Google says hackers are calling financial firm employees to hack and extort victims

Source: Tech Crunch

Google says hackers are calling financial firm employees to hack and extort victims

Startups

Google researchers report that hacking groups, possibly part of a larger collective called UNC6671, are targeting major US financial and investment firms. Using "vishing" techniques, attackers trick employees via phone calls into revealing credentials on spoofed websites. The hackers steal sensitive data to extort ransoms, often ranging from $750,000 to $3 million. One associated cryptocurrency wallet reportedly received approximately $10 million in Bitcoin earlier this year.

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China-linked LightSpy spyware caught targeting victims in 13 countries, including the US

Startups

Security researchers at Arctic Wolf discovered that LightSpy, a Chinese-linked spyware, has expanded its reach to over a dozen countries, including the US and Europe. Now a commercial platform targeting governments and militaries, it can steal sensitive data, brick devices, and compromise routers, including those in NATO countries. The modular spyware operates via 117 global servers and was recently linked to a Chinese contractor through a KFC order.

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Defense tech Hadrian raises $1.37B at $8B valuation

Startups

"Defense tech company Hadrian has raised $1.37 billion in a new funding round, bringing its valuation to $7.87 billion. Led by investors including WCM Investment Management and Baillie Gifford, the company has now raised approximately $2 billion in total. Hadrian focuses on automated manufacturing facilities for existing military vehicle parts rather than AI weapons, recently opening a $2.4 billion submarine parts facility in Alabama.".

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Mitti Labs Bags $9.5 Mn To Make Rice Cultivation Water-Efficient

Business

"Climate tech startup Mitti Labs has raised $9.5 million in a Series A funding round led by Aramco Ventures to expand its operations in India, the Philippines, and Indonesia. The company utilizes a GeoAI platform and alternate wetting and drying techniques to help rice farmers reduce water and methane emissions. These verified savings are then sold as carbon credits to enterprises seeking to offset their environmental impact.".

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Ford needs another Taurus, and the $30K Fathom EV pickup isn’t it

Startups

Ford is launching the Fathom, an affordable EV compact pickup priced at $29,945, to revitalize its sales and compete with Chinese EVs. While CEO Jim Farley views it as a pivotal moment, the vehicle faces challenges due to the small compact truck market and strong SUV demand. Rather than a breakout hit, the Fathom may serve as a strategic test for Ford's new Universal EV platform.

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Bumble teases a swipe-free future as it doubles down on IRL meetups

Startups

Bumble is shifting away from its traditional swipe model to attract Gen Z users through real-world, group-based experiences. The company recently launched "Plans," an app designed for low-pressure, in-person socializing. CEO Whitney Wolfe Heard indicated that a new, more intentional interaction model will eventually replace swiping. Despite these innovations and AI integration, Bumble faces financial challenges, with year-over-year revenue declining by 15.2% and a drop in paying customers.

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ChatGPT brings unlimited text chats to free users

Startups

"OpenAI is removing text-based chat limits for all ChatGPT users, introducing the GPT-5.6 Luna model for Free and Go users. These users will also receive a 'Think' button for complex queries. Plus and Pro users gain the upgraded GPT-5.6 Sol model and a thinking slider to adjust reasoning depth. Internal tests show significant reductions in factual errors, with updates rolling out this week and next.".

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IPO-Bound LEAP India Nets ₹744 Cr From Anchor Investors

Business

Ahead of the commencement of the bidding for its public issue on August 7, logistics tech platform LEAP India has.

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Naïve raises $28.5M to automate the grunt work of setting up and running a company

Startups

Naïve, a startup providing infrastructure for AI agents to automate business setup and operations, has raised $28.5 million in Series A funding led by Nexus Venture Partners. With over 30,000 developer customers, the company offers an API to provision everything from LLC formation to cloud resources. Naïve is now focusing on reducing inference costs through model routing and serverless runtimes to improve agent efficiency for enterprises.

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Hacker pleads guilty to stealing data from more than 165 Snowflake customers

Startups

Canadian citizen Connor Moucka, 26, pled guilty to hacking over 165 companies and stealing billions of records. By compromising cloud provider Snowflake, Moucka accessed data from clients like AT&T and Ticketmaster, affecting millions of customers. He and his accomplices extorted $2.5 million in ransom and earned $500,000 selling data. Moucka faces decades in prison and is scheduled for sentencing on October 27 following his 2024 arrest.

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TikTok lays off 250 employees, shutters its Nashville office

Startups

TikTok is laying off 250 employees and closing its Nashville office on October 5. The office, which housed content moderation staff, is being shuttered to streamline operations and align teams for long-term growth. These cuts occur as social media platforms increasingly utilize AI to monitor and remove explicit or violent content. TikTok maintains its commitment to providing a safe experience for its 200 million American users.

