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Updated: 9 hours 32 min ago

Microsoft Says Palworld Is the Biggest Ever Third-Party Game Pass Launch

Thu, 02/01/2024 - 6:20pm
Palworld, a viral "Pokemon with guns" game, has become Microsoft's biggest third-party launch on Game Pass. According to developer Pocketpair, the game sold 12 million copies on Steam and seven million on Xbox since its January 19 launch. A million of the copies were sold in its first eight hours. Engadget reports: In addition to being the biggest third-party Game Pass launch ever, Palworld had the largest third-party day-one launch on Xbox Cloud Gaming (included with Game Pass Ultimate). The game's highest peak since launch was nearly three million daily active users on Xbox. Microsoft says it was the most-played game on Xbox platforms during that period. Palworld uses Pokemon-esque characters and themes -- enough to catch the attention of Nintendo's lawyers. It has battles with monsters similar to those in the creature-collecting series, including the ability to capture them inside a sphere after winning. But Palworld also includes biting social commentary and incorporates themes you'd never see in Pokemon -- like labor exploitation. "Don't worry, there are no labor laws for Pals," a game FAQ reads. One of the title's trailers showed a player circling hard-at-work Pals with an assault rifle. "Creating a productive base like this is the secret to living a comfortable life in Palworld," the narration reads.

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Apple Vision Pro To Launch With Over 600 Apps and Games

Thu, 02/01/2024 - 5:40pm
An anonymous reader quotes a report from TechCrunch: The pace is picking up for the Apple Vison Pro apps ahead of the spatial computing device's Friday launch as developers ready their apps for the new platform. While just last week, only 150-plus apps had been specifically designed for the Vision Pro so far, according to a third-party analysis of the App Store, Apple announced today that more than 600 new apps and games are being readied for the Vison Pro ahead of its debut. These join the more than 1 million already compatible apps across iOS and iPadOS, the company says. [...] The company says more than 600 apps and games have been designed to take advantage of the Vision Pro's capabilities and its 3D user interface that's navigated using your eyes, hands and voice. Several streaming apps have already announced their support, including Disney+, ESPN, MLB, PGA Tour, Max, Discovery+, Amazon Prime Video, Paramount+, Peacock, Pluto TV, Tubi, Fubo, Crunchyroll, Red Bull TV, IMAX, TikTok and MUBI. The PGA Tour Vision app offers a golf game with real-time shot tracking across models of real golf courses, while the NBA app will allow streaming up to five broadcasts live or on-demand at once, Apple notes. Red Bull TV will include 3D maps of races. Soccer fans will also be able to stream MLS Season Pass via Apple's own Apple TV app. That app will offer access to Apple's Originals, more than 200 3D movies and Apple Immersive Video.

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YouTube Says It Has More Than 100 Million Premium and Music Subscribers

Thu, 02/01/2024 - 5:02pm
YouTube has announced it has surpassed 100 million YouTube Music and YouTube Premium subscribers globally. Variety reports: The 100 million figure includes uses who are on free trials, according to YouTube. The company didn't break down how many are on YouTube Music versus YouTube Premium, the subscription service for ad-free viewing, background listening, offline video downloads and full access to YouTube Music. In November 2022, the company said YouTube Music and YouTube Premium topped 80 million paying subscribers combined. The announcement comes after Alphabet, in reporting fourth-quarter 2023 earnings, boasted that YouTube and Google subscription services generated more than $15 billion in revenue last year. That includes YouTube Premium and YouTube Music, as well as YouTube TV and Google One cloud storage.

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Snap Is Recalling and Refunding Every Drone It Ever Sold

Thu, 02/01/2024 - 4:25pm
Snap is recalling all 71,000 of its Pixy flying selfie camera drones because their batteries pose a fire hazard. The Verge reports: Snap and the US Consumer Product Safety Commission say you should "immediately stop using the Pixy Flying Camera, remove the battery and stop charging it" now that there have been four reports of the battery bulging, one fire, and one "minor injury." Then, you can get a full refund for the entire drone and / or any batteries you own -- sounds like we're talking at least $185 back to you, unless you bought it on sale. You don't need a receipt: you can apply for the refund even if you got it as a gift. You can fill out this form to receive a prepaid return label to return the drone. Snap says you will need to safely dispose of the batteries yourself.

