" weightage="20" keywordseo="geojit-financial-services" source="keywords">Geojit Financial Services</keyword>, pointed out that after the recent surge, "the benchmark indices experienced a sideways movement today as investors engaged in profit booking at elevated levels." He further added that market participants are eagerly awaiting the second-quarter earnings report, which could provide clarity on future earnings potential. <h2>Global factors and FPI activity</h2>One of the key drivers behind the <keyword id="6357440" type="General" weightage="20" keywordseo="stock-market" source="Orion">stock market</keyword> rally in recent weeks has been the US Federal Reserve’s decision to loosen its monetary policy, with a significant 50-basis-point cut in interest rates. This move has resulted in a flow of capital from the US to markets like India, where policy rates are higher, thus providing attractive returns. The looser monetary policy in the US has encouraged foreign portfolio investors (FPIs) to continue investing in Indian equities. FPIs have remained net buyers in India for the fourth consecutive month, further supporting the stock indices. As per data from the <keyword id="20070086" type="General" weightage="20" keywordseo="national-securities-depository-limited" source="keywords">National Securities Depository Limited</keyword> (NSDL), FPIs have purchased Indian stocks worth ₹48,822 crore in September alone, a trend that has bolstered market confidence. The strong FPI inflows reflect optimism about India's economic prospects and its equity market returns. <h2>Sectoral performance and outlook</h2>Despite the overall market decline, the performance varied across different sectors. Public sector banks, defence, and railway stocks, which had seen significant buying interest earlier, took a backseat as pharma, private banks, and mid-size IT companies began to attract attention due to their appealing valuations. These sectors are now expected to drive the next market phase in the coming quarters, according to Krishna Appala, Senior Research Analyst at Capitalmind Research. The markets traded in a narrow range for most of the day, with little overall movement despite positive global cues. An early rebound in the IT sector briefly boosted the indices, but the gains were short-lived. The broader indices, including the Nifty and Sensex, remained largely flat, echoing the sluggish performance of heavyweight stocks. Ajit Mishra, Senior Vice President of Research at Religare Broking, noted that "sector-wise, pharma and energy posted solid gains, while banking and real estate sectors saw profit booking." Looking ahead, Mishra maintained a bullish outlook on the markets, advising investors to use periods of consolidation or dips to accumulate quality stocks. He added that, in the absence of any significant domestic triggers, global markets will likely set the direction for Indian equities. On the Nifty index, he anticipated strong support around the 25,900-26,000 zone, with an upside target at 26,500. <h2>Technical insights</h2>Hrishikesh <keyword id="23343291" type="General" weightage="20" keywordseo="yedve" source="keywords">Yedve</keyword>, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd., shared his technical analysis of the <keyword id="20105832" type="General" weightage="20" keywordseo="nifty-and-bank-nifty" source="keywords">Nifty and Bank Nifty</keyword> indices. He observed that while the Nifty started the day on a flat note and registered a new lifetime high, it eventually faced profit booking and closed marginally lower. "Technically, the index on a daily scale has formed a small red candle, but on the weekly scale, it has formed a big green candle," Yedve explained. He added that as long as Nifty holds above the 26,000 level, a "buy on dips" strategy should be followed, with an immediate short-term target of 26,500. On the Bank Nifty front, Yedve pointed out that the index started on a weak note and remained under pressure throughout the day, closing at 53,834. He highlighted the formation of a bearish Marubozo candle on the daily chart, which signals potential short-term weakness. However, on the weekly scale, Bank Nifty remains above the breakout point of a rounding bottom pattern, indicating strength. "In the short term, Bank Nifty may witness consolidation or profit taking, but any dip around 53,350-53,400 will offer fresh buying opportunities," Yedve advised. <h2>Market wrap-up and outlook</h2>Reflecting on the week’s performance, <keyword id="23343292" type="General" weightage="20" keywordseo="amol-athawale" source="keywords">Amol Athawale</keyword>, VP-Technical Research at Kotak Securities, noted that the benchmark indices had maintained positive momentum, with the Nifty ending 1.5% higher and the Sensex gaining over 1,030 points. <keyword id="20102108" type="General" weightage="20" keywordseo="metal" source="keywords">Metal</keyword> and auto stocks were the standout performers, with the Metal index rising by 7% and the Auto index by 4.5%. Athawale highlighted the importance of the Nifty and Sensex breaching key resistance levels of 26,000/85,000 last week, which has provided a boost to market sentiment. Technically, Athawale pointed to the formation of a bullish candle on the weekly charts and an uptrend continuation pattern on the daily and intraday charts, signalling a potential continuation of the rally. However, he cautioned that "buying on dips and selling on rallies would be the ideal strategy for short-term traders." He identified 26,100/85,300 as crucial support zones for the Nifty and Sensex, with resistance expected around 26,400-26,500/85,900-86,300. As for Bank Nifty, Athawale described the medium-term outlook as bullish but noted that overbought conditions could lead to range-bound activity in the near term. He suggested that 53,500-53,100 would serve as key support zones, while profit booking could occur near 54,500-54,800. (With inputs from agencies)

