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The $1.5 Billion Bybit Heist: A Wake-Up Call for Crypto Securit

  The cryptocurrency world was rocked by the news of one of the largest heists in its history: hackers stole a staggering $1.5 billion from the popular exchange Bybit. This incident, reported by NBC News, is a stark reminder of the vulnerabilities that still plague the crypto industry, despite its rapid growth and technological advancements. Let’s dive into what happened, what it means for the crypto ecosystem, and how users and exchanges can better protect themselves in the future. What Happened? Bybit, a leading cryptocurrency exchange known for its derivatives trading platform, fell victim to a sophisticated cyberattack. Hackers exploited vulnerabilities in the exchange’s security infrastructure, making off with $1.5 billion in digital assets. While the exact method of the attack hasn’t been fully disclosed, such breaches often involve phishing, social engineering, or exploiting software flaws. This heist is particularly alarming due to the sheer scale of the theft. It not only ...
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Dubai: Google CEO Sundar Pichai dismisses concerns of AI taking away jobs, encourages 'risk-taking' mindset

 KT Photo: Neeraj Murali

Artificial intelligence (AI) will create many new job opportunities, Google CEO said, shrugging off concerns about new technology taking away jobs of the people.

While speaking at the World Government Summit in Dubai on Wednesday, Sundar Pichai cited a study conducted by an MIT professor which revealed that 60 per cent of the new jobs created since 1940 didn't exist before.

“There's a constant evolution we go through. In the year 2000, no one envisioned that there could be someone called a YouTube creator. Today, there are millions of creators, and they are real small businesses. They generate value and employ other people and so on,” he said.

Pichai added that technology is now prevalent in different fields, even proliferating sports such as chess.

“We've seen that AI is the best chess player in the world, and that's been true for a long, long time. Chess is more popular than ever before, and more people are playing chess now."

He added that over time, there will be value and a premium placed on human experiences and human interactions.

During a conversation with Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence and Digital Economy and Remote Work Applications, he praised the UAE’s role and focus on developing infrastructure and artificial intelligence (AI) technology.

“I want to give credit to the UAE as it always surprises me. You (Omar) became the national AI Minister in 2017 which is pretty far-sighted. There's going to be no technology which would impact your economy as much as AI,” he said.

Pichai added that governments should make sure that they invest in the infrastructure like UAE has done and upskill their population.

“On the risk side, all of us need to be responsible with this technology (AI). The opportunity space is huge, but it's a powerful technology. It can be a self-improving technology, so make sure you're developing competency to evaluate and assess risks and take the appropriate steps over time. It's going to be something we all need to invest in, and there should be global standards around it.”

“Most people are underestimating the infrastructure transition. The UAE has been at the forefront because it's not just about computers, and data centres. The UAE has been at the forefront of skilling, which is another important area. The amount of work that needs to be done to help your population get ready and transition, it's something that needs a lot of effort,” he said.

Google's chief said firms and governments should encourage risk-taking.

“We used to say we need to have a healthy disregard for the impossible. We always felt that if you encourage people to work on very ambitious things, even if you fail, whatever you end up doing will be very, very valuable.

So I think that's the kind of framework we always had. I would say you have to have an optimistic culture – the culture of curiosity encourages optimism and really push people to take risks. You should not punish failures, but encourage risk-taking in your culture.”

 Google is working on a technology to detect deepfake content, Pichai added.

“We are definitely developing technology and open-sourcing it. So we are watermarking image generation, and also open-sourcing detection tools. We need to work with other companies to create a standard around it. As we we want to encourage AI innovation over time, there will also be areas where regulation makes sense,” he said during the World Government Summit in Dubai on Wednesday.

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