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FCC To Declare AI-Generated Voices In Robocalls Illegal Under Existing Law

Thu, 02/01/2024 - 3:45pm
An anonymous reader quotes a report from Ars Technica: The Federal Communications Commission plans to vote on making the use of AI-generated voices in robocalls illegal. The FCC said that AI-generated voices in robocalls have "escalated during the last few years" and have "the potential to confuse consumers with misinformation by imitating the voices of celebrities, political candidates, and close family members." FCC Chairwoman Jessica Rosenworcel's proposed Declaratory Ruling would rule that "calls made with AI-generated voices are 'artificial' voices under the Telephone Consumer Protection Act (TCPA), which would make voice cloning technology used in common robocalls scams targeting consumers illegal," the commission announced yesterday. Commissioners reportedly will vote on the proposal in the coming weeks. The TCPA, a 1991 US law, bans the use of artificial or prerecorded voices in most non-emergency calls "without the prior express consent of the called party." The FCC is responsible for writing rules to implement the law, which is punishable with fines. As the FCC noted yesterday, the TCPA "restricts the making of telemarketing calls and the use of automatic telephone dialing systems and artificial or prerecorded voice messages." Telemarketers are required "to obtain prior express written consent from consumers before robocalling them. If successfully enacted, this Declaratory Ruling would ensure AI-generated voice calls are also held to those same standards." Rosenworcel said her proposed ruling will "recognize this emerging technology as illegal under existing law, giving our partners at State Attorneys General offices across the country new tools they can use to crack down on these scams and protect consumers. "AI-generated voice cloning and images are already sowing confusion by tricking consumers into thinking scams and frauds are legitimate," Rosenworcel said. "No matter what celebrity or politician you favor, or what your relationship is with your kin when they call for help, it is possible we could all be a target of these faked calls."

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Google Maps is Getting 'Supercharged' With Generative AI

Thu, 02/01/2024 - 1:45pm
Google is bringing generative AI to Google Maps, promising to help users find cool places through the use of large language models (LLM). From a report: The feature will answer queries for restaurant or shopping recommendations, for example, using its LLM to "analyze Maps' detailed information about more than 250 million places and trusted insights from our community of over 300 million contributors to quickly make suggestions for where to go." Google says the feature will first become available in the US, but there's no word yet on when other countries will also get it.

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Biden To Offer $1.5 Billion Loan To Restart Michigan Nuclear Power Plant

Thu, 02/01/2024 - 11:40am
The Biden administration is poised to lend $1.5 billion for what what would be the first restart of a shuttered US nuclear reactor, the latest sign of strengthening federal government support for the atomic industry. Bloomberg: The funding, which is set to get conditional backing from the US Energy Department, will be offered as soon as next month to closely held Holtec International to restart its Palisades nuclear plant in Michigan, according to people familiar with the matter. Holtec has said a restart of the reactor is contingent on a federal loan. Without such support, the company has said it would decommission the site. The financing comes as the Biden administration prioritizes maintaining the nation's fleet of nuclear plants to help meet its ambitious climate goals -- including a plan to decarbonize the electricity grid by 2035. More than a dozen reactors have closed since 2013 amid competition from cheaper power from natural gas and renewables, and the Energy Department has warned that as many of half of the nation's nuclear reactors are at risk of closing due to economic factors.

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Microsoft Seeks Rust Developers To Rewrite Core C# Code

Thu, 02/01/2024 - 11:00am
An anonymous reader shares a report: Microsoft's adoption of Rust continues apace if a posting on the IT titan's careers website is anything to go by. Although headcount at Microsoft might currently be down -- by two percent compared to the previous year -- recruitment persists at the Windows giant. In this case, the company is forming a team of Rustaceans to tackle a platform move away from C#. The job, a principal software architect for Microsoft 365, has responsibilities that include "guiding technical direction, design and implementation of Rust component libraries, SDKs, and re-implementation of existing global scale C# based services to Rust." According to the post, the job lurks within the Substrate App Platform group, part of the Microsoft 365 Core Platform organization. The Substrate does the heavy lifting behind the scenes for Microsoft's cloud services, making a rewrite into Rust quite a statement of intent. Microsoft said: "We are forming a new team focused on enabling the adoption of the Rust programming language as the foundation to modernizing global scale platform services, and beyond."

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Bard Generates Photos Now, Finally

Thu, 02/01/2024 - 10:20am
Google's Bard chatbot is adding AI image generation, catching up on a feature that rival ChatGPT Plus has had for months. From a report: Users can prompt Bard to generate photos using Google's Imagen 2 text-to-image model. Bard, now powered by Google's Gemini Pro large language model, was always going to have image generation. It was assumed the more powerful Gemini Ultra model would power it; however, that model remains in development. Google has been positioning Bard as a worthy competitor to OpenAI's ChatGPT Plus, which runs GPT-4 and lets users generate images thanks to DALL-E 3 integration. Both chatbots perform well, but Bard's lack of text-to-image features gave ChatGPT Plus a bit of an edge. People can use the updated Bard with Imagen 2 at no cost, unlike ChatGPT Plus, which relies on a paid subscription.

