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U.S. Treasury Hit By Chinese Hackers

U.S. Treasury Hit By Chinese Hackers

Your unbiased daily news brief

James Kratch
December 31, 2024

Good Tuesday morning and Happy New Year's Eve! It's been 25 years since some of us were freaking out about Y2K. We will see you on Thursday in 2025!

In Today’s Brief

Nevada: Ruby Mountains
Trinidad and Tobago: Gang violence
Trump: Speaker support
Dow Jones: Big drop
College football: Playoff resumes

... and more

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1) Foreign breach

The U.S. Treasury Department alleged it was hit by a hacking operation sponsored by China's government.

The news: A letter to the Senate Banking, Housing and Urban Affairs Committee acknowledged Treasury became aware of the infiltration in early December, calling it a "major incident." Third-party software was apparently used to access the desktop computers of Treasury employees.
The details: Hackers were able to override security measures and get into user workstations through technical support functions. The hackers reportedly accessed unclassifed documents. Treasury said it has addressed the vulnerability and there is no evidence the hackers have continued access to information or systems.
Big picture: Other government agencies helped determine the hackers were connected to China. Chinese officials denied the report, but Beijing and its proxies are notorious for cybercrimes against U.S. government institutions (and other nations), as well as private groups such as telecommunications companies

2) Ponzi payback

Bernie Madoff's victims are receiving their final round of restitution.

Catch up: The late, disgraced financier ran a $65B Ponzi scheme, the largest-known in history, before his fraudulent activity was exposed in 2008. He was later sentenced to 150 years in prison and died in 2021.
The news: About 23K Madoff victims worldwide began receiving $131M in payments yesterday in the 10th and final distribution by the Madoff Victim Fund, overseen by the U.S. Department of Justice. The fund has paid out over $4B to almost 41K total victims in 127 countries since its creation. Most victims paid in this round lost less than $500K in the fraud, according to prosecutors.
Big picture: Officials said the victims in this round will recover 94% of their losses. The total loss to Madoff's victims was assessed at $18B -- a number that was surpassed by the collapse of FTX.

3) Saying goodbye

President Joe Biden said Jan. 9 will be a national day of mourning for late former President Jimmy Carter.

The news: Carter's state funeral will be held that day at the National Cathedral in Washington. Flags have already been ordered to fly at half-staff nationwide for 30 days beginning this past Sunday; an eight-day mourning period begins tomorrow.
The procession: Carter's remains will travel through his hometown of Plains, Georgia, on Saturday, Jan. 4 before he lies in repose at the Carter Presidential Center in Atlanta on Jan. 5-6. His remains will then be transported to the U.S. Capitol, where he will lie in state on Jan. 7-9 before the funeral. Carter will then be buried in Plains.
Other notes: There will be various ceremonies throughout the process, including a National Park salute at Carter's childhood home, a moment of silence at Georgia's statehouse and a horse-drawn caisson from the U.S. Navy Memorial to the Capitol. The New York Stock Exchange will close on Jan. 9 in Carter's honor.

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Quick Tips

U.S. News

President Joe Biden's administration wants to prohibit gas, geothermal and oil development in Nevada's Ruby Mountains for 20 years. The land would remain open for mining under the proposal, which aims to stop speculative oil leasing (More)
The Northern Lights will likely be visible across the country tonight. Auroras may be seen in up to 16 northern states from Alaska to Maine (More)
Two Oregon men were found dead in Washington state after a Sasquatch search. The Skamania County Sheriff's Office said the men, ages 37 and 59, appeared to die from exposure to the elements in the Gifford Pinchot National Forest (More)

World News

Trinidad and Tobago declared a state of emergency to combat gang violence. The Caribbean country is battling a spike in reprisal killings and an influx of illegal firearms; the dual-island nation has experienced record homicide rates this year (More)
Non-government organizations that employ women will be banned in Afghanistan. The ruling Taliban said it would revoke the license of domestic and foreign groups that do not comply with its decree (More)
At least 66 people died following a car accident in Ethiopia. The incident happened near a bridge; reports indicate a car was partially submerged in water and people tried to pull it to shore (More)

Political News

President-elect Donald Trump endorsed Speaker of the House Mike Johnson's re-election bid ahead of Friday's vote. The Louisianan has faced backlash from the right flank of the House Republican caucus after passing a bipartisan government funding bill (More)
Prediction markets for the 2028 Democratic and GOP presidential nominees have opened. Kalshi has Vice President-elect J.D. Vance as an overwhelming GOP favorite; California Gov. Gavin Newsom sits atop a crowded Democratic field (More | More)
The 118th Congress was the least productive in decades. Just under 150 bills were passed by the House and Senate in 2023-24, the fewest since the 1980s; the 117th Congress passed over 350 in 2021-22 (More)

Business & Markets

Major indexes closed lower yesterday. The Dow Jones dropped over 400 points while the Nasdaq slid over 200 (Dow -0.97%, Nasdaq -1.19%, S&P 500 -1.07%).
Elon Musk is reportedly eying a SpaceX-Tesla deal with his native South Africa. The country would permit the billionaire's Starlink internet service in the country in return for the construction of an electric vehicle battery plant (More)
Fannie Mae and Freddie Mac stock jumped 18% after hedge fund billionaire Bill Ackman predicted President-elect Trump would remove the home lenders from conservatorship. Such a move would allow them to become private companies again (More)

Entertainment & Sports

The College Football Playoff quarterfinal round opens tonight. Boise State and Penn State will meet in the Fiesta Bowl with three more bowl games tomorrow (More)
Actress Linda Lavin died at 87 after a recent lung cancer diagnosis. She won a Tony Award for her role in Broadway Bound and was nominated for Emmy and Golden Globe Awards for Alice; she was working on a new Hulu comedy at the time of her death (More)
The FBI issued a formal warning about organized theft rings targeting professional athletes. The homes of numerous high-profile stars have either been robbed or targeted in recent months; the schemes are believed to have South American origins (More)

Quick Hitters

Feel Good: A man was told he was too heavy to ride on a Coney Island roller coaster. So he lost 135 pounds in 11 months and then went back to complete his mission.
Be Well: If your New Year's resolution to get healthier starts tomorrow, take note: Short bouts of intense exercise may significantly reduce the risk of cardiovascular disease.
Go Deep: The "tradwife" lifestyle has become huge on social media. But some women say their past experiences serve as cautionary tales.
Pet Advice: Get a new dog for Christmas? Here are the critical steps you should take to puppy-proof your home.
Life Hack: Employers tend to post new jobs (and fill existing vacancies) after the new year. Here is a key tip to make sure your resume meets current standards.

Watch This

It’s not It’s A Mad, Mad, Mad, Mad World. But this lengthy history of Disney Animatronics can help you burn time before midnight.