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WSJ Tech News Briefing

TNB Tech Minute: Terraform Labs Agrees to Pay $4.5 Billion SEC Penalty

WSJ Tech News Briefing

The Wall Street Journal

News, Tech News

4.61.6K Ratings

🗓️ 12 June 2024

⏱️ 2 minutes

🧾️ Download transcript

Summary

Plus, UnitedHealth can notify victims of massive data breach. And Fisker issues voluntary recalls over software problems. Zoe Thomas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Z-Scaler extended its Zero Trust architecture with powerful AI engines trained by 500 trillion daily signals

0:07.8

to prevent ransomware and AI attacks that target business.

0:11.7

Z-scaler Zero Trust plus AI. Learn more at Z-scaler

0:16.0

dot com slash Zero-Trust AI. Here's your T&B Tech Minute for Wednesday, June 12th. I'm Zoe Thomas for the Wall Street Journal.

0:27.0

Cryptofirm Tereform Labs has agreed to one of the largest penalties ever to settle a civil securities fraud lawsuit.

0:34.8

It's consenting to pay the Securities and Exchange Commission just under $4.5 billion and

0:40.4

wind down its operations. The former CEO of Terraform Labs, DoQuan, agreed to pay

0:46.4

$204 million himself as part of the deal. A court still needs to approve the deal.

0:52.8

In a letter to the judge, the SEC said the penalty was fair punishment for what it called

0:57.3

one of the largest securities frauds in U.S. history.

1:00.6

A spokesman for Terraform Labs declined to comment.

1:04.0

Federal regulators say United Health Group will be allowed to notify people whose data was exposed during a ransomware attack on its change health care unit in February.

1:14.0

The decision spares U.S. hospitals and health care providers whose patients were affected by the hack

1:20.0

from the time-consuming and expensive notification process.

1:23.6

A spokesman for United Health said the decision by the Department of Health and Human Services

1:27.7

to allow it to handle the notifications reiterated the company's preference. And electric carmaker Fisker has issued two voluntary recalls of its ocean SUVs in North

1:38.1

America and Europe due to software related problems.

1:41.9

All affected vehicles from both recalls are set to receive

1:45.1

updated software via an over-the-air process. The company informed dealers of the

1:50.3

recall actions last month and will notify owners of affected vehicles by the end of this month.

1:56.4

For a deeper dive into what's happening in tech, check out Thursdays Tech News Briefing

2:00.7

Podcast. Z-Scaleer extended its Zero Trust architecture

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