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British lawmakers voted Tuesday to decriminalize abortion for the pregnant woman – in striking contrast to the crackdown on reproductive rights in the United States.

Lawmakers voted by an overwhelming majority to invalidate Victorian-era legislation that makes it possible to prosecute a woman for ending her pregnancy in England and Wales, though medical professionals who help terminate a pregnancy beyond certain limits will still be breaking the law.

Currently, abortion beyond the first 24 weeks of pregnancy is illegal in those two parts of the United Kingdom. Beyond that time limit, it is permitted in certain circumstances, such as when the mother’s life is at risk. While abortions are common in England and Wales, women who terminate their pregnancy outside of existing restrictions face the threat of criminal investigation, arrest, prosecution and even imprisonment.

Tuesday’s vote – which amends a draft policing and crime law – seeks to remove those threats. The amended bill needs to pass through both chambers of the UK parliament before it can become law.

The vast majority of Britons believe women should have the right to an abortion, according to YouGov surveys stretching back to 2019. The latest poll, conducted in April, showed that 88% of respondents supported that right.

US crackdown

Britain’s vote comes as its ally across the Atlantic has dramatically restricted abortion rights. Since the US Supreme Court overturned Roe v. Wade in 2022 – which had enshrined abortion as a constitutional right – many US states have introduced severe restrictions or outright bans on the practice. The changes have completely upended the landscape of reproductive health and choice in America.

Louise McCudden, UK head of external affairs at MSI Reproductive Choices, a charity providing abortions, thinks there is a connection between Tuesday’s vote and a “hostile climate” toward abortion rights in the UK driven by the changes in the US.

“On the rare occasions when you do see women who are suspected of ending a pregnancy over 24 weeks, they are invariably in extremely vulnerable situations,” she also said, noting that the women who had been investigated in the UK included domestic abuse survivors, potential trafficking survivors and women who’d had miscarriages and stillbirths.

However, the UK’s Society for the Protection of Unborn Children strongly condemned Tuesday’s vote.

“If this clause becomes law, a woman who aborts her baby at any point in pregnancy, even moments before birth, would not be committing a criminal offense,” Alithea Williams, the society’s public policy manager, said in a statement Tuesday.

“Now, even the very limited protection afforded by the law is being stripped away,” she added.

This post appeared first on cnn.com

Since Israel began its concerted attack on Iran, calls for regime change have grown louder, with US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu raising the possibility of targeting Tehran’s all-powerful leader, Ayatollah Ali Khamenei.

Many Iranians have firsthand experience with the United States enforcing a regime change in their country.

Here’s what happened:

Oil fields: In 1953, the US helped stage a coup to overthrow Iran’s democratically elected prime minister Mohammad Mossadegh.

He had pledged to nationalize the country’s oil fields – a move the US and Great Britain saw as a serious blow, given their dependence on oil from the Middle East.

Height of the Cold War: The move to nationalize was seen as popular in Iran and a victory for the then-USSR.

Strengthen Shah rule: The coup’s goal was to support Iran’s monarch, Mohammad Reza Pahlavi, to rule as Shah of Iran, and appoint a new prime minister, Gen. Fazlollah Zahedi.

The coup: Before the coup, the CIA, along with the British Secret Intelligence Service (SIS), helped foment anti-Mossadegh fervor using propaganda. In 1953, the CIA and SIS helped pull pro-Shah forces together and organized large protests against Mossadegh, which were soon joined by the army.

US cash: To provide Zahedi, the country’s new prime minister, with some stability, the CIA covertly made $5,000,000 available within two days of him taking power, documents showed.

US acknowledgement: In 2013, declassified CIA documents were released, confirming the agency’s involvement for the first time. But the US role was known: Former President Barack Obama acknowledged involvement in the coup in 2009.

It backfired: After toppling Mossadegh, the US strengthened its support for Pahlavi to rule as Shah. Iranians resented the foreign interference, fueling anti-American sentiment in the country for decades.

Islamic Revolution: The Shah became a close ally of the US. But in the late 1970s, millions of Iranians took to the streets against his regime, which they viewed as corrupt and illegitimate. Secular protesters opposed his authoritarianism, while Islamist protesters opposed his modernization agenda.