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Okta To Lay Off 7% of Staff Because 'Reality is That Costs Are Still Too High'

Thu, 02/01/2024 - 9:46am
Identity management company Okta said on Thursday in a message to employees that it would lay off 400 employees, about 7% of the company's headcount. From a report: CEO Todd McKinnon said in his message that the "reality is that costs are still too high." Okta is only the latest tech company to trim headcount in the opening weeks of 2024. Nearly 24,000 tech workers lost their jobs in January alone, even as many tech companies saw their stock prices continue to grow.

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Apple Declares Last MacBook Pro With an Optical Drive Obsolete

Thu, 02/01/2024 - 9:01am
Apple has discontinued support for the mid-2012 13-inch MacBook Pro, the last model to include an optical drive. Products are considered obsolete when Apple ceased distribution over 7 years ago, making service and parts unavailable. The laptop was removed from Apple's lineup in 2016 but remained compatible with macOS until Big Sur in 2020. While optical drives had already fallen out of favor, the phase out marks the end of an era for pro users requiring discs for media production.

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Biogen Dumps Dubious Alzheimer's Drug After Profit-Killing FDA Scandal

Thu, 02/01/2024 - 8:00am
An anonymous reader quotes a report from Ars Technica: Biotechnology company Biogen is abandoning Aduhelm, its questionable Alzheimer's drug that has floundered on the market since its scandal-plagued regulatory approval in 2021 and brow-raising pricing. On Wednesday, the company announced it had terminated its license for Aduhelm (aducanumab) and will stop all development and commercialization activities. The rights to Aduhelm will revert back to the Neurimmune, the Swiss biopharmaceutical company that discovered it. Biogen will also end the Phase 4 clinical trial, ENVISION, that was required by the Food and Drug Administration to prove Biogen's claims that Aduhelm is effective at slowing progression of Alzheimer's in its early stages -- something two Phase 3 trials failed to do with certainty. In the announcement, Biogen noted it took a financial hit of $60 million in the fourth quarter of 2023 to close out its work on Aduhelm, which the company at one point reportedly estimated would bring in as much as $18 billion in revenue per year.

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Hulu Is Cracking Down On Password Sharing, Just Like Disney Plus and Netflix

Thu, 02/01/2024 - 5:00am
Hulu updated its Terms of Service to explicitly ban password sharing outside of "your primary personal residence." Subscribers will need to comply by March 14th, 2024. Here's the new ToS section in full: m. Account Sharing. Unless otherwise permitted by your Service Tier, you may not share your subscription outside of your household. "Household" means the collection of devices associated with your primary personal residence that are used by the individuals who reside therein. Additional usage rules may apply for certain Service Tiers. For more details on our account sharing policy, please visit our Help Center. We may, in our sole discretion, analyze the use of your account to determine compliance with this Agreement. If we determine, in our sole discretion, that you have violated this Agreement, we may limit or terminate access to the Service and/or take any other steps as permitted by this Agreement (including those set forth in Section 6 of this Agreement). You will be responsible for any use of your account by your household, including compliance with this section. The Verge reports: The new ToS is dated January 25th, 2024; previous versions of the ToS didn't mention account sharing at all. "We're adding limitations on sharing your account outside of your household, and explaining how we may assess your compliance with these limitations," the most important paragraph reads. Neither the email nor the ToS say how Hulu will measure compliance or how quickly it'll take action, but Hulu will apparently "analyze the use of your account" and it reserves the right to "limit or terminate access" if it decides you've broken the policy. The ToS also suggests there's more info about its account sharing policy at the Hulu Help Center, but we're not seeing any help articles about account sharing right now. Netflix started cracking down on password sharing in the U.S. last May, resulting in the "four single largest days of U.S. user sign-ups since January 2019." The streaming giant later went on to add 2.6 million U.S. subscribers. Disney Plus enacted a similar plan a few months later.