Indian markets ease as profit booking follows record-breaking streak

Benchmark <keyword id="21249317" type="General" weightage="20" keywordseo="equity-indices-hit-new-peaks" source="keywords">equity indices hit new peaks</keyword> on Tuesday with Sensex breaching the historic 75,000-mark for the first time during intra-day before ending the session marginally lower on profit-booking at higher levels. Putting a break on its record-breaking rally, the 30-share <keyword id="21249316" type="General" weightage="20" keywordseo="BSE-Sensex-declined" source="keywords">BSE Sensex declined</keyword> 58.80 points or 0.08 per cent to settle at 74,683.70. During the day, it climbed 381.78 points or 0.51 per cent to reach the all-time peak of 75,124.28. The NSE Nifty closed 23.55 points or 0.10 per cent lower at 22,642.75. During the day, it climbed 102.1 points or 0.45 per cent to hit the record peak of 22,768.40. From the Sensex basket, Titan, Reliance Industries, Asian Paints, Tech Mahindra, IndusInd Bank, UltraTech Cement, Wipro and ITC were the major laggards. ICICI Bank, Infosys, Bajaj Finserv, Tata Steel, Axis Bank, Bajaj Finance, Nestle and Mahindra &amp; Mahindra were among the major gainers. In the broader market, the BSE midcap gauge dipped 0.47 per cent and the smallcap gauge declined 0.15 per cent. Among the indices, consumer durables went lower by 1.10 per cent, industrials declined 0.55 per cent, capital goods (0.48 per cent) and telecommunication (0.29 per cent). Metal jumped 0.53 per cent, realty (0.50 per cent), financial services (0.22 per cent) and teck (0.10 per cent). In Asian markets, Tokyo, Shanghai and Hong Kong settled in the positive territory while Seoul ended lower. European markets were trading mostly lower. Wall Street ended on a mixed note on Monday. "The Indian market reached a fresh intra-day peak before seeing profit-booking at higher levels in anticipation of tomorrow's key US inflation data, which carries weight in determining future rate cuts by the US Fed. Concerns have emerged amidst recent better-than-anticipated US employment and manufacturing data, suggesting a potential shift in expectations regarding rate cuts this year," said Vinod Nair, Head of Research, Geojit Financial Services. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 684.68 crore on Monday, according to exchange data. Global oil benchmark Brent crude climbed 0.18 per cent to USD 90.54 a barrel. The BSE benchmark jumped 494.28 points or 0.67 per cent to settle at a new closing peak of 74,742.50 on Monday. The NSE Nifty climbed 152.60 points or 0.68 per cent to 22,666.30. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/samsung-galaxy-m55-vs-oneplus-nord-ce-4-which-mid-range-phone-should-you-buy/slidelist/109164997.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/samsung-galaxy-m55-vs-oneplus-nord-ce-4-which-mid-range-phone-should-you-buy/slidelist/109164997.cms" target="_blank">Samsung Galaxy M55 vs OnePlus Nord CE 4 – which mid-range phone should you buy?</a><a href="https://www.businessinsider.in/business/auto/news/ev-sales-expected-to-grow-by-over-65-in-2024-double-its-overall-market-share/articleshow/109155691.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ev-sales-expected-to-grow-by-over-65-in-2024-double-its-overall-market-share/articleshow/109155691.cms" target="_blank">EV sales expected to grow by over 65% in 2024, double its overall market share</a><a href="https://www.businessinsider.in/business/auto/news/electric-scooters-get-a-price-hike-of-up-to-16000-as-fame-subsidy-ends/slidelist/109136771.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-scooters-get-a-price-hike-of-up-to-16000-as-fame-subsidy-ends/slidelist/109136771.cms" target="_blank">Electric scooters get a price hike of up to ₹16,000 as FAME subsidy ends</a>

Sensex breaches 75,000-mark and Nifty scales new peak in intra-day; indices end marginally lower

The <keyword id="19950208" type="General" weightage="20" keywordseo="BSE-Sensex" source="keywords">BSE Sensex</keyword> climbed up by as much as 1,400 points during the day, to close at 84544.31. Nifty wasn't far behind, inching up over 1% during the day to close at 25790.95. What is driving this rally? And this is not just the secondary market. The primary market, i.e. IPO subscriptions are also witnessing a stellar surge in investor interest. The IPOs of Northern Arc Capital and Arkade Developers, which closed yesterday, were oversubscribed 117 times and 113 times, respectively, largely on the back of significant investments made via the QIB and NII categories. But the question is, what is driving this frenzy, which comes on the heels of the Fed's recent announcement slashing interest rates by a significant 50 basis points? Experts explain that the most direct impact of the rate cut comes in the form of higher <keyword id="20078820" type="General" weightage="20" keywordseo="foreign-capital-inflows" source="keywords">foreign capital inflows</keyword> into emerging markets like India. The impending anticipation of this is what is driving the rally witnessed in the stock market today. As per data from NSDL’s FPI monitor, foreign investors infused a net total of Rs 2,341.64 crore in Indian equity markets via stock exchanges, as of September 19th, 2024. Data shows that September has seen inflows of around Rs 27,862 crores in first half of September. This is around 4 times the flows seen during the entire month of August. Just within this week (till September 19), FPI inflows have touched Rs 5,419 crores. Palka Arora Chopra. Director, <keyword id="23251477" type="General" weightage="20" keywordseo="Master-Capital-Services" source="keywords">Master Capital Services</keyword> Ltd explains that the current upswing in the stock market results from market forecasts of increased foreign inflows into India following the Fed rate decrease. “This, combined with the fact that US jobless claims are at their lowest since May 2024, have alleviated concerns about the US labor market failing, rather, it is simply slowing down. This is also why the Dow Jones Industrial Averages and S&amp;P 500 index surged to 1.7%, and Asia saw a rise in markets across Korea, Japan, and Hong Kong”, she continued. Riding on the tide of higher foreign inflows is the strengthening of Indian Rupee. Already, the rupee has regained strength from a high of 84.0 to 83.7 over the last week, and this trend may continue in the near term. Santosh Meena, Head of Research, Swastika Investmart Ltd notes that historically, emerging markets tend to outperform during the onset of a rate-cut cycle in the U.S. “Indian markets, backed by robust fundamentals, remain resilient despite concerns over valuations. Large-cap stocks, particularly in the private banking sector, continue to look attractive, fueling the current bullish momentum. This positive trend is expected to persist unless significant negative developments arise on the domestic or global front”, he highlights. Mr. Pradeep Gupta, Co-founder &amp; Vice-chairman, Anand Rathi Group notes that this rate cut comes with some short-term benefits for the country, which means stronger rupee and potential capital inflows. "A stronger rupee would make imports cheaper, potentially improving India’s trade balance. However, these advantages may be temporary if the US economy continues to weaken. The Reserve Bank of India (RBI) may follow the Fed’s lead but not immediately. Improved global sentiment could drive a rally in <keyword id="19991358" type="General" weightage="100" keywordseo="Indian-markets" source="keywords">Indian markets</keyword>, as emerging economies like India become more attractive to investors", notes Gupta. But note that in the longer term, the direction of the Indian stock market will depend largely on global economic conditions, and particularly the health of the US economy. If the US achieves a “soft landing”, as is targeted by Fed, and avoids a recession, Indian equities may experience gradual growth. However, if the global outlook deteriorates, Indian markets—especially mid and small-cap segments, could come face to face with increased volatility and market downturns. <h2>What should your investment strategy be?</h2>SEBI registered Investment Advisor Gaurav Goel advises having a thorough look at your portfolio whenever the equity markets hit a fresh high. Look, it is practically impossible to time the markets. But, as a smart investor, markets hitting a fresh high is a good time to rebalance your portfolio, so that you can cushion your funds from any significant downturn that will invariably stem from any market downturns thereafter "When equities hit all time highs, there is a natural tendency of equity component of your asset allocation to breach the prescribed asset allocation. In such a situation, on should reassess the asset allocation and shave off excess percentages from the equity allocation to revert to the mean". Goel also suggests hedging a portion of your portfolio by buying naked long dated put options on benchmark index like Nifty 50. This way, you'd be able to benefit from a decrease in the prices of underlying assets, without having to own it. But most importantly, "At these crests, its important to shuffle your portfolio. Remove the crap, low-value stocks that might have made their in your portfolio during bullish phase, and replace with high quality stocks. Shift your assets more toward the large cap stocks/index funds where the volatility would be less or towards sector/market caps, which are less expensive on valuations", Goel continued. As for traders looking to make the most of the ongoing upward trajectory of the market, Osho Krishan, Senior Analyst, Technical &amp; Derivatives, Angel One, advises "capitalizing on the upward momentum by taking profits, rather than adopting an aggressive stance in the overbought territory". "From a technical perspective, we have entered a phase where the market is overbought, as indicated by various metrics. Therefore, it is crucial to avoid complacency and instead adopt a practical and realistic approach to the current situation", he continued. Anirudh Garg- Founder and Fund Manager at Invasset PMS explains that "When markets hit an all-time high, investors need to reassess their strategies to navigate potential risks while still capitalizing on opportunities. However, it’s essential to understand that not every market high signals overvaluation. There’s a key difference between markets reaching record levels and being fundamentally expensive. Identifying this distinction helps avoid premature decisions based solely on market peaks". "In particular, when mid-cap and small-cap stocks exhibit stretched valuations, investors should shift their focus to high-quality companies. These are firms with robust balance sheets, consistent earnings growth, and strong competitive advantages, often found in sectors linked to steady inflation", says Garg. Naturally, quality stocks tend to be more resilient in volatile environments, offering stability and better protection against downside risk. Also, don't forget to keep an eye out for the risk-reward ratio, which becomes critical during expensive markets. This involves diversifying portfolios, avoiding overexposure to overheated sectors, and focusing on capital preservation while seeking reasonable returns. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

