Biggest U.S. Retailers Charter Private Cargo Ships To Sail Around Port Delays

Source: Biggest U.S. Retailers Charter Private Cargo Ships to Sail Around Port Delays – WSJ

.

Related Contents:

Why The World’s Wealthy Have Quietly Moved To Dubai

1

This summer, fresh from the West Coast of the U.S., a tech entrepreneur arrived in Dubai. In tow were his family, their family office and a fleet of 30 luxury cars. Everything a billionaire needs to start a new life in Dubai.

“It’s very safe here for my children. L.A. isn’t what it used to be. Crime has risen since Covid,” says the entrepreneur in his mid-50s who did not want to be named.

Finding a house with space for 30 cars was not easy, says Rohal Kohyar, marketing director of Luxhabitat Sotheby’s International Realty. Eventually a villa on its own private estate was identified. It had a basement that could be converted into a giant garage.

Nor was setting up the family office straightforward. Family offices on this scale manage hundreds of millions of dollars in private wealth, a task that requires a team of around 30 specialists.

“We’ve had to increase the salary for an E.A. (executive assistant) position for it to be attractive for people to come back to the U.A.E.,” says Zahra Clark, head of the MENA region for Tiger Recruitment.

During the pandemic many expats left Dubai for home. But with so many wealthy families now relocating to Dubai, recruiters are having to offer big incentives to lure investment professionals back to the Emirate.

Kohyar estimates 20 billionaires have bought property in Dubai this year, and Luxhabitat Sotheby’s International Realty has seen around a 300% increase in business compared with the same period last year.

According to the Dubai Land Department, the volume of property sales in Dubai increased by 136.5% in August compared to the same month last year. Villa sales were up 124% thanks in part to the sale of several Dh 100 million ($27 million) villas in Dubai Hills Grove area. “Normally we do one or two Dh 100 million ($27 million) deals a year. This year we’ve already done nine of them,” says Kohyar.

Real estate booms have come before, but this time is different, says Kohyar. “Now people are buying these luxury properties to actually live in them with their families.”

And they are in a rush, he says. Buyers are not waiting around for developments to be finished off. “They have to be ready now now.” The rich are suddenly in a hurry.

There is something else happening in Dubai that is different: People are coming from further afield. Kohyar says most of his clients are coming from major European countries, like the U.K., Switzerland and Germany. Of the super-rich setting up family offices in Dubai, Clark says most are from the U.S. and U.K. Other recruiters say there is a heightened interest from Singapore and Hong Kong.

Many were impressed with the way Dubai handled the pandemic. Vaccines were rolled out quickly among Dubai’s three million residents, P.C.R. tests are cheap and available, and the country only suffered a brief lockdown in March and April of 2020. “We’re busier now than pre-Covid. This will continue for as long as Europe, U.K. and the U.S. can’t get things right in how they’re dealing with the Covid situation,” says Clark.

But in reality, the pandemic hit Dubai very hard. Thousands of skilled expats started heading home as jobs dried up, the cost of living spiraled and they worried about being stranded abroad.

Dubai’s rulers suddenly realized the fallibility of their economy. Expats brought with them businesses, wealth and entertainment. Without them, Dubai’s own talented or entrepreneurial youth might follow them overseas.

In an effort to reverse this brain drain, the U.A.E. government started offering “golden visas” to high achievers. The 10-year residency visa was created in 2019, but since the beginning of this year it has been handed out to top students, successful entrepreneurs and award-winning actors.

In July, 45 students who scored more than 95% in their exams were granted golden visas. Raghad Muaiyad Asseid Danawi, a 17-year-old Jordanian student studying at Dubai’s Qatr Al Nada School was among them. “This is a great opportunity for me, my parents and siblings,” she told Khaleej Times.

That same month, the U.A.E. made 100,000 golden visas available to computer coders. Having lost out to Europe, and Silicon Valley, Dubai now wants to establish itself as a tech hub and has a target to establish 1,000 major digital companies over the next five years.