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SpaceX's Starship To Launch 'Starlab' Private Space Station In Late 2020s

Thu, 02/01/2024 - 2:00am
SpaceX's Starship rocket has been selected by Starlab to launch its private space station into orbit. "SpaceX's history of success and reliability led our team to select Starship to orbit Starlab," Dylan Taylor, chairman and CEO of Voyager Space, said in a statement. "SpaceX is the unmatched leader for high-cadence launches, and we are proud Starlab will be launched to orbit in a single flight by Starship." Space.com reports: Today's announcement didn't give a target launch date. But NASA and Starlab's developers want the four-person commercial station to be up and running before 2030, when the International Space Station (ISS) is expected to cease operations (though that retirement date is apparently not set in stone). [...] The 400-foot-tall (122 meters) Starship is the biggest and most powerful rocket ever built, capable of hauling up to 150 tons to low Earth orbit. It will send the fully outfitted Starlab up in just one launch, as Taylor noted above. "Starlab's single-launch solution continues to demonstrate not only what is possible, but how the future of commercial space is happening now," Tom Ochinero, senior vice president of commercial business at SpaceX, said in the same statement. "The SpaceX team is excited for Starship to launch Starlab to support humanity's continued presence in low Earth orbit on our way to making life multiplanetary," Ochinero added.

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Fiber Optics Bring You Internet. Now They're Also Listening To Trains

Wed, 01/31/2024 - 10:30pm
An anonymous reader quotes a report from Wired: Stretching thousands upon thousands of miles under your feet, a web of fibrous ears is listening. Whether you walk over buried fiber optics or drive a car across them, above-ground activity creates a characteristic vibration that ever-so-slightly disturbs the way light travels through the cables. With the right equipment, scientists can parse that disturbance to identify what the source was and when exactly it was roaming there. This quickly proliferating technique is known as distributed acoustic sensing, or DAS, and it's so sensitive that researchers recently used it to monitor the cacophony of a mass cicada emergence. Others are using the cables as an ultra-sensitive instrument for detecting volcanic eruptions and earthquakes: Unlike a traditional seismometer stuck in one place, a web of fiber optic cables can cover a whole landscape, providing unprecedented detail of Earth's rumblings at different locations. Now scientists are experimenting with bringing DAS to a railroad near you. When a train runs along a section of track, it creates vibrations that analysts can monitor over time -- if that signal suddenly changes, it might indicate a problem with the rail, like a crack, or a snapped tie. Or if on a mountain pass a rockslide blasts across the track, DAS might "hear" that too, warning railroad operators of a problem that human eyes hadn't yet glimpsed. More gradual changes in the signal might betray the development of faults in track alignment. It just so happens that fiber optic cables already run along many railways to connect all the signaling equipment or for telecommunications. "You're utilizing the already available facilities and infrastructure for that, which can reduce the cost," says engineer Hossein Taheri, who is studying DAS for railroads at Georgia Southern University. "There could be some railroads where they don't have the fiber, and you need to lay down. But yes, most of them, usually they do already have it." To tap into that fiber, you need a device called an interrogator, which fires laser pulses down the cables and analyzes the tiny bits of light that bounce back. So, say a rock hits the track 20 miles away from the interrogator. That creates a characteristic ground vibration that disturbs the fiber optics near the track, which shows up in the light signal. Because scientists know the speed of light, they can precisely measure the time it took for that signal to travel back to their interrogator, pinpointing the distance to the disturbance to within 10 meters, or about 30 feet. For a given stretch of track, you'd have already analyzed the DAS signals for a length of time, building a vibration profile for a normal, healthy railway. When the DAS data suddenly starts showing something different, you might have an issue, which shows up like an EKG picking up a problem with a human heartbeat. "What we're doing is profiling the track, looking for changes in the acoustic signature," says Daniel Pyke, a rail expert and spokesperson for Sensonic, which develops DAS technology for railroads. "We know what track should sound like, we know what a train should sound like. And we know that if it's changing -- so let's say this joint is coming loose -- that needs someone to go and fix it before it becomes a problem."

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Investors Threw 50% Less Money At Quantum Last Year