Indian markets surging to all time highs today: What's happening post Fed decision?

The Indian mutual fund industry continued to register strong growth in fund inflows during May 2024, as monthly data released by the Association of Mutual Funds in India (AMFI) today showed. This was a record month for equity mutual funds, with the category’s inflows jumping up by a whopping 83% since April. The mutual fund industry’s AUM (net assets under management) stood at Rs 58.91 lakh crore, rising marginally from Rs 57.25 lakh crore in April 2024. With total inflows worth Rs 42,294.99 crore, debt mutual funds continued to receive more investor attention than their equity counterparts during the month, which saw inflows of around Rs 34,697 crore. Notably, this is the 39th consecutive month where <keyword id="19925781" type="General" weightage="100" keywordseo="equities" source="keywords">equities</keyword> have seen positive inflows. Hybrid funds also ended their month in green, garnering Rs 17,990 crore in May. <cmsannotation type="cmsannotation" annotationid="Expectations around election results behind the surge, say experts" comment="subhead" text="Expectations around election results behind the surge, say experts">Expectations around election results behind the surge, say experts</cmsannotation> Expectations around the continuation of a stable regime led by the ruling party BJP during the election month of May could have been the major driver behind the record inflows into the MFs. Venkat Chalasani, Chief Executive, AMFI, said "Political stability creates an environment conducive to sustainable economic growth, attracting investments and fostering long-term investments. Global growth is sustaining its momentum in 2024 and is likely to remain resilient, supported by a rebound in global trade. The overall outlook for Indian capital markets remains positive, supported by strong fundamentals, and favourable demographics. However, it remains to be seen how the lesser-than-expected seats for the Narendra Modi-led BJP have impacted the MF sector in the month of June. However, a continuation of the NDA regime is likely to have contributed to the improved market sentiments as evident with surging markets post the counting day, and could reflect into the MF activity as well. "Although coalition governments face challenges in consensus-building and decision-making, infrastructure and nation-first initiatives introduced earlier are likely to receive support from allies across the political spectrum. The forthcoming 100-day action plan and a comprehensive Union Budget will provide a clearer picture of the government's priorities for the Indian economy," says Gopal Kavalireddi, Vice President of Research at FYERS. <cmsannotation type="cmsannotation" annotationid="Equity inflows mark a record high" comment="subhead" text="Equity inflows mark a record high"><keyword id="421833" type="General" weightage="20" keywordseo="Equity-inflows" source="Orion">Equity inflows</keyword> mark a record high</cmsannotation> Equity inflows remained positive for the 39th consecutive month, starting from March 2021. Growth Equity fund inflows for the month of May was ₹ 34,697, pushing the total inflows into mutual funds to Rs.1.1 lakh crore for the month. A total of 9 schemes were launched last month in the category of open-ended schemes, raising a total of ₹ 10,140 crores, said AMFI. Kavalireddi says, “Despite potential high volatility from FII selling, general elections, GDP data, and other minor events in May, investors remained steadfast in their pursuit of returns on the back of the Indian growth narrative." In a clear indication of investors looking to diversify their investments, multi-cap funds garnered Rs 2,644.88 crore. Large-cap funds amassed Rs 663 crore, while mid-cap funds made Rs 2,605.70 crore. On the other hand, small-cap funds have seemingly begun gaining their lost sheen, managing to take in Rs 2,724.67 crores during the month. Flexi-cap funds led the troupe, with inflows worth Rs 3,155 crore. "Equity flows have been largely driven by expectations of the election outcome, coupled with some NFO (new fund offer) launches, which perhaps led to a much higher than expected quantum in the equity category. On the equity side, investors possibly wanted to position their portfolios in advance to avoid any kind of gap risk as election exit polls were coming out over the weekend, which could have led to a spike in equity allocations towards the end of the month," Anand Vardarajan, Head Business Head – Banking, Institutional Clients, Alternate Products and Product Strategy, Tata Asset Management. Amidst hybrid funds, the majority came from arbitrage funds, which saw inflows worth Rs 12,758.12 crores in May. Notably, index funds and other ETFs collectively raked in Rs. 15,180 crore. <cmsannotation type="cmsannotation" annotationid="SIPs going strong" comment="subhead" text="SIPs going strong"><keyword id="159805" type="General" weightage="20" keywordseo="SIPs" source="Orion">SIPs</keyword> going strong</cmsannotation> Systematic investment plan (SIP) contributions continued to breach their record highs on a month-on-month basis. SIP contributions rose marginally to an all-time high of Rs 20.90 crore last month, as opposed to Rs 20.37 crore in April. SIP accounts also jumped to their highest figure in May, standing at 8,75,89,485. During the month, around 49,74,400 new SIPs were registered. As per <keyword id="1029773" type="General" weightage="20" keywordseo="AMFI-data" source="Orion">AMFI data</keyword>, SIP plans accounted for 19% of the net flows during the month. In the debt category, liquid funds saw the most influx, worth Rs 25,873.38 crore. Sectoral or thematic funds amassed Rs 19,213.43 crore during the month, trumping inflows by small-cap funds, which stood at Rs 2,724.67 crore, by a significant margin. Inflows into thematic funds were largely bolstered by the NFO of HDFC Manufacturing Fund, which drew Rs. 9,563 crores. Although Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India, has a word of caution for all those flocking to sectoral funds, “investors must be cautious while investing in such funds. They are cyclical, and hence investors should have the necessary skills or the right set of advice in place to track sector dynamics and time their entry and exit from these funds. These are high-risk return propositions, and hence investors must take a judicious call while investing in them.” <cmsannotation type="cmsannotation" annotationid="Gold continues to shine" comment="subhead" text="Gold continues to shine">Gold continues to shine</cmsannotation> The quantum of net flows in <keyword id="20050894" type="General" weightage="20" keywordseo="gold-ETFs" source="keywords">gold ETFs</keyword> saw a sharp uptick to Rs 827 crore in May 2024, from a net outflow of Rs 396 crore in April. Srivastava further notes that the enduring <keyword id="19950651" type="General" weightage="20" keywordseo="global-inflation" source="keywords">global inflation</keyword>, which remains above central banks' comfort levels, and the persistent uncertainty surrounding <keyword id="19962135" type="General" weightage="20" keywordseo="interest-rate-cuts" source="keywords">interest rate cuts</keyword> have bolstered gold's appeal as a haven and as a hedge against inflation, thereby attracting more investors. “Also, over the years, gold has gained prominence as an effective diversifier, prompting many investors to include gold ETFs in their portfolios. <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">Gold prices</keyword> also saw some corrections in May, which spurred buying from investors. In INR terms, gold has done fairly well over the last year but dwarfs in comparison to how equities have fared. Given this backdrop, flows in the gold ETF category have been somewhat patchy relative to the equity asset class," he continued. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

