a, with the boom, bought the one business you're you can't afford to miss barbara to bore, and i major lemons in washington coming up. it's being called the 2nd largest attack on dpi, ever recorded. we'll take a look at the $320000000.00 hack and what and mean 3 personal grid between popular crypto currency it's plus social media stock were sent reeling after the company formerly known as facebook thought is worth one day performance annually a decade will discuss with behind those $1000000000.00 losses and a mid controversy over popular pod cathy joe rogan spotify. feo at once again weighed in on the issue later on will be joined by pyro ventura,

watching the hawk to discuss it a lot to get to get started and we leave the program with the hacked that's being called the 5 2nd largest exploit ever after a key block chain bridge lost $320000000.00 in a reported attack. the protocol known as worm whole, which links tokens and f t's on the theory. hm. and so lot of block chains was hit . the team behind the projects that thursday morning that all funds have been restored and worm hole is back up and running ours after the hack. now this all comes as regulators around the world consider how to handle crypto and more specifically, decentralized finance. the u. k. is updating its policies to allow for collecting revenue from d fi lending and staking all law here in the united states, one of the as the see 5 commissioners, hester peers is now warning that the agencies latest proposed rule is too vague and would threaten defy projects by regulating them as exchanges, so to go further in depth on this. so that's the host,

christy i and andrew kegal c o of tokens dot com. great to have you both on the show today, christy. let's start with you and with this reported hack. so what do we know about how and why warm hole was targeted? specifically? yes, why i'm homeless targeted, when an attacker basically exploited a security flaw. so it seemed to result from a recent update to the warm hole projects get her repository. so it revealed to fix a bug that had not been deployed to the project itself. so the open source code commits show that the code would have fixed this particular vulnerability. and it was written as early as january, 13th and uploaded to the warm hole repository on the day of the attack. but just hours later, though, the vulnerability was exploited by the hacker. so the code upload was described as if it was just run of the mill version update, but it actually contain extensive changes. a fact that could very much tipped off the hacker to the fact that it was this, it was to disguise

a security fix. so the hack was actually quite clever it technically the funds were not stolen in the traditional sense that we hear about when central exchanges get hacked. in this case, the hacker manish afford a valid signature for a transaction to freely meant w e or wrapped ease on this a lot of block chain without 1st input and equivalent amount. so the wrap, it was an exchange for real a theory and that was sent from our whole to the attackers account, effectively liquidating a large amount of the platforms, a theory and funds that were being held as collateral for transactions on the law chain. so the attackers on cross chain bridges seems to be the new thing as there are always warner abilities in a space that is still developing. last week, cubit was hacked for about $80000000.00 the week before that $3000000.00 is drained from multi chain as well. at the very interesting and very intricate what happened there. now andrew, as interest grows in tokens like a theory, i'm in the want to make bridges like worm whole. busy even more important for the b

5 ecosystem. so is this hack showing? there is still more work that needs to be done in order to secure these protocols, especially when chris just mentioned there were other issues in the weeks prior will. absolutely. there is a need to have more security and perhaps regulation here. otherwise is what happened. i think one of the key aspects of this was that the watching themselves were not hack. it was, these are chain protocol that were targeted. and what i would say to that is if i was to leave my wallet in the bathroom, the restaurant came back an hour later and the money was gone. that's not a walk in the currency. that's a lot of my security. and i think this is something similar where it needs to be looked at very carefully. what is the security protocol for being here? and you can defy platforms. yeah, certainly that security becomes more and more important, especially as we get more and more interest. because of course, we know that the hackers come with it. now, andrew, staying with you when it comes to the idea of regulation of

d f i in countries like the u. s. and the u. k. what are some of the biggest concerns surrounding the proposals that we're seeing right now? the biggest concern right now would be over regulation and unintended unintended consequences that result from what we've seen in the past when governments get in there and over regulate. the crypto companies tend to go into sort of a dark areas and you had some bad after that, right? you can certainly people want to get exposure here. you can't stop them. so i feel for the regulator, this is a synonymy of information coming up and not me, of new products that are difficult to understand and evolving very quickly. however, i think the regulars and regulators need to be cognizant that over regulation can have a lot of unintended consequences. so andrew, are you seeing anybody that is on the right track? i mean, it feels like there's such a lack of understanding of what actually is happening in dpi and crypto currency as a whole. i mean, are you actually seeing any regulators moving in the right direction right now?