Wed, 01/31/2024 - 9:02pm
Dan Robinson reports via The Register: Quantum companies received 50 percent less venture cap funding last year as investors switched to generative AI or shied away from risky bets on Silicon Valley startups. Progress in quantum computing is being made, but practical applications of the technology are still likely years away. Investment in quantum technology reached a high of $2.2 billion in 2022, as confidence (or hype) grew in this emerging market, but that funding fell to about $1.2 billion last year, according to the latest State of Quantum report, produced by The Quantum Insider, with quantum computing company IQM, plus VCs OpenOcean and Lakestar. The picture is even starker in the US, where there was an 80 percent decline in venture capital for quantum, while the APAC region dropped by 17 percent, and EMEA grew slightly by three percent. But the report denies that we have reached a "quantum winter," comparable with the "AI winter" periods of scarce funding and little progress. Instead, the quantum industry continues to progress towards useful quantum systems, just at a slower pace, and the decline in funding must be seen as part of broader venture capital trends, it insists. "Calendar year 2023 was an interesting year with regards to quantum," Heather West, research manager for Quantum Computing, Infrastructure Systems, Platforms, and Technology at IDC told The Register. "With the increased interest in generative AI, we started to observe that some of the funding that was being invested into quantum was transferred to AI initiatives and companies. Generative AI was seen as the new disruptive technology which end users could use immediately to gain an advantage or value, whereas quantum, while expected to be a disruptive technology, is still very early in development," West told The Register. Gartner Research vice president Matthew Brisse agreed. "It's due to the slight shift of CIO priorities toward GenAI. If organizations were spending 10 innovation dollars on quantum, now they are spending five. Not abandoning it, but looking at GenAI to provide value sooner to the organization than quantum," he told us. Meanwhile, venture capitalists in America are fighting shy of risky bets on Silicon Valley startups and instead keeping their powder dry as they look to more established technology companies or else shore up their existing portfolio of investments, according to the Financial Times.

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FBI Director Warns Chinese Hackers Aim To 'Wreak Havoc' On US Critical Infrastructure

Wed, 01/31/2024 - 8:25pm
"China's hackers are positioning on American infrastructure in preparation to wreak havoc and cause real-world harm to American citizens and communities, if or when China decides the time has come to strike," said FBI Director Christopher Wray in a prepared testimony before the House Select Committee on the Chinese Communist Party. NBC News reports: Wray also argued that "there has been far too little public focus" that Chinese hackers are targeting critical infrastructure in the U.S. such as water treatment plants, electrical grids, oil and natural gas pipelines, and transportation systems, according to the prepared remarks. "And the risk that poses to every American requires our attention -- now," his prepared testimony said. As Wray testified, the Justice Department and FBI announced they had disabled a Chinese hacking operation that had infected hundreds of small office and home routers with botnet malware that targeted critical infrastructure. The DOJ said the hackers, known to the private sector as "Volt Typhoon," used privately owned small routers that were infected with "KV botnet" malware to conceal further Chinese hacking activities against U.S. and foreign victims. Wray addressed the malware in his testimony, emphasizing that it targets critical infrastructure in the U.S. [...] At Wednesday's hearing, the director of the federal Cybersecurity and Infrastructure Security Agency, Jen Easterly, testified that Americans should expect efforts by China to wage influence campaigns online relating to the 2024 election. However, Easterly added that she was confident that voting systems and other election infrastructure are well-defended. "To be very clear, Americans should have confidence in the integrity of our election infrastructure because of the enormous amount of work that's been done by state and local election officials, by the federal government, by vendors, by the private sector since 2016," Easterly said in her testimony. Wray emphasized in the remarks that the "cyber onslaught" of Chinese hackers "goes way beyond prepositioning for future conflict," saying in the prepared remarks that every day the hackers are "actively attacking" U.S. economic security, engaging in "wholesale theft of our innovation, and our personal and corporate data." "And they don't just hit our security and economy. They target our freedoms, reaching inside our borders, across America, to silence, coerce, and threaten our citizens and residents," the excerpts said.

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Key Rugged Phone Manufacturer Shuts Down

Wed, 01/31/2024 - 7:45pm
Jess Weatherbed reports via The Verge: Bullitt Group, the UK-based smartphone manufacturer behind the rugged handsets of Cat, Land Rover, and Motorola, has seemingly shut down. On Monday, Mobile World Live spotted several Bullitt Group employees on LinkedIn saying that the company folded on January 26th after a "critical planned restructuring" failed. The Telegraph reported earlier this month that the company was on the brink of insolvency. Bullitt Group has yet to issue an official statement confirming the closure. The manufacturer previously told The Telegraph that it planned to transfer its satellite connectivity business and all 100 of its employees to a new company owned by its creditors, though one former employee now claims the entire workforce has been laid off. Founded in 2009, Bullitt found its niche producing mobile devices and accessories for other companies. The most notable are the hardy, rugged handsets like the Land Rover Explore and Motorola Defy series, though it also made more traditional smartphones like the Kodak Ektra. In recent years, the company placed greater focus on satellite connectivity projects like the Motorola Defy Satellite Link as it struggled to compete against larger phone providers like Apple and Samsung.

