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Scammers grabbed $7.7 billion worth of cryptocurrency in 2021, say researchers – ZDNet

Cryptocurrency-based scammers and cyber criminals netted a whopping $7.7 billion worth of cryptocurrency from victims in 2021, marking an 81% rise in losses compared to 2020, according to blockchain analysis firm, Chainalysis.

Some $1.1 billion of the $7.7 billion in losses were attributed to a single scheme which allegedly targeted Russia and Ukraine, it said.

"As the largest form of cryptocurrency-based crime and one uniquely targeted toward new users, scamming poses one of the biggest threats to cryptocurrency's continued adoption," said Chainalysis.

SEE: Hackers are turning to this simple technique to install their malware on PCs

At the same time though, the number of deposits to scam addresses fell from just under 10.7 million to 4.1 million, which it said could mean there were fewer individual scam victims but they are losing more.

A major source of rising cryptocurrency losses in 2021 were so-called "rug pulls", where the developers of a new cryptocurrency vanish and take supporters' funds with them. Rug pulls accounted for 37% of all cryptocurrency scam revenue in 2021, totaling $2.8 billion up from just 1% in 2020.

"Rug pulls are prevalent in DeFi because with the right technical know-how, it's cheap and easy to create new tokens on the Ethereum blockchain or others and get them listed on decentralized exchanges (DEXes) without a code audit," it warned.

The characteristics of the investment scam networks are changing. Chainaylsis found that the number of active financial scams rose from 2,052 in 2020 to 3,300, while their individual lifespan has decreased from over 500 days in 2016 to 291 days in 2020 and just 70 days in 2021.

"Previously, these scams may have been able to continue operating for longer. As scammers become aware of these actions, they may feel more pressure to close up shop before drawing the attention of regulators and law enforcement," it said.

SEE: Dark web crooks are now teaching courses on how to build botnets

Unsurprisingly, scams also increase in line with the rise in value of popular cryptocurrencies such as Ethereum and Bitcoin, although that link may have been broken in the last year.

Chainalysis notes: "The most important takeaway is to avoid new tokens that haven't undergone a code audit. Code audits are a process through which a third-party firm analyzes the code of the smart contract behind a new token or other DeFi project, and publicly confirms that the contract's governance rules are iron clad and contain no mechanisms that would allow for the developers to make off with investors' funds."

It added: "Investors may also want to be wary of tokens that lack the public-facing materials one would expect from a legitimate project, such as a website or white paper, as well as tokens created by individuals not using their real names."

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Bitcoin will replace the US dollar, says former Twitter CEO Jack Dorsey – The Indian Express

In a recent Twitter exchange, with Grammy award-winning rapper Cardi B, former Twitter CEO Jack Dorsey said on Tuesday that Bitcoin will replace the US dollar. Cardi B asked on Twitter if crypto would replace the US currency to which Dorsey replied, Yes, Bitcoin will.

The Twitter interaction between Cardi B and the tech billionaire about cryptocurrency replacing the dollar prompted massive reactions on the social media platform. Dogecoin co-founder Billy Markus posted a meme about how Dogecoin is more stable than the US dollar. While Bitcoin investor Dennis Porter pointed out that such a conversation was actually inevitable.

Dorsey left Twitter last month to focus on fintech firm Block, formerly known as Squaremaking Parag Agrawal, the new CEO of Twitter, who is now heavily involved in decentralised projects in the company.

Earlier, in October, Dorsey said that Block is looking to build a bitcoin mining system based on custom silicon and open source for individuals as well as businesses. This would add to Squares existing bitcoin-focused projects including a business to build an open developer platform, as well as a hardware wallet for the cryptocurrency.

If we do this, wed follow our hardware wallet model: build in the open in collaboration with the community, Dorsey said in a tweet. A team led by Squares hardware lead, Jesse Dorogusker, will investigate requisites for Square to take on the project to build a bitcoin mining system.

Dorsey is a Bitcoin investor. His love for cryptocurrency dates back to 2017 when he started advocating Bitcoin as the king coin. When the crypto market crashed in 2018, Dorsey was unfazed, calling Bitcoin the future world currency, despite the digital currency being at its lowest point in several years. In March 2019, Dorsey had said that he spends several thousand dollars each week to buy Bitcoin.

Endorsing blockchain technology for transparency in payment, Dorsey has recently released the whitepaper of its decentralised Bitcoin exchange proposal tbDEX. Dorsey has confirmed to investors that Bitcoin will be a big part of the companys future.

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Bitcoin will replace the US dollar, says former Twitter CEO Jack Dorsey - The Indian Express

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The mainstreaming of cryptocurrency and what it means: Business Extra – The National

Will 2021 be remembered as the year cryptocurrency went mainstream?

The blockchain-powered financial services industry drew about $30 billion in venture capital this year, more than in all previous years combined. Meanwhile, hype over a more decentralised Internet - from NFTs and crypto to Web 3.0 and beyond - reached a fever pitch.

Co-hosts Mustafa Alrawi and Kelsey Warner unpack and explain the trends, and Kelsey interviews Abu Dhabi Global Market's Wai Lum Kwok, senior executive director, about the role regulators play in this new frontier.

The future of digital assets and ADGM's stance (0m 54s)

FinTech products and services approaching ADGM (4m 11s)

Finding a balance between regulation and innovation (7m 15s)

Where are we in the evolution of FinTech? (8m 54s)

Cryptocurrencies drew about $30bn from VCs in 2021, more than in all previous years

Next generation ultra-rich to increase wealth through cryptocurrency investments

Global cryptocurrency regulation should be comprehensive and co-ordinated, IMF says

What to consider before investing in cryptocurrencies

Updated: December 22nd 2021, 2:00 AM

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The mainstreaming of cryptocurrency and what it means: Business Extra - The National

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How to Use Immediate Edge to Passively Make Money From the Cryptocurrency – VideoInk

The cryptocurrency market is one of the most popular markets out there in the global economy and it has been constantly rising in popularity and value ever since its advent almost a decade ago. Just over the span of a few years, the market has managed to reach a market value of several trillion dollars and experts say the numbers are only going to increase in the future.