i think all the regulators are trying to move in the right direction and certainly we need regulation in the sector. so please don't take that. i think we don't, there is always going to be a certain tension between the defy companies and the crypto protocol trying to push through what consumers are really asking for and want to use versus regulators trying to understand this and put rules and regulations around it that will protect consumers and certainly, and that we know that there has been a lot of back and forth there. now, christy, speaking of governments getting involved instead of an outright ban, russia finance minister is suggesting that the banks should be the one selling crypto. while at the same time, india finance minister is proposing a 30 percent tax on crypto related income. what do you make of those alternatives that are being proposed right now? i mean, i suppose that those alternatives are both better than an outright ban. but what it

really does show is that governments are starting to realize that they can't put the genie back into the bottle. crypto is going to be around to stay and since they can't wash, it might as well learn how to live with it and put some regulations around it, or at least try to control it. and for making crypto accessible only through the banks, they're trying to centralize the, the centralized currency. so i don't see how that could work or how one would even enforce such a thing. when something has transacted peer to peer, it doesn't require the middle man to facilitate anymore. so banks do not hold any stay in the transaction. they're trying to put their choir back into their old, antiquated framework of a financial system, which doesn't make sense. my guess no, i will give up without a fight and this is the fight that the old guard is going to put up. now. certainly is a fight that is likely to continue and we will continue covering it. boom. christy i and andrew kegal a token dot com. thank you both for your time and insight. thank you. and it has been a rough 20 for hours for social media companies across the board as mehta led the

downward spiral and after hours trading. now all of it began when met platforms, formerly known as facebook, found a quarterly earnings nis, an poor forecast on wednesday. so just how bad was it? well met, a tumbled 21 percent following its quarterly profit after the bell, racing about $200000000000.00 worth of stock market value. a decline of this size and thursday session would mark the company's worst one day last, since it's wall street debut back in 2012 now driving those losses as met as reality labs, which reported massive growing losses more than $10000000000.20 alone. so joining us our discusses, our good friend, and most of whom fast investigative journals for that matter, been swan now been, i mean, clearly $10000000.00 in loss, is it for reality labs is a lot, but put this into perspective because medicine to indicate that it's just the cost of launching the metaphors well, they are the,

i guess that's how they're trying to spin it right. $10000000000.00, but that's what it's going to take. and actually, reality labs is now looking at 3 consecutive quarters of enormous losses and 3 consecutive years really of huge losses. going back to 2019 or 201920202021. all 3 of those years. they've seen massive losses and it's actually been growing in terms of the amount of loss. here's the thing though, there's 2 things happening simultaneously. one is reality. labs is doing poorly in terms of spending a huge amount of cash, not necessarily turning out a product that people can look at and say ok, investors say we understand what you're trying to do because they don't. but the other issue is this, that facebook for the 1st time in 18 years, has actually seen its daily user numbers dropped by about half a 1000000 people daily. so that's the other thing that's driving this. it's not just the losses being accrued on the metaphor side. it's, and we've talked about this before. facebook is losing its core product. meta is losing its product. now that is facebook,

and we're watching the decline of actual users. mark zuckerberg, by the way, wants to pretend that the reason for that he says, is because of tick tock. it's all tick, tock, fault. i don't believe that's true. i believe that facebook started a poor job of taking care of their product, but that's where we are. i guess it's all that how you spin it and only a company like facebook and try to just shug shrug off a $10000000.00 loss. now, at the same time, reality lab seems to be pulling a lot of cash from that, perhaps more than it should be at this stage. so is that part of the reason for the concern? i mean, if people does not figuring out the men averse just quite yet, well, it's not only that they're not figuring out the metaphors, but people aren't really sure they even want to be in the met averse at this point . but i want to give you a comparison here. i think that's pretty interesting because if you put it into context, reality lapse off about $3300000000.00 in just the 4th quarter of last year, a $3.00, billions, where the loss. let's compare that to alphabet, so alphabet and all the projects that they spend on for the self driving cars and

basically their fun projects, right? that's about $1450000000.00 in losses there. so when alphabet is spending a lot of money and losing a lot of money, basically playing around with technology that is half or less than half of what reality labs is losing. and no one even knows what they're building. what specifically are investors getting out of this? i think that one of the things that sparked a lot of concern here is investors look at it and say, what are you guys doing over there? and what exactly is this met averse and then couple that with the fact that there are multiple reports now of women who go into the mit averse who are saying that they are virtually sexually assaulted in the metaphors. that's not a great ringing endorsement for technology that's barely getting started to say, how, how bad is this experience going to be for people? i mean, absolutely, and, and, you know, as we talked about even this week, there's a lot of questions still surrounding the metaphors for sure. now i want to bring this out kind of brought in this out, because obviously it's not just facebook in matter because the report actually

