Good morning. It's Tuesday, Oct. 29, and we're covering a lawsuit against profiteers of a Chase ATM glitch, a global assessment on tree extinction, and much more. First time reading? Join over 4 million intellectually curious readers. Sign up here.
And, as always, send us feedback at [email protected]. |
|
1440's second-ever newsletter launches Thursday! Focused on deep dives into business and finance topics, we'll cover issues ranging from startups and IPOs to taxes and retirement—and everything in between. The first edition explores venture capital; sign up here to get it in your inbox! |
|
|
|
|
JPMorgan Chase has begun suing people who took advantage of the summer’s so-called “infinite money glitch" that enabled them to withdraw thousands of dollars from Chase ATMs. The bank filed suits in three federal courts—in Texas, Florida, and California—to try to recoup an untold amount of losses.
In August, videos began circulating on TikTok on how to exploit the “glitch." Generally, a person either wrote and deposited a fake paper check, or one person deposited a fake check while an accomplice withdrew the funds before JPMorgan had time to bounce the check. JPMorgan fixed the vulnerability, but yesterday’s lawsuits began to showcase the scheme's impact. In one case, a man from Houston is accused of stealing $290K after an accomplice deposited a fake check for $335K. Other cases involve owed sums ranging between $80K and $141K.
Paper check usage has declined in recent years and accounts for an estimated 5% of transactions. Last year, fraud involving checks resulted in $26.6B in losses. |
More than one-third of the world's tree species are at risk of going extinct, according to a new global analysis released yesterday. The assessment, published during the United Nations COP16 biodiversity summit in Cali, Colombia, found at least 16,425 tree species are at risk from a total of 47,282 (approximately 80% of documented tree species) examined worldwide.
Tree species in 192 countries are at risk, with the highest proportion of threatened trees found on islands and in South America due to invasive species as well as the warming climate and deforestation for urban development. More than 5,000 tree species on the list are used for construction timber, while over 2,000 are used for medicine, food, and fuel. Learn about deforestation here (w/charts).
While global leaders representing about 85% of the world's forests have committed to ending deforestation by 2030, reports have found efforts to do so may be stalling. See an interactive map of tree cover loss and gain here. |
An operation involving multiple federal agencies was initiated yesterday at the Metropolitan Detention Center in Brooklyn, where high-profile inmates Sean "Diddy" Combs and Sam Bankman-Fried are currently held, amid rising concerns over the facility's conditions. Prison officials said the initiative was preplanned and there is no active threat.
The MDC is the only operating federal prison in New York City after federal authorities closed the Metropolitan Correctional Center in 2021, where sex offender Jeffrey Epstein died by suicide. The MDC has been under recent scrutiny due to a series of violent incidents, multiple deaths, contraband smuggling, and severe staffing shortages. Nine inmates were charged in September in connection with violent attacks that include two murders and assaults involving makeshift weapons.
The facility is primarily used for post-arrest detention of those awaiting federal trial in Manhattan or Brooklyn or short-sentence convictions. The MDC houses about 1,200 inmates, with roughly 470 employees and approximately 70% of its corrections officer positions filled. |
|
|
|
|
You're Doing Breakfast Wrong |
Please support our sponsors! |
|
|
|
Sports, Entertainment, & Culture |
> Barcelona's Aitana Bonmatí wins Ballon d'Or as soccer's best female player for second straight year; Manchester City's Rodri takes honor for best male player (More) |
> French actor Gérard Depardieu's criminal trial for sexual assault postponed until March by French court due to Depardieu's health issues (More) | Actor Jay Johnston sentenced to one year in prison for role in Jan. 6, 2021, US Capitol storming (More) |
> Jon Stewart extends deal to continue hosting Monday edition of "The Daily Show" through December 2025 (More) |
|
> Apple debuts its Apple Intelligence features for iPhone, iPad, and Mac; marks the company's first public foray into AI products (More) | UK man sentenced to 18 years in prison for AI-generated child sexual abuse content; advocates call outcome a landmark decision in AI law (More) |
> Biologists decode genetic adaptations that allow critically endangered Cat Ba langurs to drink salt water; traits give increased ability to metabolize calcium and sodium (More) |
> Engineers demonstrate prototype device using recycled polystyrene—a common packing material—that generates enough static electricity from air motion to lower air-condition power demand by 5% (More) |
|
In partnership with Pendulum |
|
|
|
> US stock markets close higher (S&P 500 +0.3%, Dow +0.7%, Nasdaq +0.3%) as investors await earnings reports this week from five of "Magnificent Seven" tech stocks—Alphabet, Apple, Amazon, Microsoft, and Meta (More) |
> Boeing launches $19B stock sale by issuing 90 million new shares, $5B in depository shares to avoid credit downgrade amid ongoing machinists strike (More) | Volkswagen reportedly plans to shut down three factories in Germany, lay off thousands, and cut salaries by 10%; domestic closures would be the first in the 87-year history of Germany's largest employer (More) |
> Nuclear startup Pacific Fusion Corp. raises over $900M in funding; startup seeks to commercialize fusion technology for energy (More) | Nuclear fusion 101 (More) |
|
> Suspect vehicle identified in connection with devices that set fires to ballot drop boxes in Oregon and Washington state (More) | Philadelphia District Attorney Larry Krasner (D) sues to halt political action committee led by Elon Musk from awarding $1M daily giveaways to voters registered in swing states (More) |
> Man sentenced to life for the 2022 killing of Memphis teacher and 34-year-old mother Eliza Fletcher, an heir to a multibillion-dollar hardware company who was abducted while jogging (More) |
> Pentagon confirms North Korea has sent roughly 10,000 troops to aid Russia in its war against Ukraine (More) | See war updates (More) |
|
> Follow the Yellow Brick Trail
AirMail | Mark Seal. In 2005, someone stole a pair of "Wizard of Oz" ruby red slippers from the Judy Garland Museum in Grand Rapids, Minnesota. For the next 13 years, the town mourned the loss of the treasurable possession—before an FBI sting brought them home. (Read)
> The Collapse of Self-Worth in the Digital Age
The Walrus | Thea Lim. With social media and apps like Goodreads, it is increasingly easy for artists to assess themselves by checking online stats. One author reflects on the impact of this behavior on self-worth. (Read) |
|
Please support our sponsors! |
|
|
"Don’t forget to tell these special people in your life just how special they are to you." |
|
Why 1440? The printing press was invented around the year 1440, spreading knowledge to the masses and changing the course of history. More facts: In every day, there are 1,440 minutes. We’re here to make each one count.
Send us your feedback at [email protected] and help us stay as unbiased as humanly possible. We’re ready to listen.
Interested in reaching intellectually curious readers like you? To become a 1440 partner, apply here. |
1440 Media 222 W Merchandise Mart Plaza, Suite 1212 Chicago, IL 60654
Copyright © 2024, 1440 Media, All rights reserved.
J |
|
|
|
|
|