Due to the cryptocurrency markets popularity and amazing reward potential for those that trust the market, several traders around the world have started trading in cryptocurrencies to gain more profits for themselves. However, trading is known to be a very complicated, time-consuming and risky process that only a few investors practice everyday.

These are the exact reasons why most people stay away from crypto trading as a reliable source of income and just stick to mining or normal investing. However, there is one technology that has started attracting thousands of investors in the crypto world with its reliability and seamlessness and that technological software is none other than Immediate Edge and for more detailed information, you can check its detailed review on BitConnect website.

That being said, many people are still unaware of Immediate Edge, how it works, and whether investors should use it for generating a nice passive income for themselves. If you too are someone who is considering using Immediate Edge to increase their profit margin, then dont worry because in this article we will be going through all those aspects in a detailed and simple manner for you. We recommend that you read the article till the end so that you dont miss out on details.

Source: pexels.com

Immediate Edge is a trading platform that allows users to trade various cryptocurrencies in the market to generate a profit for themselves. However, the platform has one special feature that makes it stand out the most from other crypto trading platforms and that special feature is its automatic trading option.

Immediate Edge is a special crypto platform that features an automatic trading bot that takes your money and invests it in particular cryptocurrencies and sells at particular times to generate a profit for its users. The platforms bot has an immensely high success rate of above 98% that makes it one of the most successful trading bots out there.

Whats more is that Immediate Edge also has manual trading options if someone doesnt want to use the bots and wants to manually trade on the software. For them, the software features detailed charts, analysis and various dedicated research options that only aid the trader in making better investment decisions.

Manual trading is the best option if you are already familiar with crypto trading and know how it works and completely understand market analysis to make educated and wise trading decisions. On the other hand, if you dont have any prior experience in trading but still want to do it nonetheless, you can rely on the apps trading bot to generate regular profits for you. The best thing about Immediate Edge is that it is available for all devices from Android to Windows.

Source: immediate-edge.co

The software used by Immediate Edge is a specially created dedicated application that is designed to deeply analyze the cryptocurrency market and current trends for each of the cryptocurrencies to figure out the best investment and trading decisions for you. The platform has a minimum deposit of $250 and after you complete the minimum deposit, you get an option to set your bot up to trade for you or start trading yourself.

If you assign the bot to handle your financial assets, the platform ensures to invest your money in the right cryptocurrencies that have a market and the potential to grow in the future. Once they do, the bot simply sells your profits and delivers it to you to your bank account directly. The software uses cutting edge machine learning technology to produce actual results for you that end up with getting you substantial amounts of profits.

The best thing about the platform is that you can easily configure your trading strategies anytime you want. If you decide you do not wish to invest along with the automatic trading bot anymore then you can trade in cryptocurrencies yourself without any problem. Another amazing thing about Immediate Edge is that it uses all the different kinds of cryptocurrencies available on the market from Bitcoin to Ripple to ensure that your assets have a wide portfolio which gives you more profits.

Source: aljazeera.com

Now that you know how the platform works, lets find out how you can use it for yourself to either generate a substantial amount of passive income using the automatic trading strategy or using the platform as a specialized tool for your crypto trades. The registration process for Immediate Edge is extremely straightforward and quick.

Firstly, you need to go on the softwares official website and register your account there. While registering, you will have to fill out various details like your name, phone number, email address and even your physical address. Once your account is verified by the platform, you can start transacting and trading cryptocurrencies on the software.

However, for that you will need to add some currency into your account. The minimum amount you can add in your account is about $250 and the website doesnt accept anything lower than that or higher than $25,000. Once your account is funded, you need to simply choose your preferred trading strategy and either watch your live trading session with a bot investing with your finances or do the trading yourself manually.

Before you do that, however, it is recommended that you check out the softwares demo first and get familiar with how the software works with virtual currency that has no value. Once you are familiar with the demo version, you can start investing on the exchange with your real currency.

Immediate Edge is one of the best crypto trading platforms out there and can provide immense benefits to all kinds of traders if they use it correctly. We hope this article was helpful in doing that and if it was, please consider following our website for regular updates as it will help us out immensely.

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Cathie Wood Loaded Up On These 2 Cryptocurrency-Related Stocks On Tuesday – Benzinga – Benzinga

Cathie Wood's Ark Investment Management on Monday further raised its exposure in cryptocurrency-related stocks Robinhood Markets Inc (NASDAQ:HOOD) and Coinbase Global Inc (NASDAQ:COIN).

The popular money manager bought 181,717 shares estimated to be worth $3.44 million in Robinhood, a financial platform that deals in stocksand cryptocurrencies.

Robinhood stock closed 4.99% higher in the regular session on Tuesday at $18.93 a share. The stock is down 45.6% since going public in July.

In a first, Robinhood acquired Cove Markets, a cross-exchange trading platform last week as it prepares to roll out cryptocurrency wallets.

See Also: Cathie Wood Buys The Dip In Heavy-Crypto-Exposure Stocks Robinhood And Block

The wallets would allow Robinhood users to deposit or withdraw cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).

The popular zero-commission trading app also said it is adding a cryptocurrency gifting feature for users, which would be operational from Wednesday.

The money managing firm owns shares in Robinhood via three ETFs the Ark Innovation ETF (NYSE:ARKK), the Ark Fintech Innovation ETF (NYSE:ARKF) and the Ark Next Generation Internet ETF (NYSE:ARKW).