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Google Wallet now lets parents set up secure balances for their kids

Startups

Google Wallet is introducing a new feature in the United States allowing parents to manage secure balances for children under 18. This tool enables parents to set spending limits, monitor transactions, and pause spending to teach financial literacy without requiring a bank account. Compatible with Android and Wear OS devices, the update positions Google against competitors like Apple Cash Family and specialized financial literacy startups.

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Gains From Unexercised ESOP Buybacks Taxable As Capital Gains: ITAT

Business

The Income Tax Appellate Tribunal ruled that gains from the repurchase of vested, unexercised employee stock options (ESOPs) are taxable as long-term capital gains rather than salary perquisites. This decision, stemming from a dispute involving a Flipkart executive, potentially lowers tax liabilities for employees. However, the ruling applies only to specific cancellation scenarios and adds to existing conflicting judicial views on how ESOP payouts fit into India's tax framework.

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Gen Z dating apps like Ditto ditch swiping in favor of AI matchmaking

Startups

Ditto, an AI matchmaker created by UC Berkeley dropouts, aims to replace swipe-based dating apps for disillusioned Gen Z college students. By utilizing an iMessage-based onboarding process, the service matches users based on personality traits rather than surface-level hobbies. Every Wednesday, Ditto arranges a specific date time and location for pairs. With $9.2 million in seed funding and 150,000 signups, the platform focuses on removing friction from dating.

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Lok Sabha Passes Taxation Laws Amendment Bill, Clearing Path To Levy MDR On UPI Payments

Business

The Lok Sabha passed the Taxation and Other Laws (Amendment) Bill, 2026, amending the Payment and Settlement Systems Act, 2007. This allows the government to introduce merchant discount rates (MDR) on UPI transactions. Finance Minister Nirmala Sitharaman stated MDR applies only to merchants, not customers, to fund infrastructure and security. The bill now moves to the Rajya Sabha, with potential charges on business transactions exceeding ₹2,000.

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Tesla and SpaceX will invest $16.8B to start building ‘Terafab’ chip factory in Texas

Startups

Tesla and SpaceX are jointly developing "Terafab," a massive semiconductor factory in Grimes County, Texas. With an initial $16.8 billion investment, the facility will span over 100 million square feet, aiming to be the world's largest building. Terafab will produce advanced chips for Tesla's robots and Cybercabs, as well as SpaceX's data centers. The project expects to employ 3,000 people and includes contributions from Intel.

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OpenAI says Apple’s own security practices undermine its trade secrets case

Startups

"OpenAI has filed a motion to dismiss Apple's trade secrets lawsuit, arguing that Apple's poor security and offboarding practices disqualify the alleged stolen information as protected trade secrets. While Apple accuses OpenAI of orchestrating a scheme to obtain confidential hardware data, OpenAI claims the lawsuit is a pretextual attempt to stifle competition and mask Apple's inability to retain top talent and innovate in AI hardware.".

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Karnataka eyes Anthropic tie-up to expand AI across public service

Startups

Karnataka is exploring a partnership with AI company Anthropic to integrate artificial intelligence into public administration, education, and scientific research. Chief Minister D.K. Shivakumar discussed leveraging AI for fraud detection, cybersecurity, and secure exam preparation. The collaboration aims to enhance the state's innovation ecosystem through an AI University, skilling programs, and startup support, while prioritizing data privacy and responsible deployment to ensure inclusive public services.

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Fisdom Cofounders Set To Exit Groww A Year After $150 Mn Acquisition

Business

Fisdom cofounders Subramanya SV and Anand Dalmia are exiting Groww after a planned one-year transition following the fintech company's $150 million acquisition of Fisdom. Groww aims to scale its wealth management business, 'W', using internal leadership and promoted Fisdom executives. Financially, Groww reported a 94.3% year-on-year profit increase to ₹735 crore and operating revenue of ₹1,501.4 crore, with mutual fund assets under management reaching ₹1.9 lakh crore.

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Wakefit Q1 Profit Increases 19% YoY To ₹23.4 Cr, Revenue Crosses ₹400 Cr

Business

Wakefit reported a 19% year-on-year increase in net profit to ₹23.4 crore for the June quarter, although profit dropped 81% sequentially from ₹121.7 crore. Operating revenue grew 17% year-on-year and 18% quarter-on-quarter to reach ₹404.9 crore. Total income was ₹420.5 crore, while total expenses rose 14% year-on-year to ₹384.2 crore. Tax expenses were ₹12.9 crore, contrasting with a previous quarter's deferred tax credit.

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