dragged out other social media, fax, as well, including twitter and snap. what happened there? how did they get tied up and all of their losses? yeah, i think what we're starting to see is, is as goes meadow or facebook. so goes all investors in tech stocks and social media stock. so yeah, as you mentioned, twitter dropped a, pinterest was about 10 percent lower. twitter was down about 8 percent. actually spotify was down as well. but we know spotify the story is a different story, right. and so not all of these things are related. amazon was down also. what is it because investors are looking at facebook and say no, no, it facebook falling, everyone falling. not necessarily. but what i think is we're seeing it right now is a, as a level of concern among investors who are essentially looking at anything that happens in this space. and they're, they're jumpy right now. and nobody wants to be left holding the bag. and so in facebook's case, not only to it also spur some fear for other companies, but investors i think are basically saying let's shoot 1st ask questions later.

meaning, so 1st ask questions later. we'll sell, we'll get out and then we'll find out what was the cause. and unfortunately the answer for facebook as to what was the cause isn't very good. and definitely, and i know it's interesting because when we talk about facebook, we talk about how it's almost obsolete in the minds of a number of people in the public. but at the same time, we know that all social media are not the same. so wire investor so quick to sell when, when a company misses their earnings mark we've got about 30 seconds lot. yeah, i really think it just comes down to, as i said. so 1st ask questions later. there's a lot of concern about this space right now. and what is ultimately going to look like. and as i have been saying for some time, i'll stick with this position, which is that facebook has destroyed their core product. they continue to devalue their core product because they're not taking care of it. they're trying to move into something that's very untested at this point, and we don't know not only again if the metal verse is real and if it will work,

don't know if people even want it to exist. and so what facebook is doing right now is forcing onto the public, it seems like the products that they don't necessarily, or they haven't necessarily asked for. and they may not necessarily want. absolutely. and it seems like there hasn't been any sort of innovation on facebook, at least in a couple of years. all they do is kind of integrate instagram further. boom. but benaflaw. thank you so much. thank guys. and the bank of england will raise interest rates and back to back sessions for the 1st time since 2004 after the motion for an increase of $25.00 basis points path and a vote of 5 to 4. now this comes after the u. k. became the 1st major nation to raise race, following a vote back in december. the big acknowledge that labor and supply chain shortages along with increased demand and skyrocketing energy prices, hasn't inflation storing out its fastest rate in 30 years. but it's a different story in the you were in place and just hit its highest annual rate ever coming in at a record 5 point one percent in january. now however,

the european central bank says it is not raising interest rates and respond. ccb president christine the guard said there was quote, unanimous concern from bank officials over inflation. but she said she didn't want to rush into anything instead saying, she's still expected that inflation will remain elevated for longer than previously expected. but that it will decline in the course of the year and time, not for a quick break. but when we come back, spotify ceo made further comments on the debate over popular podcast, jo rogan's content will bring you the latest as we're going to break here. the numbers at the close i algorithms and neural networks have been following us everywhere. we look online

because our relationships are what matters most to us. that's how we find meaning. and how we make sense um, our place in the silicon valley ceos don't mention in that slick presentations. however, the ghost workers who train the software humans are involved in every step of the process when you're using anything online. but we're sold, as is miracle of automation behind your screen. it's a valuable workforce that feeds algorithms for next to nothing. on a very good day, i could do $5.00. now. a really bad day. i think intensive. these workers are invisible by design. it's about labor costs, but it's also about creating layers of lessening responsibility between those who solicit this kind of work and need it. and those who do it, can you manage it always once the impossible day,

1st day 8. say to the government, police, public, you government b. they say similar to any is the old please don't touch my mike and private my phone patch, my business bone patch, my freedom. and this is an impossible contradiction. it's an open secret that private military companies have been playing a role in our complex world wide. u. s. government doesn't track the number of contractors it uses in places iraq or afghanistan, united states army and the military and general. so reliance on the private sector . i would call that dependency, but we don't know who's the on the ground presence of these companies overseas. we just don't out west and private military companies. cannon in their turn use so called subcontractors from countries with trouble pass. the chances are quite good that they had also been charles soldiers. i was

a child. i drove professional job is when the when the full moon wouldn't go with the flow limit malone ship, which are to be merciless killing machines. now they fight and die in other people's was people carol, lot one or a dead soldier or dead marine shows up in this country and we started asking ourselves, why did they die? why do? what were they fighting for? nobody bothers down to the contractors. the, in the welcome back, wanted to follow up on a huge story in the world of media as the ceo of streaming platform. spotify has further addressed the upward surrounding what has been labeled as misinformation