The Shah was toppled in the 1979 Islamic revolution, which ended the country’s Western-backed monarchy and ushered in the start of the Islamic Republic and clerical rule.

This post appeared first on cnn.com

The United States appears to be moving closer to joining Israel’s conflict with Iran with a possible strike on the country’s key nuclear facilities – including the Fordow Fuel Enrichment Plant, which is hidden deep inside a mountain.

Days into Israel’s attacks on Iran and its nuclear program, Israeli leaders are waiting to learn whether US President Donald Trump will help them finish the job.

“I may do it, I may not do it. I mean, nobody knows what I’m going to do. I can tell you this, that Iran’s got a lot of trouble and they want to negotiate. And I said, why didn’t you negotiate with me before all this death and destruction,” Trump told reporters at the White House on Wednesday.

Iran experts warn that a US attack on Iran could draw it into a quagmire even more challenging than the wars in Iraq and Afghanistan – a drawn-out confrontation that could last the duration of Trump’s presidency and exact a heavy toll on American lives and resources at Israel’s behest.

Tehran may not be able to sustain a long fight with the US, but it won’t be an easy war for Washington either, he said.

“Iran is a very large country, which means there would be a very large number of targets the United States would have to hit to take out Iran’s ability to strike back,” Parsi said, noting that this would be happening when there isn’t widespread support for a war with Iran in Trump’s own camp.

“Once you open up this Pandora’s box, we have no idea where things go,” Geranmayeh said. “Trump has, in the past, stepped back from the brink of war with Iran, he has the ability to do so again.”

Iran is ‘not one to surrender’

The Islamic Republic already sees the US as complicit in Israel’s attacks on Iran, saying the Israelis are attacking it with American weapons; and some Iranian officials have said that Tehran has already prepared itself for a “full-blown, drawn-out war.”

On Wednesday, Supreme Leader Ayatollah Ali Khamenei said Iran would not back down, a day after Trump called for “UNCONDITIONAL SURRENDER!” in a social media post.

“Let the Americans know that the Iranian nation is not one to surrender, and any military intervention on their part will undoubtedly result in irreparable damage,” Khamenei said in a national address.

Direct US involvement in the conflict could see Iran activate what remains of its proxies across Iraq, Yemen and Syria, which have previously launched attacks on American assets in the region.

Knowing that it can’t outright win a conflict against Israel and the US, experts say Tehran could seek to engage in a war of attrition, where it tries to exhaust its adversary’s will or capacity to fight in a drawn-out and damaging conflict, as it did during the decade-long war it fought with Saddam Hussein’s Iraq in the 1980s.

“The Iranian strategy may end up being just to try to sustain themselves, strike back as much as they can, and hope that Trump eventually tries to cut the war short, as he did in Yemen,” Parsi said.

After months of strikes on Yemen’s Iran-backed Houthi rebels, the US in May struck a ceasefire deal with the group, to Israel’s dismay.

“Here is how Tehran sees a chance of winning such a war of attrition,” Abdolrasool Divsallar, senior researcher at the UN Institute for Disarmament Research, wrote on X. “Benefiting in the long term from its offensive capabilities and exhausting US-Israel combined defense forces.”

“US entrance into this war is a bad and costly decision for everyone,” Divsallar added.

Not the end of the nuclear program

In a Persian language post directed at Trump on X, former Iranian nuclear negotiator Hossein Mousavian, who now lives in New Jersey, called on the president to be a “president of peace,” warning that a strike on Fordow would be both fruitless – as Iran has probably moved some of the advanced centrifuges to other locations – and likely to push Iran to a seek a nuclear bomb.

“With one wrong decision, you may not only be responsible for Iran’s decision to build a nuclear bomb, but also lead the United States into a war whose consequences for the American people will be far more damaging than the US attacks on Afghanistan and Iraq,” Mousavian wrote.

Parsi said if Iran’s nuclear program is destroyed, it could just be a matter of time to build a bomb should the government choose to do so.

“The Iranians have the knowhow and capacity to rebuild everything,” Parsi said. “All it (an attack) does is that it sets it back while dramatically increasing Iran’s motivation to build a nuclear weapon.”

Fordow is seen as the most difficult and sought-after target for Israel in its desire to destroy Iran’s nuclear infrastructure. But what exactly is inside the secretive facility is unclear, Parsi said.