Election fever? Equities and SIP inflows mark record highs in May, per AMFI data

<ul><li>The data breach was reported by <keyword id="6374528" type="General" weightage="80" keywordseo="toyota" source="Orion">Toyota</keyword> <keyword id="146495" type="General" weightage="100" keywordseo="kirloskar-motor" source="Orion">Kirloskar Motor</keyword> on Sunday.</li><li> Toyota Kirloskar Motor has already notified the CERT-In (Indian Computer Emergency Response Team) under the <keyword id="3428254" type="General" weightage="50" keywordseo="ministry-of-electronics-and-information-technology" source="Orion">Ministry of Electronics and Information Technology</keyword>.</li></ul><keyword id="6358777" type="General" weightage="20" keywordseo="new-delhi" source="Orion">New Delhi</keyword>, A data breach has been reported by Toyota Kirloskar Motor on Sunday. The extent of the intrusion in its system is still being evaluated, according to the leading automotive player. The development has come to light after the company was alerted by one of its service providers of a potential data breach that might have compromised some of its customers personal data, the company stated in a release. It has already notified the CERT-In (Indian Computer Emergency Response Team) under the Ministry of Electronics and Information Technology. "Considering this incident, TKM will work with its service provider to further enhance the existing extensive guidelines being followed and is fully committed to avoid any kind of inconvenience to our esteemed customers," the company stated. This incident of data breach comes against the backdrop of a data leak in October when <keyword id="101477" type="General" weightage="50" keywordseo="toyota-motor-corp" source="Orion">Toyota Motor Corp</keyword> said around 296,000 pieces of information related to customers from its T-Connect service might have been compromised. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/ces-2023-dates-news-products-and-what-to-expect/articleshow/96591686.cms">All-new Apple CarPlay features to AI for automobiles — here are some car technologies expected to arrive in 2023</a> <a href="https://www.businessinsider.in/tech/news/ces-2023-dates-news-products-and-what-to-expect/articleshow/96591686.cms">CES 2023: Dates, news, products, and what to expect</a>