from the world's most popular podcast or joe rogan. now during a q n a, which was part of the company's 4th quarter earnings called daniel act, talked about the controversy making reference to spotify a new policy of adding content warnings to podcasts that include discussion about cobit 19. he said that it has been a learning experience over the last few weeks, and that spotify still has a lot of work to do now in response to a question on the call act, also claim the new rules. we're not just about rogan think what we don't change our policies based on one creator, nor do we change it based on any media cycle or call from anyone else now on the company's earnings that many critics are likely going to point out. betty recent slide and spotify stock is indicative of investors sentiment regarding the rogan issue. but the reality is they are projecting a slow down in growth, and the stock has been pretty volatile since it went public at the start. so joining us now discuss all of this is tyrell ventura. he's the host of watching the

hawk tyra. this is your 1st appearance as far as we know here on boom bust, and we appreciate you joining us today to talk about it. now. i want to start with that comment from daniel act. i do believe that they really didn't change the policy based on one situation regarding joe rogan. yeah. because, you know, major corporations like spotify, they always do things in a vacuum, and they never change their rules or just how they do business based on what the market's telling them are based on criticism or anything like that. no, no, they totally operate. and of course he did this, but you know, you don't want to just come out and say that because that makes you vulnerable, or it makes you appear to be then vulnerable to, you know, other caught, you know, of other kind of campaigns against you, how they changed it this one time, then they'll change it for everything. so he's not going to say that. i don't think it's gonna say that, oh yes, we change it because the pressure he'll kind of say now we were already kind of thinking about it and that's the answer you got right. of course, especially when you say something like this, go as viral as it has. we're now everyone's talking about joe rogan and everyone's

talking about spotify. and it's interesting because when you see this push back against rogan in his podcast, it seems like there is sort of this growing mob mentality to kind of blame him for all of this misinformation. as people have started to call it, just because of the fact that he actually has dissenting voices on his show. so what do you make of that? and of the fact that they always kind of highlight more of those dissenting voices and never the more mainstream voices. but he also help ownership. well, you know, we, as human beings, we and especially in media, especially in celebrity culture and all of that. it's very hard for us to wrap our minds around complex issues, especially when you're kind of talking about mass consumption and, you know, and plus, we love to chase rating. so we're also talking about putting jo rogan's name up on tv, neil young johnny, mitch, all these things are dr. ratings and it's, you know, the celebrity factor of it. but ultimately what this is why i think everyone's piling on, joe rogan, because look at the end of the day, every network has put out misinformation about covert 19 as this is changing,

and i'm member, i say i remember seeing a clip a rachel mattel talking about once we got the vaccination, we couldn't catch it anymore after that. clearly that's been proven wrong. so you know, everybody's made the mistake and put out bad information whether voluntarily knowing it's bad or believing it to be true. that's a common mistake. i think the reason that we're picking on joe, and we're kind of going after joe, is because much like the inquisitions of old you need the which, right. you need to figure had that you can kind of put all of society's troubles upon and say, all that's the reason people don't get back said is because of joe rogan, not because we have a for profit health care system. not because we've seen bad information come out of multiple sources from cnn, even the common. busy le harrison joe biden, when they are running against trump number they, they created vaccine difficulties and they're saying all, if it comes out before the end of the year before the election, we shouldn't trust it, you know? and then trump himself putting out bad information about this. i mean that's, but you can't just lay it all onto the back of one joe rogan and his podcast for. absolutely, and it seems like we have a problem with intolerance, even from those who preach tolerance when,

when it comes to whatever situation you want people to be ok with, they're all fine with that. but then if you have a slightly differing opinion on something else, then you go to no, no, no, you can't do that. you can't be somebody who has a conversation. you can't be somebody who says something that i disagree with. without a doubt, i mean look, we're, you know, you guys, i'm sure talk a lot about the free market economy on the show and things like that. well, we also have to have and be responsible to the free market to buy d as look not every idea is a good one. not every guest is a great one, you know, but the end of the day we have to talk about engagement. you can't just kind of throw all the bad actors or all the bad ideas out there that could potentially hurt somebody or could potentially cause someone to make a stupid decision. you can't throw those in a box, lock it up and throw away the key and hope that it never re, services. instead, if you want to change the way people think, you have to engage people, you have to say, all right, look, tell me your ideas. let me tell you my ideas, let it, let's see what science has to say about this. and always remember, science is ever changing and giving it that birthday,