“The main enrichment was taking place in Natanz (nuclear facility). Fordow was doing other things, more research,” he said, adding that it’s not entirely clear where Iran keeps its stockpile of enriched uranium.

Whether a US strike can successfully destroy the complex that is hidden deep in a mountain close to the holy city of Qom also remains unclear.

Fordow’s main halls are an estimated 80 to 90 meters (around 262 to 295 feet) underground – safe from any aerial bomb known to be possessed by Israel.

Yechiel Leiter, Israel’s ambassador to the US, has said that only the US Air Force has the weapon that can destroy the site. But analysts caution that there’s no guarantee that even America’s “bunker buster” bomb – the GBU-57/B, known as the Massive Ordnance Penetrator – could do the job.

Potential radioactive fallout?

Israel’s relentless bombing of Iran and its nuclear facilities has raised regional concern about potential radioactive fallout, which could spread far beyond Iran’s borders should a nuclear plant be struck.

Iran has only one nuclear power plant, located in the southeastern city of Bushehr – and Israel has not targeted it.

Scott Roecker, the vice president for Nuclear Materials Security at the Nuclear Threat Initiative, said there wouldn’t be a major radiation dispersal risk at Fordow “because that enriched uranium is fresh, as we call it in the industry.”

“It’s not been run through a reactor, and so you wouldn’t have radiation spread out over a large area, like you would, for example, if they would bomb Bushehr, the operational nuclear power plant, that would result in the dispersal of a lot of radiation.”

“It’d be localized around the site, and because it’s buried underground too, I don’t know you know how much of that would even be released,” Roecker added.

Behnam Ben Taleblu, a senior director at the Iran program at the Foundation for Defense of Democracies (FDD), a Washington, DC-based pro-Israel think tank, described the potential damage as being a chemical problem – a different kind of fallout than bombing a nuclear reactor.

There would be some concern, he said, but noted the risk is not as large as hitting a live reactor.

This post appeared first on cnn.com

Hackers stole the equivalent of roughly $90 million from Iran’s largest cryptocurrency exchange on Wednesday, according to multiple independent crypto-tracking firms.

A skilled pro-Israel hacking group known as “Predatory Sparrow” took credit for the cyberattack, which appeared to be aimed at further weakening Iran amid Israeli’s military strikes on Tehran.

In a post in Farsi on X, the hackers said that they had hit Iranian crypto exchange Nobitex, claiming that Iran used the exchange to skirt international sanctions. And in an extraordinary move, the hackers may have effectively thrown the stolen crypto away by transferring it to digital “wallets” that they don’t have control over, according to multiple cybersecurity experts.

Nobitex acknowledged the incident in a statement on its website on Wednesday, saying that access to the crypto exchange had been “suspended,” as a precaution, until further notice. Crypto-tracking firms Elliptic and TRM Labs confirmed the crypto was stolen and sent to “wallets” or crypto accounts, with an expletive that referenced Iran’s Islamic Revolutionary Guard Corps (IRGC).

In a separate hack on Tuesday, Predatory Sparrow said it had destroyed data at Iran’s state-owned Bank Sepah, claiming IRGC members used the bank’s services as a justification for the action. Iran’s state-affiliated Fars news agency warned of potential disruptions to bank services at gas stations.

The pair of stunning cyberattacks mark an escalation in Israel and Iran’s years-long shadow war in cyberspace, where the arch-enemies — or their supporters — have conducted digital spying and data-destroying attacks for tactical advantage.

Predatory Sparrow has emerged in the last five years to claim spectacular cyberattacks that have previously disrupted an Iranian steel mill and payments at Iranian gas stations. The hackers cast themselves as anti-government Iranian hacktivists but are widely suspected among cybersecurity experts of having ties to Israel.

Much of the cyber activity in recent days, as Israel and Iran trade missile strikes, appears aimed at sowing panic in the two countries. Israelis, for example, have received mass text messages impersonating authorities that claim that bomb shelters aren’t safe.

The Iranian government, meanwhile, has warned citizens not to use the WhatsApp messaging service out of fear that Israel was collecting information from those chats. A spokesperson for Meta, which owns WhatsApp, has called those claims false and underscored that WhatsApp messages are end-to-end encrypted.