Data breach reported by Toyota Kirloskar Motor

<ul class="summary-list"><li>Sex-trafficking fugitive Michael Pratt vanished for 3 years — until a data leak led to his capture.</li><li>The leak involved cryptocurrency "wallets" he used to secure his bitcoin passwords.</li></ul>Four days before Christmas in 2022, Michael James Pratt — a New Zealander accused of running the most prolific sex-trafficking ring in US history, with at least 400 young victims — was thrown to the floor of his Madrid hotel room and handcuffed by Spanish police.As Pratt awaits trial in a Southern California jail, facing a possible life sentence, little has been revealed about how police located and captured him after three years on the run.But video of his arrest, tweeted afterward by Spain's Policia Nacional, shows the precise instruments of his undoing: four gunmetal-silver cryptocurrency flash drives.<div type="image" title="This image from Spanish police shows the Bitcoin hardware wallets that led to the 2022 capture of sex-trafficking fugitive Michael Pratt." height="1906" width="3360" msid="112444044" hostid="261" sizebytes="175268"></div>The four pieces of hardware held the passwords for $500,000 in bitcoin that federal prosecutors say he earned during his decade of running the notorious Girls Do Porn trafficking ring.Here is the story of Michael Pratt, the Girls Do Porn ring, and how a team of civilian supersleuths followed a twisty trail that began with these pocket-sized crypto hard drives and ended on that hotel room floor.Here, too, is a story of justice. Last month, <a target="_blank" class="" href="https://www.documentcloud.org/documents/25022769-sdca-v-gdp-michael-pratt-bill-of-particulars">federal prosecutors said</a> that the trafficking proceeds they seek to recover include the bitcoins protected by those four hard drives. The money would be returned to the ring's victims."If there's a hero, it's certainly them; it isn't me," Charles DeBarber, a civilian cyber-intelligence analyst who spent eight years chasing Pratt, told Business Insider of the Girls Do Porn victims. <h2 id="eb5ec67d-c645-494b-8c02-b6bdf0a5d8c7">Fraud, coercion, threats</h2>The Girls Do Porn conspiracy ran from 2007 to 2019, and worked like this, according to federal prosecutors and victim testimony:Cash-strapped college students were pulled into the ring's web by answering bogus fashion modeling ads on Craigslist. "Cute Teen Girls Make $5,000 Today," one typical ad read, above photos of smiling young models in swimsuits and athletic wear. A series of friendly emails from "Jonathan@beginmodeling.com" eventually revealed that the job was for an "adult" shoot.When a prospective recruit demurred, "Jonathan," a fictitious name, would make a series of false promises. The job paid $5,000 cash up front for a 30-minute shoot with "an attractive male actor," the women would be promised. The video, they'd be assured, would be DVD-only, for the exclusive use of private collectors in Australia. It would never go online or be seen by anyone they knew.If a prospect still hesitated, she'd be offered more money, more false assurances. "Jonathan" would forward her the phone numbers of "former models" who were paid to say whatever it took to reel in a victim."No no no you're totally fine!" a fictitious former model named "Kailyn" texted one victim. "That's what I was worried about but there is absolutely no way anyone will find out."<div type="image" title="This image shows the original FBI Ten Most Wanted Fugitive poster for Michael Pratt, accused ringleader of the Girls Do Porn trafficking ring; the image shows three photos of Pratt and has been stamped &quot;CAPTURED.&quot;" height="2608" width="2500" msid="112444047" hostid="261" sizebytes="250368"></div><h2 id="afb077a7-7ae2-4e1f-b3ed-827e55f8c1a9">The video shoot</h2>Once a victim agreed to do a shoot, "Jonathan" — prosecutors believe several in the ring took turns using the name — would immediately send a one-way plane ticket. She would be flown alone to San Diego before she could change her mind.Victims remember being picked up at the airport and chauffeured to an upscale hotel. One thought it odd when the child safety locks were engaged during the ride.At the hotel, these young women, barely out of high school, suffered the first hours of what would be a decadelong nightmare.Of at least 400 women who recorded Girls Do Porn videos, more than 100 have told their stories in civil and criminal cases. Some describe being raped in their hotel rooms by their male actor before the shoot started — a "test drive," they were told.<div type="image" title="An excerpt from from Michael Pratt's 2019 sex-trafficking indictment describes how prospective victims would be lured by promises their videos would never go online." height="431" width="2500" msid="112444046" hostid="261" sizebytes="61726"></div>"Jonathan's" lies quickly unraveled. The promised pay would be docked by thousands of dollars for small imperfections in their appearance. And instead of 30-minute shoots, the women would be forced to film for six or more hours — however long it took to get five uninterrupted minutes of footage for each of five sexual positions.Heavy equipment blocked the hotel room door, trapping them inside with men who warned that if they didn't finish the shoot, they'd be sued for breach of contract and left to buy their own flight home.Victims describe violent ordeals that left them bleeding, vomiting, and sobbing. Their distress would be edited from the final video, though the editing was imperfect."I'm now known on the internet as the GDP girl with the tear tracks in her makeup," a victim who'd been filmed at age 18 said in March at the sentencing of Girls Do Porn webmaster and cameraman Matthew Isaac Wolfe, now serving 14 years in federal prison for sex trafficking"Stop being a whiny little bitch!" another victim recounted porn actor Ruben Andre Garcia shouting as she begged to leave. Garcia is now serving 20 years for sex trafficking.<div type="image" title="This image from the arrest of Michael James Pratt shows the accused sex-trafficking ring mastermind being handcuffed on the floor of his Madrid hotel room." height="1415" width="2500" msid="112444041" hostid="261" sizebytes="115340"></div><h2 id="51595724-4c1f-4cae-8a9c-1c93a943086f">A million views in just days</h2>Months after the filming, these graphic, hardcore productions went live. Videos went viral in as little as 48 hours, as 700,000 subscribers to Pornhub's Girls Do Porn channel clicked on 5-minute teaser clips that drove traffic to Pratt's site, where 100,000 subscribers paid $30 a month for the full videos.Federal prosecutors say Pratt increased traffic by forwarding each victim's video link to her school, work, family, and social connections. Victims attempted suicide after finding themselves fired from jobs, hounded from school, and shunned by loved ones."Before I knew it, my video had millions of views, and all my friends, family, acquaintances, and distant relatives knew," one victim said.Prosecutors say Pratt also uploaded details from victims' original "Begin Modeling" applications — names, emails, family addresses, and even their height, weight, and favorite color — to websites he controlled that catered to so-called porn trolls.The trolls churned up still more traffic and attacked "without mercy," as one victim described it."My mom would walk out of church and come back to her car to find notes in the window shield calling me a whore, slut, prostitute," another victim testified at Wolfe's sentencing.Even now, long after the 2019 demise of the Girls Do Porn website and its Pornhub channel, the videos remain. Victims say they still pop up when they Google their names."Ten years later, I am still receiving harassing text messages," one said in March at Wolfe's sentencing. "I received one yesterday evening while nursing my newborn."