The three ETFs held 20.2 million shares worth $364.8 million in Robinhood, prior to Tuesdays trade.

Ark Invest also snapped up 23,414 shares estimated to be worth $5.79 million in cryptocurrency exchange desk Coinbase.

Coinbase shares closed 4.05% higher at $247.69 a share on Tuesday. The stock is down 24.5% so far this year.

Coinbase CEO Brian Armstrong told investors in November that the company is focused on long-term growth instead of a quarter-to-quarter investment as it grows the cryptocurrency economy.

See Also: Cathie Wood Trims $5M In Coinbase And Loads Up On This Stock

Ark Invest has mostly been piling shares in Coinbase since its direct listing on NASDAQ in April, while occasionally booking minor profits.

The popular managing firm held 4.9 million shares worth $1.18 billion in Coinbase via three ETFs ARKK, ARKF and ARKW prior to Wednesday's trades.

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Cathie Wood Loaded Up On These 2 Cryptocurrency-Related Stocks On Tuesday - Benzinga - Benzinga

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San Diego lawsuit aims to safeguard $154M in embezzled funds that were converted to cryptocurrency – The San Diego Union-Tribune

Federal prosecutors in San Diego have filed a lawsuit to seize $154 million that was allegedly embezzled from Sony Life Insurance Co. in Japan, funneled through a La Jolla bank and converted into cryptocurrency.

The civil forfeiture action comes after the FBI confiscated 3,879 Bitcoins related to the alleged scheme. The Bitcoins are being held in the San Diego FBIs Bitcoin wallet for safekeeping with the intention of returning the money to Sony.

According to the lawsuit filed by the U.S. Attorneys Office, Rei Ishii, a former employee of Tokyo-based Sony Life Insurance, engaged in a scheme to transfer funds from the Sony Lifes Citibank account to a Coinbase credit account held at San Diegos Silvergate Bank, where the funds were converted to Bitcoin.

Coinbase is a well-known cryptocurrency exchange where people invest in, buy and sell Bitcoin. Each transaction is recorded in a digital public ledger known as a blockchain. Coinbase is considered a financial institution that must comply with anti-money laundering and other laws.

Bitcoin is one of several virtual currencies available on the Internet. Beyond trading, virtual money can be exchanged for goods and services or real money, such as U.S. dollars, on exchanges.

Silvergate Bank has been an early provider of services targeting the crypto market. It supplies financial infrastructure such as fund transfers, customer account controls and security, as well as a payments system to help the digital currency market grow.

Phone calls and emails to Silvergate were not returned.

The lawsuit alleges Ishii illegally transferred the funds in May 2021 to the Silvergate-Coinbase account in an apparent ransom scheme.

Sony Life supervisors received anonymous emails from Ishii a few days after then transfer stating If you accept the settlement, we will return the funds back, and if you are going to file criminal charges, it will be impossible to recover the funds, according to the lawsuit.

Law enforcement was able to trace the Bitcoin transfers and identify the funds allegedly stolen from Sony Life, which had been transferred to an offline cryptocurrency cold wallet.

Investigators then obtained a private key the equivalent to a password needed to access the Bitcoin address. All the Bitcoins traceable to the alleged theft have been recovered and protected, according to court records. Ishii has been criminally charged in Japan.

This case is an example of amazing work by FBI agents and Japanese law enforcement, who team up to track this virtual cash, said Randy Grossman, acting U.S. Attorney for the Southern District of California. Criminals should take note. You cant rely on cryptocurrency to hide your ill-gotten gains from law enforcement.

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San Diego lawsuit aims to safeguard $154M in embezzled funds that were converted to cryptocurrency - The San Diego Union-Tribune

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Bullish Exchange Opens Regulated Cryptocurrency Trading Platform to the Public – Business Wire

GIBRALTAR--(BUSINESS WIRE)--Bullish, a technology company developing products for the digital assets sector, announced today that its flagship product, the Bullish exchange, is now available to eligible individual users and institutions in select jurisdictions within Asia-Pacific, Europe, Africa and Latin America. The trading platform leverages innovations in decentralized finance (DeFi) with regulatory compliance frameworks, giving institutional and retail traders access to deep liquidity and low-cost transactions.

Following the launch of the exchange in late November to select institutions, Bullish has hydrated its proprietary liquidity pools with more than US$2 billion of cash and digital assets, and has already achieved 24-hour total trading volume exceeding US$150 million.

An evolution from the traditional exchange, Bullishs proprietary Hybrid Order Book pairs the high-performance of a traditional Central Limit Order Book (CLOB) with Automated Market Making (AMM) a protocol that uses a mathematical algorithm to facilitate prices in a transparent, market-neutral, and deterministic manner. Bullish Liquidity Pools offer clients the ability to manage balanced portfolios while earning passive yields at scale across highly variable market conditions.

Within traditional finance, innovation has unfortunately become synonymous with complexity, creating a vacuum for closed-door decisions to thrive, said Thomas Farley, Chairman and CEO of Far Peak Acquisition Corporation (NYSE: FPAC), a special purpose acquisition company, who will serve as the incoming CEO of Bullish upon the completion of the proposed business combination between Bullish and FPAC. The Bullish exchange aims to drive value back to underlying asset providers and fundamentally enhance the market architecture of DeFi with the high performance of a CLOB. Its the best of both worlds that opens up new opportunities for a new era of finance.

The Bullish exchange leverages a private EOSIO-based blockchain in order to integrate the strategic advantages of blockchains inherent capabilities into the platform design, and achieve a new degree of security, transparency, and resiliency. Combined with WebAuthn standards, which eliminate many security vulnerabilities inherent with passwords by using public key cryptography, users will experience a password-free authentication environment, creating a more secure onboarding process and ongoing account access.

