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Wall Street Pauses as Fed Meeting Looms: Futures Hold Steady

U.S. stock futures were little changed on Tuesday as investors awaited the start of the Federal Reserve’s final policy meeting of the year. The Dow Jones Industrial Average, S&P 500, and Nasdaq futures all hovered near flat, reflecting a cautious mood across Wall Street. The Fed is widely expected to keep interest rates unchanged, but traders are focused on Chair Jerome Powell’s comments and the central bank’s updated economic projections. Markets are looking for clues on when rate cuts might begin in 2024, with inflation cooling but still above the Fed’s long-term target. Recent gains in equities have been fueled by optimism that the Fed’s tightening cycle is over, yet uncertainty remains about how quickly monetary policy will shift toward easing. Until then, investors appear content to hold their positions, waiting for clearer signals from the Fed before making bold moves.
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UK Twitter Hacker Ordered to Repay Millions in Bitcoin After Obama Account Breach

Barack Obama speaking at the 2011 correspondents' dinner where he publicly mocked Donald Trump

A British hacker involved in the infamous 2020 Twitter breach has been ordered to repay $5.4 million worth of Bitcoin following his conviction. Joseph James O’Connor, 26, was behind one of the most high-profile cyberattacks in recent years, which compromised accounts belonging to global figures including former U.S. President Barack Obama.

O’Connor, also known online as “PlugwalkJoe,” pleaded guilty in the United States to charges of computer intrusion, wire fraud, and extortion. He was sentenced to five years in prison in 2023 after being arrested in Spain in 2021 and extradited to the U.S. for trial.

The hack targeted dozens of celebrity and political accounts, using them to promote fraudulent cryptocurrency schemes. Victims were tricked into sending Bitcoin to wallets controlled by O’Connor and his associates. Investigators have now secured a civil recovery order to seize 42 Bitcoin and other crypto assets linked to the scam.

Authorities emphasized that even though O’Connor was prosecuted in the U.S., UK prosecutors pursued financial recovery to ensure he could not profit from his crimes.

This case highlights the growing international cooperation in tackling cybercrime, especially when attacks cross borders and involve high-profile victims. It also underscores the risks of online fraud schemes that exploit trusted platforms like Twitter.

Key Takeaways:

  • Joseph James O’Connor hacked Obama’s Twitter account in 2020.
  • He was sentenced to five years in prison in 2023.
  • UK prosecutors ordered him to repay $5.4 million in Bitcoin.
  • Authorities seized 42 Bitcoin and other crypto assets tied to the scam.
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