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Mistral Confirms New Open Source AI Model Nearing GPT-4 Performance

Wed, 01/31/2024 - 7:02pm
An anonymous reader quotes a report from VentureBeat: The past few days have been a wild ride for the growing open source AI community -- even by its fast-moving and freewheeling standards. Here's the quick chronology: on or about January 28, a user with the handle "Miqu Dev" posted a set of files on HuggingFace, the leading open source AI model and code sharing platform, that together comprised a seemingly new open source large language model (LLM) labeled "miqu-1-70b." The HuggingFace entry, which is still up at the time of this article's posting, noted that new LLM's "Prompt format," how users interact with it, was the same as Mistral, the well-funded open source Parisian AI company behind Mixtral 8x7b, viewed by many to be the top performing open source LLM presently available, a fine-tuned and retrained version of Meta's Llama 2. The same day, an anonymous user on 4chan (possibly "Miqu Dev") posted a link to the miqu-1-70b files on 4chan, the notoriously longstanding haven of online memes and toxicity, where users began to notice it. Some took to X, Elon Musk's social network formerly known as Twitter, to share the discovery of the model and what appeared to be its exceptionally high performance at common LLM tasks (measured by tests known as benchmarks), approaching the previous leader, OpenAI's GPT-4 on the EQ-Bench. Machine learning (ML) researchers took notice on LinkedIn, as well. "Does 'miqu' stand for MIstral QUantized? We don't know for sure, but this quickly became one of, if not the best open-source LLM," wrote Maxime Labonne, an ML scientist at JP Morgan & Chase, one of the world's largest banking and financial companies. "Thanks to @152334H, we also now have a good unquantized version of miqu here: https://lnkd.in/g8XzhGSM. Quantization in ML refers to a technique used to make it possible to run certain AI models on less powerful computers and chips by replacing specific long numeric sequences in a model's architecture with shorter ones. Users speculated "Miqu" might be a new Mistral model being covertly "leaked" by the company itself into the world -- especially since Mistral is known for dropping new models and updates without fanfare through esoteric and technical means -- or perhaps an employee or customer gone rouge. Well, today it appears we finally have confirmation of the latter of those possibilities: Mistral co-founder and CEO Arthur Mensch took to X to clarify: "An over-enthusiastic employee of one of our early access customers leaked a quantized (and watermarked) version of an old model we trained and distributed quite openly... To quickly start working with a few selected customers, we retrained this model from Llama 2 the minute we got access to our entire cluster -- the pretraining finished on the day of Mistral 7B release. We've made good progress since -- stay tuned!" Hilariously, Mensch also appears to have taken to the illicit HuggingFace post not to demand a takedown, but leaving a comment that the poster "might consider attribution." Still, with Mensch's note to "stay tuned!" it appears that not only is Mistral training a version of this so-called "Miqu" model that approaches GPT-4 level performance, but it may, in fact, match or exceed it, if his comments are to be interpreted generously.

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FTX Scraps Plans To Revive Exchange, Will Repay Billions To Customers

Wed, 01/31/2024 - 6:20pm
A lawyer for FTX said the defunct crypto exchange has abandoned its plans to relaunch, instead opting to liquidate all assets and return funds to customers. The Guardian reports: The exchange, founded by Sam Bankman-Fried, has been negotiating for months with potential bidders and investors, but none were willing to put in enough money to rebuild it, FTX attorney Andy Dietderich said at a bankruptcy court hearing in Delaware. The failed negotiations underscored the fact that FTX was never what it appeared to be, and that Bankman-Fried never built the underlying technology or administration necessary to run the company as a viable business, Dietderich said. Bankman-Fried has been convicted on fraud charges related to his operation of FTX. He faces decades in prison. "FTX was an irresponsible sham created by a convicted felon," Dietderich said. "The costs and risks of creating a viable exchange from what Mr Bankman-Fried left in a dumpster were simply too high." The company will instead focus on liquidating its assets to repay customers whose cryptocurrency deposits were locked when the company filed for bankruptcy in November 2022. FTX has recovered over $7 billion in assets to repay customers, and it has reached agreements with government regulators who have agreed to wait until customers are fully repaid before attempting to collect on about $9 billion in claims, Dietderich said. While FTX plans to repay its customers, the exchange will calculate their repayment based on cryptocurrency prices from November 2022, when the crypto market was suffering a prolonged slump. "The price of bitcoin has risen to about $43,300 from its November 2022 price of $16,872," notes the report.

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