Gemini Settles CFTC Charges with $5 Million Fine and Permanent Injunction

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Gemini Trust Company has agreed to pay a $5 million civil penalty to settle charges brought by the U.S. Commodity Futures Trading Commission (CFTC) related to misleading statements about a bitcoin futures contract in 2017. The settlement, which includes a permanent injunction, was confirmed in a court filing on Monday in federal court in New York.

The CFTC had sued Gemini in 2022, accusing the company of making false or misleading statements, or omitting material facts, when seeking approval for the bitcoin futures contract. Despite the settlement, Gemini did not admit or deny the CFTC’s findings.

A spokesperson for Gemini has not yet responded to requests for comment on the settlement.

 

UN Aviation Agency Investigating Reports of Possible Data Breach

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The International Civil Aviation Organization (ICAO), the UN’s civil aviation agency, is investigating reports of a potential data breach after claims surfaced that tens of thousands of its records may have been stolen. The ICAO, headquartered in Canada, confirmed in a brief statement that it was looking into the situation, which it suspects may involve a “threat actor known for targeting international organizations.”

The agency responded to a report made on a hacker forum on January 6, in which the claim was made that 42,000 records had been stolen from ICAO. However, ICAO has not provided further details on the nature of the breach or the specific data potentially involved.

As the investigation is still in its early stages, ICAO has refrained from offering additional comments on the situation. The organization did confirm, though, that it had been targeted by a similar cyberattack in 2016, after which it reportedly strengthened its cybersecurity measures.

ICAO has 193 member states and is responsible for setting global standards for aviation safety and security.

 

Samsung Q4 Earnings Expected to Be Hit by Nvidia AI Chip Supply Delay

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Samsung Electronics (005930.KS), the world’s largest memory chip maker, is forecasted to report slowed profit growth in the fourth quarter, as it struggles to meet Nvidia’s (NVDA.O) soaring demand for AI chips. Despite an expected operating profit of 8.2 trillion won ($5.6 billion) in the quarter ending December, up from 2.8 trillion won a year ago, this figure represents a decline from the previous quarter’s 9.18 trillion won.

Analysts have recently revised their earnings forecasts downward, with some projecting Samsung’s operating profit to fall below 8 trillion won. A key issue has been delays in Samsung’s supply of high-end AI chips to Nvidia, which has continued to impact Samsung’s earnings, despite an October apology from the company for its third-quarter performance and an earlier pledge to address the chip shortage.

In November, Samsung reshuffled its chip division leadership, naming its chip division chief co-CEO and granting him direct control over the struggling memory chip business. Meanwhile, Samsung’s shares fell 32% last year, underperforming the broader market’s 10% decline.

Contrastingly, SK Hynix (000660.KS), a major supplier of advanced AI memory chips to Nvidia, is expected to report record earnings for the fourth quarter, benefiting from strong demand for its products.

The broader semiconductor market is facing additional pressure, with weaker demand for traditional chips used in smartphones and PCs, and rising competition from Chinese chipmakers, leading to declining chip prices. DRAM prices, particularly DDR4 chips used in personal computers, have dropped as much as 13% in Q4 and are expected to fall another 15% in the current quarter, according to TrendForce.

The South Korean won’s depreciation in December to its weakest level in 15 years, fueled by political instability and concerns over U.S. tariffs under President-elect Trump, has provided some relief in the form of increased overseas earnings, but this has not been enough to offset weak chip prices.

Samsung is expected to release detailed results later in January, offering a breakdown of its earnings by business segment.