Bullish was born from working backwards from our own desire to more effectively manage digital assets, and today were ready and excited to share these revolutionary tools with the public,'' said Brendan Blumer, Chairman of Bullish.

Bullish previously announced its intention to go public on the NYSE through a business combination with FPAC. Subject to various approvals and conditions, the merger is anticipated to close in the first quarter of 2022. The Bullish exchange is operated by Bullish (GI) Limited and regulated by the Gibraltar Financial Services Commission.

About Bullish

Focused on developing products and services for the digital assets sector, Bullish has rewired the traditional exchange to benefit asset holders, enable traders and increase market integrity. Supported by the groups treasury, Bullishs new breed of exchange combines deep liquidity, automated market making and industry-leading security to increase the accessibility of digital assets for traders. Bullish exchange is operated by Bullish (GI) Limited and is regulated by the Gibraltar Financial Services Commission (GFSC) (DLT license: FSC1038FSA). For more information, please visit bullish.com and follow Twitter and LinkedIn.

Forward-Looking Statements

This communication includes, and oral statements made from time to time by representatives of FPAC and Bullish Global may be considered, forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or FPACs or Bullishs future financial or operating performance. In some cases, you can identify forward-looking statements by terminology such as may, should, expect, intend, will, estimate, anticipate, believe, predict, potential or continue, or the negatives of these terms or variations of them or similar terminology. In addition, these forward-looking statements include, but are not limited to, statements regarding Bullish Globals business strategy, cash resources, current and prospective product or services, as well as the potential market opportunity. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by FPAC and its management, and Bullish Global and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements respecting the Business Combination; (2) the outcome of any legal proceedings that may be instituted against FPAC, Bullish or Bullish Global or others following the announcement of the Business Combination; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of FPAC or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations; (5) the ability of Bullish to meet applicable listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of Bullish Global as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination; (9) changes in applicable laws or regulations; (10) the possibility that Bullish may be adversely affected by other economic, business and/or competitive factors; (11) the impact of COVID-19 on Bullish Globals business and/or the ability of the parties to complete the Business Combination; and (12) other risks and uncertainties set forth in the section entitled Risk Factors in the Bullish Investor Presentation dated July 2021, in the sections entitled Risk Factors and Cautionary Note Regarding Forward-Looking Statements in the preliminary proxy statement/prospectus included in the registration statement on Form F-4 (the Registration Statement) filed by Bullish with the U.S. Securities and Exchange Commission (the SEC), in the sections entitled Risk Factors and Cautionary Note Regarding Forward-Looking Statements in FPACs IPO Prospectus dated December 2, 2020 filed with the Securities and Exchange Commission on December 3, 2020, in the section entitled Risk Factors in FPACs most-recent Quarterly Report on Form 10-Q, as well as any further risks and uncertainties to be contained in any other material filed with the SEC by Bullish or FPAC. In addition, there may be additional risks that neither Far Peak or Bullish Global presently know, or that Far Peak or Bullish Global currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither FPAC, Bullish nor Bullish Global undertakes any duty to update these forward-looking statements.

Important Information and Where to Find It

This document does not contain all the information that should be considered concerning the proposed Business Combination. It does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. It is not intended to form the basis of any investment decision or any other decision in respect of the proposed Business Combination. In connection with the proposed Business Combination, Bullish has filed the Registration Statement with the SEC which includes a preliminary proxy statement / prospectus with respect to the Business Combination. The definitive proxy statement / prospectus and other relevant documentation will be mailed to FPAC shareholders as of a record date to be established for purposes of voting on the Business Combination. FPAC shareholders and other interested persons are advised to read the preliminary proxy statement / prospectus and any amendments thereto, when available, and the definitive proxy statement / prospectus because these materials contain and will contain important information about Bullish, FPAC and the proposed transactions. Shareholders may obtain a copy of the preliminary proxy statement / prospectus and, when available, the definitive proxy statement / prospectus without charge, at the SECs website at http://sec.gov or by directing a request to: Far Peak Acquisition Corp., 511 6th Ave #7342, New York, NY 10011. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in the Solicitation

FPAC, Bullish, Bullish Global and their respective directors and executive officers, other members of management and employees may be considered participants in the solicitation of proxies with respect to the potential transaction described in this communication under the rules of the SEC. Information regarding persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders in connection with the potential transaction and a description of their interests is set forth in the preliminary proxy statement/prospectus included in the Registration Statement. These documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This communication is for informational purpose only and not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Bullish or FPAC, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act.

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James Webb Space Telescope: The engineering behind a ‘first light machine’ that is not allowed to fail – Space.com

Randy Kimble will never forget the days in August 2017 when Hurricane Harvey battered Texas. As a project scientist for integration, test and commissioning of the James Webb Space Telescope (JWST), he had no option to hide at home. The giant telescope, at that time already 10 years behind schedule and considerably over budget, was right in the middle of one of its 100-day space simulating test campaigns at NASA's Johnson Space Center in Houston.

"The main gate was under several feet of water and the rest of the center was shut down," Kimble told Space.com. "But there was still one route from a hotel strip in that area and you could get in through the back gate at Johnson. Just by a matter of days, we didn't run out of liquid nitrogen to keep the cooling system going. It was very tense."

Kimble has worked on JWST since 2009 after spending two decades developing instruments for JWST's predecessor, the Hubble Space Telescope. Still, he said, the tests of JWST, carried out inside the 40-foot diameter Chamber A (built in the 1960s to test equipment for the moon-bound Apollo missions), were a career highlight. They involved lowering the telescope's temperature to the minus 390 degrees Fahrenheit (minus 217 degrees Celsius) in which it will operate, and in a vacuum similar to that of space.

