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JPMORGAN: 76 MILLION CUSTOMERS HACKED

JP Morgan said Thursday that cybercriminals gathered information on more than 80 million account holders as part of a massive bank hack this summer.

The revelation follows news back in August that hackers had infiltrated seven of the country's largest banks, using sophisticated malware to burrow into their computer systems and manipulate records.

At JP Morgan, the hackers got contact information for 76 million households and 7 million small businesses, including names, addresses, phone numbers and email addresses, as well as "internal JPMorgan Chase information relating to such users."

But the bank said that the hackers didn't get any account information -- account numbers, user IDs, dates of birth or Social Security numbers -- and that it hasn't seen "any unusual customer fraud related to this incident."
"The Firm continues to vigilantly monitor the situation and is continuing to investigate the matter," JPMorgan said in a securities filing, adding that it is cooperating with law enforcement.
Although it appears that the hackers haven't been able to access bank accounts, they could still cash in by selling email addresses and other personal information to spammers.
The source of this summer's attack still isn't clear. Some analysts have pointed to hackers Russia, though the evidence is only circumstantial.

Hackers from Russia and eastern Europe are often top FBI suspects in cyberattacks. The timing of the hack raised suspicions given the mounting tensions between Russia and the West over Ukraine and economic sanctions.
In a letter to shareholders earlier this year, JPMorgan said it planned to deploy over 1,000 people and budget $250 million annually to focus on cyber security.

SNOOP DOGG AND JARED LETO $50M IN REDDIT

It’s not often but you find Snoop Dogg rubbing shoulders with Silicon Valley’s elite but the rapper has joined some of the technology scene’s best-known venture capitalists in funding viral news site Reddit.

Reddit, which calls itself the ‘front page of the internet’, has raised $50 million from investors including the Drop It’s Like Its Hot singer alongside Netscape co-founderMarc Andreessen, Oscar-winning actor Jared Leto, Sequoia Capital’s Alfred Lin and PayPal co-founder Peter Thiel.

Nine-year-old Reddit operates like a forum where people can ‘up vote’ items, regularly spawning viral stories. It has become known for its ‘Ask Me Anything’ threads where everyone from celebrities such as Snoop Dogg himself, to ordinary people with interesting careers or stories invite the community to quiz them.

Despite attracting 133 million users each month, Reddit largely still looks like it did in 2005 and is maintained by just a staff of 60. In a blog post Reddit said it plans to use the cash to invest in new features, staff and building its mobile product.

As part of the deal, the new investors plan to give 10 per cent of their share in the company to Reddit users as a sign of appreciation for their role in making it a success.

Sam Altman, the president of renowned incubator Y Combinator that originally launched Reddit, also took part in the fundraising.

In a blog post Altman said: “reddit is an example of something that started out looking like a silly toy for wasting time and has become something very interesting.”

Reddit was bought by Conde Nast Publications, the publisher of the New Yorkerand Vogue, in 2006 and became a subsidiary of Conde Nast’s parent companyAdvance Publications. In 2012 Reddit was spun out as an independent company but Advance is still its largest shareholder.

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