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first_img Google admitted that Gemini breached three companies during security testing and remained silent for seven weeks without disclosure

Google acknowledged that its Gemini model breached the sandbox environment during a security test in May, infiltrating three real companies and guessing or finding the passwords of two of them. Google was aware of this incident by late July but only publicly confirmed it after a report by The Wall Street Journal on September 18, remaining silent for seven weeks.The test was a capture-the-flag exercise commissioned by Google and conducted by the Israeli company Irregular in May. Irregular connected an isolated testing environment that should have had no contact with the real internet to the open network, using the name of a real company as a fictitious target. Gemini found three matching results when searching for the company and attacked them one by one, with the plaintext passwords of two companies directly exposed online, while the password of the third was guessed by the model. Google stated that its model ultimately did not use the stolen credentials in practice.Google is the fourth major AI laboratory this year to admit that internal security tests leaked into the real world. Previously, OpenAI's model had accessed Hugging Face servers due to a software vulnerability, Anthropic found that three Claude models had reached real companies after reviewing 141,000 tests, and Meta's Muse Spark model also experienced a similar incident due to Irregular's configuration error. Additionally, U.S. Representatives Ted Lieu and Nathaniel Moran introduced the "AI Emergency Shutdown Act" in July, proposing to authorize federal regulators to suspend reasoning for models that pose a serious threat.

first_img Gemini's stock price has fallen 80% since its IPO, and acquisition speculation has resurfaced

According to CoinDesk, the stock price of the cryptocurrency platform Gemini has fallen by about 80% since its listing, with its market value dropping from a peak of approximately $4 billion to $753 million. Trading volume, revenue, and platform assets have all continued to decline, leading to renewed speculation about a potential acquisition. Gemini's exchange revenue in the second quarter decreased by 38% year-on-year to $12.5 million, spot trading volume fell by 66% to $3.8 billion, and platform assets decreased from $18.2 billion to $8.4 billion.Lorenzo Valente, Director of Digital Asset Research at ARK Invest, posted on X last month that the offshore perpetual contract platform Hyperliquid should acquire Gemini, using it as a gateway to enter the regulated U.S. market for perpetual contracts and prediction market business. The Winklevoss brothers hold 94.5% of the voting rights in Gemini, which may simplify transaction negotiations but also means that any sale must be approved by both individuals. There are currently no signs that Hyperliquid is actively pursuing an acquisition.Despite the decline in exchange business, Gemini still holds regulatory licenses and approvals that are difficult for competitors to replicate. Potential buyers may weigh the cost of acquisition against the time and legal fees required to apply for licenses independently. This aligns with the trend in cryptocurrency mergers and acquisitions where buyers increasingly value regulatory infrastructure, distribution channels, and market access, such as Keyrock's acquisition of BlockFills' trading assets and Ondo exploring an acquisition of up to $500 million. CoinDesk reported in April that potential buyers were considering acquiring Gemini's closed European and UK operations to obtain licenses. Gemini declined to comment on this.

Strive's preferred stock scale approaches 1 billion USD, Gemini approved for full MPI license in Singapore

According to BBX data, global listed treasury, well-known exchanges, and cross-border clearing platforms disclosed the latest updates yesterday, with the core information as follows:Strive's preferred stock SATA approaches $1 billion, holding over 24,500 coins: The perpetual preferred stock SATA issued by Strive (NASDAQ: $ASST) has a market value nearing $1 billion. Currently, Strive's balance sheet holds a total of 24,531 Bitcoins (worth approximately $1.96 billion). Thanks to an annualized dividend yield of up to 13%, SATA demonstrates strong financing capabilities, helping the company continuously raise funds to allocate BTC. In contrast, the similar preferred stock STRC under another treasury giant Strategy has an annualized dividend yield of 12%, but its secondary market trading price has consistently underperformed its par value, failing to return to the $100 benchmark since May of this year.Gemini obtains a Major Payment Institution license from the Monetary Authority of Singapore (MAS): Cryptocurrency exchange Gemini officially announced that its Singapore entity, Gemini Digital Payments Singapore, Pte. Ltd. (GDPSPL), has successfully obtained a Major Payment Institution (MPI) license officially issued by the Monetary Authority of Singapore (MAS). After approval, Gemini will be allowed to compliantly provide digital payment tokens (DPT) and compliant cross-border remittance clearing services within Singapore, further solidifying its compliance center layout in the Asia-Pacific region.OSL Group partners with Waka to facilitate stablecoin settlements for trade corridors between Africa and the world: Hong Kong-listed stablecoin payment and trading platform OSL Group (00863.HK) announced a deep cooperation with the payment platform Waka, which connects emerging market liquidity and clearing networks. OSL will deeply integrate institutional-level infrastructure covering stablecoin to USD and USD-native payment capabilities into Waka's clearing system, focusing on empowering seamless cross-border clearing and corporate settlement needs for major trade corridors between Africa and the world.

Gemini receives arbitration support: no liability for the collapse of the Earn lending program

According to CNBC, Gemini Space Station won a legal victory in August, with arbitrators ruling that the cryptocurrency exchange platform did not mislead users and is not responsible for the collapse of its Earn lending program. The claim was made by a user of the digital asset company's lending program Earn at the end of 2024. According to the ruling, there was insufficient evidence to prove that Gemini lied to customers or was negligent in its due diligence with its main lending partner, Genesis Global Capital.The Earn program was launched in 2021, allowing users to earn up to 7.4% annualized returns by lending cryptocurrency. Under this program, Gemini lent assets to institutional borrowers, with Genesis acting as an intermediary. However, in November 2022, Gemini suspended withdrawals from the Earn program, angering some of its more than 300,000 users. This move came shortly after Genesis suspended new loan issuance and redemptions due to a liquidity crisis caused by the downturn in the cryptocurrency market that year. After the freeze on Earn withdrawals, several customers filed legal complaints against Gemini. The New York Attorney General also sued Gemini over the Earn program and reached a $50 million settlement with the company in 2024.In February 2024, Gemini announced that the company had reached a "principled settlement" with Genesis and other creditors regarding the Genesis bankruptcy case. Three months later, Earn users received $2.18 billion in digital assets in physical form, equivalent to 97% of the digital assets owed to Earn users, which is $1 billion more than when Genesis suspended withdrawals in 2022.

first_img Gemini reaches an agreement with Apex to expand the distribution of the prediction market

According to CoinDesk, the cryptocurrency platform Gemini, founded by the Winklevoss twins, announced that it has signed a letter of intent with Apex Fintech Solutions to distribute regulated crypto prediction market contracts to brokerage clients through Apex's futures commission merchant (FCM). Under the arrangement, the subsidiary Gemini Titan will become the exclusive regulated trading venue for distributing crypto event contracts via Apex FCM, with Gemini responsible for execution and clearing, allowing brokers using Apex to offer related products without having to build their own connections to the prediction market exchange.This collaboration builds on Gemini's efforts to advance regulated prediction market layouts. Gemini Titan received a CFTC-designated contract market license in December 2025, and Gemini Olympus obtained a derivatives clearing organization license in April 2025. The two parties already have a foundation for cooperation, as Gemini launched commission-free stock trading for some U.S. clients in July, with Apex Clearing Corporation serving as the custodian and clearing broker. The company expects to finalize details in the coming weeks.Gemini CEO Tyler Winklevoss stated that he believes prediction is the future of the market. The report also mentioned the overall growth in trading volume in prediction markets, as well as the prediction market-related Command Center AI feature previously launched by Gemini.
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