<h2 id="cb4cf0e5-5f06-4228-b203-e84fde0f1dfb">Unmasking the traffickers</h2>But while its victims were humiliated publicly and by name, those running Girls Do Porn remained anonymous for most of the years the ring operated.A tangle of fake phone numbers, addresses, and shell companies thwarted anyone seeking legal action. When the father of one victim emailed "Jonathan@beginmodeling.com" — the only contact his daughter had — he didn't reach Jonathan at all. Instead, he received a lawyer's cease-and-desist letter with naked photos of his daughter attached, federal prosecutors in California said in Pratt's 2019 criminal complaint.This is where a former US Army cyber-intelligence analyst named Charles DeBarber arrived.In early 2016, DeBarber was asked for help by a victim who wanted to know: Who had done this to me? Using publicly available data —including 2010 domain-name registration records and <a target="_blank" class="" href="https://www.businessinsider.com/what-are-the-panama-papers-2016-4">the Panama Papers</a> — DeBarber unmasked Pratt, Garcia, Wolfe, and the underlying corporate entities. All were sued in state court in San Diego later that year."This is a very large, weird true crime story you kind of need a chart to explain," DeBarber said."We were able to find Garcia through his Facebook page, by reverse-imaging a tattoo that appeared on his shoulder" in the videos, he told Business Insider. Garcia was the actor who victims said told them to stop being "whiny bitches."<h2 id="ba4b8f40-8882-445c-9497-4e6e9b509bb9">A walk to Tijuana</h2>Girls Do Porn raked in some $17 million in subscriptions and content deals, federal prosecutors say."He would constantly punch holes in the walls and break computer monitors," Wolfe said of Pratt in his March sentencing statement, describing his "manic" and "terrifying" boss.Pratt "was making millions of dollars and was driving around in a Lamborghini, living in a multimillion-dollar house in Rancho, Santa Fe," Wolfe's defense lawyer, Jeremy Warren, said at the sentencing.Then, in the fall of 2019, Pratt fled his life of luxury, crossing into Tijuana on foot. Weeks later, a federal grand jury in San Diego indicted him, Wolfe, and Garcia. He was still missing months later, when a state judge <a target="_blank" class="" href="https://www.documentcloud.org/documents/25022749-girlsdoporn-original-2016-verdict">awarded $13 million to the 22 victims</a> in the 2016 lawsuit.In pleading guilty, Wolfe, Garcia, and three other Girls Do Porn employees implicated Pratt as the ring's mastermind. He faces 19 felony counts, including conspiracy to commit sex trafficking by force, fraud, and coercion.<div type="image" title="This image shows the first page of the federal indictment of Michael Pratt and three employees of the Girls Do Porn sex-trafficking ring" height="988" width="1770" msid="112444038" hostid="261" sizebytes="105734"></div><h2 id="c3b67f32-4fc1-470f-864e-3c65fd461402">Finding Michael Pratt</h2>Pratt vanished for three years.Federal investigators believe he quickly boarded a flight to his native New Zealand, where he visited family members and made quick stops in Hong Kong and Cypress in unsuccessful attempts to sell the still-profitable Girls Do Porn operation.He was somewhere in Europe when the indictment dropped at the end of 2019. "He didn't have any fake papers at the time," DeBarber told BI. "He was just Michael Pratt."But Pratt began using an alias and the trail went cold — except for one key clue.In the summer of 2020, the cryptocurrency world was rocked by a major data breach. Hackers exposed the names, addresses, and phone numbers of more than 700,000 customers of a company called <a target="_blank" class="" href="https://www.ledger.com/">Ledger</a>.Ledger makes <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/best-bitcoin-wallet">cryptocurrency "wallets,"</a> small USB or Bluetooth devices that look like little metal thumb drives. They safely store and protect the lengthy digital passwords that cryptocurrency owners need to access and move their money.<div type="image" title="A Ledger cryptocurrency wallet." height="686" width="998" msid="112444042" hostid="261" sizebytes="46892"></div>Pratt, DeBarber discovered, was one of the Ledger customers whose data was hacked.He had used his real name to have a hardware wallet shipped to the W Hotel in Barcelona shortly before the indictment, the breach revealed. After the indictment, in the spring of 2020, Pratt used the alias "Mark Williams" to have another hardware wallet shipped to a Mailboxes, Etc., also in Barcelona."We decided, you know what? Let's go there and see," DeBarber said.The cyber-sleuth and the victims' lawyer flew to Barcelona in July 2022 — a trip DeBarber described earlier this year <a target="_blank" class="" href="https://www.linkedin.com/pulse/hunt-michael-pratt-phoenixsafe-ai-20zde/">on LinkedIn</a>.They had precious little to go on besides those long-cold locations — the W Hotel and the Mailboxes Etc. They also knew that Pratt liked American hip hop and collected pricey, vintage Air Jordans, based on what federal investigators had found searching Pratt's luxury apartment in San Diego.Once on the ground, the pair connected with <a target="_blank" class="" href="https://www.linkedin.com/in/ben-owen-94b278156/">Ben Owen</a>, a cyber-security expert DeBarber had met when they worked together in 2017 on the CBS show "Hunted." Owen's partner, intelligence expert <a target="_blank" href="https://www.linkedin.com/in/danni-brooke-a794083a/">Danni Brooke</a>, and their daughter Amelia Brooke, joined them.<div type="image" title="This image shows, from left, Charles DeBarber, Ben Owen, Brian Holm, Amelia Brooke, and Danni Brooke." height="1855" width="2500" msid="112444048" hostid="261" sizebytes="89892"></div>Owen located one of the few people in Barcelona who sold vintage Air Jordans. Her face turned pale when shown Pratt's picture. She had spoken to him recently about a $50,000 pair of size-11, 1985, 1st edition high-tops.Then a bouncer at one of only five nightclubs that played American hip hop said he'd seen Pratt there just a few weeks prior. Both the sneaker vendor and the bouncer described the fugitive the same way."They said he was portly and that he wears clean clothes but doesn't wash," DeBarber said. "And they said he carries a Versace bag full of money around his neck."He was living pretty recklessly," DeBarber added. "Who goes to a club with a Versace bag full of money, flashing it around? He's obviously not a Spaniard. That's not the kind of behavior I would expect from a talented fugitive."<div type="image" title="A photo of the Barcelona Mailboxes Etc. store where investigators found Michael Pratt's Swiss ID." height="856" width="642" msid="112444049" hostid="261" sizebytes="22712"></div><h2 id="c89f151f-ca77-45f0-b462-b2f78ba5e5bf">The best clue of all</h2>But the crucial tip DeBarber and his partners in crime-fighting uncoverd — and passed along to the local FBI consulate — came from that Mailboxes Etc.There, a very helpful clerk showed them the Swiss ID and contract Pratt had used to open his account two years prior. Pratt would use the ID — which featured his photo and the alias Mark Williams — just before Christmas when he checked into that Madrid hotel.There at the front desk, Pratt's ID triggered an Interpol alert, sending authorities directly to his door. Inside were Pratt's laptop, two cellphones, a stack of 50-Euro notes, and four of those Ledger wallets.<div type="image" title="Michael Pratt's Swiss ID and Barcelona Mailboxes Etc. contract." height="1601" width="2500" msid="112444051" hostid="261" sizebytes="79394"></div>Pratt was finally extradited from Spain in March. His next court date is September 6, when a trial date may be set. His defense lawyer did not respond to requests for comment on this story.These days, DeBarber runs the Baltimore-based <a target="_blank" class="" href="https://www.linkedin.com/feed/update/urn:li:activity:7163927968531120128/">Phoenix AI </a>cybersecurity firm with cofounder Justine Li, a Girls Do Porn victim and plaintiff.Li's video was filmed in 2007 when she was still in high school. It was "Video Number One" when Girls Do Porn launched in 2009. Their company builds tech solutions for finding and removing non-consensual sexual abuse materials on the internet."I will be at his sentencing and I will be grinning," DeBarber said recently of Pratt. "I'm really, really excited where he is right now, and Dre, and Wolfe," he added, referring to co-defendants Matthew Wolfe and actor Reuben "Dre" Garcia."I hope they spend their time in prison wondering how did the women we thought we broke ever manage to do this to them."