giving about latitude that science will make mistakes, they'll still move on. but at the end of the day, joe rogan does is podcast. he's laughing all the way to the bank. why? because his name is and everyone's miles spotify and everyone's welcomed, and even neil young. it was interesting. i was reading earlier. right after leaving spotify. neil young put out saying, hey, if you want to find my music, you can find it on amazon. well, amazon doesn't exactly have the greatest of the history when it comes to like treating employees, right. breaking the rules and you know, workplace bad wages, the workplace difficulties. so, you know, there's no, you can't for all over, but everybody who's working for no matter what the platform is or what the corporation is running. every corporation at this point for the most part has had some kind of like conflict or bad actors either within it or has done some pretty nasty things in their past. but you know, you as an artist got to think about, you know? yeah, absolutely. and certainly when it comes to this situation, everyone seems to have a take on it. and a do mean everyone. i also want to bring up this comment. we heard from the president of brazil to both to narrow who chip to twitter. and he said,

i'm not sure what you're rogan, thinks about me or my government, but it doesn't matter. if freedom of speech means anything, it means that people should be free to say what they think no matter if they agree or disagree with us. stand your ground hugs from brazil. what's your take on that statement? well, you know, it's interesting because every time i see something like this pop up and i've been doing, i was doing a whole hawks for a long time. every time i see stuff like this pop up, i asked myself, okay, why are we so distracted by joe rogan in this kind of celebrity thing? why is jericho now supposed to narrow talking about this and all that here in the us? i think it's one of those things, it's rating just clicks and it keeps people distracted from actual problems in our culture right now we have a horrible health care system that's not being discussed. our economy is flailing as you guys have talked about here that's not being discussed. so it's easy to kind of get people distracted by this thing. i mean, why both scenarios suddenly decided to jump in. and that's why he's probably trying to distract people from what's problems going on his own country because easy to do,

and we're talking about kind of celebrity and cancel culture need. buzzwords that get people who kind of watch that, but you know, keep them eye off the prize and what's really going on. the entire overture of watching the house. thank you so much for analysis today. thank you. and finally, nasa has an out plan to decommission the international space station in 20. 31 in the orbital habitat will come to an end in spectacular fashion. nasa plans to crash the iris as into the southern portion of the pacific ocean in the region known as point nemo, also known as the spacecraft cemetery because this generally the location space agencies target the orbit. it's for d r d orbited spacecraft. the location has become the resting place for space station, mir and skylar. now in it's really pointed to commercial space enterprises as the future saying that the private sector is technically and financially capable of developing and operating commercial low earth orbit destination with nasa assistance. but there may be an issue with the overall plan as the us of the

cooperative program between several nations and russian rocket and space corporation and responded to the releasing, quote, the issue of the life of the station. and accordingly, the timing of its flooding is determined as the governmental level of the partner countries under the international space station program and not solely by one of the parties. so it does seem like these countries that have all of these conflicts . it could also end up when it goes. it's not time ready yet. i don't think it's quite retired at this point, but that's it for the time you can catch boom bus on demand portable tv at portable dot tv will see you next. me. ah, your fever will be crane continues unabated with the us and u. k. taking the lead. however, not only to members are and or even you rain is attempting to dampen expectations

of an armed conflict with russia. washington in london, get their way and look forward to talking to you all. that technology should work for people. a robot must obey the orders given by human beings except where such order that conflict with the 1st law show your identification. we should be very careful about on personal intelligence, and the point obviously, is to create trust rather than fear a job with artificial intelligence, real summoning with a robot most protective own existence with what we've got to do is identify the threats that we have. it's crazy confrontation,

let it be an arms race move is often very dramatic development only personally and getting to resist. i don't see how that strategy will be successful, very political time. time to sit down and talk a digital smart city is a city that using technology to make people's life easier to happier, collecting a lot of data to try to improve the way things are in theory, these big organizations that are now the mating and pulling all that data together, they're not looking at you as an individual, necessarily lose data being collected or so much data that there's a real possibility of privacy violation. and that's something most of us wouldn't want to world transparent to prove that we must live with permanent surveillance.

ah, with headlines right now here we're not seeing international russia and china jointly called on western partners to stop expanding nato saying the alliances continue to eastwood pushes, creating dangerous cold war style tension. 6 children killed them at heavy fighting and northwest syria. while at the same time u. s. commandos, all congratulated for killing and isis leader in the very same area. you just come out and say this and expect those just to believe it without you showing a shred of evidence that it's actually true. and the u. s. i state department of spokes. question is grilled by journalists. often not providing evidence for u. s. claims.