🏆🤖What are These “Unauthorized Transactions”

THE PROFITS💸

Good morning Opportunists. In this edition, we unpack what "unauthorized transactions" really mean for banks, investigate a stablecoin developer’s alleged "rug pull," and dive into a billionaire’s bold plan to buy TikTok.

First time reader? Join over 5,000 Opportunists searching for what the Elitists, Politicians, and Billionaires money is doing so you know what happens next. Don’t be left in the dark, Sign up here.

Read Time: 6 mins

Support our team!

Support us here!

Show your support for our team by visiting our store, where you can find apparel that perfectly matches your style and personality. Whether you're looking for something casual, trendy, or sporty, we have a variety of options to help you express yourself while backing our mission!

Support us here!

Trending US Money News

What are These “Unauthorized Transactions”

A new report reveals that JPMorgan Chase, Bank of America, and Wells Fargo, along with three other major U.S. banks, have yet to define what constitutes an unauthorized transaction, leaving fraud victims uncertain about potential reimbursements. Despite federal guidelines and rising fraud cases through platforms like Zelle, these banks, unlike Apple Cash, offer little clarity on what qualifies as an authorized payment, leading to hundreds of millions in denied reimbursement claims over recent years. [Source]

$7.1 Million At Risk!

The FDIC reports that depositors at the recently closed First National Bank of Lindsay in Oklahoma could collectively lose millions due to uninsured deposits exceeding the $250,000 insurance limit, with at least $7.1 million at risk. Currently, customers can access only 50% of their uninsured funds, pending the FDIC’s asset sales, marking a stark contrast to previous bank failures where uninsured deposits were fully protected through federal interventions. [Source]

“Rug Pull” Accusation by Stablecoin Developers

On Oct. 26, Essence Finance’s stablecoin, CHI, lost over 90% of its value after rumors spread that $20 million in collateral had been removed. The coin, usually equal to the U.S. dollar, dropped to $0.01338 within a day, leading to accusations of a "rug pull" by its developers, though Essence Finance has yet to comment on the situation. [Source]

Entertainment

Try Our New Quiz!!

Can you find the word?

Visit The Daily Advantage Quiz

Fresh and Brief Entertainment Delivered Daily!

Millionaire Spotlight

Millionaire Spotlight: Top 8 Highest Earners on TikTok [Source]

• Charli D’Amelio

  • Net Worth: $20 million; earns $100,000 per post.

  • Gained fame on TikTok in 2019 with viral dance videos; performed with Bebe Rexha at a Jonas Brothers concert.

  • Launched a merchandise line, published a book, and stars in a Hulu show with her sister, Dixie.

• Addison Rae

  • Net Worth: $15 million; earns $80,000 per post.

  • Left college to focus on TikTok, where she gained fame for dance and comedy content.

  • Became a spokesperson for American Eagle and co-hosts a Spotify podcast; also appeared in the movie “She’s All That.”

• Khabane Lame

  • Net Worth: $15 million; earns $92,270 per post.

  • Known for his silent reactions to exaggerated life hack videos, Khaby Lame is a Senegalese-born Italian creator.

  • Featured on Forbes’ 30 Under 30 and Fortune’s 40 Under 40 lists.

• Burak Ozdemir (CZN Burak)

  • Net Worth: $12 million; earns $66,700 per post.

  • Turkish chef and restaurateur famous for his engaging cooking videos.

  • Owns a chain of successful restaurants in multiple cities, including Dubai and Tajikistan.

• Dixie D’Amelio

  • Net Worth: $10 million; earns $30,000 per post.

  • Has over 56 million TikTok followers and collaborates with brands like Hollister and Morphe.

  • Pursuing a music career, with her first single “Be Happy” trending ahead of Kanye West’s releases.

• Bella Poarch

  • Net Worth: $9 million; earns $30,000 per post.

  • Skyrocketed to fame in 2020 with her lip-sync video of “M to the B,” amassing over 92 million followers.

  • One of the highest-paid TikTok stars, with a rapidly growing following and income per post.

• Baby Ariel

  • Net Worth: $6 million; earns $32,000 per post.

  • Gained popularity for her lip-syncing videos and engaging personality, attracting over 36 million followers.

  • Maintains a significant presence on other social media platforms like YouTube and X (formerly Twitter).

• Zach King

  • Net Worth: $13 million; earns $41,719 per post.

  • Started on YouTube in 2008 and gained fame for his creative magic videos.

  • Competed on “The Amazing Race” and won several contests, establishing a successful online presence.

Science and Technology

New Knowledge from REMSpace: Researchers at REMspace, a California neurotech start-up, claim they achieved the first human-to-human communication during lucid dreams, calling it a “historic milestone.” Using specialized equipment, the company tracked sleep data remotely and transmitted a message between two participants in separate lucid dream states; the second participant successfully repeated the message upon waking, marking a breakthrough in dream communication technology. [Source]

A Plan to Buy TikTok: On this week’s StrictlyVC Download, hosts Connie Loizos and Alex Gove dive into the tech and power dynamics with billionaire investor Frank McCourt, who is eyeing a transformation of the digital landscape, including a possible bid for TikTok. As McCourt pushes his $500 million Project Liberty to decentralize social networking and reclaim user control over the internet, he positions himself as a key figure in the debate, despite ByteDance’s resistance to selling TikTok under U.S. pressure. [Source]

Business & Markets

Delta Airline Vs. CrowdStrike: Delta Air Lines is suing cybersecurity firm CrowdStrike for a faulty software update in July that disrupted its operations, causing widespread flight cancellations and delays impacting over a million customers. Delta claims the incident led to $500 million in losses and blames CrowdStrike for breach of contract and negligence, while CrowdStrike argues Delta’s outdated IT infrastructure and slow response are to blame. [Source]

Insights in Major Market Gambles: Retail investors are heavily buying Nvidia, with over $1.1 billion in net purchases from Oct. 17 to Oct. 23, signaling optimism about the market, according to Vanda Research. In the same period, Tesla attracted $353 million from retail buyers, while some are also betting on Trump Media & Technology Group, viewing it as a speculative play ahead of the upcoming U.S. election. [Source]

Student Loan Forgiveness Plan: The Biden administration has proposed a new federal student loan forgiveness program aimed at borrowers in severe financial distress, such as those with unexpected medical bills, high child care costs, or expenses from natural disasters. Targeting borrowers with an 80% likelihood of default based on income and loan data, the plan could impact nearly 8 million people by 2025, but its implementation may face legal challenges similar to previous efforts that are currently on hold. [Source]