Alongside students and computer coders, the U.A.E. has also been handing out golden visas to actors. Yasmin Abdelaziz, a popular Egyptian actress was given a golden visa in July, joining a trio of Lebanese pop-stars-Najwa Karam, Marwan Khoury and Ragheb Alama-who have already been given the visa.

All of this makes Dubai more attractive for the wealthy. For Dh 10 million ($2.7 million) they too can have a golden visa. And, thanks to a new law introduced in February this year, (Decree Law 19), they can bring their family offices with them.

But perhaps the most enticing thing about U.A.E. for the lack of income tax. When other parts of the world, and especially the U.S. and U.K., are mooting wealth taxes to pay for the pandemic, Dubai suddenly looks much more attractive.

And, if they start moving their businesses or family offices here, they are more likely to stick around, says Kohyar: “This surge right now is more on a personal level, it’s more rounded, and we think this is going to be much more sustainable because people are moving here with their families and with their businesses so they’ll definitely stay.”

Follow me on Twitter or LinkedIn. Check out my website.

I am a freelance journalist with a decade’s experience covering business stories from around the world. When not reporting, I advise governments, businesses and

Source: https://www.forbes.com/

.

genesis-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1

Related Contents:

“Where Dubai property rents have risen and fallen, Q1 2020”. The National. Retrieved 14 May 2020.

Bill Gates’ Investment Firm Buys Controlling Stake In Four Seasons Hotels For $2.2 Billion

Bill Gates will purchase a majority stake in the Four Seasons hotel chain for $2.21 billion, the company announced Wednesday.

Cascade Investment LLC, which manages the Microsoft cofounder’s massive fortune, agreed to buy half of Saudi Prince Alwaleed bin Talal’s stake in the hotel chain. The all-cash deal pushes Gates’ ownership from 47.5% to 71.25% and values the Four Seasons at $10 billion in enterprise value. The deal is expected to close in January 2022.

The purchase is a bet by Gates in part on the rebound of high-end business travel to big cities, which has suffered a blow during the pandemic. At least two Four Seasons hotels —including the one in midtown Manhattan— are currently closed; the midtown Manhattan location, which is owned by Beanie Baby’s billionaire founder Ty Warner, is “undergoing substantial infrastructure and maintenance work,” according to a note on its website.

However, one industry insider told Forbes that luxury hotels such as the Four Seasons lose money unless they operate at very high occupancy rates. In a statement, the hotel operator said the deal “marks a pivotal point in the evolution of Four Seasons” and affirms Cascade’s commitment to provide the Four Seasons “with resources to accelerate growth and expand its strategic goals.”

Through his investment vehicle Kingdom Holding Co., Prince Alwaleed will hold onto his remaining 23.75% stake. Forbes long counted the Saudi Prince as a billionaire — and one of the richest people in the world, but removed him from the Forbes billionaires list after November 2017, when Saudi Arabia’s Crown Prince Mohammed bin Salman kept Alwaleed and other princes and business leaders captive in the Ritz Carlton hotel in Riyadh and reportedly extracted billions of dollars from them.

Isadore Sharp, Four Seasons Founder and Chairman, will also retain his 5% stake through Triples Holdings Limited, the company said. Bill Gates is currently ranked by Forbes as the fifth richest person in the world, worth an estimated $132.8 billion fortune.

In addition to its Four Seasons investment, Cascade is the largest private owner of farmland in the U.S. Gates’ investment firm also owns stakes in car dealership AutoNation, farm equipment manufacturer John Deere and other stocks.

Kingdom will retain 23.75%. Four Seasons Founder and Chairman Isadore Sharp, through Triples Holdings Limited, will keep his 5% stake. Cascade first invested in Four Seasons in 1997. It was public at that time, but the company went private in 2007. Founded in 1960, Four Seasons manages 121 hotels and resorts and 46 residential properties in 47 countries. It also has more than 50 projects at various stages of development.