This post appeared first on cnn.com

Hurricane Erick powered up into a Category 3 major hurricane Wednesday evening as it bore down on the southern Mexico coast, threatening to unleash destructive winds, flash floods and a dangerous storm surge on the region in coming hours, forecasters said.

Swiftly strengthening from a Category 1 hurricane hours earlier, Erick had maximum sustained winds of 125 mph (200 kph) by nightfall as it churned offshore about 55 miles (85 kilometers) southwest of Puerto Angel, the Miami-based U.S. National Hurricane Center said.

Erick was also about 125 miles (200 kilometers) southeast of Punta Maldonado and moving northwest at 9 mph (15 kph) toward an expected landfall sometime Thursday morning, according to the center’s latest advisory. A major hurricane is defined as Category 3 or higher and wind speeds of at least 111 mph (180 kph). Forecasters said further strengthening is expected and devastating wind damage is possible near where the eye crashes ashore.

Acapulco warily eyes the approaching hurricane

The projected path would take its center near the resort of Acapulco, which was devastated in October 2023 by Hurricane Otis, a Category 5 hurricane that rapidly intensified and caught many unprepared. At least 52 people died in Otis and 32 were missing, after the storm severely damaged almost all of the resort’s hotels.

In Acapulco on Wednesday, there was a strong presence of National Guard and police in the streets, but most visible were trucks from the national power company. Crews worked to clear drainage canals and brush.

Some beaches were already closed, but tourists continued to sunbathe on others hours earlier as the storm gained strength well offshore.

On a beach in Acapulco, a line of people waited for the help of a backhoe to pull their boats out of the water.

Adrián Acevedo Durantes, 52, hauls tourists around Acapulco’s picturesque coastline in boats. Two of his boats sank in Hurricane Otis and a third was badly damaged.

“We’re taking precautions because with Otis we never expected one of that magnitude to come and now with climate change the water is warmer and the hurricanes are more powerful,” Acevedo said.

This time the port administration ordered that no one ride out the storm aboard their boats. During Otis many lost their lives by staying on boats in the harbor, which had traditionally been how they ensured their safety during previous storms. He said knew some of those lost at sea.

He acknowledged that it was sunny and the water calm Wednesday afternoon, making it hard to imagine a major storm was on the way, but said “with Otis it was calm all day, sunny, then at midnight there were two hours of strong winds and we saw what had happened the next day.”

Some rush to finish storm preparations

Francisco Casarubio, a 46-year-old choreographer, carried a carton of eggs as he did some last-minute shopping ahead of the storm. He planned to pick up rice, beans and some canned food as well.

His home flooded and lost power in Otis and said he was taking Erick more seriously, but hadn’t had time to shop until Wednesday.

Forecasters said Erick was expected to lash Mexico’s Pacific coast with heavy rain, strong winds and a fierce storm surge. Rains of up to 16 inches (40 centimeters) could fall across the Mexican states of Oaxaca and Guerrero, with lesser totals in Chiapas, Michoacan, Colima and Jalisco states, the center’s advisory said. The rainfall threatened flooding and mudslides, especially in areas with steep terrain.

A hurricane warning was in effect from Acapulco to Puerto Ángel. A hurricane warning means hurricane conditions are expected in the area, and preparations to protect life and property should be rushed to completion, according to the hurricane center advisory.

Down the coast in Puerto Escondido near the southern edge of Erick’s possible path, some fishermen began pulling their boats out of the water under a drizzling sky Wednesday.

Surfers ignore red flag warnings to ride the waves

Even though the wind had yet to pick up at the Zicatela beach, red flags were up to warn people to stay out of the water. But some surfers ignored them as they continued to ride waves.

Laura Velázquez, Mexico’s national civil defense coordinator, said Erick was forecast to bring “torrential” rains to Guerrero, Oaxaca and Chiapas in southern Mexico. The mountainous region along the coast is especially prone to mudslides with numerous rivers at risk of flooding.

Guerrero Gov. Evelyn Salgado said all schools were closed Wednesday and the state had alerted all of the fishing and tourism operators to make their boats storm-ready. Acapulco’s port closed Tuesday evening. Salgado said 582 shelters were set to receive people who might evacuate their homes.

President Claudia Sheinbaum warned in her daily briefing that those in the hurricane’s path should heed government instructions and wait out the storm in their homes or designated shelters.