Live updates: NASA's James Webb Space Telescope launchRelated: How the James Webb Space Telescope works in pictures

"The cryo-vacuum tests for Webb were long and gruelling," Kimble said. "It would take weeks just to cool everything down safely and then warm up again safely at the end of the test. And in the middle, when you are cold and stable, that's when you do your detailed testing."

Over a six-year period, multiple test campaigns were conducted with teams working on site 24/7, including weekends and holidays, Kimble said. The spacecraft's four scientific instruments were also tested separately, multiple times, and so was virtually every part of the telescope, the most complex, daring and expensive space observatory ever built.

Some 30 years in the making and with an eventual price tag of $10 billion, the James Webb Space Telescope is simply not allowed to go wrong. The problem is that in the space business, it is rather easy to go wrong.

When the Hubble Space Telescope launched in 1990, it soon became obvious something was amiss. The images it sent to Earth were disappointing, blurry, nowhere near to what scientists had expected. The problem was traced to the telescope's great mirror, which was improperly polished during manufacturing. A rescue mission involving a team of astronauts was sent to fix the problem. Hubble received 'glasses' to correct its short-sightedness and turned into the astronomical powerhouse that has since generated thousands of iconic and scientifically priceless images.

With the James Webb Space Telescope, rescue missions are impossible and therefore no failures are allowed.

"James Webb Space Telescope is a prototype and with prototypes, you can always have something that goes wrong," Mark McCaughrean, senior advisor for science and exploration at the European Space Agency (ESA) and interdisciplinary scientist at the JWST science working group, told Space.com. "That's why JWST is so expensive. Because we've spent two decades building and testing every single piece a million ways to do everything to make sure it doesn't have problems."

But why does Webb have to be so complex? Wouldn't a simpler mission work just as well? And why cannot it be serviced by astronauts?

The fact is that serviceability was never an option for Webb. The science it is meant to deliver, the depths of space it is intended to glimpse, simply cannot be accomplished with a spacecraft that astronauts can visit (at least not with currently available spaceships).

The James Webb Space Telescope, sometimes fondly referred to by astronomers as the 'first light machine,' was built to see the first stars and galaxies that emerged from dust and gas of the early universe, only a few millions of years after the Big Bang.

Because these stars and galaxies are so far away, the visible light they emitted when the universe was only a few hundred millions of years old has shifted into the near infrared and infrared part of the electromagnetic spectrum. This strange effect, known as the red shift in astronomical jargon, is a result of the expansion of the universe and the ensuing Doppler effect. That's the same effect that distorts the frequency of a siren of a passing ambulance car.

Infrared radiation is essentially heat, and can be detected with special sensors that are different from those detecting visible light. Since the stars and galaxies that JWST was designed to study are so far away, the incoming signals are also extremely faint. The scientists and engineers behind JWST needed to tackle a range of technical obstacles to make this hoped-for detection possible.

The Hubble Space Telescope, although originally designed to detect only the visible light of the universe (that in wavelengths that the human eye can process), was in 1997 equipped with then cutting-edge infrared detectors during the second servicing mission; these sensors were later upgraded when new technology became available. But still, infrared astronomy was an obvious afterthought for Hubble, and the telescope clearly wasn't optimized to feel the warmth of the most distant universe.

Hubble orbits Earth at the altitude of 340 miles (545 kilometers). On top of being regularly blasted by direct sunlight, Hubble also absorbs Earth's heat. As a result, its infrared detectors are quite dazzled by the telescope's own warmth and it simply cannot see those faint and distant galaxies.

"If you want a really sensitive infrared telescope, it needs to be really cold," McCaughrean said. "And to get really cold, you need to get away from Earth."

And the James Webb Space Telescope will be far away from Earth indeed, about 1 million miles (1.5 million km) away. That's more than four times farther than the moon. The telescope will orbit the sun, while simultaneously making small circles around the so-called Lagrange point 2 (L2) a point on the sun-Earth axis constantly hidden from the sun by the planet. At L2, the gravitational pulls of the sun and of Earth keep the spacecraft aligned with the two big bodies.

But even that wouldn't make Webb cold enough to accomplish its mission.

The largest piece of the spacecraft and one without which the mission would be impossible is its tennis court-sized deployable sunshield made of five layers of an aluminum-coated space blanket material called kapton.

The sunshield will unfurl in space before the telescope reaches its destination in one of the most nerve-wrecking parts of the spacecraft's post-launch deployment sequence.

"The sunshield is by far the most mission-critical thing," said McCaughrean. "If it doesn't fully deploy, the telescope doesn't work. We have obviously folded and unfolded it many times on the ground, but nothing like this has ever been flown in space before, and the lack of gravity simply changes things."

The sunshield is James Webb Space Telescope's main cooling mechanism. Nestled behind it, the mirrors and the four never-before-flown instruments will remain far below freezing at 390 degrees Fahrenheit (minus 217 degrees Celsius). The sun-facing side, on the other hand, will be incredibly hot up to 230 degrees F (128 degrees C).

"The sunshield is like sunscreen with an SPF of at least a million in terms of how much it attenuates the solar energy," said Kimble, the testing and integration project scientist who rode out Hurricane Harvey with JWST. "That allows us to passively cool down cold enough that for most of the wavelengths, the observations are not limited at all by the glow of the telescope."

The sunshield is not a simple parasol; a lot of clever engineering went into its design. The five layers of the ultralight kapton material are precisely spaced so that the heat absorbed by each layer is perfectly radiated away from the spacecraft through the gaps. While superthin and ultralight, the material is also incredibly sturdy, enough to survive bombardment by meteorites.