“As we mark our 60th anniversary and look back on the profound impact that Four Seasons has had on luxury hospitality we also look forward with tremendous excitement and confidence in the future of the industry,” Four Seasons CEO John Davison said in a statement. “The unwavering support and partnership of our shareholders has been and continues to be critical as we capitalize on growing opportunities to serve luxury consumers worldwide.”

Follow me on Twitter. Send me a secure tip.

I’m a San Francisco-based reporter covering wealth at Forbes. Follow me on Twitter @rachsandl or shoot me an email rsandler@forbes.com.

Source: Bill Gates’ Investment Firm Buys Controlling Stake In Four Seasons Hotels For $2.2 Billion

.

 

 

 

Wall Street Seeks To Make Up For Long Hours With High Salaries

(Bloomberg) – Rooms at the Fairmont Royal Pavilion, located on Barbados’ platinum beaches, can cost more than $ 1,000 a night. In the morning, you can enjoy the catamaran snorkeling cruise and return ashore in time for afternoon tea.

For some Houlihan Lokey Inc. employees, this offer is now on the table: a five-night stay at this Caribbean haven, with money from the investment bank, as a reward for a year of record earnings. The offer is also a subtle plea to the company’s younger employees: please don’t quit.

That last phrase echoes across Wall Street, where turnover and burnout rates among young workers are accelerating. Banks have tried to turn the tide with raises, bonuses, vacations, and even free sports equipment. For all that, being a young banker in America has never been more lucrative.

However, the problem is that it has also never been more lucrative for aspiring workers to work outside the golden world of finance, as the gap between banks and other employers such as technology companies has narrowed.

“In terms of making money, is this the best time to be a banker? Sure, ”says executive recruiter Dan Miller of True Search. “Now, in terms of lifestyle, is this a terrible time? Absolutely”.

A presentation prepared by 13 first-year analysts at Goldman Sachs Group Inc. earlier this year prompted a reckoning on Wall Street after it highlighted the working conditions of junior bankers – some of them working 100 hours a day. the week while his physical activities and mental health suffered. Goldman responded by cutting weekend hours and promising to increase staff at its busiest businesses.

Earlier this year, a presentation prepared by 13 first-year analysts at Goldman Sachs Group Inc. prompted a reckoning on Wall Street after it highlighted working conditions for junior bankers – some of them working hundreds of hours a day. the week as his physical activities and mental health suffered. Goldman responded by cutting weekend hours and promising to increase staff at its busiest businesses.

However, some industry veterans have made harsh statements against those who complain about the workload. Cantor Fitzgerald’s Howard Lutnick suggested that some of the young workers considering leaving finance may simply not be ready for it. “Those young bankers who decide they are working too hard, choose another way of life,” he told Bloomberg TV earlier this month.

Furthermore, the exhausting workload of bank analysts has continued and, in some cases, worsened. When COVID-19 took over the nation last year, the “work hard, play hard” mantra became “work hard, sit on your couch,” all while the economy accelerated and deals proliferated.

Frustrated and overworked, many of them turned to the anonymous ex-banker behind the popular “Litquidity” financial meme account for support. In an interview, he said he was inundated with messages on Twitter and Instagram from young industry colleagues feeling fed up and weighing whether the work was worth it.

Lit, as he calls himself, was at the time a senior associate in investment banking and knew very well what they were going through. He too felt exhausted and stressed, and at one point he went to see a doctor to have his heart palpitations checked.

“Do you know the feeling when your stomach just sinks in? I felt it in my heart, “he said by phone from New York’s Central Park. The doctor concluded that his symptom was probably related to stress. Last winter, Lit quit her job to focus on growing the Litquidity brand and writing a daily newsletter. He says he is also working to launch a venture capital fund.