Erick quickly doubled in strength

Having doubled in strength in less than a day, Erick was churning through an ideal environment for quick intensification. Last year, there were 34 incidents of rapid intensification — when a storm gains at least 35 mph in 24 hours — which is about twice as many as average and causes problems with forecasting, according to the hurricane center.

This post appeared first on cnn.com

Leaving hospital with wounds still fresh, the sole survivor of last week’s Air India plane crash solemnly carried the coffin of his brother, performing the last rites for a life lost in the deadly disaster.

Vishwash Kumar Ramesh, a 40-year-old British national, appeared overcome with grief as he led the funeral procession through the streets of the western Indian coastal town of Diu on Wednesday.

Ramesh, who was discharged from hospital a day prior, had bandages on his face from cuts and bruises sustained after flight AI171 traveling to London’s Gatwick Airport from the western city of Ahmedabad plunged to the ground seconds after takeoff last Thursday, killing 241 people on board.

How Ramesh escaped with a few wounds is being described as nothing short of a miracle.

“I don’t know how I survived,” he told Indian state broadcaster DD News while in the hospital, explaining how he unbuckled himself from his seat in 11A – an emergency exit seat – shortly after the crash and walked away from the scene.

“For some time, I thought I was going to die. But when I opened my eyes, I realized I was alive,” he said.

He and his brother, who had been sitting a few rows away, had been returning to the UK after spending a few weeks visiting family in India.

Video of Ramesh stumbling from the crash has been viewed widely on news channels and across social media. Flames can be seen billowing behind him, with thick plumes of smoke rising high into the sky.

Authorities tasked with identifying the victims’ bodies have described just how difficult that process has been. High temperatures from the burning fuel left “no chance” to rescue passengers, India’s Home Minister Amit Shah said, making bodies difficult to recognize.

The Boeing 787 Dreamliner was carrying 125,000 liters – enough to last a 10-hour flight from Ahmedabad to London – but it crashed less than a minute after takeoff, plunging into a hostel for medical students, killing several on the ground.

As of Thursday, more than 150 bodies have been handed over to loved ones, according to health officials, with funerals taking place in various cities across the country.

Investigators, meanwhile, are looking at the wreckage to determine what could have caused one of the worst air crashes India has seen in decades.

A mayday call from the cockpit was made to air traffic control shortly before the crash, Indian civil aviation authorities said.

Both black boxes, the plane’s cockpit voice recorder and flight data recorder, are now being analyzed for valuable clues that could help determine the cause. India’s Aircraft Accident Investigation Bureau are leading the probe into the crash with assistance from the United Kingdom and the United States, as well as officials from Boeing.

The Indian government has also set up a separate high-level committee to examine what led to the crash. The committee is expected to file their preliminary findings within three months.

Air India – the country’s flagship carrier – said on Wednesday it is conducting safety inspections across all of its Boeing 787-8/9 aircraft fleet.

“Out of total 33 aircraft, inspections have now been completed on 26 and these have been cleared for service, while inspection of the remainder will be complete in the coming days,” it said in a statement on X.

Meanwhile, it has reduced international services on its widebody aircraft by 15% due to the ongoing inspections and the conflict in the Middle East, it added.

For days, families of victims have gathered near morgues awaiting to collect the bodies of their loved ones and searching for answers.

Grieving families

As Ramesh laid his brother to rest Wednesday, another family around 160 miles south in the city of Mumbai, performed burials for four members killed in the crash.

Imtiaz Ali Syed, 42, whose brother Javed, sister-in-law, nephew and niece were on board the Air India flight, said he received their bodies from authorities in Ahmedabad and brought them to the family’s hometown on Wednesday.

Syed’s sister, who also lives in the UK, took a direct flight from Mumbai to London, he said. But Javed and his family were on a different flight via Ahmedabad.

He described his disbelief when he learned that Javed was on the ill-fated Air India plane. “Someone woke me up and said a plane crashed in Ahmedabad and asked me to check what flight Javed was on,” Syed recalled.

Syed fondly described his brother as someone who was “always available” for their family.

“He looked after my grandmother’s medicines, he looked after my mother, he would take care of our sister,” he said, describing the unbearable pain of losing Javed.

“Within a week or fifteen days, or a month, maybe he will call,” Syed said. “Telling me he is somewhere.”