To do what it has been designed to do, the James Webb Space Telescope really couldn't be small. The Hubble Space Telescope, with its mirror 7.8 feet (2.4 meters) in diameter, couldn't detect those distant early galaxies even if it were as cold as Webb.

"If you want to see those distant, faint galaxies, then you need to gather more light," Kimble said. "And so the simple fact that Webb's mirror collects six to seven times more photons in a given amount of time [than Hubble], gives you a significant advantage."

The ability of a telescope to collect light increases with the square of the size of its mirror, explained McCaughrean. With its 21-foot (6.5 m) mirror, Webb will not only be able to take sharper, deeper images of the universe than those that made Hubble famous, it will also do so in a fraction of the time required by Hubble.

"Some of the deep field work that Hubble has done, they would look in a particular field for a couple of weeks," Kimble said. "Webb can reach that kind of sensitivity limit in seven or eight hours."

But here comes another challenge. How do you lift something the size of a tennis court with a 21-foot mirror into space?

The Hubble Space Telescope, which measures 44 feet long (13.2 m) and at most 14 feet (4.2 m) across, fitted quite snugly into the 60-foot long (18.3 m) and 15-foot wide (4.6 m) payload bay of the space shuttle Discovery, from which the telescope was deployed in 1990.

But the widest rocket fairing available when Webb was designed was Europe's Ariane 5 rocket, and the telescope's mirror is more than 3 feet (1 m) too wide to fit. So for Webb, getting to space requires folding and unfolding. The mirror and the sunshield, as well as the usual solar arrays and antennas, must all be neatly stowed for the telescope's launch.

The mirror, made of 18 hexagonal segments, each 4.3 feet (1.32 m) across, collapses like an origami for the launch. Once in space, these elements unfold, locking together. The jigsaw puzzle is so finely tuned that once the mirror is fully aligned, the seams between the individual segments will be perfectly smooth.

Aligning the mirror once in space will be an intricate endeavour of several months, relying on one of the cameras aboard the spacecraft, the NIRCam instrument.

"Aligning those mirror segments to make a smooth, continuous mirror shape out of them is going to be fascinating," said Kimble. "At the beginning, we will produce 18 separate images with NIRCam; at the end, we will have a single beautiful image."

NIRCam, McCaughrean said, just like many other components of the telescope, is simply not allowed to fail.

"If NIRCam failed, you won't be able to line up the telescope," said McCaughrean. "That's why there is lots of redundancy in it. It has got two completely separate camera systems inside, so if one fails, you have the other one."

At the backs of the 18 hexagonal mirror segments are small motors that delicately press onto the plates, shifting and bending them with extreme precision until they create one giant, perfectly smooth mirror.

"That means movement at the level of nanometers," said McCaughrean. There are 25.4 million nanometers in one inch. "It's incredibly complicated. And that's why it takes so long for us to actually commission the telescope. We launch it in late December, but the first images won't come until the summer of 2022 because it takes that long to line everything up."

The mirror also needed to be extremely lightweight. Had the engineers simply scaled up the 8-foot glass mirror of the Hubble Space Telescope to build the 21-foot mirror of Webb, the telescope would be too heavy for any existing rocket to lift.

As it is, Webb's mirror is about an order of magnitude lighter per unit area compared to Hubble's mirror. Each of the 18 hexagonal segments, made of ultralight metal beryllium, weigh only 46 pounds (20 kilograms). The entire spacecraft, despite its enormous size, weighs only 6.5 metric tonnes compared to the 11.1 metric tonnes of the smaller Hubble.

The surface of the mirror is plated with gold, giving it the signature yellow tint. "The golden color was chosen because it's the best for reflecting infrared radiation, much better than white or silver," says McCaughrean.

The light reflected by the giant mirror is then concentrated onto the 30-inch (74 centimeter) secondary mirror that sits opposite the large mirror attached to a foldable tripod that must also deploy in space. From there, the light enters through an opening at the center of the large mirror into the telescope, where a tertiary mirror sends it to the detectors.

The James Webb Space Telescope launch is currently scheduled for Friday (Dec. 24). Launch day will be a big moment for the thousands of engineers and scientists who have been involved in the mission since its conception in the early 1990s.

But even after launch, the telescope, which has stretched so many people and so many technologies to their limits, will not allow them to rest. The launch will be the beginning of what Kimble described as "extended thrill," a six-month period of gradual deployments, cooling down, switching on, aligning and testing.

"The first weeks, during our journey to L2, that's when we will see the major deployments," said Kimble. "The sunshield, the mirror, the secondary mirror's support tripod, the solar wings. The telescope will build itself like an origami."

In a press conference held on Nov. 2, Mike Menzel, Webb lead mission systems engineer at NASA Goddard Space Flight Center, said that 144 release mechanisms must work as intended for the deployment to succeed.

"There are 344 single-point-of-failure items on average," Menzel said in that press conference. "Approximately 80% of those are associated with the deployment."

Assuming all its deployments work as intended, Webb will be perched at L2 approximately one month after launch, hidden behind its giant sunshield. Then the telescope will perform the procedure Kimble tested in Houston during Hurricane Harvey slowly cooling down to its operational temperature while testing its instruments and aligning its mirrors.

"We can do some rougher alignments on the way down as the system is cooling," said Kimble. "At that stage, the structures will still be moving a little because of the cooling and shrinking, so the final tweaking can only be done after we reach temperature stability," 100 to 120 days into the mission.

For Kimble, these months will represent a peak of his career, ensuring that he is "going out with a bang," he said. After more than four decades working on the most cutting-edge space telescopes, the scientist said he is ready to hand over the magnificent first light machine to others after the end of its nerve-wracking commissioning period.

"It's going to be very, very intense," he said.

