- Short Squeez
- Posts
- š Cyberquake on Wall Street
š Cyberquake on Wall Street
How the world's biggest bank got hacked, traversing Manhattan on a USB stick, plus $29 flights are back.
Together With
"The problem with the rat race is that even if you win, youāre still a rat." ā Lily Tomlin
Good Morning! The holiday airline mid off is back - JetBlue, Spirit, and Frontier have 260 million seats to fill this quarter and are racing to the bottom, offering $29 flights. Weight-loss drugs are the hottest new corporate benefit. The millionaire biohacker Bryan Johnson says heās already burned through $4 million trying to reverse his biological age. A British grocery store chain axed all of its self-checkouts. And Google is in talks to invest hundreds of millions of dollars in the chatbot startup CharacterAI.
Reminder that CEO of Eckard is hosting an exclusive webinar on Mineral Rights Investing today at 4:30pm ET. RSVP here.
SQUEEZ OF THE DAY
Cyberquake on Wall Street

The finance world is still trying to figure out how the worldās biggest bank, Industrial & Commercial Bank of China Ltd., got hit with a massive cyberattack.
The situation escalated to the point where a physical transfer of data via USB stick across Manhattan was necessary to facilitate trade settlements involving the bank's $5.74 trillion in assets.
The key suspect is the infamous Lockbit crew, suspected to be Russian mobsters. Theyāve been behind some of the most high-profile cyberattacks, from Boeing to the Royal Mail. Once ICBC was hit, chaos ensued. Market-makers, brokerages, and banks were left scrambling, rerouting trades, and begging for access.
Ransomware is a common cyberattack technique - taking control and only letting go when the victim coughs up the dough. And it's gotten pretty popular. Chinese banks usually keep things under wrap, and thereās talk the attack hit the U.S. Treasuries market.
This isnāt the first major cyber attack on the financial world. Remember ION Trading UK? They got slapped with ransomware eight months ago, causing markets to tap out and bankers to deal with transactions manually.
Takeaway: Bank leaders are starting to lose sleep over cyberattacks. The fear? A full-on cyberattack that cripples the financial system's backbone, causing mass chaos. And if anything - experts say ICBC is a surprising target. China banned crypto, a favorite of hackers because of its anonymity.
CAPITAL PULSE
Markets Rundown

Stocks closed higher and continued their year-end rally.
Movers & Shakers
(+) Palantir Technologies ($PLTR) +8% because the company says AI adoption is growing.
(ā) Groupon ($GRPN) -35% after the e-commerce company said its turnaround is taking longer than expected.
(ā) Plug Power ($PLUG) -40% because the hydrogen company says they could run out of money in a year.
Private Dealmaking
Roller, a venue management software platform, raised $50 million
Eleos Health, a therapy voice analytics provider, raised $40 million
Skyroot Aerospace, a satellite launch service provider, raised $27.5 million
Engine Biosciences, a drug discovery platform, raised $27 million
Tabnine, a code generation startup, raised $25 million
Arch, a private investment management platform, raised $20 million
For more PE & VC deals, subscribe to Buysiders.
SPONSORED BY GROWTHSCHOOL
Master ChatGPT & AI Hacks
Explore the potential of AI and ChatGPT during a 3-hour workshop by Growthschool to 10X your work output & make smarter investment decisions.
This session, typically valued at $99, is currently open without charge to the first 100 registrants.
With AI & ChatGPT, you will be able to:
Automate tasks and get the job done at 10x speed
Make investment choices effortlessly with AI insights
Stay ahead of market trends and secure a competitive edge in your business
Ideal for Professionals, Entrepreneurs, and Investors looking to integrate AI into their operations.
HEADLINES
Top Reads
Hedge funds shorting U.S. financial stocks at record levels (Reuters)
Private equity now featuring less equity (WSJ)
Why Washington wants to treat Apple and Google like big banks (YF)
What Elon Muskās āage of abundanceā means for the future of capitalism (WSJ)
Moodyās cuts USA outlook to negative, citing higher interest rates (CNBC)
Inflation is making corporate America anxious (YF)
Why the golden era of remote work might be over (CNBC)
Dating apps on the rocks with Wall Street (Axios)
Ken Griffin says West desperately needs nuclear power (BB)
SoftBank canāt shake the ghosts of tech booms past (WSJ)
BOOK OF THE DAY
The Pumpkin Plan

Each year Americans start one million new businesses, nearly 80 percent of which fail within the first five years. Under such pressure to stay aliveālet alone growāitās easy for entrepreneurs to get caught up in a never-ending cycle of āsell itādo it, sell itādo itā that leaves them exhausted, frustrated, and unable to get ahead no matter how hard they try.
This is the exact situation Mike Michalowicz found himself in when he was trying to grow his first company. Although it was making steady money, there was never very much left over and he was chasing customers left and right, putting in twenty-eight-hour days, eight days a week. The punishing grind never let up. His company was alive but stunted, and he was barely breathing. Thatās when he discovered an unlikely source of inspirationāpumpkin farmers.
After reading an article about a local farmer who had dedicated his life to growing giant pumpĀkins, Michalowicz realized the same process could apply to growing a business. He tested the Pumpkin Plan on his own company and transformed it into a remarkable, multimillion-dollar industry leader. First he did it for himself. Then for others. And now you.
āIn his crazy-like-a-fox style, Mike Michalowicz reveals why channeling a pumpkin farmer brings you unparalleled success.ā
ENLIGHTENMENT
Short Squeez Picks
Why caspering is a better alternative to ghosting
Are Ray Dalioās principles the secret to his success?
How a beginners mind can transform your leadership
People who are good at small talk always use these phrases
DAILY VISUAL
Q3 2023 Cost of Living Index

Source; Axios
SPONSORED BY FACET
Elevate Your Financial Health
How are you doing financially?
Take Facetās free Financial Wellness Quiz. It will let you know how you are doing in five key financial areas.
Thatās not all. Facet also allows you to schedule a session with a Facet expert to review your reportācomplimentary, of course.
DAILY ACUMEN
People Tell Meā¦
When it comes to articulating your strengths without coming across as arrogant, remember these three magic words: "People tell me..."
Whether you're pitching to investors or advocating for yourself, this simple phrase can make all the difference. It's a subtle way to showcase your strengths without sounding like you're singing your own praises.
The beauty of this approach is its simplicity. Just identify your strength, something that others have genuinely recognized in you, and tack on those three magic words.
For instance, "People tell me I have a knack for bringing positive energy to the team," or "People tell me I excel at identifying consumer insights." It's like seasoning your self-presentation with a dash of humility.
Now, here's the catch: your claim must be legit. You're not making this up; you're conveying genuine feedback from others about your unique strengths.
Why does this work? Well, it's a breeze to implement. You pick a strength, insert the magic words, and voilĆ , you've got a compelling statement. It's indirect, as you're essentially passing on someone else's praise, and it carries credibility because it's a third-party testimonial.
So, the next time you're in a situation where you need to showcase your strengths, remember those three little words, and confidently share what makes you exceptional. It's a simple yet powerful tool to help you stand out without sounding conceited.
MEME-A-PALOOZA
Memes of the Day



What'd you think of today's email? |
Reply