It is not only in finance where workers are becoming more demanding, a similar scenario that occurs throughout the country. Companies from McDonald’s Corp. to country clubs in Nashville, Tennessee, have raised wages and offered hiring bonuses to attract new workers. From March to May, the rate of American workers who voluntarily quit their jobs rose to its highest level in at least two decades. In Washington, lawmakers are arguing about raising the minimum wage to $ 15 an hour.

Of course, the isolated world of finance and some other professional services operate on a significantly higher plane in terms of pay. Last month, dozens of the nation’s top law firms raised first-year salaries to $ 202,500, roughly a couple thousand. They also offer multiple annual bonuses and additional time off as they struggle to retain talent and their workers face burnout.

Miller, who co-leads True Search’s financial services practice, says today’s young bankers have far more options than their peers previously had. Banks and consulting firms have long been a source of recruiting for private equity and, more recently, venture capital, technology, and fintech. These days, with many of those industries hiring at a record rate, many young bankers no longer have to hold out for two years. They can leave earlier or skip the stay in finance altogether.

Some bank bosses have promised to ease the pressure. After the junior analysts’ presentation, Goldman CEO David Solomon promised to better enforce the rule that they should have Saturdays off. But the sentiments carved in stone in banking culture for decades do not change easily. Additionally, Lit noted that Goldman’s policy of not working on Saturdays has been in effect since 2013.

“There has to be a way to make it stick,” he said. “What’s the use of earning half a million if you work 20 hours a day?

Source: Wall Street seeks to make up for long hours with high salaries – Explica .co

China’s Xtep Closes At New Record On Hillhouse Investment; Ding Clan’s Fortune Tops $2 Bln

Xtep

Shares in China sportswear supplier Xtep ended the week at a new record high today after the company announced investment hook-ups with China private equity firm Hillhouse Capital Management, one of China’s largest private equity firms.

Xtep’s Hong Kong-traded shares rose 5.6% to HK$13.16 today; they’ve more than doubled since mid-May.

Xtep said it would raise HK$500 million from the sale to Hillhouse of bonds that can be converted into its own underlying shares. In addition, subsidiary Xtep Global raised $65 million from Hillhouse from the sale of bonds that can be converted into that unit’s shares. (See announcements here and here.) Funds will help boost sales of Xtep-owned brands.

The doubling of Xtep’s stock price has lifted the fortune of company’s controlling Ding family to $2.3 billion.  Trusts held by chairman Ding Shui Bo, executive director Ding Mei Qing (his sister) and executive director Ding Ming Zhong (his brother) collectively own 1.3 billion shares that were worth $2.2 billion today. Xtep’s annual report doesn’t give a clear down of the ownership split among them. Shui Bo has another 60.7 million shares worth another $103 million.

Spending on sportswear in China has picked up amid a continuing economic recovery from the Covid-19 pandemic. Xtep, whose rivals include Anta and Nike, said in April first-quarter sales had a mid-50% increase compared with a year earlier. Nike has faced backlash in China after a statement in March expressed concern about alleged forced labor practices its Xinjiang region.

Hillhouse is led by billionaire Zhang Lei, who is worth $3 billion today on the Forbes Real-Time Billionaires List.

See related story:

Hong Kong Is Gaining On The U.S. As An Alternative For Tech Listings

@rflannerychina

Send me a secure tip.

I’m a senior editor and the Shanghai bureau chief of Forbes magazine. Now in my 20th year at Forbes, I compile the Forbes China Rich List. I was previously a correspondent for Bloomberg News in Taipei and Shanghai and for the Asian Wall Street Journal in Taipei. I’m a Massachusetts native, fluent Mandarin speaker, and hold degrees from the University of Vermont and the University of Wisconsin at Madison.

Source: China’s Xtep Closes At New Record On Hillhouse Investment; Ding Clan’s Fortune Tops $2 Bln

.

