Key Takeaways
- Terraform Labs founder Do Kwon pleaded guilty to two U.S. fraud charges related to the $40 billion crypto collapse of TerraUSD and Luna, marking a significant development in a high-profile cryptocurrency case.
- Boeing (BA) reported a 20% decrease in jet deliveries in July compared to June, handing over 48 aircraft while securing 31 new orders, primarily for its 737 Max model.
- Google (GOOGL) is rolling out a new "Preferred Sources" feature that allows users to prioritize chosen websites in their search results and Discover feeds, aiming to enhance personalization and transparency.
- Electricite de France SA (EDF) confirmed extended outages for two nuclear reactors at its Gravelines plant after jellyfish clogged cooling pumps, impacting energy generation.
Crypto Founder Pleads Guilty in $40 Billion Collapse
Do Kwon, the co-founder of Terraform Labs, has pleaded guilty to two U.S. fraud charges stemming from the $40 billion collapse of the TerraUSD (UST) stablecoin and its sister token Luna in 2022. This development follows a lengthy legal battle and marks a pivotal moment in one of the cryptocurrency industry's largest fraud cases. Kwon, who was extradited to the U.S. from Montenegro in late 2024, had initially pleaded not guilty to nine federal charges, including securities fraud, wire fraud, commodities fraud, and money laundering conspiracy.
Prosecutors alleged that Kwon misled investors about the stability of TerraUSD, orchestrating deceptive measures to maintain its $1 peg. The guilty plea could lead to a reduced sentence, as a conviction on all initial counts could have resulted in over 100 years in prison. This criminal case follows a separate civil conviction in 2024, where Kwon and Terraform Labs were found liable for misleading investors by the U.S. Securities and Exchange Commission (SEC), leading to a $4.47 billion settlement.
Boeing's July Deliveries Decline Amid Steady Orders
Aerospace giant Boeing (BA) delivered 48 jets in July, a 20% decrease compared to its June figures. The deliveries included 37 737 Max aircraft and one 787 Dreamliner. Despite the month-over-month decline in deliveries, Boeing secured 31 new orders in July, with the majority being for the 737 Max, alongside one 787. [Headline]
The company has been working to stabilize its production lines amidst ongoing supply chain limitations and quality concerns. While Boeing's total aircraft deliveries for the year have shown improvement compared to the previous year, challenges persist in meeting demand and adhering to previously agreed-upon timelines with airlines.
Google Rolls Out "Preferred Sources" for Search Personalization
Google (GOOGL) is introducing a new feature called "Preferred Sources," allowing users to prioritize specific websites in their search results and Discover feeds. This initiative aims to provide a more personalized, transparent, and user-focused experience by enabling individuals to select their favorite news and content sources.
Initially available in the U.S. and India, the "Preferred Sources" option can be accessed through the Google app or desktop by customizing search preferences. While this feature will boost the visibility of chosen outlets in the "Top Stories" carousel and Discover feed, Google clarified that it does not completely exclude other sources. This move could significantly impact publishers' traffic and necessitate adaptations in search engine optimization (SEO) strategies.
Jellyfish Cause Extended Outages at French Nuclear Plant
Electricite de France SA (EDF), France's primary electricity generation company, announced that two reactors at its Gravelines nuclear power plant will remain out of service longer than initially planned. The extended outage is due to a "massive and unpredictable" swarm of jellyfish that clogged the pumping station's filter drums, which are crucial for cooling the reactors.
Four reactors at the Gravelines plant, located on France's northern coast, automatically shut down due to the jellyfish invasion. The plant's remaining two units were already offline for scheduled maintenance, effectively bringing the entire facility offline. EDF stated that the incident posed no risk to the plant's safety, staff, or the environment, and teams are working to clean the filter pumps and restart the units, with operations expected to resume on Thursday. This incident highlights the ongoing challenge posed by increasing jellyfish populations, which have previously caused disruptions at nuclear plants globally.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.