A crypto data leak led the FBI to America's most wanted sex trafficking fugitive. Now, the victims want his bitcoins.

In line with the moderation in <keyword id="513422" type="General" weightage="20" keywordseo="retail-inflation" source="Orion">retail inflation</keyword>, wholesale <keyword id="158363" type="General" weightage="100" keywordseo="inflation-in-india" source="Orion">inflation in India</keyword> too witnessed a sharp decline in July. The annual rate of <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> based on all India <keyword id="59350" type="General" weightage="20" keywordseo="Wholesale-Price-Index" source="Orion">Wholesale Price Index</keyword> (WPI) number is 2.04 per cent (provisional) for the month of July, 2024 (over July 2023). It continues to remain in the positive territory for the ninth month after remaining in the negative zone for seven months until October. Economists often say a little rise in <keyword id="280418" type="General" weightage="20" keywordseo="wholesale-inflation" source="Orion">wholesale inflation</keyword> is good as it typically incentivises goods manufacturers to produce more. For food index, which has 24.38 per cent weightage, the rate of wholesale inflation decreased from 8.68 per cent in June, 2024 to 3.55 per cent in July. The increase last month was largely due to higher prices in various categories including food articles, manufacture of food products, crude petroleum and natural gas, mineral oils, and other manufacturing sectors. The government releases index numbers of <keyword id="116267" type="General" weightage="20" keywordseo="wholesale-prices" source="Orion">wholesale prices</keyword> on a monthly basis on the 14th of every month (or the next working day). The index numbers are compiled with data received from institutional sources and selected manufacturing units across the country. In April last year, the wholesale inflation went into negative territory. Similarly, in the initial days of COVID-19, in July 2020, the WPI was reported negative. Overall wholesale inflation was 8.39 per cent in October 2022 and has fallen since then. Notably, the wholesale price index (WPI)--based inflation had been in double digits for 18 months in a row till September 2022. Meanwhile, India's retail inflation, after breaching 5 per cent in June, softened drastically in July. According to data released by the Ministry of Statistics and Programme Implementation, retail inflation or Consumer Price Index in July was at 3.54 per cent, which is the lowest in the last 59 months. In June, taking a departure from the moderation it witnessed in the past months, it rose to 5.08 per cent, pushed by rising food prices. Food inflation for July 2024 is the lowest since June 2023. Year-on-year inflation rate based on All India Consumer Food Price Index (CFPI) number is 5.42 per cent (Provisional) for the month of July, 2024. The corresponding inflation rate for rural and urban is 5.89 per cent and 4.63 per cent, respectively. Rising food prices continued to be a headache for Indian consumers with the inflation rate in the food segment almost doubling year-on-year in June. Food prices continue to remain a pain point for the policymakers in India, who wish to bring retail inflation to 4 per cent on a sustainable basis. However the latest retail inflation data showed the overall inflation has aligned with the intended target. Inflation has been a concern for many countries, including advanced economies, but India has largely managed to steer its inflation trajectory quite well. The eased month-on-month retail inflation, barring June, came on the heels of RBI having maintained the status quo in the repo rate for the ninth straight occasion. Barring the recent pauses, the RBI has raised the repo rate by 250 basis points cumulatively since May 2022 in the fight against inflation. Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline. The repo rate is the rate of interest at which the RBI lends to other banks.

Amid declining retail inflation, wholesale inflation in India moderates to 2.04% in July

<ul class="summary-list"><li>A Capitol rioter best known for sporting a "<keyword id="12026423" type="UNKNOWN" weightage="60" keywordseo="hitler" source="Orion">Hitler</keyword> mustache" was demoted and discharged from the Army.</li><li>Prosecutors allege Timothy Hale-Cusanelli, 31, breached the Capitol on January 6 and helped direct rioters into the building.</li></ul>A Capitol rioter best known for his "Hitler mustache" was demoted and kicked out of the Army Reserves, according to The Washington Post.According to the report, the actions were taken against Timothy Hale-Cusanelli, 31, after the military discovered his involvement at the Capitol on January 6. <a href="https://drive.google.com/drive/folders/1DnIhwcAB838uUBelGboAxMGtD-8UuVAh">Court filings</a> allege Hale-Cusanelli directed rioters at the Capitol to enter the building and later bragged that the protesters "could have taken over the entire building" if more people were there.Hale-Cusanelli was a sergeant in the Army until June when he was demoted to the rank of 'private' - the lowest-possible rank in the branch. He was also given an "other-than-honorable" discharge from the Army, meaning he cannot re-enlist unless under <a href="https://www.gijobs.com/what-you-need-to-know-about-other-than-honorable-discharge/#:~:text=The%20most%20severe%20type%20of,other%2Dthan%2Dhonorable%20conditions.&amp;text=In%20most%20cases%2C%20veterans%20who,except%20under%20very%20rare%20circumstances.ces.">rare circumstances</a> and will likely face challenges receiving veteran benefits.Before he was arrested, Hale-Cusanelli worked at the Naval Weapons Station Earle in New Jersey. An internal investigation by the Navy interviewed 44 of his coworkers. Thirty-four of them said he has "extremist or radical views pertaining to the Jewish people, minorities and women."One of Hale-Cusanelli's coworkers interviewed by investigators said he told them "he would kill all the Jews and eat them for breakfast, lunch, and dinner, and he wouldn't need to season them because the salt from their tears would make it flavorful enough" if he were a Nazi.According to an Insider investigation by <a href="https://www.businessinsider.com/timothy-hale-cusanelli-hitler-loving-insurrectionist-secret-level-security-clearance-2021-3">Joshua Zitser</a>, Hale-Cusanelli's racist and anti-Semitic conduct extended outside of the workplace as well. A New Jersey rabbi, who wished to remain anonymous, told Insider that Hale-Cusanelli made "veiled threats, saying that he was going to show up to people's houses on the Sabbath," and that "those who followed anti-Semitism in the area knew" of him well. Approximately 684 people have been charged locally and federally in relation to the January 6 <keyword id="12069566" type="UNKNOWN" weightage="60" keywordseo="capitol-breach" source="Orion">Capitol breach</keyword>. Of that, only <a href="https://www.insider.com/capitol-rioters-who-pleaded-guilty-updated-list-2021-5">105 people have pleaded guilty.</a>