This post appeared first on cnn.com

A new king reigns in TV land.

Streaming has officially surpassed broadcast and cable as a share of total television viewing, according to Nielsen data.

In May, streaming accounted for 44.8% of viewership, while broadcast (20.1%) and cable (24.1%) together represented 44.2% of overall people tuning in.

‘While many have expected this milestone to have occurred sooner, sporting events, news and new-season content have kept broadcast and cable TV surprisingly resilient,’ Brian Fuhrer, senior vice president at Nielsen, said in a video for Nielsen’s The Gauge monthly viewership report. ‘The trend, however, has been very consistent.’

While Netflix has boasted the most overall TV use for four years straight, YouTube has now seen four straight months of TV share increase, Nielsen said. The platform, owned by Google and its parent company, Alphabet, boasted the highest share of TV consumption among all streamers in May, with a 12.5% share. Rounding out the top five were Netflix, Disney-owned platforms including ESPN and Hulu, Amazon’s Prime Video, and the Roku Channel.

The three largest so-called free, ad-supported services, or FAST channels — Paramount’s Pluto TV, the Roku Channel and Fox’s Tubi — combined for 5.7% of total TV viewing in May, more than any individual broadcast network.

Streaming’s overall share is likely to remain neck and neck with traditional TV viewership for some time before it eventually surpasses it permanently in the near future, Nielsen said.

This post appeared first on NBC NEWS

Amazon CEO Andy Jassy said Tuesday that the company expects artificial intelligence ‘will reduce our total corporate workforce as we get efficiency gains’ over time.

‘We will need fewer people doing some of the jobs that are being done today, and more people do other types of jobs,’ Jassy added in a memo to Amazon’s workforce.

The CEO of the country’s second-largest retailer and employer said Amazon is using generative AI ‘in virtually every corner of the company.’

Amazon employs more than 1.5 million people worldwide, according its most recent annual report.

This year, Amazon plans to spend $100 billion to expand AI services and data centers that power them, up from $83 billion last year.

Jassy said he believes so-called ‘AI agents’ will ‘change how we all work and live.’ While ‘many of these agents have yet to be built,’ he said, ‘they’re coming, and fast.’

He continued by saying that they will ‘change the scope and speed at which we can innovate for customers.’

Amazon currently has more than a thousand AI services and applications running inside the company or in progress of being built.

Jassy’s comments Tuesday will likely invoke fears that many corporate workers have had as artificial intelligence captures the eye of efficiency-minded executives across corporate America. A recent study from Bloomberg Intelligence said that AI could replace up to 200,000 banking jobs.

Amazon CEO Andy Jassy in New York on Feb. 26.Michael Nagle / Bloomberg via Getty Images

Artificial intelligence has also been shown to be effective at coding for software programs.

Cybersecurity firm Crowdstrike eliminted 5% of its workforce in May, saying that AI was driving ‘efficiencies across both the front and back office.’

Shopify CEO Tobi Lutke said managers at the e-commerce company will be expected to prove why they ‘cannot get what they want done using AI’ before asking for more headcount.

‘Having AI alongside the journey and increasingly doing not just the consultation, but also doing the work for our merchants is a mind-blowing step function change here,’ Lutke added.

Language learning firm Duolingo also recently said that it would replace contract workers with artificial intelligence. ‘We’ll gradually stop using contractors to do work that AI can handle,’ CEO Luis von Ahn wrote in a memo to Duolingo employees in May. ‘Headcount will only be given if a team cannot automate more of their work,’ von Ahn added.

The CEO of U.K. telecom giant BT said this week that plans to cut 40,000 jobs from the company’s workforce over the next 10 years ‘did not reflect the full potential of AI.’

This post appeared first on NBC NEWS

The Justice Department announced Wednesday the largest-ever U.S. seizure of cryptocurrency linked to so-called “pig butchering” scams that have cost victims billions globally.

Federal prosecutors filed a civil forfeiture action targeting more than $225 million in cryptocurrency traced to a sprawling web of fraudulent investment platforms. Victims were tricked into believing they were investing in legitimate crypto ventures, only to be scammed by criminal networks often operating overseas.