Follow Tereza Pultarova on Twitter @TerezaPultarova. Follow us on Twitter @Spacedotcom and on Facebook.

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Global Precision Engineering Machines Market Forecast to Reach USD 19.27 Billion by 2028 – ResearchAndMarkets.com – Business Wire

DUBLIN--(BUSINESS WIRE)--The "Global Precision Engineering Machines Market Size, Share & Trends Analysis Report by End-use, Region and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global precision engineering machines market size is estimated to reach USD 19.27 billion by 2028, expanding at a CAGR of 6.6% from 2021 to 2028, according to the report.

The increased demand for advanced machining solutions, as well as the focus on reducing downtime to promote production efficiency, improve accuracy, and optimize machining processes, are driving sales growth. Moreover, Industry 4.0 promotes the integration of manufacturing facilities with other processes to create holistic and adaptive automation system architectures using precision engineering machines for production and manufacturing. Hence, the market comprises significant opportunities with the advent of industry 4.0 in the forthcoming years.

The increased popularity of precision engineering machines can be attributed to their computerized accuracy, which helps improve the productivity and efficiency of manufacturing processes. The scope of precision engineering is expanding owing to the rising technological possibilities. Precision engineering machines facilitate automated operations and, hence, reduce the time required for machining components. These machines can continue operating without any manual intervention and supervision once the machinist feeds the codes into the computer. Industrial automated machines, often known as robots, have proven to be beneficial for both discrete and continuous manufacturers in numerous ways. Some of these benefits include more efficient production procedures and higher productivity.

The COVID-19 pandemic has negatively impacted the market by restraining innovation, reducing profitability, and depleting cash flow and economic imbalance. The COVID-19 pandemic also resulted in the cancellation of many events in 2020, which restricted manufacturers from marketing their new products or technologies. On the other hand, untrained workers may struggle to manage precision engineering machines, resulting in potential machine damage, and putting the manufacturing unit's investments at risk. As a result, a scarcity of experienced operators is posing a significant barrier to market expansion. The shortage of skilled manufacturing workers, such as precision machinists and tool and die makers is affecting industries such as aerospace and steel.

Market Report Highlights

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

2.1 Precision Engineering Machines Market - Industry Snapshot and Key Buying Criteria, 2018 - 2028

2.2 Global Precision Engineering Machines Market, 2018 - 2028

Chapter 3 Precision Engineering Machines Industry Outlook

3.1 Market Segmentation

3.2 Market Size and Growth Prospects

3.3 Precision Engineering Machines Market - Value Chain Analysis

3.4 Precision Engineering Machines Market - Market Dynamics

3.4.1 Market driver analysis

3.4.1.1 Growing demand for advanced machining solutions

3.4.1.2 Emphasis on increasing efficiency and reducing downtime

3.4.2. Market opportunity analysis

3.4.2.1 Shortage of skilled workforce

3.4.3 Market challenge analysis

3.4.3.1 Continued urbanization and rise in industry 4.0

3.5 Penetration and Growth Prospect Mapping

3.6 Precision Engineering Machines Market - Porter's Analysis

3.7 Precision Engineering Machines Market - Competitor Analysis, 2020

3.8 Precision Engineering Machines Market - PESTEL analysis

Chapter 4 Precision Engineering Machines End-Use Outlook

4.1 Precision Engineering Machines Market Share By End Use, 2020 & 2028

4.2 Automotive

4.3 Non-Automotive

4.3.2 Aerospace & Defense

4.3.3 Engineering & Capital Goods

4.3.4 Power & Energy

4.3.5 Others

Chapter 5 Precision Engineering Machines Regional Outlook

Chapter 6 Competitive Landscape

For more information about this report visit https://www.researchandmarkets.com/r/uc8ais

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Diesel Engines Move Goods Around the Globe; UVA Engineers Work to Curb Emissions – University of Virginia

As technical remedies to climate change go, taking carbon emissions out of passenger transportation is easy; we can switch from gasoline engines to electric motors fueled by renewable energy sources.

In contrast, decarbonizing heavy freight carried by trucks is hard. No technology today has the power and efficiency to replace diesel engines for moving goods over long distances by land and sea, which is unfortunate because societys increased shipping demands are driving up diesel consumption.

Researchers at the University of Virginias School of Engineering and Applied Science are taking on the challenge to discover which diesel fuels burn cleanest, under what conditions and with the fewest offsetting environmental costs. Their particular focus is minimizing production of nitrous oxide, or N2O.

William S. Epling, professor and chair of chemical engineering, is leading the effort with co-principal investigators Lisa Colosi-Peterson, an associate professor in the Department of Engineering Systems and Environment, and Chloe Dedic, an assistant professor in the Department of Mechanical and Aerospace Engineering.

Also contributing as senior investigators are Robert Davis, William Mynn Thornton Professor of Chemical Engineering, and Chris Paolucci, assistant professor of chemical engineering.

The project is supported by a $1.7 million grant through the Environmental Convergence Opportunities program of the National Science Foundations Division of Chemical, Bioengineering, Environmental and Transport Systems. The program requires that research team members have disparate expertise and perspectives to find imaginative solutions to difficult and pressing societal challenges.

So, for this funding, even before team members can grapple with solving the technical problem, they have to find common ground on the research questions amongst a group of people whose expertise and perspectives are, by design, different from one another.

That was harder than you might imagine it to be, but it was hard on purpose, said Colosi-Peterson, an environmental engineer who joined the team because she recognized that diesel engines arent going away any time soon. I think the NSF is very clever to have such a big incentive, because it took a lot of thinking to come up with something that really leveraged all our individual skills and interests.