Critics:

Xtep International Holdings Limited (SEHK stock code: 1368) is a Chinese manufacturing company of sports equipment based in Kowloon Bay, Hong Kong.[2] Established in 2001, the company was listed on the Main Board of the Hong Kong Stock Exchange on 3 June 2008.[3]

Xtep engages mainly in the design, development, manufacturing, sales, marketing and brand management of sports equipment, including footwear, apparel, and accessories. Xtep is a leading professional sports brand with an extensive distribution network of over 6,300 stores covering 31 provinces, autonomous regions and municipalities across the PRC and overseas.

In 2019, Xtep has further diversified its brand portfolio which now includes four internationally brands, namely K-Swiss, Palladium, Saucony and Merrell. Xtep is a constituent of the MSCI China Small Cap Index, Hang Seng Composite Index Series and Shenzhen-Hong Kong Stock Connect.

In August 2019, Xtep signed on famous Asian basketball player Jeremy Lin as spokesperson, marking its foray into the basketball business realm. Xtep also unveiled its “Basketball Product Co-Creation Plan” to come up with basketball products via product co-creation.

After previously supplying then-Premier League side Birmingham City and La Liga side Villarreal in 2010 and 2014 respectively, Xtep left the major football scene in 2017 and focused on other sports, mainly in running. In mid-2018, Xtep returned again to the football scene by signing a contract with Saudi Professional League side Al-Shabab ahead of the 2018–19 season in a reported three-year contract. On 13 October 2019, Egyptian Premier League side Al Ittihad Alexandria announced Xtep as their new official kit supplier until 2022, replacing German company Uhlsport.

References

  1. “الاتحاد السكندري يُعلن عن الزى الجديد .. و يتعاقد حصرياً مع شركة سعودية للملابس الرياضية” [Al Ittihad Alexandria reveals new kits for the 2019–20 as they announce new deal with Chinese-Saudi Arabian company Xtep]. Al Ittihad Alexandria Club official website. 13 October 2019. Retrieved 5 January 2020.
  1. Xtep 2019 Interim Report [2019-08-21]
  2. XTEP INT’L Forms JV to Run Merrell, Saucony Brands – AASTOCKS [2019-03-04]
  3. Xtep buys E-Land Footwear to develop series – The Standard [2019-05-03]
  4. Xtep expands its sportswear portfolio into basketball shoes and apparel, signing on star Jeremy Lin as brand spokesman – South China Morning Post [2019-08-09]

The Colonial Pipeline Hackers Are One Of The Savviest Criminal Startups In A $370 Million Ransomware Game

US-IT-OIL-CRIME-PIPELINE-HACKER

When Colonial Pipeline took its gasoline lines down following a successful cyberattack last week, it became the most high-profile victim of a hacking group called DarkSide.

But DarkSide isn’t a single entity. It’s a media-savvy, semiprofessional startup and software supplier for an illicit market of hackers looking for a quick easy way to breach and extort large businesses. In a ransomware game that, according to data from cryptocurrency tracker Chainalysis, has seen $370 million 2020 revenue for the criminals in the form of ransom payments, DarkSide and its partners represent a dangerous new breed of underground businesses that are working together to menace legitimate organizations, across public and private sectors.

The security industry calls DarkSide’s business model “ransomware-as-a-service,” as it mimics the software-as-a-service model. First, provide financially motivated cybercriminals with the best software for stealing data and encrypting victims’ files over the internet via an easily accessible dark website. Second, provide the services around that software, such as tools that allow digital extortionists to communicate directly with their victims or get IT support. Third, share the rewards if a target pays the ransom.

DarkSide takes most of the cut. According to FireEye, the security company whose Mandiant division is helping the Colonial Pipeline recover, DarkSide takes 25% of ransom fees less than $500,000 and 10% of ransom fees above $5 million. Though that’s a sizable cut of the proceeds, the DarkSide operators make ransomware attacks so simple, customers keep coming. “It’s a great way of making quick money,” says Peter Kruse, founder and CEO of CSIS Security Group, which says it has seen various cybercrime actors using the DarkSide ransomware service. In the case of the Colonial Pipeline, DarkSide says a client using its software mounted the attack that shut the pipeline down.