“This seizure of $225.3 million in funds linked to cryptocurrency investment scams marks the largest cryptocurrency seizure in U.S. Secret Service history,” said Shawn Bradstreet, special agent in charge of the U.S. Secret Service’s San Francisco Field Office, in a statement.

Authorities said the network was connected to at least 400 suspected victims worldwide, including dozens in the U.S. Crypto fraud was responsible for more than $5.8 billion in reported losses last year, according to FBI data.

The seized funds are now subject to forfeiture proceedings aimed at eventually returning money to victims.

The U.S. Secret Service and FBI used blockchain analysis and other tools to trace the cryptocurrency back to stolen assets. The DOJ credited Tether, the world’s largest stablecoin issuer, for assisting in the operation.

According to the complaint, the funds were linked to the theft and laundering of money from victims of cryptocurrency investment fraud schemes, commonly known as confidence scams that often involve romance.

The network relied on hundreds of thousands of transactions to obscure the origin of the funds, using sophisticated blockchain maneuvers to conceal the flow of stolen assets.

This post appeared first on NBC NEWS

With Friday’s pullback after a relatively strong week, the S&P 500 chart appears to be flashing a rare but powerful signal that is quite common at major market tops. The signal in question is a bearish momentum divergence, formed by a pattern of higher highs in price combined with lower peaks in momentum, which indicates weakening buying power after an extended bullish phase.

Today, we’ll share a brief history lesson of previous market tops starting with the COVID peak in 2020. And while we don’t necessarily see a sudden downdraft as the most likely outcome, this bearish price and momentum structure suggests limited upside for the S&P 500 until and unless this divergence is invalidated.

First, let’s review some classic market tops, see how divergences are formed, and learn what often comes next.

The year 2020 started in a position of strength, continuing the uptrend phase of 2019. But conditions soon deteriorated, with weaker momentum and breadth signals flashing cautionary patterns. In the chart below, we can see the higher highs and higher lows in price action in January and February 2020.

Notice how the RSI was overbought at the January peak but not overbought at the February top? This pattern of higher prices on weaker momentum is what we’re looking for, as it implies a lack of buying power and therefore limited upside.

Almost two years later, the market had been driven higher due to an unprecedented amount of liquidity injected into the financial system. Toward the end of 2021, however, we saw the familiar bearish divergence flash again.

Here, we can see the higher price highs in November 2021 through January 2022 were marked by lower readings on momentum indicators like RSI. It’s worth noting here that these divergences don’t happen in a vacuum. In other words, we can use other tools in the technical analysis toolkit to evaluate the trend and determine if the price is reacting as expected to the bearish divergence.

In the weeks after the 2022 peak, we can see that the price broke down through an ascending 50-day moving average. The RSI eventually broke below the 40 level, confirming the rotation from a bullish phase to a bearish phase. So while the divergence itself does not imply a particular path in the months after the signal, it alerts us to use other indicators to validate and track a subsequent downtrend move.

More recently, the February 2025 market peak featured some classic momentum patterns going into the eventual top.

Starting in August 2024, we can see a series of higher price highs that were accompanied by improving RSI peaks. As the price was moving higher, the stronger momentum readings confirmed the uptrend phase. Then, starting December 2024, the next couple price peaks were marked with weaker momentum readings. This bearish divergence with price and RSI once again signaled waning momentum going into a major market peak.

That brings us to the current S&P 500 chart, featuring yet another bearish momentum divergence. And based on what we’ve reviewed so far, you can probably understand why I’m a bit skeptical going into next week!

To be fair, I’ve highlighted price and momentum divergences from significant market tops, many of which came after extended bull market phases. In this case, we’re still only two months off a major market low. However, I would argue the basic premise still holds true. With Friday’s pullback, the S&P 500 appears to be flashing this same pattern of higher prices on weaker momentum. Considering this negative rotation on momentum, I would anticipate at least a retest of the May swing low around 5770.

What would change this tactical bearish expectation? The only way for a bearish divergence to be negated is for the price to continue higher on stronger momentum. So, until we see the price make a new peak combined with the RSI pushing back up to overbought levels, a pullback may be the most likely scenario in the coming weeks.

RR#6,

Dave

P.S. Ready to upgrade your investment process? Check out my free behavioral investing course!


David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC

marketmisbehavior.com

https://www.youtube.com/c/MarketMisbehavior


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.