Colosi-Peterson is an expert in life cycle assessment, a computer modeling-based area of study that examines the environmental price tag of the products, processes or services people use. Dedic studies combustion and reacting flow systems, and is a rising star in the development of new laser-based techniques for nonintrusive measurements of the complex chemical reactions and fluid dynamics that occur during combustion. Epling is well known in his sphere of catalysis, especially for his work to reduce pollutants emitted from diesel engine exhaust systems.

When fuel whether biomass- or petroleum-based is combusted, not all of it is burned. The exact chemical composition of the leftover hydrocarbons depends upon numerous factors, including fuel type. To meet Environmental Protection Agency vehicle emissions regulations, the catalytic converter in your car and the after-treatment systems used in diesel semi-trailer tractors clean those exhaust gases through chemical reactions after they leave the engine.

What eventually comes out the tailpipe at any given moment also depends on variables such as whether the engine is hot or cold, how effectively the air and fuel mixed in the engine, and the age of the catalyst material, which loses efficacy over time. The team is looking broadly at these emissions, including carbon dioxide, methane and particulate soot, but the primary target is N2O.

Heres the thing: N2O is not made in your engine.

Its made over your catalytic converter, which is supposed to clean up the exhaust gas. What we want to do is understand how a diesel catalytic converter makes N2O, as a function of the fuel type, Epling said. If we know what hydrocarbons lead to the most or least N2O being made, then we can think about what is the right type of fuel that minimizes how much N2O is made.

Why the focus on N2O? The EPA, historically more concerned with air pollution than climate change, only began regulating N2O for diesel exhaust in 2011 after numerous studies showed the gas global warming potential, which scientists call GWP, to be 298 times greater than carbon dioxide. Thats because N2O traps more heat than other greenhouse gases.

Carbon dioxide is still the biggest greenhouse gas contributor from diesel because of how much is exhausted, said Carlos Weiler, a Ph.D. student in Eplings lab who is running the catalysis experiments for the project. The industry also doesnt have a good way of mitigating N2O production.

And so, we have to look at the other products that are formed, Weiler said. Theyre all destructive to the environment in some way, but in terms of the global warming potential of diesel exhaust, N2O is pretty potent.

Weiler will run experiments using different fuel inputs and catalyst combinations working under advisement from Epling and Davis, another widely recognized catalysis expert. Essentially, the unburnt hydrocarbons from combusted fuel will go into a catalytic reactor that simulates a diesel after-treatment system, and Weiler will measure what gases come out. Weiler will feed his results to Sugandha Verma, a graduate student in Paoluccis computational catalysis group, who will use computer simulations of catalytic reactions to predict outcomes and suggest further lab experiments.

But understanding how N2O is made by the catalytic converter, or how much, requires knowing what hydrocarbons leave the engine. Thats where Dedic comes in. Measuring whats left of a fuel after engine combustion is difficult because the compounds are structurally very similar. Traditional spectroscopy, which relies on how light interacts with various molecules, struggles to distinguish one hydrocarbon from the next. There are techniques to count the number of carbon and hydrogen molecules, but that entails removing gas samples from the engine during combustion, potentially changing the chemistry.

The best-case scenario is taking a measurement without interrupting the sample where the reaction is happening, Dedic said. Then youre getting a true measurement of whats occurring within your reactor.

Dedic is approaching these challenges from two angles. First, her team is designing a simplified reactor a burner that can safely combust liquid diesel formulations in the lab to isolate the combustion chemistry from other engine effects, such as fluid dynamics. The second is using ultrafast laser sources to develop new measurement techniques for the project.

We want to probe these molecules on the same time scales that theyre reacting and colliding with one another. We can observe molecular vibrations and rotations in time to provide more information than you get from traditional frequency-resolved spectroscopy, Dedic said.

While Dedics lab identifies diesel products for Eplings team to experiment with, Colosi-Petersons life-cycle assessment group is taking a systems approach, designing models to use the lab data to predict the costs of implementing the fuels in the real world. For example, if biomass-based diesels produce less N2O, how much agricultural or carbon-capturing forest land would be lost to fuel production? How much energy will we expend to grow biofuels, and where will that energy come from? Another important question Colosi-Peterson will examine is whether reducing N2O from diesel emissions even matters, or is it insignificant relative to the effects of other pollutants?

The project sets up a back-and-forth dynamic between the experimentalists and the modelers to better integrate the three research groups, which ordinarily would do their work independent of each other. Its a more proactive approach to improving the environmental performance of new technology in development, Colosi-Peterson said, rather than waiting for the technology to come along, and then assessing its societal cost.

Bill and Chloe might say, Heres a couple of things were thinking of doing, and I put all of that data into my model, and say, Well, heres what would happen if we did that at large scale. Is there any way you could make this part of the process a little bit less emitting?

And so I think that this desire to work more closely together during the bench scale is meant to cut out some of that trial and error and to be more intentional about the kinds of fundamental science that Bill and Chloe do.

The teams research will be exacting in its science, but holistic in its approach, Epling said, referencing the projects title, A holistic effort to decarbonize diesel for heavy duty transportation: Targeted combustion and exhaust catalysis research to improve life-cycle performance. He hopes the collaboration will lead to more nuanced policy-level understanding of to what extent proposed strategies such as a regulation to reduce N2O emissions from diesel engines can deliver meaningful global warming improvements.

One way policy may ultimately be improved is through the cross-training of the students collaborating on the project, who are just beginning their Ph.D. studies, Colosi-Peterson said.

Its really powerful when the student making the catalyst and running reactions in the lab is confronted with questions about the difference their technology will make, or its consequences, she said.

Conversely, Bill or Chloe may challenge some of the values my students are using in their systems-level analyses, in effect ground-truthing the assumptions we make when we build models for policy formation and legislation. I think theres a lot of benefit in students having to think at the bench scale and at the systems level.

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