To stand out from the crowd, DarkSide has promised the best encryption speeds to lock up computers faster than anyone else. It also supports attacks on both Microsoft Windows and Linux operating systems. Its marketing is working. Since emerging in August 2020, it’s leaked the data of more than 80 organizations. The identities of those who paid may never be known, notes ransomware tracker Brett Callow. “They’ve hit at least 114 organizations and they’ve published data from 83, so these didn’t pay (the ransom).

Which means at least 31 did,” Callow says. Given DarkSide users’ ransom demands range between $200,000 to $2 million, according to security startup CyberReason, it’s possible they’ve collectively made more than $30 million in just half a year. And, with KrebsOnSecurity reporting that the group negotiated an $11 million ransom with one victim company, it’s likely higher than that estimate. (A message to the DarkSide crew didn’t receive a response.)

Lax security may be helping the hackers. Before DarkSide’s malware can be deployed, its customers first need to have broken into a network, and DarkSide doesn’t provide that service. Kruse says DarkSide’s partners look for vulnerable devices that can be found by scanning the web. Once those systems are found, they can be exploited and leverage gained on a target’s network. They then need to take control of other connected computers and install the DarkSide software, which wraps the victims’ data and locks it with keys targets must pay ransom to use.

Colonial Pipeline hasn’t yet revealed exactly how it was breached, though analyses of the company’s servers from security experts discovered a few avenues hackers could have used to poke holes in its defenses. There were, for instance, a large number of surveillance cameras attached to the company’s IT infrastructure, according to Derek Abdine from security company Censys.

And Bob Maley, a former PayPal security lead and now chief security officer at cyber defense startup Black Kite, says he saw open remote management and file sharing servers, which, if the hackers had somehow acquired logins, could have provided a path onto Colonial’s network.

“If I was going to hack that… I’d simply use a publicly available tool to connect to that port, run a little script and try all the credentials that I have, plus some of the common … default usernames and passwords,” Maley added. That “credential stuffing” attack could then provide enough network access to start finding a way to plant the ransomware.

There’s long been concern that critical infrastructure businesses aren’t well-prepared for the kinds of attack described by Maley, even if they’re far from the most sophisticated attacks the internet sees every day. “Legacy industrial control systems and other similar infrastructures were primarily designed to keep information in and execute their control tasks dependably and consistently.  Unfortunately, there were little or no provisions built in to adequately secure the systems and keep people out,” says Chris Piehota, a former FBI technology director.

Personnel is another issue. Kruse and Maley noted that Colonial didn’t appear to have anyone in charge of cybersecurity. Colonial said its chief information officer, hired in 2017, led cybersecurity efforts, undertaking a review of its defenses and increasing total spending on IT, including cybersecurity, by more than 50% in the past four years.

A spokesperson told Forbes it had “robust protocols and software in place to detect and address threats proactively and reactively,” and that its third-party incident response team determined it was following “best practices” before the breach. Any speculation about the root cause of the incident would be premature and not informed by the facts, they added. They declined to comment on whether or not a ransom had been paid, and wouldn’t say how much the hackers had demanded.

The hack itself is just the first part of a modern-day ransomware swindle. DarkSide and similar groups have realized that they need to control the story, play the press and apply as much pressure to victims as possible to extract a ransom.

The added threat on top of all that data loss is public shaming. DarkSide and other groups’ dark websites aren’t just spaces for them to expose victims’ data. They’re places where they can attract media attention to amplify successes and, possibly, increase the ransoms as companies pay up to avoid reputational damage. The first of this new breed of publicity-friendly ransomware extortionist came in late 2019, with the emergence of Maze, which became infamous for attacks on U.S. schools. According to Callow, from security company Emsisoft, there are now about 30 doing much the same.