A Capitol rioter with a 'Hitler mustache' was booted from the Army Reserves

<ul class="summary-list"><li>The Ukrainian hacking group "Blackjack" successfully targeted Russian military sites and mined data.</li><li>The data includes intel on Russian military bases, air-defense installations, and weapons arsenals.</li></ul>"<a target="_blank" href="https://www.newsweek.com/ukraine-blackjack-hackers-russia-defense-military-sites-1862139">Blackjack</a>,"<a target="_blank" href="https://www.newsweek.com/ukraine-blackjack-hackers-russia-defense-military-sites-1862139"> a Ukrainian group of hackers</a> with possible ties to the country's main spy agency, stole construction plans for over 500 Russian military sites, Newsweek reported.The cyber operatives are believed to have links to the <a target="_blank" href="https://www.businessinsider.com/russia-used-kyiv-surveillance-cameras-huge-missile-attack-ukraine-2024-1?r=US&amp;IR=T">Security Service of Ukraine</a>.Ukraine's military-intelligence agency, the <a target="_blank" href="https://www.businessinsider.com/more-than-220-russian-troops-have-surrendered-ukraine-via-hotline-2024-1?r=US&amp;IR=T">Defence Intelligence of Ukraine, or GUR,</a> confirmed the successful operation on Friday."<a target="_blank" href="https://t.me/DIUkraine/3314">Blackjack blew the jackpot</a>,"<a target="_blank" href="https://t.me/DIUkraine/3314"> GUR shared</a> in Ukrainian on Telegram.GUR said a successful cyberattack had been launched against a Russian state enterprise overseeing all construction contracts for Russia's Ministry of Defence.They wrote that operatives had transferred critical information about Russian military facilities that have already been completed, constructed, reconstructed, or planned for construction to the Security and Defense Forces of Ukraine.The Blackjack group amassed 1.2 terabytes of classified data on Vladimir Putin's military apparatus.The data includes detailed maps of more than 500 Russian military bases across Russia and Russian-occupied Ukrainian territories.The mined information includes crucial data about Russian Army headquarters, air-defense installations, and weapons arsenals.The Ukrainian public broadcaster Suspilne said the group also took down seven servers and encrypted over 150 of the Russian contractor's employee computers."Effectively, the <a target="_blank" href="https://euromaidanpress.com/2024/01/19/media-ukrainian-hackers-steal-tech-docs-on-500-russian-defense-facilities/#:~:text=Suspilne%20says%20the%20hackers%20also,of%20information%2C%E2%80%9D%20Suspilne%20wrote.">Russian construction specialists were left without any data or backup copies of information</a>," Suspilne said, Euromaidan Press reported.GUR wrote on Telegram that operatives deleted all the specified data from the Russian company's servers as part of the cyber operation, which temporarily paralyzed the construction of new Russian facilities."We express our gratitude to the members of the powerful Blackjack cyber community, who again deftly beat the Russians and significantly strengthened Ukraine's defense capabilities," GUR wrote in Ukrainian.The Telegram post concluded with, "Glory to Ukraine!"Cyber warfare has played a key role in Russia's war on Ukraine.Earlier this month, the Business Insider reporter Sinéad Baker wrote that <a target="_blank" href="https://www.businessinsider.com/russia-used-kyiv-surveillance-cameras-huge-missile-attack-ukraine-2024-1?r=US&amp;IR=T">Russia had hacked Kyiv surveillance cameras to zero in on targets for its devastating coordinated-missile attack</a>.Both armies are taking advantage of cyberspace in their military strategy. Last month, <a target="_blank" href="https://www.businessinsider.com/ukraine-war-hacked-russia-drone-find-attack-drone-base-2023-12?r=US&amp;IR=T">Ukrainian marines hacked a Russian drone's video feed to track it and subsequently shell it</a>.

You Searched For "indian army data breach" and got 13 results

WazirX suspends withdrawals after $230 million worth of cryptos stolen in a hack

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Indian Army inducts first-ever indigenous chip-based made in India 4G base station from Signaltron

PTI

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After flat opening to market, Sensex breaches 79,000-mark for first time; Nifty hits new lifetime high

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Indian markets ease as profit booking follows record-breaking streak

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Sensex breaches 75,000-mark and Nifty scales new peak in intra-day; indices end marginally lower

PTI

Indian markets surging to all time highs today: What's happening post Fed decision?

Ira Alok Puranik

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Data breach reported by Toyota Kirloskar Motor

IANS

A crypto data leak led the FBI to America's most wanted sex trafficking fugitive. Now, the victims want his bitcoins.

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Amid declining retail inflation, wholesale inflation in India moderates to 2.04% in July

ANI

A Capitol rioter with a 'Hitler mustache' was booted from the Army Reserves

Madison Hall

Ukraine's 'Blackjack' hackers breached 500 Russian military sites and caused chaos, says military intelligence

Rebecca Rommen

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