Another group, Babuk, has shown in the past month how devastating public shaming can be, after it hacked into the Washington, D.C., Metropolitan Police Department. When the police didn’t pay the $4 million ransom, Babuk started releasing the personal information of officers. In a new batch of data on 22 police officers released this week, the leaked information included psychological assessments, social security numbers, financial data and marriage histories. Babuk even posted conversations between itself and the department, in which the latter apparently tried to lowball the crew with a $100,000 ransom offer. Babuk rejected the offer. The police department has previously acknowledged the attack but hadn’t responded to requests for comment at the time of publication.

DarkSide has used a different tactic to try to improve its public image, presenting itself as a kind of Robinhood hacking organization, giving a small portion of stolen funds to charity, offering short-sellers advance information so they can bet on a victim’s stock tanking, and promising not to attack certain industries: hospitals, funeral services, schools, universities, nonprofits and government organizations. It even claims to only permit attacks on companies it knows can afford to pay, saying, “We do not want to kill your business.”

As the group wrote on its dark web “press center” earlier this week: “Our goal is to make money, and not creating [sic] problems for society.” One victim, Dalton, Georgia-based carpet manufacturer Dixie Group Inc., disclosed a ransomware attempt affecting “portions of its information technology systems” earlier this year.

With the Colonial Pipeline, DarkSide apparently realized too late that one of its partners had targeted an industry that served a huge number of consumers with gasoline and subsequently promised to “introduce moderation and check each company that our partners want to encrypt to avoid social consequences in the future.” Now the world has its eyes on the hacking group. In a “flash notice” to the cybersecurity industry and government agencies this week, the FBI said it has been investigating DarkSide since October, just two months after it emerged.

Its investigators and global partners have had increasing success against malware operators in recent months, the most significant in January, in which the U.S. Justice Department said it had participated in a multinational operation to disrupt and take down infrastructure of the malware and botnet known as Emotet. Described by experts as the most dangerous malware in the world, Emotet offered criminals access to personal and company computers. As with DarkSide, many criminals paid Emotet’s operators to install ransomware. Authorities made arrests of alleged administrators, who face charges in Ukraine, though they’ve yet to go on trial.

Despite that case and the blueprint it laid down for future cyber investigations, the only authorities DarkSide appears to fear are Russian-speaking: Its malware won’t work if it detects its victim is Russian. This has led to accusations that the Kremlin either supports or harbors criminals that target Western businesses, something Putin’s government has staunchly denied.

Dmitri Alperovitch, cofounder of cybersecurity company CrowdStrike and now executive chairman at the Silverado Policy Accelerator nonprofit, says there’s no evidence DarkSide has obvious links to Russian intelligence, adding, “Given their long past history of willful harboring of cybercrime, I don’t think it matters.”

Follow me on Twitter. Check out my website. Send me a secure tip.

I’m associate editor for Forbes, covering security, surveillance and privacy. I’m also the editor of The Wiretap newsletter, which has exclusive stories on real-world surveillance and all the biggest cybersecurity stories of the week. It goes out every Monday and you can sign up here: https://www.forbes.com/newsletter/thewiretap

I’ve been breaking news and writing features on these topics for major publications since 2010. As a freelancer, I worked for The Guardian, Vice, Wired and the BBC, amongst many others.

Tip me on Signal / WhatsApp / whatever you like to use at +447782376697. If you use Threema, you can reach me at my ID: S2XY9B9U.

If you want to tip me with something sensitive? Get in contact on Signal or Threema, and we can use OnionShare. It’s a great way to share documents privately. See here: https://onionshare.org/

Source: The Colonial Pipeline Hackers Are One Of The Savviest Criminal Startups In A $370 Million Ransomware Game

.

References

Bomey, Nathan. “Colonial Pipeline looking to ‘substantially restore operations by end of week”. USA TODAY. Archived from the original on May 10, 2021. Retrieved May 10, 2021.

%d bloggers like this: