Category: Technology

MIL-OSI USA: AI Data Security: Best Practices for Securing Data Used to Train & Operate AI Systems

News In Brief – Source: US Computer Emergency Readiness Team

Executive summary

This Cybersecurity Information Sheet (CSI) provides essential guidance on securing data used in artificial intelligence (AI) and machine learning (ML) systems. It also highlights the importance of data security in ensuring the accuracy and integrity of AI outcomes and outlines potential risks arising from data integrity issues in various stages of AI development and deployment.

This CSI provides a brief overview of the AI system lifecycle and general best practices to secure data used during the development, testing, and operation of AI-based systems. These best practices include the incorporation of techniques such as data encryption, digital signatures, data provenance tracking, secure storage, and trust infrastructure. This CSI also provides an in-depth examination of three significant areas of data security risks in AI systems: data supply chain, maliciously modified (“poisoned”) data, and data drift. Each section provides a detailed description of the risks and the corresponding best practices to mitigate those risks.

This guidance is intended primarily for organizations using AI systems in their operations, with a focus on protecting sensitive, proprietary, or mission critical data. The principles outlined in this information sheet provide a robust foundation for securing AI data and ensuring the reliability and accuracy of AI-driven outcomes.

This document was authored by the National Security Agency’s Artificial Intelligence Security Center (AISC), the Cybersecurity and Infrastructure Security Agency (CISA), the Federal Bureau of Investigation (FBI), the Australian Signals Directorate’s Australian Cyber Security Centre (ASD’s ACSC), the New Zealand’s Government Communications Security Bureau’s National Cyber Security Centre (NCSC-NZ), and the United Kingdom’s National Cyber Security Centre (NCSC-UK).

The goals of this guidance are to:

Raise awareness of the potential risks related to data security in the development, testing, and deployment of AI systems;
Provide guidance and best practices for securing AI data across various stages of the AI lifecycle, with an in-depth description of the three aforementioned significant areas of data security risks; and
Establish a strong foundation for data security in AI systems by promoting the adoption of robust data security measures and encouraging proactive risk mitigation strategies.

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Introduction

The data resources used during the development, testing, and operation of an AI¹ system are a critical component of the AI supply chain; therefore, the data resources must be protected and secured. In its Data Management Lexicon, [1] the Intelligence Community (IC) defines Data Security as “The ability to protect data resources from unauthorized discovery, access, use, modification, and/or destruction…. Data Security is a component of Data Protection.”

Data security is paramount in the development and deployment of AI systems. Therefore, it is a key component of strategies developed to safeguard and manage the overall security of AI-based systems. Successful data management strategies must ensure that the data has not been tampered with at any point throughout the entire AI system lifecycle; is free from malicious, unwanted, and unauthorized content; and does not have unintentional duplicative or anomalous information. Note that AI data security depends on robust, fundamental cybersecurity protection for all datasets used in designing, developing, deploying, operating, and maintaining AI systems and the ML models that enable them.

Audience and scope

This CSI outlines potential risks in AI systems stemming from data security issues that arise during different phases of an AI deployment, and it introduces recommended protocols to mitigate these risks. This guidance builds upon the NSA’s joint guidance on Deploying AI Systems Securely [2] and delves deeper into securing the data used to train and operate AI-based systems. This guidance is primarily developed for organizations that use AI systems in their day-to-day operations, including the Defense Industrial Base (DIB), National Security System (NSS) owners, Federal Civilian Executive Branch (FCEB) agencies, and critical infrastructure owners and operators. Implementing these mitigations can help secure AI-enabled systems and protect proprietary, sensitive, and/or mission critical data.

Securing data throughout the AI system lifecycle

Data security is a critical enabler that spans all phases of the AI system lifecycle. ML models learn their decision logic from data, so an attacker who can manipulate the data can also manipulate the logic of an AI-based system. In the AI Risk Management Framework (RMF) [3], the National Institute of Standards and Technology (NIST) defines six major stages in the lifecycle of AI systems, starting from Plan & Design and progressing all the way to Operate & Monitor. The following table highlights relevant data security factors for each stage of the AI lifecycle:

Table 1: The AI System Lifecycle with key dimensions, necessary ongoing assessments, focus areas for data security, and particular data security risks covered in this CSI. [3]
AI Lifecycle Stage	Key Dimensions	Test, Evaluation, Verification, & Validation (TEVV)	Potential Focus Areas for Data Security	Particular Data Security Risks Covered in this CSI
1) Plan & Design	Application Context	Audit & Impact Assessment	Incorporating data security measures from inception, designing robust security protocols, threat modeling, and including privacy by design	Data supply chain
2) Collect & Process Data	Data & Input	Internal & External Validation	Ensuring data integrity, authenticity, encryption, access controls, data minimization, anonymization, and secure data transfer	Data supply chain, maliciously modified data
3) Build & Use Model	AI Model	Model Testing	Protecting data from tampering, ensuring data quality and privacy (including differential privacy and secure multi-party computation when appropriate and possible), securing model training, and operating environments	Data supply chain, maliciously modified data
4) Verify & Validate	AI Model	Model Testing	Performing comprehensive security testing, identifying and mitigating risks, validating data integrity, adversarial testing, and formal verification when appropriate and possible	Data supply chain, maliciously modified data
5) Deploy & Use	Task & Output	Integration, Compliance Testing, Validation	Implementing strict access controls, zero-trust infrastructure, secure data transmission and storage, secure API endpoints, and monitoring for anomalous behavior	Data supply chain, maliciously modified data, data drift
6) Operate & Monitor	Application Context	Audit & Impact Assessment	Conducting continuous risk assessments, monitoring for data breaches, deleting data securely, complying with regulations, incident response planning, and regular security auditing	Data supply chain, maliciously modified data, data drift

Throughout the AI system lifecycle, securing data is paramount to maintaining information integrity and system reliability. Starting with the initial Plan & Design phase, carefully plan data protection measures to provide proactive mitigations of potential risks. In the Collect & Process Data phase, data must be carefully analyzed, labeled, sanitized, and protected from breaches and tampering. Securing data in the Build & Use Model phase helps ensure models are trained on reliably sourced, accurate, and representative information. In the Verify & Validate phase, comprehensive and thorough testing of AI models, derived from training data, can identify security flaws and enable their mitigation.

Note that Verification & Validation is necessary each time new data or user feedback is introduced into the model; therefore, that data also needs to be handled with the same security standards as AI training data. Implementing strict access controls protects data from unauthorized access, especially in the Deploy & Use phase. Lastly, continuous data risk assessments in the Operate & Monitor phase are necessary to adapt to evolving threats. Neglecting these practices can lead to data corruption, compromised models, data leaks, and non-compliance, emphasizing the critical importance of robust data security at every phase.

Best practices to secure data for AI-based systems

The following list contains recommended practical steps that system owners can take to better protect the data used to build and operate their AI-based systems, whether running on premises or in the cloud. For more details on general cybersecurity best practices, see also NIST SP 800-53, “Security and Privacy Controls for Information Systems and Organizations.” [33]

1. Source reliable data and track data provenance
Verify data sources use trusted, reliable, and accurate data for training and operating AI systems. To the extent possible, only use data from authoritative sources. Implement provenance tracking to enable the tracing of data origins, and log the path that data follows through an AI system. [7],[8],[9] Incorporate a secure provenance database that is cryptographically signed and maintains an immutable, append-only ledger of data changes. This facilitates data provenance tracking, helps identify sources of maliciously modified data, and helps ensure that no single entity can undetectably manipulate the data.
2. Verify and maintain data integrity during storage and transport
Maintaining data integrity² is an essential component to preserve the accuracy, reliability, and trustworthiness of AI data. [4] Use checksums and cryptographic hashes to verify that data has not been altered or tampered with during storage or transmission. Generating such unique codes for AI datasets enables the detection of unauthorized changes or corruption, safeguarding the information’s authenticity.

3. Employ digital signatures to authenticate trusted data revisions
Digital signatures help ensure data integrity and prevent tampering by third parties. Adopt quantum-resistant digital signature standards [5][6] to authenticate and verify datasets used during AI model training, fine tuning, alignment, reinforcement learning from human feedback (RLHF), and/or other post-training processes that affect model parameters. Original versions of the data should be cryptographically signed, and any subsequent data revisions should be signed by the person who made the change. Organizations are encouraged to use trusted certificate authorities to verify this process.
4. Leverage trusted infrastructure
Use a trusted computing environment that leverages Zero Trust architecture. [10] Provide secure enclaves for data processing and keep sensitive information protected and unaltered during computations. This approach fosters a secure foundation for data privacy and security in AI data workflows by isolating sensitive operations and mitigating risks of tampering. Trusted computing infrastructure supports the integrity of data processes, reduces risks associated with unverified or altered data, and ultimately creates a more robust and transparent AI ecosystem. Trusted environments are essential for AI applications where data accuracy directly impacts their decision-making processes.
5. Classify data and use access controls
Categorize data using a classification system based on sensitivity and required protection measures. [11] This process enables organizations to apply appropriate security controls to different data types. Classifying data enables the enforcement of robust protection measures like stringent encryption and access controls. [33] In general, the output of AI systems should be classified at the same level as the input data (rather than creating a separate set of guardrails).
6. Encrypt data
Adopt advanced encryption protocols proportional to the organizational data protection level. This includes securing data at rest, in transit, and during processing. AES-256 encryption is the de facto industry standard and is considered resistant to quantum computing threats. [12],[13] Use protocols, such as TLS with AES-256 or post-quantum encryption, for data in transit. Refer to NIST SP 800-52r2, “Guidelines for the Selection, Configuration, and Use of Transport Layer Security (TLS) Implementations” [14] for more details.
7. Store data securely
Store data in certified storage devices that enforce NIST FIPS 140-3 [15] compliance, ensuring that the cryptographic modules used to encrypt the data provide high-level security against advanced intrusion attempts. Note that Security Level 3 (defined in NIST FIPS 140-2 [16]) provides robust data protection; however, evaluate and determine the appropriate level of security based on organizational needs and risk assessments.
8. Leverage privacy-preserving techniques
There are several privacy-preserving techniques [17] that can be leveraged for increased data security. Note that there may be practical limitations to their implementation due to computational cost.

Data depersonalization techniques (e.g., data masking [18]) involve replacing sensitive data with inauthentic but realistic information that maintains the distributions of values throughout the dataset. This enables AI systems to utilize datasets without exposing sensitive information, reducing the impact of data breaches and supporting secure data sharing and collaboration. When possible, use data masking to facilitate AI model training and development without compromising sensitive information (e.g., personally identifiable information [PII]).
Differential privacy is a framework that provides a mathematical guarantee quantifying the level of privacy of a dataset or query. It requires a pre-specified privacy budget for the level of noise added to the data, but there are tradeoffs between protecting the training data from membership inference techniques and target task accuracy. Refer to [17] for further details.
Decentralized learning techniques (e.g., federated learning [19]) permit AI system training over multiple local datasets with limited sharing of data among local instances. An aggregator model incorporates the results of the distributed models, limiting access on the local instance to the larger training dataset. Secure multi-party computation is recommended for training and inferencing processes.

9. Delete data securely
Prior to repurposing or decommissioning any functional drives used for AI data storage and processing, erase them using a secure deletion method such as cryptographic erase, block erase, or data overwrite. Refer to NIST SP 800-88, “Guidelines for Media Sanitization,” [20] for guidance on appropriate deletion methods.
10. Conduct ongoing data security risk assessments
Conduct ongoing risk assessments using industry-standard frameworks, such as the NIST SP 800-3r2, Risk Management Framework (RMF) [4][21], and the NIST AI 100-1, Artificial Intelligence RMF [3]. These assessments should evaluate the AI data security landscape, identify risks, and prioritize actions to minimize security incidents. Continuously improve data security measures to keep pace with evolving threats and vulnerabilities, learn from security incidents, stay up to date with emerging technologies, and maintain a robust security posture.

Data supply chain – risks and mitigations

Relevant AI Lifecycle stages: 1) Plan & Design; 2) Collect & Process Data; 3) Build & Use Model; 4) Verify & Validate; 5) Deploy & Use; 6) Operate & Monitor

Developing and deploying secure and reliable AI systems requires understanding potential risks and methods of introducing inaccurate or maliciously modified (a.k.a. “poisoned”) data into the system. In short, the security of AI systems depends on thorough verification of training data and proactive measures to detect and prevent the introduction of inaccurate material.

Threats can stem from large-scale data collected and curated by third parties, as well as from data that is not sufficiently protected after ingestion. Data collected and/or curated by a third party may contain inaccurate information, either unintentionally or through malicious intent. Inaccurate material can compromise not only models trained using that data, but also any additional models that rely on compromised models as a foundation.

It is crucial, therefore, to verify the integrity of the training data used when building an AI system. Organizations that utilize third-party data must take appropriate measures to ensure that: 1) the data is not compromised upon ingestion; and 2) the data cannot be compromised after it has been incorporated into the AI system. As such, both data curators and data consumers should follow the best practices for digital signatures, data integrity, and data provenance that are described in detail above.

General risks for data consumers³

The use of web-scale databases includes all of the risks outlined earlier, and one cannot simply assume that these datasets are clean, accurate, and free of malicious content. Third-party models trained on web-scraped data used to train a model for downstream tasks could also affect the model’s learning process and result in behavior that was unintended by the AI system designer.

From the moment data is ingested for use with AI systems, the data acquirer must secure it against insider threats and malicious network activity to prevent unauthorized modification.

Mitigation strategies:

Dataset verification: Before ingest, the consumer or curator should verify, as much as possible, that the dataset to be ingested is free of malicious or inaccurate material. Any detected abnormalities should be addressed, and suspicious data should not be stored. The dataset verification process should include a digital signature of the dataset at time of ingestion.
Content credentials: Use content credentials to track the provenance of media and other data. Content credentials are “metadata that are secured cryptographically and allow creators the ability to add information about themselves or their creative process, or both, directly to media content…. Content Credentials securely bind essential metadata to a media file that can track its origin(s), any edits made, and/or what was used to create or modify the content…. This metadata alone does not allow a consumer to determine whether a piece of content is ‘true,’ but rather provides contextual information that assists in determining the authenticity of the content.” [24]
Foundation model assurances: In the case where a consumer is not ingesting a dataset but a foundation model trained by another party, the developers of the foundation model need to be able to provide assurances regarding the data and sources used and certify that their training data did not contain any known compromised data. Take care to track the training data used in various model lineages. Exercise caution before using a model without such assurances.
Require certification: Data consumers should strongly consider requiring a formal certification from dataset and model providers, attesting that their systems are free from known compromised data before using third-party data and/or foundation models.
Secure storage: After ingest, data needs to be stored in a database that adheres to the best practices for digital signatures, data integrity, and data provenance that are described in detail above. Note that an append-only cryptographically signed database should be used where feasible, but there may be a need to delete older material that is no longer relevant. Each time a data element is updated (e.g., resized, cropped, flipped, etc.) for augmentation purposes in a non-temporary fashion, then the updated data should be stored as a new entry with documented changes. The database’s certificate should be verified at the time the database is accessed for a training run. If the database does not pass the certificate check, abort the training and conduct a comprehensive database audit to discover any data modifications.

2023 investigations by various industry professionals explored low-resource methods for introducing malicious or inaccurate material into web-scale datasets, and potential strategies to mitigate this risk. [29] These vulnerabilities depend on the fact that curators or collectors do not have control over the data, as seen in cases of datasets curated by third parties (e.g., LAION) or datasets that are continually updated and released (e.g., Wikipedia).

Risk: Curated web-scale datasets

Curated AI datasets (e.g., LAION-2B or COYO-700M) are vulnerable to a type of technique known as split-view poisoning. This risk arises because these datasets often contain data hosted on domains that may have expired or are no longer actively maintained by their original owners. In such cases, anyone who purchases these expired domains gains control over the content hosted on them. This situation creates an opportunity for malicious actors to modify or replace the data that the curated list points to, potentially introducing inaccurate or misleading information into the dataset. In many instances, it is possible to purchase enough control of a dataset to conduct effective poisoning for roughly $1,000 USD. In some cases, effective techniques can cost as little as $60 USD (e.g., COYO-700M), making this a viable threat from low-resource threat actors.

Mitigation strategies:

Raw data hashes: Data curators should attach a cryptographic hash to all raw data referenced in the dataset. This will enable follow-on data consumers to verify that the data has not changed since it was added to the list.
Hash verification: Data consumers should incorporate a hash check at time of download in order to detect any changes made to it, and the downloader should discard any data that does not pass the hash check.
Periodic checks: Curators should periodically scrape the data themselves to verify that the data has not been modified. If any changes are detected, the curator should take appropriate steps to ensure the data’s integrity.
Verifying data: Curators should verify that any changed data is clean and free from inaccurate or malicious material. If the content of the data has been altered in any way, the curator should either remove it from their list or flag it for further review.
Certification by curators: Since the data supply chain begins with the curators, the certification process must start there as well. To the best of their ability, curators should be able to certify that, at the time of publication, the dataset contains no malicious or inaccurate material.

Risk: Collected web-scale datasets

Collected web-scale datasets (e.g., Wikipedia) are vulnerable to frontrunning poisoning techniques. Frontrunning poisoning occurs when an actor injects malicious examples in a short time window before websites with crowd-sourced content collect a snapshot of their data. Wikipedia in particular conducts twice-monthly snapshots of their data and publishes these snapshots for people to download. Since the snapshots happen at known times, it is possible for malicious actors to edit pages close enough to the snapshot time so that malicious edits will be captured and published before they can be discovered and corrected. Industry analysis demonstrated potential malicious actors would be able to successfully poison as much as 6.5% of Wikipedia. [29]

Mitigation strategies:

Test & verify web-scale datasets: Be cautious when using web-scale datasets that are vulnerable to frontrunning poisoning. Check that the data hasn’t been manipulated, and only use snapshots verified by a trusted party.
(For web-scale data collectors) Randomize or lengthen snapshots: Collectors such as Wikipedia should defend against actors making malicious edits ahead of a planned snapshot by:

Randomizing the snapshot order.
Freezing edits to content long enough for edits to go through review before releasing the snapshot.

These mitigations focus on increasing the amount of time a malicious actor must maintain control of the data for it to be included in the published snapshot. Any reasonable methods that increase the time a malicious actor must control the data are also recommended.

Note that these mitigations are limited since they rely on trusted curators who can detect malicious edits. It is more difficult to defend against subtle edits (e.g., attempts to insert hidden watermarks) that appear valid to human reviewers but impact machine understanding.

Risk: Web-crawled datasets

Web-crawled datasets present a unique intersection of the risks discussed above. Since web-crawled datasets are substantially less curated than other web-scale datasets, they bring increased risk. There are no trusted curators to detect malicious edits. There are no original curated views to which cryptographic hashes can be attached. The unfortunate reality is that “updates to a web page have no realistic bound on the delta between versions which might act as a signal for attaching trust.” [29]

Mitigation strategies:

Consensus approaches: Data consumers using web-crawled datasets should rely on consensus-based approaches, since notional determinations of which domains to trust are ad-hoc and insufficient. For example, an AI developer could choose to only trust an image-caption pair when it appears on many different websites to reduce susceptibility to poisoning techniques, since a malicious actor would have to poison a sufficiently large number of websites to be successful.
Data curation: Ultimately, it is incumbent on organizations to ensure malicious or inaccurate material is not present in the data they use. If an organization does not have resources to conduct the necessary due diligence, then the use of web-crawled datasets is not recommended until some sort of trust infrastructure can be implemented.

Final note on web-scale datasets and data poisoning

Both split-view and frontrunning poisoning are reasonably straightforward for a malicious actor to execute, since they do not require particularly sophisticated methodology. These poisoning techniques should be considered viable threats by anyone looking to incorporate web-scale data into their AI systems. The danger here comes not only from directly using compromised data, but also from using models which may themselves have been trained on compromised data.

Ultimately, data poisoning must be addressed from a supply chain perspective by those who train and fine-tune AI models. Proper supply chain integrity and security management (i.e., selecting reliable model providers and verifying the legitimacy of the models used) can reduce the risk of data poisoning and system compromise. The most reliable providers are those who assure that they do everything possible to prevent the influence and distribution of poisoned data and models. [34]

Every effort must be made by those building foundation models to filter out malicious and inaccurate data. Foundation models are evolving rapidly, and filtering out inaccurate, unauthorized, and malicious training data is an active area of research, particularly at web-scale. As such, is currently impractical to prescribe precise methods for doing so; it is a best-effort endeavor. Ideally, data curators and foundation model providers should be able to attest to their filtering methods and provide evidence (e.g. test results) of their effectiveness. Likewise, if possible, downstream model consumers should include a review of the security claims as part of their security processes before accepting a foundation model for use.

Maliciously modified data – risks and mitigations

Relevant AI Lifecycle stages: 2) Collect & Process Data; 3) Build & Use Model; 4) Verify & Validate; 5) Deploy & Use; 6) Operate & Monitor

Maliciously modified data presents a significant threat to the accuracy and integrity of AI systems. Deliberate manipulation of data can result in inaccurate outcomes, poor decisions, and compromised security. Note that there are also risks associated with unintentional data errors and duplications that can affect the security and performance of AI systems. Challenges like adversarial machine learning threats, statistical bias, and inaccurate information can impact the overall security of AI-driven outcomes.

Risk: Adversarial Machine Learning threats

Adversarial Machine Learning (AML) threats involve intentional, malicious attempts to deceive, manipulate, or disrupt AI systems. [7],[17],[22] Malicious actors employ data poisoning to corrupt the learning process, compromising the integrity of training datasets and leading to unreliable or malicious model behavior. Additionally, malicious actors may introduce adversarial examples into datasets that, while subtle, can evade correct classification, thereby undermining the model’s performance. Furthermore, sensitive information in training datasets can be indirectly extracted through techniques like model inversion⁴, posing significant data security risks.

Mitigation Strategies:

Anomaly detection: Incorporate anomaly detection algorithms during data pre-processing to identify and remove malicious or suspicious data points before training. These algorithms can recognize statistically deviant patterns in the data, making it possible to isolate and eliminate poisoned inputs.
Data sanitization: Sanitize the training data by applying techniques like data filtering, sampling, and normalization. This helps reduce the impact of outliers, noisy data, and other potentially poisoned inputs, ensuring that models learn from high-quality, representative datasets. Perform sanitization on a regular basis, especially prior to each and every training, fine-tuning, or any other process that adjusts model parameters.
Secure training pipelines: Secure data collection, pre-processing, and training pipelines to prevent malicious actors from tampering with datasets or model parameters.
Ensemble methods / collaborative learning: Implement collaborative learning frameworks that combine an ensemble of multiple, distinct AI models to reach a consensus on output predictions. This approach can help counteract the impact of data poisoning, since malicious inputs may only affect a subset of the collaborative models, allowing the majority to maintain accuracy and reliability.
Data anonymization: Implement anonymization techniques to protect sensitive data attributes, keeping them confidential while allowing AI models to learn patterns and generate accurate predictions.

Risk: Bad data statements

Bad data statements⁵ [7][23], such as missing metadata, can significantly influence AI data security by introducing data integrity issues that can lead to faulty model performance. Error-free metadata provides valuable contextual information about the data, including its structure, purpose, and collection methods. When metadata is missing, it becomes difficult to interpret data accurately and draw meaningful conclusions. This situation can result in incomplete or inaccurate data representation, compromising AI system performance and reliability. If metadata is modified by a malicious actor, then the security of the AI system is also at risk.

Mitigation strategies:

Metadata management: Implement strong data governance practices to help ensure metadata is well-documented, complete, accurate, and secured.
Metadata validation: Establish data validation processes to check the completeness and consistency of metadata before data is used for AI training.
Data enrichment: Use available resources, such as reference data and trusted third-party data, to supplement missing metadata and improve the overall quality of the training data.

Risk: Statistical bias⁶

Robust data security and collection practices are key to mitigating statistical bias. Executive Order (EO) 14179 mandates that U.S. government entities “develop AI systems that are free from ideological bias or engineered social agendas.” [25] Note that “an AI system is said to be biased when it exhibits systematically inaccurate behavior.” [26] Statistical bias in AI systems can arise from artifacts present in training data that can lead to artificially slanted or inaccurate outcomes. Sampling biases or biases in data collection can affect the overall outcomes and performance of AI. Left unaddressed, statistical bias can degrade the accuracy and effectiveness of AI systems.

Mitigation strategies:

Regular training data audits: Regularly audit training data to detect, assess, and address potential issues that can result in systematically inaccurate AI systems.
Representative training data: Ensure that training data is representative of the totality of the information relevant to any given topic to reduce the risk of statistical bias. Also ensure that AI data is properly divided into training, development, and evaluation sets without overlap to properly measure statistical bias and other measures of performance.
Edge cases: Identify and mitigate edge cases that can cause models to malfunction.
Test and correct for statistical bias: Create a repository with instances of observed model output bias. Leverage that information to improve training data audits and with reinforcement learning to “undo” some of the measured bias.

Risk: Data poisoning via inaccurate information

One form of data poisoning (sometimes referred to as “disinformation” [27]) involves the intentional insertion of inaccurate or misleading information in AI training datasets, which can negatively impact AI system performance, outcomes, and decision-making processes.

Mitigation strategies:

Remove inaccurate information from training data: Identify and remove inaccurate or misleading information from AI datasets to the extent feasible.
Data provenance and verification: Implement provenance verification mechanisms during data collection to help ensure that only accurate and reliable data is used. This process can include methods such as cross-verification, fact-checking, source analysis, data provenance tracking, and content credentials.
Add more training data: Increasing the amount of non-malicious data makes training more robust against poisoned examples—provided that these poisoned examples are small in number. One way to do this is through data augmentation—the creation of artificial training set samples that are small variations of existing samples. The goal is to “outnumber” the poisoned samples so the model “forgets” them. Note that this mitigation can only be applied during training, and therefore does not apply to an already trained model. [28]
Data quality control: Perform quality control on data including detecting poisoned samples through integrity checks, statistical deviation, or pattern recognition. Proactively implement data quality controls during the training phase to prevent issues before they arise in production.

Risk: Data duplications

Unintended duplicate data elements [7] in training datasets can skew model performance and cause overfitting, reducing the AI model’s ability to generalize across a variety of real-world applications. Duplicates are not always exact; near-duplicates may contain minor differences like formatting, abbreviations, or errors, which makes detecting them more complex. Duplicate data often leads to inaccurate predictions, making the AI system less effective in real-world applications.

Mitigation strategies:

Data deduplication: Implement deduplication techniques (such as fuzzy matching, hashing, clustering, etc.) to carefully identify and handle duplicates and near-duplicates in the data.

Data drift – risks and mitigations

Relevant AI Lifecycle stages: 5) Deploy & Use; 6) Operate & Monitor

Data drift, or distribution shift, refers to changes in the underlying statistical properties of the input data to an operational AI system. Over time, the input data can become significantly different from the data originally used to train the model. [7],[8] Degradation caused by data drift is a natural and expected occurrence, and AI system developers and operators need to regularly update models to maintain accuracy and performance. Data drift ordinarily begins as small, seemingly insignificant degradations in model performance. Left unchecked, the degradation caused by data drift can snowball into substantial reductions in AI system accuracy and integrity that become increasingly difficult to correct.

It is crucial to distinguish between data drift and data poisoning attacks designed to affect an AI model. Continuous monitoring of system accuracy and performance provides important indicators based on the nature of the changes observed. If the changes are slow and gradual over time, it is more likely that the model is experiencing data drift. If the changes are abrupt and dramatic in one or more dimensions, it is more likely that an actor is trying to compromise the model. Cyber compromises often aim to manipulate the model’s performance quickly and significantly, leading to abrupt changes in the input data or model outputs.

AI system operators and developers should employ a wide range of techniques for detecting and mitigating data drift, including data preprocessing, increasing dataset coverage of real-world scenarios, and adopting robust training and adaptation strategies. [30] Packages that automate dataset loading assist AI system developers in creating application-specific detection and mitigation techniques for data drift.

There are many potential causes of data drift, including:

A change in the upstream data pipeline not represented in the model training data (e.g., the units of a particular data element change from miles to kilometers)
The introduction of completely new data elements that the model had not previously seen (e.g., a new type of malware not recognized in the ML layer of an anti-virus product)
A change in the context of how inputs and outputs are related (e.g., a change in organizational structure due to a merger or acquisition could lead to new data access patterns that might be misinterpreted as security threats by an AI system)

The data associated with a given AI model should be regularly checked for any updates to help ensure the model still predicts as expected. [7],[8],[9] The interval for this update and check will depend on the particular AI system and application. For example, in high-stakes applications such as healthcare, early detection and mitigation of data drift are critical prior to patient impact. Thus, continuous monitoring of model performance with additional direct analysis of the input data is important in such applications. [30]

Mitigation strategies:

Data management: Employ a data management strategy in keeping with the best practices in this CSI to help ensure that it is easy to add and track new data elements for model training and adaptation. This management strategy enables identification of data elements causing drift for appropriate mitigation or action.
Data-quality testing: AI system developers should use data-quality assessment tools to assist in selecting and filtering data used for model training or adaptation. Understanding the current dataset and its impact on model behavior is critical to detecting data drift.
Input and output monitoring: Monitor the AI system inputs and outputs to verify the model is performing as expected. [9] Regularly update your model using current data. Utilize meaningful statistical methods that measure expected dataset metrics and compare the distribution of the training data to the test data to help determine if data drift is occurring. [7]

Data management tools and methods are currently an active area of research. However, data drift can be mitigated by incorporating application-specific data management protocols that include: continuous monitoring, retraining (regularly incorporating the latest data into the models), data cleansing (correcting errors or inconsistencies in the data), and using ensemble models (combining predictions of multiple models). Incorporation of a data management framework into the design of AI systems from the beginning is essential for improving the overall integrity and security posture. [31]

Conclusion

Data security is of paramount importance when developing and operating AI systems. As organizations in various sectors rely more and more on AI-driven outcomes, data security becomes crucial for maintaining accuracy, reliability, and integrity. The guidance provided in this CSI outlines a robust approach to securing AI data and addressing the risks associated with the data supply chain, malicious data, and data drift.

Data security is an ever-evolving field, and continuous vigilance and adaptation are key to staying ahead of emerging threats and vulnerabilities. The best practices presented here encourage the highest standards of data security in AI while helping ensure the accuracy and integrity of AI-driven outcomes. By adopting these best practices and risk mitigation strategies, organizations can fortify their AI systems against potential threats and safeguard sensitive, proprietary, and mission critical data used in the development and operation of their AI systems.

References

1 In this document, Artificial Intelligence (AI) has the meaning set forth in 15 U.S.C. 9401(3):
“… a machine-based system that can, for a given set of human-defined objectives, make predictions, recommendations, or decisions influencing real or virtual environments. AI systems use machine- and human-based inputs to:
(A) Perceive real and virtual environments;
(B) Take these perceptions and turn them into models through analysis in an automated manner; and
(C) Use model inference to formulate options for information or action.”

2 Data integrity is defined by the IC Data Management Lexicon [1] as “The degree to which data can be trusted due to its provenance, pedigree, lineage and conformance with all business rules regarding its relationship with other data. In the context of data movement, this is the degree to which data has verifiably not been changed unexpectedly by a person or NPE.”

3 The term data consumers is defined as technical personnel (e.g. data scientists, engineers) who make use of data that they themselves did not produce or annotate to build and/or operate AI systems.

4 Model inversion refers to the process by which an attacker analyzes the output patterns of an AI system to reverse-engineer and uncover details about the training dataset, such as individual data points or patterns. This process can potentially expose confidential or proprietary information from the data that was used to train the AI models.

5 “A data statement is a characterization of a dataset that provides context to allow developers and users to better understand how experimental results might generalize, how software might be appropriately deployed, and what biases might be reflected in systems built on the software.” [23]

6 “In technical systems, bias is most commonly understood and treated as a statistical phenomenon. Bias is an effect that deprives a statistical result of representativeness by systematically distorting it, as distinct from random error, which may distort on any one occasion but balances out on the average.” [26],[32]

Works cited

[1] Office of the Director of National Intelligence. The Intelligence Community Data Management Lexicon. 2024. https://dni.gov/files/ODNI/documents/IC_Data_Management_Lexicon.pdf
[2] National Security Agency et al. Deploying AI Systems Securely: Best Practices for Deploying Secure and Resilient AI Systems. 2024. https://media.defense.gov/2024/Apr/15/2003439257/-1/-1/0/CSI-DEPLOYING-AI-SYSTEMS-SECURELY.PDF
[3] National Institute of Standards and Technology (NIST). NIST AI 100-1: Artificial Intelligence Risk Management Framework (AI RMF 1.0). 2023. https://doi.org/10.6028/NIST.AI.100-1
[4] NIST. NIST Special Publication 800-37 Rev. 2: Guide for Applying the Risk Management Framework to Federal Information Systems. 2018. https://doi.org/10.6028/NIST.SP.800-37r2
[5] NIST. Federal Information Processing Standards Publication (FIPS) 204: Module-Lattice-Based Digital Signature Standard. 2024. https://doi.org/10.6028/NIST.FIPS.204
[6] NIST. FIPS 205: Stateless Hash-Based Digital Signature Standard. 2024. https://doi.org/10.6028/NIST.FIPS.205
[7] Bommasani, R. et al. On the Opportunities and Risks of Foundation Models. arXiv:2108.07258v3. 2022. https://arxiv.org/abs/2108.07258v3
[8] Securing Artificial Intelligence (SAI); Data Supply Chain Security. ESTI GR SAI 002 V1.1.1. 2021. https://etsi.org/deliver/etsi_gr/SAI/001_099/002/01.01.01_60/gr_SAI002v010101p.pdf
[9] National Cyber Security Centre et al. Guidelines for Secure AI System Development. 2023. https://www.ncsc.gov.uk/files/Guidelines-for-secure-AI-system-development.pdf
[10] NIST. NIST Special Publication 800-207: Zero Trust Architecture. 2020. https://doi.org/10.6028/NIST.SP.800-207
[11] NIST. NIST IR 8496 ipd: Data Classification Concepts and Considerations for Improving Data Protection. 2023. https://doi.org/10.6028/NIST.IR.8496.ipd
[12] Cybersecurity and Infrastructure Security Agency (CISA), NSA, and NIST. Quantum-Readiness: Migration to Post-Quantum Cryptography. 2023. https://www.cisa.gov/resources-tools/resources/quantum-readiness-migration-post-quantum-cryptography
[13] NIST. FIPS 203: Module-Lattice-Based Key-Encapsulation Mechanism Standard. 2024. https://doi.org/10.6028/NIST.FIPS.203
[14] NIST. NIST SP 800-52 Rev. 2: Guidelines for the Selection, Configuration, and Use of Transport Layer Security (TLS) Implementations. 2019. https://doi.org/10.6028/NIST.SP.800-52r2
[15] NIST. FIPS 140-3, Security Requirements for Cryptographic Modules. 2019. https://doi.org/10.6028/NIST.FIPS.140-3
[16] NIST. FIPS 140-2, Security Requirements for Cryptographic Modules. 2001. https://doi.org/10.6028/NIST.FIPS.140-2
[17] NIST. NIST AI 100-2e2023: Trustworthy and Responsible AI, Adversarial Machine Learning: A Taxonomy and Terminology of Attacks and Mitigations. 2024. https://doi.org/10.6028/NIST.AI.100-2e2023
[18] Adak, M. F., Kose, Z. N., & Akpinar, M. Dynamic Data Masking by Two-Step Encryption. In 2023 Innovations in Intelligent Systems and Applications Conference (ASYU) (pp. 1-5). IEEE. 2023 https://doi.org/10.1109/ASYU58738.2023.10296545
[19] Kairouz, P. et al. Advances and Open Problems in Federated Learning. Foundations and Trends in Machine Learning 14 (1-2): 1-210. arXiv:1912.04977. 2021. https://arxiv.org/abs/1912.04977
[20] NIST. NIST SP 800-88 Rev. 1: Guidelines for Media Sanitization. 2014. https://doi.org/10.6028/NIST.SP.800-88r1
[21] NIST. NIST Special Publication 800-3 Rev. 2: Risk Management Framework for Information Systems and Organizations: A System Life Cycle Approach for Security and Privacy. 2018. https://doi.org/10.6028/NIST.SP.800-37r2
[22] U.S. Department of Homeland Security. Preparedness Series June 2023: Risks and Mitigation Strategies for Adversarial Artificial Intelligence Threats: A DHS S&T Study. 2023. https://www.dhs.gov/sites/default/files/2023-12/23_1222_st_risks_mitigation_strategies.pdf
[23] Bender, E. M., & Friedman, B. Data Statements for Natural Language Processing: Toward Mitigating System Bias and Enabling Better Science. Transactions of the Association for Computational Linguistics (TACL) 6, 587–604. 2018. https://doi.org/10.1162/tacl_a_00041
[24] NSA et al. Content Credentials: Strengthening Multimedia Integrity in the Generative AI Era. 2025. https://media.defense.gov/2025/Jan/29/2003634788/-1/-1/0/CSI-CONTENT-CREDENTIALS.PDF
[25] Executive Order (EO) 14179: “Removing Barriers to American Leadership in Artificial Intelligence” https://www.federalregister.gov/executive-order/14179
[26] NIST. NIST Special Publication 1270: Framework for Identifying and Managing Bias in Artificial Intelligence. 2023. https://doi.org/10.6028/NIST.SP.1270
[27] NIST. NIST AI 600-1: Artificial Intelligence Risk Management Framework: Generative Artificial Intelligence Profile. 2023. https://doi.org/10.6028/NIST.AI.600-1
[28] Open Web Application Security Project (OWASP). AI Exchange. #Moretraindata. https://owaspai.org/goto/moretraindata/
[29] Carlini, N. et al. Poisoning Web-Scale Training Datasets is Practical. arXiv:2302.10149. 2023. https://arxiv.org/abs/2302.10149
[30] Kore, A., Abbasi Bavil, E., Subasri, V., Abdalla, M., Fine, B., Dolatabadi, E., & Abdalla, M. Empirical Data Drift Detection Experiments on Real-World Medical Image Data. Nature Communications 15, 1887. 2024. https://doi.org/10.1038/s41467-024-46142-w
[31] NIST. NIST Special Publication 800-208: Recommendation for Stateful Hash-Based Signature Schemes. 2020. https://doi.org/10.6028/NIST.SP.800-208
[32] The Organisation for Economic Cooperation and Development (OECD). Glossary of statistical terms. 2008. https://doi.org/10.1787/9789264055087-en
[33] NIST. NIST SP 800-53 Rev. 5: Security and Privacy Controls for Information Systems and Organizations. 2020. https://doi.org/10.6028/NIST.SP.800-53r5
[34] OWASP. AI Exchange. How to select relevant threats and controls? risk analysis. https://owaspai.org/goto/riskanalysis/

Disclaimer of Endorsement

The information and opinions contained in this document are provided “as is” and without any warranties or guarantees. Reference herein to any specific commercial products, process, or service by trade name, trademark, manufacturer, or otherwise, does not constitute or imply its endorsement, recommendation, or favoring by the United States Government, and this guidance shall not be used for advertising or product endorsement purposes.

Purpose

This document was developed in furtherance of the authoring organizations’ cybersecurity missions, including their responsibilities to identify and disseminate threats, and to develop and issue cybersecurity specifications and mitigations. This information may be shared broadly to reach all appropriate stakeholders.

Notice of Generative AI Use

Generative AI technology was carefully and responsibly used in the development of this document. The authors maintain ultimate responsibility for the accuracy of the information provided herein.

Contact

U.S. Organizations

National Security Agency

Australian organizations

Visit cyber.gov.au/report or call 1300 292 371 (1300 CYBER1) to report cybersecurity incidents and vulnerabilities.

New Zealand organizations

MIL OSI USA News –

May 27, 2025

MIL-OSI USA: Supporting New York State Arts and Culture
Source: US State of New York

overnor Kathy Hochul today announced that the FY 2026 opportunity guidelines for $81.5 million in New York State Council on the Arts grants are now available for nonprofit arts and culture organizations and individual artists across New York State. Included in this grant opportunity is critically needed general operating support for organizations, which provides funding for day-to-day activities for over a thousand organizations statewide, as well as support for artists, affordable rehearsal space, folk arts apprenticeships and performing arts residencies. Grant application guidelines are available now at arts.ny.gov.

“Here in New York, we understand the incredible benefits of our creative economy – from attracting an international audience to energizing our local communities,” Governor Hochul said. “By investing in our world-renowned arts and culture sector, we are building a healthier and more prosperous state for our residents and visitors for decades to come.”

Prerecorded opportunity webinars will be available to view on the NYSCA website on Wednesday, May 28. Virtual office hours will be held through mid-June Registration for the webinars as well as an updated schedule will be available here.

Guidelines for the following opportunities are available to download on the NYSCA website:
- Support for Organizations: Provides flexible operating and programmatic funding for qualified arts and culture organizations. Awards range from $10,000 to $49,500.
- Support for Artists: Funds creative commissions to individual artists across the state. The commission areas include Choreography, Composer, Film, Media, and New Technology, Folk and Traditional Arts, Interdisciplinary, Literature, Theater Commissions, and Visual arts. Award amount is $10,000.
- Support for Targeted Opportunities:
  - Rehearsal and Studio Space for the Performing Arts: This funding is intended to support creative rehearsal time and organizations that provide viable and affordable space for non-profit arts groups and artists.  Awards range from $15,000 to $35,000.
    
    Folk and Traditional Arts Apprenticeships: This funding provides individuals experienced in folk art with opportunities to study with master folk artists from their own community. Award amount is $10,000.
    
    Performing Arts Residencies. This opportunity supports a minimum 3-consecutive-week residency by New York-based performing arts groups in a targeted area in New York State outside of the applicant’s home county and outside New York City. Awards range from $15,000 to $35,000.
    
    Support for Regrants and Services: Supports funding to State Community Regrant sites — a network of regional arts and culture organizations located across the state — that leverage their local expertise to extend the impact of NYSCA’s grantmaking to artists and nonprofits as well as funding to organizations for services to the field. This opportunity is by invite only.
The application portal will open on Thursday, May 22, 2025. The deadline to apply is Thursday, June 26, 2025, at 5 p.m. All applicants must complete the prequalification process through the Statewide Financial System before applying in the NYSCA application portal for a grant. NYSCA urges applicants to begin the prequalification process in SFS as soon as possible. Opportunities for Capital Project Grants will be announced in the fall.

These opportunities for the arts and culture sector continue New York State’s commitment to arts and culture funding, including ongoing support for capital projects. In FY 2025, NYSCA awarded $82 million in support grants to 509 individual artists and 1,807 nonprofit organizations, as well as to $86 million in capital funding to 134 projects in every region of the state.

New York State Council on the Arts Executive Director Erika Mallin said, “These grant opportunities underscore the Governor and Legislature’s continued dedication to investing in arts and culture. Our creative workers and arts and culture organizations create better communities for us all: bridging cultures, inspiring innovation, driving tourism and creating jobs and industry. I encourage organizations and artists from all over New York State to apply for these opportunities.”

State Senator Jose Serrano said, “New York’s robust arts and culture sector enriches our communities, our economies, and our personal well-being. By supporting our hardworking cultural organizations and artists with this critical funding, New York will remain the epicenter of innovation and creativity worldwide.”

Assemblymember Ron Kim said, “I encourage all of our talented artists and dedicated cultural groups across the state to apply for this critical support so they can continue delivering the measurable benefits of arts and culture to our communities and visitors. New York State looks forward to supporting and celebrating your ideas and artistry.”

About the New York State Council on the Arts
The mission of the New York State Council on the Arts is to foster and advance the full breadth of New York State’s arts, culture, and creativity for all. To support the ongoing recovery of the arts across New York State, the Council on the Arts will award $161 million in FY 2026, serving organizations and artists across all 10 state regions. The Council on the Arts further advances New York’s creative culture by convening leaders in the field and providing organizational and professional development opportunities and informational resources. Created by Governor Nelson Rockefeller in 1960 and continued with the support of Governor Kathy Hochul and the New York State Legislature, the Council is an agency that is part of the Executive Branch. For more information on NYSCA, please visit www.arts.ny.gov, and follow NYSCA’s Facebook page, on X, formerly known as Twitter, @NYSCArts and Instagram @NYSCouncilontheArts.

MIL OSI USA News –
May 27, 2025
MIL-OSI Security: Leader of Qakbot Malware Conspiracy Indicted for Involvement in Global Ransomware Scheme

Source: United States Attorneys General

A federal indictment unsealed today charges Rustam Rafailevich Gallyamov, 48, of Moscow, Russia, with leading a group of cyber criminals who developed and deployed the Qakbot malware. In connection with the charges, the Justice Department filed today a civil forfeiture complaint against over $24 million in cryptocurrency seized from Gallyamov over the course of the investigation. These actions are the latest step in an ongoing multinational effort by the United States, France, Germany, the Netherlands, Denmark, the United Kingdom, and Canada to combat cybercrime.

“Today’s announcement of the Justice Department’s latest actions to counter the Qakbot malware scheme sends a clear message to the cybercrime community,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “We are determined to hold cybercriminals accountable and will use every legal tool at our disposal to identify you, charge you, forfeit your ill-gotten gains, and disrupt your criminal activity.”

“The criminal charges and forfeiture case announced today are part of an ongoing effort with our domestic and international law enforcement partners to identify, disrupt, and hold accountable cybercriminals,” said U.S. Attorney Bill Essayli for the Central District of California. “The forfeiture action against more than $24 million in virtual assets also demonstrates the Justice Department’s commitment to seizing ill-gotten assets from criminals in order to ultimately compensate victims.”

“Mr. Gallyamov’s bot network was crippled by the talented men and women of the FBI and our international partners in 2023, but he brazenly continued to deploy alternative methods to make his malware available to criminal cyber gangs conducting ransomware attacks against innocent victims globally,” said Assistant Director in Charge Akil Davis of the FBI’s Los Angeles Field Office. “The charges announced today exemplify the FBI’s commitment to relentlessly hold accountable individuals who target Americans and demand ransom, even when they live halfway across the world.”

According to court documents, Gallyamov developed, deployed, and controlled the Qakbot malware beginning in 2008. From 2019 onward, Gallyamov allegedly used the Qakbot malware to infect thousands of victim computers around the world in order to establish a network, or “botnet,” of infected computers. As alleged, once Gallyamov gained access to victim computers, he provided access to co-conspirators who infected the computers with ransomware, including Prolock, Dopplepaymer, Egregor, REvil, Conti, Name Locker, Black Basta, and Cactus. In exchange, Gallyamov was allegedly paid a portion of the ransoms received from ransomware victims.

The announcement of charges today is the latest step taken by the Justice Department against the Qakbot conspiracy. In August 2023, a U.S.-led multinational operation disrupted the Qakbot botnet and malware. At that time, the Justice Department announced the seizure of illicit proceeds from Gallyamov, including over 170 bitcoin and over $4 million of USDT and USDC tokens.

According to the indictment, after the disruption and takedown of the Qakbot botnet, Gallyamov and his co-conspirators continued their criminal activities. Instead of a botnet, they allegedly used different tactics, including “spam bomb” attacks on victim companies, where co-conspirators would trick employees at those victim companies into granting access to computer systems. The indictment alleges that Gallyamov orchestrated spam bomb attacks against victims in the United States as recently as January 2025. It also alleges that Gallyamov and his co-conspirators deployed Black Basta and Cactus ransomware on victim computers.

On April 25, 2025, pursuant to a seizure warrant, the FBI seized additional illicit proceeds from Gallyamov, including over 30 bitcoin and over $700,000 of USDT tokens. Today, the Department filed a civil forfeiture complaint in the Central District of California against all of the illicit proceeds seized from Gallyamov — worth over $24 million as of today — in order to forfeit and ultimately return those funds to victims.

The investigation of Gallyamov was led by the FBI’s Los Angeles Field Office, which worked closely with investigators from Germany’s Bundeskriminalamt (BKA), the Netherlands National Police, The Public Prosecutor’s Office of the Netherlands, France’s Anti-Cybercrime Office (Office Anti-cybercriminalité) and Cyber Division of the Paris Prosecution Office, and Europol. The Justice Department’s Office of International Affairs and the FBI Milwaukee Field Office provided significant assistance.

Trial Attorney Jessica Peck of the Justice Department’s Computer Crime and Intellectual Property Section and Assistant U.S. Attorneys Khaldoun Shobaki, Lauren Restrepo, and James Dochterman for the Central District of California are prosecuting the case.

These law enforcement actions were taken in conjunction with Operation Endgame, an ongoing, coordinated effort among international law enforcement agencies aimed at dismantling and prosecuting cybercriminal organizations around the world.

Resources for victims can be found on the following website, which will be updated as additional information becomes available: https://www.justice.gov/usao-cdca/divisions/national-security-division/qakbot-resources

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

May 27, 2025

MIL-OSI: Intchains Group Limited Reports First Quarter 2025 Unaudited Financial Results

Source: GlobeNewswire (MIL-OSI)

Total revenues of US$18.2 million exceeds guidance, up 445.5% YoY

Total ETH-based cryptocurrency units were approximately 7,023, up 23.2% QoQ

Income from operations reach US$5.1 million, achieving turnaround from prior-year period

SINGAPORE, May 22, 2025 (GLOBE NEWSWIRE) — Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications, today announced its unaudited financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Operating and Financial Highlights

Sales Volume of Altcoin Mining Products Measured by Number of Embedded ASIC Chips: Since we offer a wide range of altcoin mining products, with each unit incorporating anywhere from tens to hundreds of ASIC chips, it is more meaningful to measure the sales of our altcoin mining products by the number of embedded ASIC chips. Our sales volume of ASIC chips for Q1 2025 was 709,857 units, compared to 494,235 units for the same period last year, representing an increase of 43.6%.
Revenue: Our revenue for Q1 2025 reached RMB132.4 million (US$18.2 million), reflecting a increase of 445.5% from RMB24.3 million for the same period of 2024.
Income/(Loss) from Operations: We recorded income from operations of RMB36.9 million (US$5.1 million) for Q1 2025, compared to a loss from operations of RMB34.6 million for the same period of 2024.
Net Loss: Our net loss for Q1 2025 was RMB34.0 million (US$4.7 million), reflecting an increase of 129.8% from RMB14.8 million for the same period in 2024.
Non-GAAP Adjusted Net Loss: Non-GAAP adjusted net loss in the first quarter of 2025 was RMB32.0 million (US$4.4 million), reflecting an increase of 139.6% from RMB13.3 million for the same period in 2024. Non-GAAP adjusted net loss excludes share-based compensation expenses. For further information, please refer to “Use of Non-GAAP Financial Measures” in this press release.
Cryptocurrencies: As of March 31, 2024, the fair value of our cryptocurrency assets other than stablecoins such as USDT and USDC was RMB101.6 million (US$14.0 million), primarily comprised of approximately 7,023 ETH-based cryptocurrencies, valued at RMB93.7 million (US$13.1 million).

Intchains Group Achieves Milestones in Innovative Solutions and Cryptocurrency Strategy

Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented, “In the first quarter of 2025, the cryptocurrency market encountered considerable headwinds. Nevertheless, the Company demonstrated agility and foresight by promptly launching the Aleo series mining machines in response to shifting market dynamics. These altcoin mining machines delivered substantial profitability for miners amid challenging macro market conditions while driving sustainable corporate growth –further validating our expertise in altcoin mining machine innovations and our competitive edge through differentiated market positioning.

In addition, the Company introduced Goldshell Byte, an innovative dual-mining machine. This milestone reflects the Company’s unique capability to design and manufacture advanced mining machines spanning multiple altcoin protocols. The modular design—featuring a standard miner with pluggable mining cards—offers strategic flexibility for miners and encourages wider participation by retail users. Its compact, home-friendly form factor further promotes widespread participation in the decentralized network.

During the quarter, small- and mid-cap cryptocurrencies, including Ethereum, experienced downward pressure. Despite this, the Company remained committed to its long-term dollar-cost averaging strategy. As of March 31, 2025, the Company held approximately 7,023 ETH, representing a 23.2% increase quarter-over-quarter.

In the second quarter of 2025, Ethereum completed its Pectra upgrade, and the Ethereum Foundation reaffirmed its long-term vision with the appointment of a new board of directors. The Company views these developments as positive signals and continues to believe in the enduring value of blockchain technology. As a long-term accumulator of Ethereum, the Company will continue to build its position in alignment with its strategic outlook on decentralized applications.”

First Quarter 2025 Financial Results

Revenue

Revenue was RMB132.4 million (US$18.2 million) for the first quarter of 2025, representing an increase of 445.5% from RMB24.3 million for the same period in 2024. The substantial growth was primarily driven by strong market demand for our newly-launched Aleo series mining machines, which accounted for 74.8% of the total revenue for the first quarter of 2025.

Cost of Revenue

Cost of revenue was RMB57.0 million (US$7.9 million) for the first quarter of 2025, representing an increase of 273.8% from RMB15.3 million for the same period of 2024. The percentage increase in cost of revenue was lower than the percentage increase in our revenue, which was primarily due to the higher gross margins for the Aleo series mining machines sold in the first quarter of 2025.

Operating Expenses

Total operating expenses were RMB38.4 million (US$5.3 million) for the first quarter of 2025, representing a decrease of 11.8% from RMB43.6 million for the same period of 2024. The decrease was primarily due to a decrease in research and development expenses, partially offset by an increase of general and administrative expenses.

Research and development expenses decreased by 27.9% to RMB26.4 million (US$3.6 million) for the first quarter of 2025 from RMB36.5 million for the same period of 2024. The decrease was primarily due to lower expenses related to preliminary research costs conducted for new projects.
Sales and marketing expenses increased by 37.8% to RMB2.2 million (US$0.3 million) for the first quarter of 2025 from RMB1.6 million for the same period of 2024, mainly driven by increased personnel-related expenses.
General and administrative expenses increased by 81.8% to RMB9.8 million (US$1.4 million) for the first quarter of 2025 from RMB5.4 million for the same period of 2024, mainly driven by increased professional fees, as well as the personnel-related expenses.

Interest Income

Interest income decreased by 24.0% to RMB3.2 million (US$0.4 million) for the first quarter of 2025 from RMB4.2 million for the same period of 2024, mainly due to a lower cash level resulting from our strategy of allocating part of our operating cash flow to acquire ETH-based cryptocurrencies.

Change in fair value of cryptocurrencies

Change in fair value of cryptocurrencies was RMB70.8 million (US$9.8 million) loss for the first quarter of 2025, compared to RMB5.4 million gain for the same period of 2024. The loss was primarily due to an approximately 46.0% decline in the price of ETH, while we simultaneously increased our holdings of ETH-based cryptocurrency as part of our ongoing ETH accumulation strategy.

Other Income, Net

Other income, net remained steady at RMB0.1 million and RMB0.2 million (US$0.03 million), respectively, for the first quarter of 2024 and 2025.

Net Loss

As a result of the foregoing, our net loss increased by 129.8% to RMB34.0 million (US$4.7 million) for the first quarter of 2025 from RMB14.8 million for the same period of 2024.

Non-GAAP Adjusted Net Loss

Non-GAAP adjusted net loss increased by 139.6% to RMB32.0 million (US$4.4 million) for the first quarter of 2025 from RMB13.3 million for the same period of 2024.

Basic and Diluted Net Loss Per Ordinary Share

Basic and diluted net loss per ordinary share both increased by 133.3% to RMB0.28 (US$0.04) for the first quarter of 2025 from RMB0.12 for the same period of 2024.

Non-GAAP Basic and Diluted Net Loss Per Ordinary Share

Non-GAAP adjusted basic and diluted net loss per ordinary share increased by 145.5% to RMB0.27 (US$0.04) for the first quarter of 2025 from RMB0.11 for the same period of 2024. Each ADS represents two of the Company’s Class A ordinary shares.

Recent Development

Aleo Mining: In the first quarter of 2025, we led the market with the launch of our Aleo series mining machines, which were well-received by the crypto mining communities globally despite sustained macro market pressures. By the end of May 2025, we had released five key models of the Aleo series, which have demonstrated strong competitiveness in the PoW sector in terms of daily profitability.

Goldshell Byte: On March 26, 2025, we officially launched Goldshell Byte, our latest flagship product, and an innovative dual-mining machine. Designed to allow miners to dynamically respond to market changes, Goldshell Byte combines standardized hardware with modular pluggable cards, drawing upon the our deep and extensive experience across multiple altcoin ecosystems. This innovation is expected to further strengthen our market position in the altcoin mining space.

Conference Call Information

The Company’s management team will host an earnings conference call to discuss its financial results at 8:00 PM U.S. Eastern Time on May 22, 2025 (8:00 AM Beijing Time on May 23, 2025). Details for the conference call are as follows:

Event Title: Intchains Group Limited First Quarter 2025 Earnings Conference Call

Date: May 22, 2025

Time: 8:00 PM U.S. Eastern Time

Registration Link: https://register-conf.media-server.com/register/BI0dda68e5b19a4a7daade5ed1cf188ed8

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of dial-in numbers and a personal access PIN, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will also be available at the Company’s website at https://ir.intchains.com/.

About Intchains Group Limited

Intchains Group Limited is a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications. For more information, please visit the Company’s website at: https://intchains.com/.

Exchange Rate Information

The unaudited United States dollar (“US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00=RMB7.2567 on the last trading day of the first quarter of 2025 (March 31, 2025). No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Forward-looking statements include, but are not limited to, statements about: (i) our goals and strategies; (ii) our future business development, formed condition and results of operations; (iii) expected changes in our revenue, costs or expenditures; (iv) growth of and competition trends in our industry; (v) our expectations regarding demand for, and market acceptance of, our products; (vi) general economic and business conditions in the markets in which we operate; (vii) relevant government policies and regulations relating to our business and industry; (viii) fluctuations in the market price of ETH-based cryptocurrencies; gains or losses from the sale of ETH-based cryptocurrencies; changes in accounting treatment for the Company’s ETH-based cryptocurrencies holdings; a decrease in liquidity in the markets in which ETH-based cryptocurrencies are traded; security breaches, cyberattacks, unauthorized access, loss of private keys, fraud, or other events leading to the loss of the Company’s ETH-based cryptocurrencies; impacts to the price and rate of adoption of ETH-based cryptocurrencies associated with financial difficulties and bankruptcies of various participants in the industry; and (viii) assumptions underlying or related to any of the foregoing. Investors can identify these forward-looking statements by words or phrases such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

Use of Non-GAAP Financial Measures

In evaluating Company’s business, the Company uses non-GAAP measures, such as adjusted income (loss) from operations and adjusted net income (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted income (loss) from operations as income (loss) from operations excluding share-based compensation expenses, and adjusted net income (loss) as net income (loss) excluding share-based compensation expenses. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted net income is that it does not reflect all of the items of income and expense that affect the Company’s operations. Share based compensation expenses have been and may continue to be incurred in Company’s business and are not reflected in the presentation of adjusted net income. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For investor and media inquiries, please contact:

Intchains Group Limited
Investor relations
Email: ir@intchains.com

Redhill
Belinda Chan
Tel: +852-9379-3045
Email: belinda.chan@creativegp.com

INTCHAINS GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share and per share data, or as otherwise noted)
	As of December 31,		As of March 31
	2024		2025
	RMB		RMB		US$
ASSETS
Current Assets：
Cash and cash equivalents	322,252		243,316		33,530
USDC	1,690		3,458		476
Cryptocurrency, current	30,079		11,674		1,609
Inventories, net	98,614		92,494		12,746
Prepayments and other current assets, net	69,703		67,857		9,351
Short-term investments	198,562		300,530		41,414
Total current assets	720,900		719,329		99,126
Non-current Assets:
Cryptocurrencies, non-current	148,790		101,566		13,996
Long-term investments	20,569		21,913		3,020
Property, equipment, and software, net	157,065		155,934		21,489
Intangible assets, net	3,552		3,424		472
Right-of-use assets	272		—		—
Deferred tax assets	28,942		26,173		3,607
Other non-current assets	9,419		9,712		1,338
Total non-current assets	368,609		318,722		43,922
Total assets	1,089,509		1,038,051		143,048
LIABILITIES, AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	14,847		5,191		715
Contract liabilities	37,447		28,866		3,979
Income tax payable	2,023		1,241		171
Lease liabilities	272		—		—
Provision for warranty	161		241		33
Accrued liabilities and other current liabilities	21,692		17,367		2,393
Total current liabilities	76,442		52,906		7,291
Total liabilities	76,442		52,906		7,291
Shareholders’ Equity:
Ordinary shares (US$0.000001 par value; 50,000,000,000 shares authorized, 120,081,456 and 120,803,478 shares issued, 120,020,962 and 120,742,984 shares outstanding as of December 31, 2024 and March 31, 2025, respectively)	1		1		—
Subscriptions receivable from shareholders	(1	)	(1	)	—
Additional paid-in capital	195,236		201,629		27,785
Statutory reserves	51,762		51,912		7,154
Accumulated other comprehensive income	3,777		3,459		477
Retained earnings	762,292		728,145		100,341
Total shareholders’ equity	1,013,067		985,145		135,757
Total liabilities and shareholders’ equity	1,089,509		1,038,051		143,048

INTCHAINS GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (All amounts in thousands, except share and per share data, or as otherwise noted)
	For the Three Months ended March 31,
	2024		2025
	RMB		RMB		US$
Products revenue	24,271		132,391		18,244
Cost of revenue	(15,262	)	(57,045	)	(7,861	)
Gross profit	9,009		75,346		10,383
Operating expenses:
Research and development expenses	(36,540	)	(26,354	)	(3,632	)
Sales and marketing expenses	(1,623	)	(2,237	)	(308	)
General and administrative expenses	(5,410	)	(9,838	)	(1,356	)
Total operating expenses	(43,573	)	(38,429	)	(5,296	)
Income/(Loss) from operations	(34,564	)	36,917		5,087
Interest income	4,150		3,154		435
Foreign exchange loss, net	(254	)	(179	)	(25	)
Change in fair value of cryptocurrencies	5,442		(70,814	)	(9,758	)
Other income, net	139		193		27
Loss before income tax expenses	(25,087	)	(30,729	)	(4,234	)
Income tax (expense)/benefit	10,292		(3,268	)	(450	)
Net loss	(14,795	)	(33,997	)	(4,684	)
Foreign currency translation adjustment, net of nil tax	108		(318	)	(44	)
Total comprehensive loss	(14,687	)	(34,315	)	(4,728	)

Weighted average number of shares used in per share calculation
— Basic	119,888,044		120,053,052		120,053,052
— Diluted	119,888,044		120,053,052		120,053,052
Net loss per share
— Basic	(0.12	)	(0.28	)	(0.04	)
— Diluted	(0.12	)	(0.28	)	(0.04	)

INTCHAINS GROUP LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except per share data)
	For the Three Months ended March 31,
	2024		2025
	RMB		RMB		US$
Income/(Loss) from operations	(34,564	)	36,917		5,087
Add:
Share-based compensation expense	1,452		2,022		279
Non-GAAP adjusted operating income/(loss)	(33,112	)	38,939		5,366
Net loss	(14,795	)	(33,997	)	(4,684	)
Add:
Share-based compensation expense	1,452		2,022		279
Non-GAAP adjusted net loss	(13,343	)	(31,975	)	(4,405	)

Non-GAAP adjusted net loss per share
— Basic	(0.11	)	(0.27	)	(0.04	)
— Diluted	(0.11	)	(0.27	)	(0.04	)

INTCHAINS GROUP LIMITED UNAUDITED CRYPTOCURRENCY-ADDITIONAL INFORMATION

As of Quarter Ended	Cryptocurrency	Approximate Number of Cryptocurrency Held at End of Quarter	Original Cost Basis	Approximate Average Cost Price Per Unit of Cryptocurrency	Lowest Market Price Per Unit of Cryptocurrency During Quarter (a)	Market Value of Cryptocurrency Held at End of Quarter Using Lowest Market Price (b)	Highest Market Price Per Unit of Cryptocurrency During Quarter (c)	Market Value of Cryptocurrency Held at End of Quarter Using Highest Market Price (d)	Market Price Per Unit of Cryptocurrency at End of Quarter (e)	Market Value of Cryptocurrency Held at End of Quarter Using Ending Market Price (f)
		Unit	USD	USD	USD	USD	USD	USD	USD	USD
March 31, 2025	ETH	6,347	18,031,664	2,841	1,754	11,132,638	3,746	23,775,862	1,842	11,691,174
	ETH-Coinbase Staked	676	1,954,713	2,892	1,914	1,293,864	4,065	2,747,940	2,017	1,363,492
	Bitcoin	12.66	946,882	74,793	76,555	969,186	109,358	1,384,472	83,416	1,056,047
	USDT&USDC	2,108,065	2,111,681	1	1	2,091,378	1	2,124,947	1	2,107,951
	Others	Multiple *	84,283	Multiple *	Multiple *	33,817	Multiple *	94,121	Multiple *	37,553
	Total		23,129,223			15,520,883		30,127,342		16,256,217

December 31, 2024	ETH	5,075	15,102,524	2,976	2,309	11,718,175	4,109	20,853,175	3,414	17,326,050
	ETH-Coinbase Staked	627	1,800,713	2,872	2,487	1,559,349	4,450	2,790,150	3,701	2,320,527
	Bitcoin	10.29	720,567	70,026	58,864	605,711	108,389	1,115,323	95,285	980,483
	USDT&USDC	4,425,484	4,428,159	1	1	4,384,335	1	4,469,357	1	4,419,574
	Others	Multiple *	78,298	Multiple *	Multiple *	30,694	Multiple *	101,589	Multiple *	69,389
	Total		22,130,261			18,298,264		29,329,594		25,116,023

September 30, 2024	ETH	3,522	10,115,116	2,872	2,116	7,452,552	3,563	12,548,886	2,596	9,143,112
	ETH-Coinbase Staked	627	1,800,713	2,872	2,290	1,435,830	3,926	2,461,602	2,807	1,759,989
	Bitcoin	8.47	549,364	64,860	49,050	415,454	70,000	592,900	63,552	538,285
	USDT&USDC	9,847,687	9,849,266	1	1	9,814,682	1	9,857,395	1	9,845,929
	Others	Multiple *	105,405	Multiple *	Multiple *	36,415	Multiple *	72,441	Multiple *	53,661
	Total		22,419,864			19,154,933		25,533,224		21,340,976

June 30, 2024	ETH	1,937	6,179,744	3,190	2,814	5,450,718	3,974	7,697,638	3,394	6,574,178
	ETH-Coinbase Staked	480	1,301,108	2,711	2,954	1,417,920	4,243	2,036,640	3,645	1,749,600
	Bitcoin	3.95	265,883	67,312	56,500	223,175	72,777	287,469	61,613	243,371
	USDT&USDC	10,422,648	10,423,276	1	1	10,386,315	1	10,458,980	1	10,404,063
	Others	Multiple *	107,484	Multiple *	Multiple *	54,226	Multiple *	122,435	Multiple *	64,202
	Total		18,277,495			17,532,354		20,603,162		19,035,414

March 31,2024	ETH	346	999,180	2,888	2,100	726,600	4,094	1,416,524	3,618	1,251,828
	ETH-Coinbase Staked	479	1,297,687	2,709	2,236	1,071,044	4,341	2,079,339	3,842	1,840,318
	Bitcoin	0.67	44,995	67,157	38,501	25,796	73,836	49,470	70,407	47,173
	USDT&USDC	99,583	99,583	1	1	99,583	1	99,583	1	99,583
	Others	Multiple *	81,571	Multiple *	Multiple *	67,814	Multiple *	124,481	Multiple *	91,346
	Total		2,523,016			1,990,837		3,769,397		3,330,248

* The ‘Others’ category encompasses various cryptocurrencies that are not reported individually due to their lower significance. This category is labeled as ‘Multiple’ to indicate the presence of diverse prices associated with different type of cryptocurrency. Due to their immaterial nature, detailed price listings are not provided.
(a) The “Lowest Market Price Per Unit of Cryptocurrency During Quarter” represents the lowest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter, without regard to when we obtained any of the cryptocurrency.
(b) The “Market Value of Cryptocurrency Held at End of Quarter Using Lowest Market Price” represents a mathematical calculation consisting of the lowest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.
(c) The “Highest Market Price Per Unit of Cryptocurrency During Quarter” represents the highest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter, without regard to when we obtained any of the cryptocurrency.
(d) The “Market Value of Cryptocurrency Held at End of Quarter Using Highest Market Price” represents a mathematical calculation consisting of the highest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.
(e) The “Market Price Per Unit of Cryptocurrency at End of Quarter” represents the market price of a single unit of cryptocurrency on the Coinbase exchange at midnight UTC+8 time on the last day of the respective quarter, which aligns with our revenue recognition cut-off.
(f) The “Market Value of Cryptocurrency Held at End of Quarter Using Ending Market Price” represents a mathematical calculation consisting of the market price of a single unit of cryptocurrency on the Coinbase exchange at midnight UTC+8 time on the last day of the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.

The MIL Network –

May 27, 2025

MIL-OSI: Codere Online Receives Delisting Notice from Nasdaq and Submits Appeal

Source: GlobeNewswire (MIL-OSI)

Luxembourg, Grand Duchy of Luxembourg, May 22, 2025 – (GLOBE NEWSWIRE) Codere Online Luxembourg, S.A. (“Codere Online” or the “Company”) (Nasdaq: CDRO / CDROW), today announced that, on May 16, 2025, it received a staff determination letter (the “Letter”), from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”), notifying the Company of the determination from the Nasdaq Staff (the “Staff”) to delist the Company’s securities from The Nasdaq Stock Market, given the Company had not filed its Form 20-F for the year ended December 31, 2024 (the “2024 Form 20-F”) in accordance with continued Listing Rule 5250(c)(1) (the “Public Reports Rule”). As previously reported, the Company’s delay in filing its 2024 Form 20-F is due to the fact that the finalization of the audit of the Company’s financial statements for the year ended December 31, 2024 has taken longer than expected following the engagement of the Company’s new independent registered public accounting firm on December 31, 2024 and the Company’s diligent efforts to finalize the Form 20-F for the year ended December 31, 2023, which the Company filed with the Securities and Exchange Commission (“SEC”) on May 1, 2025.

The Letter states that the Company may seek review of the Staff’s determination to a hearings panel pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. Hearings are typically scheduled to occur approximately 30-45 days after the date of the hearing request. A request for a hearing regarding a delinquent filing automatically stays the delisting of the Company’s securities from Nasdaq through the duration of the hearing. It also automatically stays the suspension of trading of the Company’s securities for a period of 15 days from the date of the request. The Letter also states that when the Company requests a hearing, it may also request a further stay of the suspension of trading through the duration of the hearing process.

Earlier today, the Company formally requested both a hearing to review the delisting determination and a further stay of suspension of trading through the duration of the hearing process. Furthermore, in connection with this stay request, the Company submitted materials to Nasdaq to explain why this stay is appropriate, as required by Nasdaq. The Company has not yet received a determination regarding its request for this further stay of suspension of trading.

The Company continues to work diligently to complete and file with the SEC the 2024 Form 20-F and believes it will be able to do so, thereby regaining compliance with the Public Reports Rule, on or prior to May 30, 2025, ahead of any hearing, and in any event within the extension period the Company plans to seek from the Hearings Panel.

If Nasdaq does not grant the further stay of the suspension of trading of the Company’s securities, trading of the Company’s securities will be suspended at the opening of business on June 6, 2025. If the Company fails to obtain an extension period from Nasdaq, a Form 25 NSE will be filed with the SEC, which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market.

About Codere Online

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Company or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, including the Company’s expectations about the timing of completion and filing of the 2024 20-F and timing and actions taken to regain compliance with Nasdaq.

These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s or its management team’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

For investor and media inquiries, please contact
Guillermo Lancha
Director, Investor Relations and Communications
Guillermo.Lancha@codereonline.com
(+34) 628.928.152

The MIL Network –

May 27, 2025
MIL-OSI: Rapid7 to Participate in Upcoming Investor Conferences
Source: GlobeNewswire (MIL-OSI)

BOSTON, May 22, 2025 (GLOBE NEWSWIRE) — Rapid7, Inc. (NASDAQ: RPD), a leader in extended risk and threat detection, today announced that the company will be attending the following conferences:
- The William Blair 45th Annual Growth Stock Conference in Chicago, IL. The presentation is scheduled for Tuesday, June 3, 2025 at 1:20 p.m. Central Time.
- The Stifel 2025 Cross Sector 1×1 Conference in Boston, MA on June 4, 2025.
- The Mizuho 2025 Technology Conference in New York, NY on June 10, 2025.
The presentation from the William Blair conference will be webcast live, and replays will be available for a limited time, under the “Events and Presentations” section on the company’s investor relations website at investors.rapid7.com.

About Rapid7
Rapid7, Inc. (NASDAQ: RPD) is on a mission to create a safer digital world by making cybersecurity simpler and more accessible. We empower security professionals to manage a modern attack surface through our best-in-class technology, leading-edge research, and broad, strategic expertise. Rapid7’s comprehensive security solutions help more than 11,000 global customers unite cloud risk management and threat detection to reduce attack surfaces and eliminate threats with speed and precision. For more information, visit our website, check out our blog, or follow us on LinkedIn or X.

Investor Contact:
Elizabeth Chwalk
Vice President, Investor Relations
investors@rapid7.com
(617) 865-4277

Press Contact:
Alice Randall
Director, Corporate Communications
press@rapid7.com
(214) 693-4727

The MIL Network –
May 27, 2025
MIL-OSI Economics: Press Briefing Transcript: Julie Kozack, Director, Communications Department, May 22, 2025

Source: International Monetary Fund

May 22, 2025

SPEAKER:  Ms. Julie Kozack, Director of the Communications Department, IMF

MS. KOZACK: Good morning, everyone and welcome to this IMF Press Briefing. It is wonderful to see you all today on this rainy Washington morning, especially those of you here in person and of course also those of you joining us online. My name is Julie Kozak. I’m the Director of Communications at the IMF. As usual, this press briefing will be embargoed until 11:00 a.m. Eastern Time in the United States. And as usual, I will start with a few announcements and then I’ll take your questions in person on WebEx and via the Press Center.

So first, our Managing Director, Kristalina Georgieva, and our First Deputy Managing Director, Gita Gopinath, are currently attending the G7 Finance Ministers and Central Bank Governors meeting taking place in Canada right now. Second, on May 29th through 30th, the Managing Director will travel to Dubrovnik, Croatia to attend a joint IMF Croatia National Bank Conference focused on promoting growth and resilience in Central, Eastern, and Southeastern Europe. The Managing Director will participate in the opening panel and will hold meetings with regional counterparts.

On June 2nd, the Managing Director will travel to Sofia, Bulgaria to attend the 30th Anniversary celebration of the National Trust Ecofund. During her visit, she will also hold several bilateral meetings with the Bulgarian authorities.

Our Deputy Managing Director, Nigel Clarke, will travel to Paraguay, Brazil, and the Netherlands next month. On June 6th, he will launch the IMF’s new regional training program for South America and Mexico, which will be hosted in Asuncion by the Central Bank of Paraguay. From there, he will travel to Brasilia to deliver a keynote speech on June 10th during the Annual Meeting of the Caribbean Development Bank. He will also then travel to the Netherlands on June 12th to 13th to participate in the 2025 Consultative Group to Assist the Poor Symposium and to meet with the Dutch authorities.

Our Deputy Managing Director, Kenji Okamura, will be in Japan from June 11th to 12th for the 10th Tokyo Fiscal Forum to discuss fiscal frameworks and GovTech in the Asia Pacific region.

And finally, on a kind of housekeeping or scheduling issue, the Article IV Consultation for the United States will be undertaken on a later timetable this year, with discussions to be held in November.

And with those rather extensive announcements, I will now open the floor to your questions. For those connecting virtually, please turn on both your camera and microphone when speaking. All right, let’s open up. Daniel.

QUESTIONER: Thanks for taking my question. I just wonder if the IMF has any reaction to the passage of last night in the House of Representatives of the One Big, Beautiful bill. And a related question, how concerned are you by the increase in yields on long-dated U.S. treasuries? What do you think it says about the market’s view of U.S. debt going into the future and sort of any possible spillovers for IMF borrowers as well? MS. KOZACK: On the first question, what I can say is we take note of the passing of the legislation in the House of Representatives earlier this morning. What we will do is we will look to assess a final bill once it has passed through the Senate and also once it’s been enacted. And, of course, we will have opportunities to share our assessment over time in the various products where we normally would convey our fulsome views.

On your second question, which was on the bond market.   What I can say there is that we know that the U.S. government bonds are a safe haven asset, and the U.S. dollar, of course, plays a key role as the world’s reserve currency. The U.S. bond market plays a critical role, of course, in finance and in safe assets. And this is underpinned by the liquidity and depth of the U.S. market and also the sound institutions in the U.S. We don’t see any changes in those functions. And, of course, what we can also say is that although there has been some volatility in markets, market functioning, including in the U.S. Treasury market, has so far been orderly.

QUESTIONER: My question is about Ukraine. Two topics particularly. So, the first one, when is the next review of the Ukraine’s EFF is going to be completed, and what amount of money would be disbursed to Kyiv? And could you please outline the total sum that is remaining within the current program? And the second part, it’s about debt level. What is the IMF assessment of current Ukraine’s government debt level? Is it stable? Do you see any vulnerabilities and any risks for Ukraine? Thank you.

MS. KOZACK: Any other questions on Ukraine? Does anyone online want to come in on Ukraine? Okay, I don’t see anyone.

What I can say on Ukraine is that just two days ago, our Staff team started policy discussions with the Ukrainian authorities on the eighth review under the eff. So, the team is on the ground now. The discussions are taking place in Kiev and the team will provide an update on the progress at the end of the mission.

In terms of the potential disbursement, I’m just looking here; that’s the seventh disbursement. We will come back to you on the size of the disbursement, but it should show in the Staff report for the Seventh Review what would be expected for the Eighth Review. And it would also show the remaining size of the program. But we’ll come back to you bilaterally with those exact answers.

And what I can then say on the debt side is at the time of the Seventh Review under the program, we assessed debt, Ukraine’s debt to be sustainable on a forward-looking basis and as with every review that the team of course, will update its assessment as part of the eighth review discussion. We’ll have more to say on the debt as the eighth review continues.

QUESTIONER: Just one more thing on Ukraine. Does it make sense for them to consider using the euro as a defense currency for their currency, given the shifting geopolitical sense and what we are seeing with the dollar? MS. KOZACK: So right now, under the program, Ukraine has an inflation targeting regime, and that is where what the program is focused on, our program with Ukraine. So, they have an inflation targeting regime. They are very much focused on ensuring the stability of that monetary policy regime that Ukraine has. And, of course, that involves a floating exchange rate. And I don’t have anything beyond that to say on the currency market.

QUESTIONER: The agreement with the IMF established a target for the Central Bank Reserve to meet by June. According to the technical projection, does the IMF believe Argentina will meet this target? And if it’s not met, is it possible that we will grant a waiver in the future?

MS. KOZACK: anything else on Argentina?

QUESTIONER: About Argentina, what is your assessment of the progress of the program agreed with Argentina more than a month after its announcement in last April?

QUESTIONER: The government is about to announce a measure to gain access to voluntarily, of course, but to the dollars that are “under the mattress”, as we call them, undeclared funds to probably meet these targets that Roman was asking about. I was wondering if this measure has been discussed with the IMF. And also, you mentioned Georgieva visiting Paraguay and Brazil, if you there’s any plan to visit Argentina as well?

QUESTIONER: President Milei is about to announce, you know, Minister Caputo, in a few minutes that there is a measure to use similar to attacks Amnesty. Is the IMF concerned that this could violate its regulations against illicit financial flows?

MS. KOZACK: So, with respect to Argentina, on April 11th, I think, as you know, our Executive Board approved a new four-year EFF arrangement for Argentina. It was for $20 billion. It contained an initial disbursement of $12 billion. And that the aim of that program is to support Argentina’s transition to the next phase of its stabilization program and reforms.

President Milei’s administration’s policies continued to deliver impressive results. These include the rollout of the new FX regime, which has been smooth, a decline in monthly inflation to 2.8 percent in April, another fiscal surplus in April, and reaching a cumulative fiscal surplus of 0.6 percent of GDP for the year, and efforts to continue to open up the economy. At the same time, the economy is now expanding, real wages are recovering, and poverty continues to fall in Argentina.

The Fund continues to support the authorities in their efforts to create a more stable and prosperous Argentina. Our close engagement continues, including in the context of the upcoming discussions for the First Review of the program. This First Review will allow us to assess progress and to consider policies to build on the strong momentum and to secure lasting stability and growth in Argentina. And in this regard, there is a shared recognition with the authorities about the importance of strengthening external buffers and securing a timely re-access to international capital markets.

What I can say on the question about the announcements on that — the question on the undeclared assets. All I can say right now is that we’re following developments very closely on this, and of course, the team will be ready to provide an assessment in due course.

On the second part of that question, I do want to also note, and this is included in our Staff report, that the authorities have committed to strengthening financial transparency and also to aligning Argentina’s AML CFT, the Anti-Money Laundering framework, with international standards, as well as to deregulating the economy to encourage its formalization. So, any new measures, including those that may be aimed at encouraging the use of undeclared assets, should be, of course, consistent with these important commitments.

And on your question about Paraguay and Brazil, I just want to clarify that it is our Deputy Managing Director, Nigel Clarke, who will be traveling to Brazil and Paraguay, not the Managing Director.

QUESTIONER: Two questions on Syria. With the U.S. and EU announcing the lifting of sanctions recently, how does this affect any sort of timeline with providing economic assistance? And secondly, the Managing Director has said that the Fund has to first define data. Can you just walk through what that entails?

MS. KOZACK: Can you just repeat what you said? The Managing Director has said?

QUESTIONER: The need to define data. Just sort of a similar question. I’m just wondering, following the World Bank statement last week about, you know, Syria now being eligible to borrow from the bank, what sort of discussions the Fund has had with the Syrian authorities since the end of the Spring Meetings and, you know, any update you can give us around possible discussions around an Article IV.

QUESTIONER: About the relationship and if there’s any missed planned virtual or on the ground?

MS. KOZACK: Let me step back and give a little bit of an overview on Syria. So, first, you know, we’re, of course, monitoring developments in Syria very closely. Our Staff are preparing to support the international community’s efforts to help with Syria’s economic rehabilitation as conditions allow. We have had useful discussions with the new Economic Team who took office in late March, including during the Spring Meetings. And, of course, you will perhaps have seen the press release regarding the roundtable that was held during the Spring Meetings. IMF Staff have already started to work to rebuild its understanding of the Syrian economy. We’ve been doing this through interactions with the authorities and also through coordination with other IFIs. And just to remind everyone, our last Article IV with Syria was in 2009. So, it’s been quite some time since we have had a substantive engagement with Syria. Syria will need significant assistance to rebuild its economic institutions. We stand ready to provide advice and targeted and well-prioritized technical assistance in our areas of expertise. I think this goes a little bit to your question on, like, what do we mean by defining data. I think what the Managing Director was really referring to there is since it has been such a long time since we have had a substantive engagement with Syria, the last Article IV, as I said, was in 2009. I think there, what she’s really referring to is the need to really work with the Syrian authorities to rebuild basic economic institutions, including the ability to produce economic statistics, right, so that we — so that we and the authorities and the international community of course, can conduct the necessary economic analysis so that we can best support the reconstruction and recovery efforts.

With respect to the lifting of sanctions, what I can say there is that, of course, the lifting of sanctions and the lifting of sanctions are a matter between member states of the IMF. What we can say in serious cases that the lifting of sanctions could support Syria’s efforts to overcome its economic challenges and help advance its reconstruction and economic development. Syria, of course, is an IMF member, and as we’ve just said, you know, we are, of course, engaged closely with the Syrians to explore how, within our mandate, we can best support them.

QUESTIONER: My question is on Russia. In what ways is the IMF monitoring Russia’s economy under the current sanctions and conflict conditions, and have regular Article IV Consultations or other surveillance activities with Russia resumed to track its economic developments?

MS. KOZACK: What I can say with respect to Russia is that we are, our Staff, are analyzing data and economic indicators that are reported by the Russian authorities. We are also looking at counterparty data that is provided to us by other countries, and this is particularly true for cross-border transactions, as well as data from third-party sources. So, this data collection using official and other sources does allow us to put together a picture of the Russian economy.

We did provide an assessment in the 2025 April WEO, the one that we just released about a month ago. In this WEO, we assess Russia’s growth at — we expect Russia to grow at 1.5 percent in 2025, 0.9 percent in 2026, and we expect inflation to come down to 8.2 percent in 2025 and 4.4 percent in 2026. And I don’t have a timetable for the Article IV at this time.

QUESTIONER: I’d like to ask about Deputy Management Director Okamura’s visits to Japan. So, my question is, what economic topics will be on the agenda during his stay? Could you tell me a bit more in detail?

MS. KOZACK: Deputy Managing Director Okamura will travel to Japan, as I said, from June 11th to 12th, and he will be attending the Tokyo Fiscal Forum. So, this will be the 10th Tokyo Fiscal Forum. It’s an annual conference that we co-host in Japan every year and the focus is on issues of fiscal policy. In this particular one, Deputy Managing Director Okamura will be discussing fiscal frameworks. It’s very important for all countries to have sound fiscal frameworks so they can implement sound fiscal policy. He will also be discussing GovTech not only in Japan but in the Asia Pacific region. And of course, GovTech is very important for countries because it’s a way of modernizing and making government both provision of services in some cases but also potentially collection of revenue more effective and more efficient. So, those will be the focus of his discussions in Tokyo.

QUESTIONER: I have a question on the recent bailout package by IMF to Pakistan. The Indian government has expressed a lot of displeasure with Pakistan planning to use this package to build — rebuild — areas that allegedly support cross-border terrorism. Does the IMF have any assessment of this? Secondly, I also have another question. Could you please provide information on the majority vote that was received in approving this bailout package for Pakistan on May 9th? If you can disclose the information.

MS. KOZACK: Any other questions on Pakistan?

QUESTIONER: Just adding to that, do you have an update on the implications of the escalation of facilities in that border between Pakistan and India on both economies.

QUESTIONER: Thanks a lot. I guess the only spin I would put on is generally what safeguards does the IMF have that its funds won’t be used for military or in support of military actions, not only there but as a general matter. And I also, if you’re able to, there was some controversy about the termination of India’s Executive Director of the IMF, K.V. Subramanian. Do you have any insight into–there are reports there–what it was about but what do you say it’s about? Thanks a lot.

MS. KOZACK: With respect to the Indian Executive Director who had been at the Fund, all I can say on this is that the appointment of Executive Directors is a member for the — is a matter for the member country. It’s not a matter for the Fund, and it’s completely up to the country authorities to determine who represents them at the Fund.

With respect to Pakistan and the conflict with India, I want to start here by first expressing our regrets and sympathies for the loss of life and for the human toll from the recent conflict. We do hope for a peaceful resolution of the conflict.

Now, turning to some of the specific questions about the Board approval of Pakistan’s program, I’m going to step back a minute and provide a little bit of the chronology and timeframe. The IMF Executive Board approved Pakistan’s EFF program in September of 2024. And the First review at that time was planned for the first quarter of 2025. And consistent with that timeline, on March 25th of 2025, the IMF Staff and the Pakistani authorities reached a Staff-Level Agreement on the First Review for the EFF. That agreement, that Staff-Level Agreement, was then presented to our Executive Board, and our Executive Board completed the review on May 9th. As a result of the completion of that review, Pakistan received the disbursement at that time.

What I want to emphasize here is that it is part of a standard procedure under programs that our Executive Board conducts periodic reviews of lending programs to assess their progress. And they particularly look at whether the program is on track, whether the conditions under the program have been met, and whether any policy changes are needed to bring the program back on track. And in the case of Pakistan, our Board found that Pakistan had indeed met all of the targets. It had made progress on some of the reforms, and for that reason, the Board went ahead and approved the program.

With respect to the voting or the decision-making at our Board, we do not disclose that publicly. In general, Fund Board decisions are taken by consensus, and in this case, there was a sufficient consensus at the Board to allow us to move forward or for the Board to decide to move forward and complete Pakistan’s review.

And with respect to the question on safeguards, I do want to make three points here. The first is that IMF financing is provided to members for the purpose of resolving balance of payments problems.

In the case of Pakistan, and this is my second point, the EFF disbursements, all of the disbursements received under the EFF, are allocated to the reserves of the central bank. So, those disbursements are at the central bank, and under the program, those resources are not part of budget financing. They are not transferred to the government to support the budget.

And the third point is that the program provides additional safeguards through our conditionality. And these include, for example, targets on the accumulation of international reserves. It includes a zero target, meaning no lending from the central bank to the government. And the program also includes substantial structural conditionality around improving fiscal management. And these conditions are all available in the program documents if you wanted to do a deeper dive. And, of course, any deviation from the established program conditions would impact future reviews under the Pakistan program.

QUESTIONER: I have a question on Egypt. There is a mission in Egypt for the First Review of the EFF loan program. So, can you please update us on the ongoing discussions, especially since the Prime Minister of Egypt announced yesterday that the program could be concluded in 2027 rather than 2026?

MS. KOZACK: Any other questions on Egypt? I have a question from the Press Center on Egypt, which I will read aloud. The question is when will the Fifth Review currently underway with the Egyptian government be concluded, and when will the Executive Board approve this review? And how much money will Egypt receive once the review is approved?

So, here’s what I can share on Egypt. First, let me start here. So first, I just want to say that the Fund remains committed to supporting Egypt in building its economic resilience and fostering higher private sector-led growth. Egypt has made clear progress on its macroeconomic reform program, with notable improvements in inflation and foreign exchange reserves. For the past few weeks, IMF Staff has had productive discussions with the Egyptian authorities on economic performance and policies under the EFF. As Egypt’s macroeconomic stabilization is taking hold, efforts must now focus on accelerating and deepening reforms that will reduce the footprint of the state in the Egyptian economy, level the playing field, and improve the business environment. Discussions will continue between the IMF and the Egyptian authorities on the remaining policies and reforms that could support the completion of the Fifth Review.

QUESTIONER: My question is about Sri Lanka. Sri Lanka’s program is subject to IMF Board approval. The review is subject to IMF Board approval, but we still haven’t got any word on when that would be. Is there any delay in this? And is this delay attributed to the pending electricity adjustments, tariff adjustments, that the Sri Lankan government has committed to?

MS. KOZACK: So just stepping back for a minute. On April 25th, IMF Staff and the Sri Lankan authorities reached Staff-Level Agreement on the Fourth Review of Sri Lanka’s program under the EFF. And once the review is approved by our Executive Board, Sri Lanka will have access to about $344 million in financing. Completion of the review is subject to approval by the Executive Board, and we expect that Board meeting to take place in the coming weeks.

The precise timing of the Board meeting is contingent on two things. The first is implementation of prior actions, and the main prior actions are relating to restoring electricity, cost recovery pricing and ensuring proper function of the automatic electricity price adjustment mechanism. And the second contingency is completion of the Financing Assurances Review, which will focus on confirming multilateral partners, committed financing contributions to Sri Lanka and whether adequate progress has been made in debt restructuring. So, in a nutshell, completion of the review is subject to approval by the Executive Board. We expect the Board meeting to take place in the coming weeks. And it’s contingent on the two matters that I just mentioned.

QUESTIONER: Thank you for having my questions on Ecuador. Since the IMF is still completing the second review under the EFF program for Ecuador, do you think it’s going to be time to change the program, the goals, or maybe the amount of the program? Because Ecuador is now facing different challenges compared to 2024. The oil prices are falling, so that is going to affect the fiscal situation for Ecuador. And also, I would like to know if Ecuador is still looking for a new program under the RSF. And the last one, I would like to know if, do you think that Ecuador is going to need to make some important changes this year on oil subsidies and a tax reform? I think, as I said, Ecuador now is facing some important challenges in the fiscal situation, so do you think it’s going to be possible because of, you know, all the social protests and all that kind of stuff? Do you think it’s going to be possible to do that in Ecuador?

QUESTIONER: Is there a request, an official request, in place to modify the program? And if there is, of course, details of the new one, you can share.

MS. KOZACK: And then I have one question online from the Press Center regarding Ecuador. Is the sovereign negotiating new targets, given their fiscal position deteriorated compared to last year? Our understanding is that $410 million was not dispersed under the First Review.?

So let me share what I can on Ecuador. So, right now, representatives from the IMF, the World Bank, and the Inter-American Development Bank are in Quito this week to meet with the authorities and discuss the strengthening of financial and technical support to the country. As part of this tripartite visit, we have a new IMF Mission Chief who is participating, and she is also using that opportunity to have courtesy meetings with the authorities and to continue discussions and advance toward a Second Review under Ecuador’s EFF.

What else I can add, just as background, is that the Executive Board in December approved the First Review of Ecuador’s 48-month EFF. About $500 million was disbursed after the approval of that Frist Review. And at that time, the Executive Board also concluded the Article IV Consultation.

I can also say that the authorities have made excellent progress in the implementation of their economic program under the EFF. And regarding the precise timing of the Second Review, we will provide an update on the next steps in due course and when we’re able to do so.

QUESTIONER: Just a quick question on tariffs. I’m just wondering if the IMF has a response to the U.S.-China deal that was struck in Geneva earlier this month. You know, if the deal holds, I appreciate it’s a 90-day pause, but if the deal holds, how would you foresee that changing the Fund’s current economic forecast for the U.S. and China and for the global economy? Thanks.

MS. KOZACK: As you noted, earlier in May, China and the U.S. announced a 90-day rollback of most of the bilateral tariffs imposed since April 2nd, and they established a mechanism to discuss economic and trade relations. The two sides reduced their tariff from peak levels, leaving in place 10 percent additional tariffs. So, the additional tariffs before this agreement were 125 percent. Now, the additional tariff has agreed to be 10 percent, you know, for the 90 days. This is obviously a positive step for the world’s two largest economies.

What I can also add is that for the U.S., you may recall, during the Spring Meetings, we talked a lot about the overall effective tariff rate for the U.S. At that time, we assessed it at 25.5 percent. This announcement and the reduction in tariffs will bring the U.S. effective tariff rate down to a bit over 14 percent.

Now, with respect to the impact, what I can say is that the reduction in tariffs and the easing of tensions does provide some upside risk to our global growth forecast. We will be updating that global growth forecast as part of our July WEO. And so that will give us an opportunity to provide a full assessment. All of this said, of course, the outlook, the global outlook in general does remain one of high uncertainty. And so that uncertainty is still with us.

QUESTIONER: I have a broad question regarding the following – at the IMF World Bank Spring Meeting, the recent one, the Treasury Secretary Bessent called for the IMF and the World Bank to refocus on their core mission on macroeconomic stability and development. Did the IMF start any discussion on this topic with the U.S. administration? And my second question, do you foresee any changes to your lending programs to take into account the views of the Trump Administration regarding issues like climate change and international development? Thank you.

MS. KOZACK: What I can say on this is the U.S. is our largest shareholder, and we greatly value the voice of the United States. We have a constructive engagement with the U.S. authorities, and we very much appreciate Secretary Bessent’s reiteration of the United States’ commitment to the Fund and to our role. The IMF has a clearly defined mandate to support economic and financial stability globally. Our Management Team and our entire Staff are focused exactly on this mandate, helping our 191 members tackle their economic challenges and their balance of payments risks.

What I can also add is that at the most recent Spring Meetings, the ones we just had in April, our membership identified two areas where they’ve asked the IMF to deepen our work. And the first is on external imbalances, and the second is on our monitoring of the financial sector. So they’re looking for us to really deepen our work in these two areas.

As far as taking that work forward, we will continue working with our Executive Board on these areas, as well as to carry out some important policy reviews. And I think the Managing Director referred to these during the Spring Meetings. The first is the Comprehensive Surveillance Review, which will set out our surveillance priorities for the next five years. And the second is the review of program design and conditionality. And that will carefully consider how our lending can best help countries address low growth challenges and durably resolve their balance of payments weaknesses.

I have a slight update for you on Ukraine, which says — so the eighth — so if we look at the documents that were published at the time of the Seventh Review program, the one that was approved by the Executive Board a little while ago, based on that, the Eighth Review disbursement would be about $520 million. And, the discussions of the Eighth Review are ongoing, and any disbursement, as always, is subject to approval by our Executive Board.

And with that, I will bring this press briefing to a close. So first, let me thank you all for your participation today. As a reminder, the briefing is embargoed until 11:00 a.m. Eastern Time in the United States. As always, a transcript will be made available later on IMF.org. In case of any clarifications or additional queries, please do not hesitate to reach out to my colleagues at media@imf.org. This concludes our press briefing, and I wish everyone a wonderful day. I look forward to seeing you next time. Thanks very much.



* * * * *

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Meera Louis

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

MIL OSI Economics –

May 27, 2025
MIL-OSI USA: UMARY- USA.COM Issues Voluntary Nationwide Recall of UNAVY ÁCIDO HIALURÓNICO Caplets and UMOVY ÁCIDO HIALURÓNICO Caplets Due to the Presence of Undeclared Drug Ingredients Dexamethasone, Diclofenac and Omeprazole

Source: US Department of Health and Human Services – 3

Summary

Company Announcement Date:
May 21, 2025
FDA Publish Date:
May 22, 2025
Product Type:
Drugs
Reason for Announcement:

Recall Reason Description
The product contains undeclared Dexamethasone, Diclofenac and Omeprazole

Company Name:
UMARY USA
Brand Name:

Brand Name(s)
UNAVY & UMOVY

Product Description:

Product Description
Unavy Acidio Hialuronico (30 caplets/850 mg) and Umovy Acidio Hialuronico (30 caplets/850 mg)

Company Announcement
FOR IMMEDIATE RELEASE – Date: May 21 2025, Nogales, AZ, UMARY USA is voluntarily recalling all lots of Unavy Ácido HIALURÓNICO (30 caplets/850 mg) and Umovy Ácido HIALURÓNICO (30 caplets/850 mg), to the consumer level. FDA laboratory analysis confirmed that these products are tainted with the drug ingredients Diclofenac, Dexamethasone and Omeprazole. Products containing Diclofenac, Dexamethasone or Omeprazole cannot be marketed as dietary supplements. UNAVY ÁCIDO HIALURÓNICO and UMOVY ÁCIDO HIALURÓNICO are unapproved new drugs for which safety and efficacy have not been established and, therefore, subject to recall.
Risk Statement: Dexamethasone is a corticosteroid commonly used to treat inflammatory conditions. Corticosteroid use can impair a person’s ability to fight infections and can cause high blood sugar levels, muscle injuries, psychiatric problems, and lead to cardiovascular events. When corticosteroids are taken for a prolonged period, or at high doses, they can suppress the adrenal gland (a disorder in which the adrenal glands do not produce enough hormones) and adverse consequences can range from limited adverse consequences to death. Additionally, abrupt discontinuation can cause withdrawal symptoms. Diclofenac is a non-steroidal anti-inflammatory drug (commonly referred to as NSAIDs). Consumption of undeclared diclofenac could result in serious adverse events that include cardiovascular, gastrointestinal, renal, and anaphylaxis in patients taking concomitant NSAIDs and/or anticoagulants, in those who have allergies to diclofenac, or those with underlying illnesses. Omeprazole is a proton pump inhibitor (commonly referred to as PPI) used to treat gastric (stomach) acid-related disorders. Consumption of undeclared omeprazole may mask stomach issues such as erosions, ulcers, and stomach cancer. Consumption of undeclared dexamethasone, diclofenac, and omeprazole can also interact with other medications and cause serious side effects. Umary- usa.com has not received any reports of adverse events related to this recall.
These products are marketed as dietary supplements for joint pain and arthritis. UNAVY ÁCIDO HIALURÓNICO is packaged in a white plastic container with a black background label, and white and yellow writing on it. The bottle has 30 caplets/ 850 mg. The affected product includes all lots and expiration dates. UMOVY ÁCIDO HIALURÓNICO is a black plastic bottle with a black label with white and blue lettering on the label. The bottle has 30 caplets/ 850mg. The affected product includes all lots and expiration dates. Product was distributed Nationwide via internet, exclusively via umary-usa.com.
Umary-usa.com is notifying its distributors and customers by Press release and email and is arranging for return and refund of all recalled products. Consumers who have any of these products, should immediately work with their physician and/or health care provider to safely discontinue use of these products. Consumers with questions regarding this recall can contact umary-usa.com at umaryusa2025@gmail.com, available seven days a week, 24 hours a day. Consumers should contact their physician or healthcare provider if they have experienced any problems that may be related to taking or using this drug product.
Adverse reactions or quality problems experienced with the use of this product may be reported to the FDA’s MedWatch Adverse Event Reporting program either online, by regular mail or by fax.

This recall is being conducted with the knowledge of the U.S. Food and Drug Administration.

Company Contact Information

Media:
Hugo Ramirez
520-342-7385

Product Photos

Content current as of:
05/22/2025

Regulated Product(s)

Follow FDA

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: SPC MD 931

Source: US National Oceanic and Atmospheric Administration

Mesoscale Discussion 931

Mesoscale Discussion 0931
NWS Storm Prediction Center Norman OK
0144 PM CDT Thu May 22 2025

Areas affected…parts of western North Texas and adjacent
southwestern Oklahoma

Concerning…Severe potential…Watch possible

Valid 221844Z – 222045Z

Probability of Watch Issuance…60 percent

SUMMARY…Isolated supercell development may initiate west through
southwest of the Wichita Falls area during the next hour or two.
Trends are being monitored for the possibility of a new severe
weather watch.

DISCUSSION…Deepening convective development is ongoing to the
west-southwest of Wichita Falls TX, where a corridor of stronger
heating/deeper boundary-layer mixing has contributed to weakening
inhibition for boundary-layer parcels characterized by CAPE up to
3000 J/kg. At the same time, southwestward propagating gravity
waves and outflow, generated by the more intense earlier convection
southwest of Ardmore OK, are approaching from the northwest and
could support at least isolated intensifying thunderstorm
development during the next hour or two. In the presence of
moderate to strong west-northwesterly deep layer shear, this may
include an evolving supercell posing a risk for large hail and
strong damaging wind gusts.

..Kerr/Guyer.. 05/22/2025

…Please see www.spc.noaa.gov for graphic product…

ATTN…WFO…FWD…OUN…SJT…LUB…

LAT…LON 33919977 34309889 34069831 33509816 33249849 33189937
33049978 33340014 33919977

MOST PROBABLE PEAK HAIL SIZE…2.00-3.50 IN

Top/All Mesoscale Discussions/Forecast Products/Home

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: Rep. Clyde Applauds Reopening of Several USACE Parks & Boat Ramps at Lake Lanier

Source: United States House of Representatives – Representative Andrew S. Clyde (R-GA)

GAINESVILLE, GA — Today, Representative Andrew Clyde (GA-09) released the following statement after the U.S. Army Corps of Engineers (USACE) confirmed only 11 recreational sites on Lake Lanier operated by the USACE will be temporarily closed ahead of Memorial Day weekend, down from the previously planned 21 closures. Additionally, no boat ramps within open sites will be impacted by closures.

“Upon being informed about the park and boat ramp closures on Tuesday, I pressed the U.S. Army Corps of Engineers to reach a more acceptable solution to safely increase access to sites on Lake Lanier,” said Clyde. “I’m pleased that more Lake Lanier boat ramps will be open, and only 11 recreational sites will be temporarily closed. This is a significant improvement from the previously planned total of 21 site closures, expanding residents and visitors’ safe access to parks. I encourage folks to plan ahead accordingly, stay safe, and enjoy Memorial Day weekend on Lake Lanier.”

Background

Earlier this week, 21 federal parks on Lake Lanier were closed due to staffing shortages and safety concerns. Following outreach from Rep. Clyde, the Army Corps provided additional rangers to safely open more boat ramps and additional recreational sites on Lake Lanier.

Additional information on the temporary closures is available on the USACE’s website HERE.

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: Ricketts Introduces the HEALTH Panel Act
US Senate News:
Source: United States Senator Pete Ricketts (Nebraska)

WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) introduced the Healthy Equipping and Lending Technical Help (HEALTH) Panel Act. The bill provides congressional oversight of the Congressional Budget Office’s (CBO) Panel of Health Advisors. Currently, this panel is not bipartisan, lacks regional representation, and holds private meetings.

“The HEALTH Panel Act is a necessary step toward increasing congressional oversight over unelected bureaucrats,” said Senator Ricketts. “The Panel of Health Advisors can influence scoring of health-related bills. We need to bring this panel into the light. This bill will develop the CBO scoring process so that it accurately represents the healthcare interests of all Americans when evaluating legislation—especially for rural Americans.”

“Balancing the budget starts with understanding how new policies will impact our bottom line. The HEALTH Panel Act is a necessary, common-sense step to improve both cost estimates and congressional oversight of the CBO’s Panel of Health Advisers, so Congress can craft effective legislation with a full and accurate understanding of budgetary impacts. I thank Senators Ricketts for his support of this critical bill,” said Representative Buddy Carter (GA-01), the HEALTH Panel Act’s lead in the U.S. House of Representatives.

The HEALTH Panel Act:
- Requires that the membership of the panel shall include 15 appointed members.
  
  The chair and the ranking member of the House Budget Committee will each make three appointments to the panel.
  
  The chair and ranking member of the Senate Budget Committee will each make three appointments.
  
  The Director of the Congressional Budget Office will make three appointments.
  
  Members will serve a term of three years and a maximum of two terms.
- Requires the Panel to meet at least once annually and to issue an annual report to Congress detailing the work of the Panel.
  
  Includes a description prepared by the Director of the Congressional Budget Office detailing how the office utilized any such recommendations provided and the extent to which any such recommendations were integrated into the office’s studies and cost estimates.
The text of the bill is available here.

BACKGROUND:

Over 20 years ago, the Congressional Budget Committee (CBO) created the Panel of Health Advisors. The panel advises CBO in its scoring process on health-related bills.

There is no statutory authority for this Panel of Health Advisors, nor is there any clear guidance on the purpose, duty, function, responsibility, or appointment authority. It is not bipartisan, and the meetings are not open to the public. This legislation would provide much needed oversight and ensure ideological diversity on the panel.

Recently, an article revealed that the CBO’s Health Analysis Division is primarily composed of registered Democrats and Democratic donors. This adds to the importance of congressional oversight.

Last Congress, the HEALTH Panel Act passed the House Budget Committee with every member of the majority voting in favor of it.
MIL OSI USA News –
May 27, 2025
MIL-OSI: ESET participates in operation to disrupt the infrastructure of Danabot infostealer
Source: GlobeNewswire (MIL-OSI)
- ESET Research has been tracking Danabot’s activity since 2018 as part of a global effort that resulted in a major disruption of the malware’s infrastructure.
- While primarily developed as an infostealer, Danabot also has been used to distribute additional malware, including ransomware.
- Danabot’s authors promote their toolset through underground forums and offer various rental options to potential affiliates.
- This ESET Research analysis covers the features used in the latest versions of the malware, the authors’ business model, and an overview of the toolset offered to affiliates.
- Poland, Italy, Spain and Turkey are historically one of the most targeted countries by Danabot.
PRAGUE and BRATISLAVA, Czech Republic, May 22, 2025 (GLOBE NEWSWIRE) — ESET has participated in a major infrastructure disruption of the notorious infostealer, Danabot, by the US Department of Justice, the FBI, and US Department of Defense’s Defense Criminal Investigative Service. U.S. agencies were working closely with Germany’s Bundeskriminalamt, the Netherlands’ National Police, and the Australian Federal Police. ESET took part in the effort alongside Amazon, CrowdStrike, Flashpoint, Google, Intel471, PayPal, Proofpoint, Team Cymru and Zscaler. ESET Research, which has been tracking Danabot since 2018, contributed assistance that included providing technical analysis of the malware and its backend infrastructure, as well as identifying Danabot’s C&C servers. During that period, ESET analyzed various Danabot campaigns all over the world, with Poland, Italy, Spain and Turkey historically being one of the most targeted countries. The joint takedown effort also led to the identification of individuals responsible for Danabot development, sales, administration, and more.

“Since Danabot has been largely disrupted, we are using this opportunity to share our insights into the workings of this malware-as-a-service operation, covering the features used in the latest versions of the malware, the authors’ business model, and an overview of the toolset offered to affiliates. Apart from exfiltrating sensitive data, we have observed that Danabot is also used to deliver further malware, which can include ransomware, to an already compromised system,” says ESET researcher Tomáš Procházka, who investigated Danabot.

The authors of Danabot operate as a single group, offering their tool for rental to potential affiliates, who subsequently employ it for their malicious purposes by establishing and managing their own botnets. Danabot’s authors have developed a vast variety of features to assist customers with their malevolent motives. The most prominent features offered by Danabot include: the ability to steal various data from browsers, mail clients, FTP clients, and other popular software; keylogging and screen recording; real-time remote control of the victims’ systems; file grabbing; support for Zeus-like webinjects and form grabbing; and arbitrary payload upload and execution. Besides utilizing its stealing capabilities, ESET Research has observed a variety of payloads being distributed via Danabot over the years. Furthermore, ESET has encountered instances of Danabot being used to download ransomware onto already compromised systems.

In addition to typical cybercrime, Danabot has also been used in less conventional activities such as utilizing compromised machines for launching DDoS attacks… for example, a DDoS attack against Ukraine’s Ministry of Defense soon after the Russian invasion of Ukraine.

Throughout its existence, according to ESET monitoring, Danabot has been a tool of choice for many cybercriminals and each of them has used different means of distribution. Danabot’s developers even partnered with the authors of several malware cryptors and loaders, and offered special pricing for a distribution bundle to their customers, helping them with the process. Recently, out of all distribution mechanisms ESET observed, the misuse of Google Ads to display seemingly relevant, but actually malicious, websites among the sponsored links in Google search results stands out as one of the most prominent methods to lure victims into downloading Danabot. The most popular ploy is packing the malware with legitimate software and offering such a package through bogus software sites or websites falsely promising users to help them find unclaimed funds. The latest addition to these social engineering techniques are deceptive websites offering solutions for fabricated computer issues, whose only purpose is to lure victims into execution of a malicious command secretly inserted into the user’s clipboard.

The typical toolset provided by Danabot’s authors to their affiliates includes an administration panel application, a backconnect tool for real-time control of bots, and a proxy server application that relays the communications between the bots and the actual C&C server. Affiliates can choose from various options to generate new Danabot builds, and it’s their responsibility to distribute these builds through their own campaigns.

“It remains to be seen whether Danabot can recover from the takedown. The blow will, however, surely be felt, since law enforcement managed to unmask several individuals involved in the malware’s operations,” concludes Procházka.

For technical overview of Danabot and insight into its operation, check out ESET Research blogpost: “Danabot: Analyzing a fallen empire” on WeLiveSecurity.com. Make sure to follow ESET Research on Twitter (today known as X), BlueSky, and Mastodon for the latest news from ESET Research.

Worldwide Danabot detections as seen in ESET telemetry since 2018

About ESET

ESET^® provides cutting-edge digital security to prevent attacks before they happen. By combining the power of AI and human expertise, ESET stays ahead of emerging global cyberthreats, both known and unknown— securing businesses, critical infrastructure, and individuals. Whether it’s endpoint, cloud, or mobile protection, our AI-native, cloud-first solutions and services remain highly effective and easy to use. ESET technology includes robust detection and response, ultra-secure encryption, and multifactor authentication. With 24/7 real-time defense and strong local support, we keep users safe and businesses running without interruption. The ever-evolving digital landscape demands a progressive approach to security: ESET is committed to world-class research and powerful threat intelligence, backed by R&D centers and a strong global partner network. For more information, visit www.eset.com or follow our social media, podcasts and blogs.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2306cbf1-1ef7-4040-8c12-ca8be3cc6689

The MIL Network –
May 27, 2025
MIL-OSI USA: Rep. Sara Jacobs Calls Out Trump Administration For Failing to Prioritize Sudan

Source: United States House of Representatives – Congresswoman Sara Jacobs (D-CA-53)

May 22, 2025

Rep. Sara Jacobs (CA-51), Ranking Member of the House Foreign Affairs Subcommittee on Africa, today called out the Trump Administration for failing to prioritize Sudan and helping to bring an end to the war and genocide in Sudan.

Watch Rep. Sara Jacobs’ Opening Remarks Here

Rep. Sara Jacobs said:

“Thank you, Chairman Smith, and thank you to all of our witnesses joining us today to testify and bring attention to the ongoing catastrophe in Sudan. Last month marked two years since the outbreak of war in Sudan. It is now the largest humanitarian crisis in the world. Nearly 25 million people – half of Sudan’s population – are facing acute hunger, and more than half a million people are facing famine. More than 13 million Sudanese have been displaced from their homes since the conflict began, including nearly four million people forced to flee across Sudan’s borders as refugees. I have seen this suffering firsthand when I traveled to Chad and met with Sudanese refugees last year.

“And let’s be clear: this is a war of choice. The Rapid Support Forces (RSF), Sudanese Armed Forces (SAF), and allied militias have waged this war, committing war crimes and holding the Sudanese people captive for their own selfish interests. And their external backers, particularly the United Arab Emirates with their support to the RSF, in addition to Egypt, Turkey, Saudi Arabia, Iran, and Russia, have turned this war into a regional proxy war by supporting and arming either side, risking further regional destabilization.

“But despite this, the Trump Administration is nowhere to be found. In fact, the Administration’s actions have only worsened the suffering of the Sudanese people. The Trump Administration’s sham “foreign assistance review” was really just a pretext to end most foreign assistance – like food aid, disaster relief, global health programs, development and economic aid, and more. In Sudan, it’s meant cancelling millions of dollars in U.S.-funded life-saving aid. For instance, before it was illegally dismantled, USAID was supporting the heroic efforts of the Sudanese Emergency Response Rooms (ERRs) to open community kitchens and provide basic meals to Sudanese civilians throughout the country. Following the massive cuts to U.S. foreign assistance, which included USAID support to the ERRs, more than 80% of the roughly 1500 community kitchens across Sudan have been forced to close their doors – cutting off vulnerable Sudanese civilians from life-saving food assistance.

“And the Administration hasn’t stopped there. Yesterday, they announced over $87 million worth of cancelled humanitarian programs, including $30 million for emergency nutrition, water, and food aid in Darfur. The SAF and the RSF continue to commit atrocities against the Sudanese people, and the people of Darfur are facing a second genocide in 20 years at the hands of the RSF. Yet despite the clear need for the United States to play an active role in negotiations to end this brutal conflict, the Trump Administration has failed to dedicate the resources necessary to do so.

“More than four months into President Trump’s term, the Administration has still failed to nominate an Assistant Secretary for the Bureau of African Affairs at the State Department, an NSC Senior Director for Africa, or a Special Envoy for Sudan – a position the Administration is required by law to fill. And just yesterday, during Secretary Rubio’s testimony, he actually refused to say the word genocide and reaffirm his previous statements that the RSF is in fact committing a genocide.

“These actions – or lack thereof – show that Sudan is not a priority for the Trump Administration. And while the Administration ignores the conflict and its human consequences, it chooses instead to provide weapons to the UAE – a country that is arming the RSF, fueling the war and facilitating a genocide in Darfur. There is widespread and credible reporting that the UAE continues to funnel arms to the RSF, even though the UAE continues to deny this publicly. But instead of pressuring the UAE to stop arming the RSF forces currently carrying out a genocide, the Trump Administration has chosen to blow through a Congressional hold by Ranking Member Meeks and proceed with arms sales worth more than $1 billion.

“Just as I did under the Biden Administration, I believe that the United States needs to use its significant leverage with the UAE to pressure them to finally end their support to the RSF. That is why I, along with Ranking Member Meeks, introduced Joint Resolutions of Disapproval last week to block the Administration’s arms sales to the UAE. If the United States wanted to, we could take tangible actions and make sensible policy decisions that would help bring an end to the war in Sudan and a sustainable peace agreement that ends military rule, establishes a civilian government, and provides a clear roadmap to democratic elections. Instead, this Administration seems to be ignoring the problem and selling weapons that are fueling genocide, war crimes, crimes against humanity, and ethnic cleansing.

“The Sudanese people have suffered enough. It is time for the United States and the international community to step up and focus on bringing an end to this war so that the Sudanese people can finally rebuild their country. Thank you, Chairman Smith, and with that, I yield back.”

###

MIL OSI USA News –

May 27, 2025
MIL-OSI: From Onboarding to Settlement in Minutes: TransFi Launches BizPay to Redefine Global Business Payments

Source: GlobeNewswire (MIL-OSI)

TransFi launches BizPay, a unified global payment platform enabling instant, compliant cross-border transactions with AI-powered routing and 250+ local methods across 100+ countries

NEW DELHI, May 22, 2025 (GLOBE NEWSWIRE) — In a world where time zones, banking systems, and regulatory barriers often complicate global transactions, one platform is leading the charge in rewriting the rules of cross-border finance. TransFi, a company known for building robust and compliant global payment infrastructure, has launched BizPay—a unified platform that enables businesses and individuals to send and receive money, initiate payouts, and accept pay-ins across 100+ countries, in just minutes.

What makes BizPay stand out isn’t just its technology, but its deep understanding of what global businesses actually need: speed, transparency, and reliability. From self-onboarding to live payouts and collections, the platform strips away the layers of friction that have long plagued international payments. Users can sign up, connect their details, and start moving money globally—whether sending, receiving, paying out, or getting paid—in minutes.

At the heart of BizPay is an engine built for precision. Using AI-powered dynamic routing and 70+ backend integrations, every payout or pay-in is optimized for the fastest and most cost-effective route—whether that’s via fiat or stablecoin rails. Paired with 250+ local payment methods, BizPay ensures funds flow not just fast, but fluently—reaching recipients in markets often underserved by legacy systems.

With transparent pricing, real-time FX rates, and zero hidden fees, BizPay flips the script on how businesses think about cross-border money movement. For many, this could mean the difference between expanding into a new market—or holding back due to unpredictable costs and delayed settlements.

With BizPay, TransFi isn’t just building a payment platform—it’s changing the way the world moves money. Sending, receiving, pay-ins, payouts—faster, cheaper, compliant, and secure—this is what cross-border payments should look like.
What’s equally reassuring is the seamless integration of compliance. Automated checks on every transaction—whether pay-in or payout, standardized error codes, multi-jurisdictional safeguards, and adherence to global regulations ensure every transaction moves not just fast, but right. TransFi has built BizPay to not only scale with your business, but to protect it—ensuring every incoming or outgoing fund transfer is compliant from start to finish.

In an increasingly connected world, BizPay feels less like a fintech product and more like an essential utility—a clean, powerful layer that makes global commerce feel local. No need to juggle multiple vendors, platforms, or legal frameworks—BizPay wraps collections, disbursements, payouts, pay-ins, and compliance into one intuitive solution. With this launch, TransFi isn’t chasing trends. It’s setting a new standard.

Media Contact:
Company Name: TransFi
Contact Person Name: Farhan Ahmed
Email id: farhan@transfi.com
Company Website: https://www.transfi.com

Disclaimer: This is a paid post and is provided by TransFi. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7359c43d-90f7-499b-818f-64647e04fa8d

The MIL Network –

May 27, 2025
MIL-OSI USA: ‘Tis the Season for Dismissals: Statement on Ending “Dealer” Lawsuits

Source: Securities and Exchange Commission

First came the abandonment of crypto lawsuits.[1] Now the dismissals of “dealer” lawsuits. What do these unprecedented dismissals of ongoing enforcement actions have in common? They ignore the laws enacted by Congress – namely fundamental registration requirements of the federal securities laws – as well as long lines of judicial precedent. And they harm investors, businesses, and the capital markets.

It is astonishing that an agency tasked with enforcing the law has decided the law does not matter.

Overview of dismissals

Today, the SEC dismissed three lawsuits that alleged that certain businesses broke the law by failing to register with the SEC as “dealers.”[2] Though seemingly mundane, one of our agency’s foundational statutes, passed in the wake of the Great Depression, defines a “dealer” and requires said dealers to register with the SEC.[3] The core of the dealer definition is written in plain terms: a dealer is any person or entity engaged in the regular business of buying and selling securities for their own account.

The allegations in these now-dismissed lawsuits were not a stretch. They concerned well-established businesses that made money by purchasing debt directly from small issuers and then converting that debt into stock they would sell on the open market at high volumes and frequencies.[4] The defendants in those lawsuits transacted in billions of shares of newly issued stocks for their own accounts, generating millions in profits. They had sophisticated marketing operations to maintain a pipeline of deals. That sure sounds like being in the regular business of buying and selling securities.

In two of these cases, courts have in fact already ruled that the SEC’s allegations were sufficient to support the charges that these entities violated the law.[5] These rulings were consistent with judgments the SEC has obtained in similar past enforcement actions holding that such activity requires registering as a dealer.[6]

Debunking arguments for dismissals

While favorable court precedent alone would, historically, be enough to continue litigating these cases, there are no other new or convincing reasons for the dismissals.

First, those who have advocated for dismissals of these types of cases seem to read a non-existent requirement – that dealers have customers – into the statutory definition.[7] They argue that, historically, dealers were understood to have customers and that enforcing the dealer registration requirement more broadly is arbitrary. However, the dealer definition concerns whether one is in the regular business of transacting in securities for one’s own account, not whether one has customers. A customer requirement is simply not part of the definition. As time-consuming (or inconvenient for some) as it may be, determining whether a person is a dealer is a fact-specific inquiry, and examination of all relevant facts is necessary. Enforcing the law relies on applying all the facts to the then-current law.

Second, those advocates also claim that, without a customer requirement, the statute will sweep into the dealer definition investment advisers, hedge funds, and others not traditionally understood as dealers. But that is not what the cases dismissed today did. An appellate court in SEC v. Almagarby spoke to this very issue in upholding a dealer registration violation:

To be clear, we do not mean to suggest that every professional investor who buys and sell[s] securities in high volumes is a “dealer.” [S]ignificant differences exist between Almagarby’s conduct and that of…investment advisor and fund members. For example, institutional asset managers do not rely on dilution financing or the rapid resale of microcap share issues as their sole source of income. Nor do they employ networks of finders to solicit microcap debtholders or operate without financial disclosures or regulatory oversight.[8]

Third, those who have advocated for dismissals also claim that these cases have stifled capital formation and the growth of small businesses. But this notion that, by ignoring the law we will facilitate capital formation and small business growth, turns logic on its head. Wholesale rejection of the rule of law never has, and never will, promote capital formation and business growth. And as the Almagarby court noted, the type of conduct at issue here “is called ‘toxic’ or ‘death spiral’ financing” and is “disfavored,” including by issuers and investors.[9] Today’s dismissals open the floodgates to this type of unsavory financing without regulatory oversight.

What is at stake?

So, what is at stake here? Registration “serves as a keystone of the entire system of broker-dealer regulations.”[10] Dealers perform important market functions, such as distributing securities, helping to balance supply and demand when there are order imbalances, and facilitating investor trading by providing liquidity to buyers and sellers who otherwise might not be able to immediately find other investors with whom to trade. The SEC has promulgated rules governing the operation of dealers, including by setting standards of conduct. These have been designed with market integrity and investor protection in mind. They also foster capital formation.

The defendants in the now-dismissed lawsuits were alleged to have eschewed applicable securities laws and regulations. Doing so leaves investors holding the proverbial bag. And it leaves them and the markets without the fundamental protections Congress envisioned for entities acting in a dealer capacity. That regime includes, among other things, certain financial responsibility and risk management rules,[11] transaction and other and reporting requirements,[12] operational integrity rules,[13] and books and record requirements.[14] These requirements enhance market stability by providing regulators with insight into firm-level and aggregate trading activity, which helps assess and mitigate market risks. In addition, dealers are subject to examination and enforcement for compliance with applicable laws and Self-Regulatory Organization (SRO) rules by the SEC and the SROs.[15]

Last but not least, dismissing these lawsuits encourages others to flout registration and other legal requirements. This undermines the securities law framework that has been constructed over the years to protect investors and facilitate capital markets. It is a worrisome world when we help participants evade the law because the law is inconvenient for their bottom line.

Conclusion

A lot of lip service is paid to the SEC’s mission: protecting investors; maintaining fair, orderly, and efficient markets; and facilitating capital formation. But actions, or in this instance dismissals of actions, speak louder than words. Dismantling enforcement of across-the-board registration requirements – which has now reached every fundamental registration provision (exchange, broker, dealer, and offering) under the securities laws – undermines the mission.

[1] See, e.g., Joint Stipulation to Dismiss, and Releases, SEC v. Balina, 22-cv-950 (W.D. Tex. May 1, 2025); Joint Stipulation to Dismiss, and Releases, Joint Stipulation to Dismiss, and Releases, SEC v. Dragonchain, 22-cv-1145-JNW (W.D. Wash. Apr. 24, 2025); SEC v. Cumberland DRW, 24-cv-9842 (N. D. Ill. Mar. 27, 2025); Joint Stipulation to Dismiss and Releases, SEC v. Payward (d/b/a Kraken), 23-cv-6003-WHO (Mar. 27, 2025); Joint Stipulation to Dismiss, and Releases, SEC v. Consensys Software, 24-cv-4578-MKB-TAM (Mar. 27, 2025); Joint Stipulation to Dismiss, and Releases, SEC v. Coinbase, 23-cv-4738-KPF (Feb. 27, 2025).

[2] Stipulation to Dismiss and Release, SEC v. Long, No. 23-cv-14260 (N.D. Ill. May 22, 2025); Joint Stipulation to Dismiss, and Releases, SEC v. Tri-Bridge Ventures, No. 24-cv-5711-ZNQ-RLS (D.N.J. May 22, 2025); Stipulation of Dismissal and Releases, SEC v. LG Capital Funding, No. 22-cv-3353 (E.D.N.Y. May 22, 2025). See also Stipulation to Dismiss and Release, SEC v. River North, No. 19-cv-1711 (N.D. Ill. May 22, 2025) (dismissing with prejudice unregistered dealer claims, but continuing to litigate other claims).

[3] Securities and Exchange Act of 1934 Section 3(a)(5) (15 U.S.C. § 78c(a)(5)) (defining dealer) and Section 15(a) (15 U.S.C. § 78o(a)) (requiring dealer registration).

[4] See Complaint, SEC v. Tri-Bridge Ventures, No. 24-cv-05711 (D.N.J. Apr. 29, 2024); Complaint, SEC v. Long, No. 23-cv-14260 (N.D. Ill. Sept. 28, 2023); Complaint, SEC v. LG Capital Funding, 22-cv-3353 (E.D.N.Y. June 7, 2022). See also Complaint, SEC v. River North, 19-cv-1711 (N.D. Ill. Mar. 13, 2019).

[5] SEC v. LG Capital Funding, 702 F.Supp.3d 61 (E.D.N.Y. Nov. 13, 2023) (denying motion to dismiss); SEC v. Long, 2024 WL 3161669 (N.D. Ill. June 25, 2024) (same). See also SEC v. River North, 2019 WL 6527971 (N.D. Ill. Dec. 4, 2019) (same).

[6] See, e.g., SEC v. Keener, 580 F. Supp. 3d 1272 (S.D. Fla. 2022) (granting summary judgment to SEC on unregistered dealer claim), aff’d, 102 F.4th 1328 (11th Cir. 2024) (upholding district court ruling that defendant operated as an unregistered dealer and rejecting due process and equal protection arguments); SEC v. Almagarby, 479 F. Supp. 3d 1266 (S.D. Fla. 2020) (same), aff’d in relevant part, 92 F.4th 1306 (11th Cir. 2024) (upholding district court ruling that defendant operated as an unregistered dealer and rejecting fair notice arguments); SEC v. Carebourn Capital, 2023 WL 6296032 (D. Minn. Sept. 27, 2023) (granting summary judgment to SEC on unregistered dealer claim); SEC v. Fierro, 2023 WL 4249011 (D.N.J. June 29, 2023) (same). See also, SEC v. Morningview Financial, 2023 WL 7326125 (S.D.N.Y. Nov. 7, 2023) (denying motion to dismiss unregistered dealer claim); SEC v. GPL Ventures, 2022 WL 158885 (S.D.N.Y Jan. 18, 2022) (same).

[9] Id. at 1312.

[10] Roth v. SEC, 22 F.3d 1108, 1109 (D.C. Cir. 1994) (internal citation omitted).

[11] See, e.g., 17 CFR 240.15c3-1 (“Rule 15c3-1” or “Net Capital Rule”); Financial Responsibility Rules for Broker-Dealers, Exchange Act Release No. 70072 (July 30, 2013), 78 FR 51823 at 51849 (Aug. 21, 2013).

[12] See, e.g., FINRA Rule 6730(a)(1); FINRA Rule 4530 (Reporting Requirements); Consolidated Audit Trail, Exchange Act Release No. 62174 (May 26, 2010), 75 FR 32556 (June 8, 2010); Joint Industry Plan; Order Approving the National Market System Plan Governing the Consolidated Audit Trail, Exchange Act Release No. 79318 (Nov. 15, 2016), 81 FR 84696 (Nov. 23, 2016) (“CAT Approval Order”).

[13] See, e.g., Market Access Rule (promotes market integrity by reducing risks associated with market access by requiring financial and regulatory risk management controls reasonably designed to limit financial exposures and ensure compliance with applicable regulatory requirements).

[14] See, e.g., Exchange Act Section 17(a) and 17 CFR 240.17a-3 (“Rule 17a-3”) and 240.17a-4 (“Rule 17a-4”). See also, e.g., FINRA Rules 2268, 4510, 4511, 4512, 4513, 4514, 4515, 5340, and 7440(a)(4) (requiring member firms to make and preserve certain books and records to show compliance with applicable securities laws, rules, and regulations and enable SEC and FINRA staffs to conduct effective examinations). Among other things, SEC and SRO books and records rules help to ensure that regulators can access information to evaluate the financial and operational condition of the firm, including examining compliance with financial responsibility rules, among other rules, as well as assess whether and how a firm’s participation in the securities markets impacted a major market event. See Staff Study on Investment Advisers and Broker Dealers As Required by Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Jan. 2011) at 72.

[15] See e.g., Exchange Act Section15(b) (regarding SEC authority to sanction brokers and dealers) and Section 17(b) (broker-dealer recordkeeping and examination).

MIL OSI USA News –

May 27, 2025
MIL-OSI: Clear Blue Technologies International to provide Corporate Update and Report Q1 2025 Financial Results and Host Conference Call on Thursday, May 29th, 2025

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 22, 2025 (GLOBE NEWSWIRE) — Clear Blue Technologies International Inc. (TSXV: CBLU) the Smart Off-Grid™ Company, today announces that it will provide a corporate update and also report financial results for its first quarter 2025 on Wednesday May 28, 2025, after the market closes.

Welcome to Clear Blue 2.0!

Clear Blue has successfully completed its financial restructuring and is now positioned to move forward and execute on the opportunity ahead. The Company has been very busy. Clear Blue will host a conference call on Thursday May 29th, at 11:00 a.m. Eastern Time, to review the financial restructuring, the Company’s 2024 results, and to provide an update on its 2025 outlook and growth plan going forward. Those interested can register at:

Registration Link

https://us06web.zoom.us/webinar/register/WN_06KGLRU8Tf6oobFxiB1LtQ

About Clear Blue Technologies International

Clear Blue Technologies International, the Smart Off-Grid™ company, was founded on a vision of delivering clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 37 countries, including the U.S. and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF)

Legal Disclaimer:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, contact:

Miriam Tuerk, Co-Founder and CEO
+1 416 433 3952
miriam@clearbluetechnologies.com
www.clearbluetechnologies.com/en/investors

The MIL Network –

May 27, 2025

MIL-OSI: Acceleware Ltd. Reports First Quarter 2025 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 22, 2025 (GLOBE NEWSWIRE) — Acceleware® Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), an advanced electromagnetic (“EM”) heating company with highly scalable solutions for large industrial applications, today announced its financial and operating results for the three months ended March 31, 2025 (all figures are in Canadian dollars unless otherwise noted). The Company’s products are branded EM Powered Heat and provide a pathway to economically electrify and decarbonize industrial heating processes previously considered difficult to abate. EM Powered Heat technology is powered by the Company’s proprietary Clean Tech Inverter (“CTI”) for applications including enhanced oil recovery (“RF XL”), mining and mineral processing, carbon capture, cement and concrete, and agri-food. In addition to EM Powered Heat, the Company also provides specialized scientific high-performance (“HPC”) software. This news release should be read in conjunction with the Company’s unaudited interim condensed financial statements and the accompanying notes for the three months ended March 31, 2025 and management’s discussion and analysis (“MD&A”) thereto, together with the audited financial statements for the year ended December 31, 2024, notes and MD&A thereto, all of which are available on Acceleware’s website at www.acceleware.com or on www.sedarplus.ca.

HIGHLIGHTS

Financial highlights:

	Three Months Ended
		March 31, 2025			March 31, 2024
Revenue	$	431,226		$	43,594
Comprehensive loss	$	(382,195	)	$	(969,971	)
R&D expenditures	$	420,829		$	501,115

Acceleware is piloting RF XL at its commercial-scale RF XL pilot project at Marwayne, Alberta (the “RF XL Pilot”). The RF XL Pilot successfully demonstrated the potential of the technology in an operational environment. RF XL is the first application of the Company’s patent-protected CTI. Functionality of the CTI has been proven through scaled field tests conducted in 2019 and 2020, and over six months of operation at the RF XL Pilot. Please refer to the RF XL PILOT UPDATE section below for more information, and to the MD&A for a complete RF XL Pilot update.

Based on positive results to date, Acceleware remains confident that RF XL will become viable as a critical technology in the effort to reduce production costs and decarbonize heavy oil and oil sands production. In 2024, the Company’s operations team continued data analysis, “history-matching” simulations and other analyses of operational data from tests in 2022. The analysis provides evidence that the operation of the RF XL Pilot resulted in sustained heating of the formation around the heating well prior to the pause in operations for maintenance and inspection. In particular, the Company successfully injected RF power into the heating well for over 200 days — a significant milestone and something that has never been achieved before. Also of note is that the CTI successfully operated for seven consecutive months at a variety of power levels and operating conditions during this time.

In the three months ended March 31, 2025, the Company continued to work on the next iteration of the RF XL subsurface system to more concretely address technical issues that were illuminated during the first phase of heating at the RF XL Pilot. These iterations are also expected to significantly reduce the complexity of the subsurface structure, while reducing manufacturing and deployment costs once commercialized. This redesign work is now complete and ready for manufacturing and deployment. The Company is seeking funding for a second phase of heating at the RF XL Pilot incorporating the new subsurface design and existing surface facilities including the CTI. During 2024 the Company confirmed that the expected cost to redeploy the upgraded design at Marwayne would be approximately $5 million including contingency. Also in 2024, the Company announced that it had secured a total of up to $1.3 million in non-dilutive funding from the Clean Resource Innovation Network (“CRIN”) for the next phase of the RF XL Pilot, contingent on the Company sourcing the remaining $3.7 million. The Company has identified several industry and government potential funders and has discussed the project with them. The purpose of the second phase of heating at the RF XL Pilot is to enable higher power to be distributed into the reservoir for a sustained period, resulting in higher reservoir temperatures and oil production, to advance the potential commercial viability of RF XL technology.

In addition to development work, and with results gained from RF XL deployment in Marwayne to date, Management has also initiated a strategic review of the commercialization plan for RF XL. The process involved analyzing various heavy oil and bitumen reservoirs in western Canada, with the goal of identifying the optimal resources for the demonstration of commercial viability of RF XL. These reservoirs included not only the vast McMurray oil sands, but also heavy oil plays including the Clearwater in north-central Alberta, the Bluesky in west-central Alberta, and the Mannville Stack in eastern Alberta and western Saskatchewan. The review process has led Management to conclude that heavy oil plays offer the greatest near-term potential for commercializing RF XL, due to lower initial capital per well, ability to scale from one heating well to many, lower operating cost to effectively decrease viscosity, and the potential for significant incremental production and ultimate recovery to make uneconomic resources economic. Once proven in heavy oil, Management believes the oil sands will offer significant market expansion potential.

In Q1 2025 Acceleware’s board of directors approved an initiative proposed by Management to investigate (in parallel with continued effort to progress a second phase of heating at Marwayne) the opportunity for Acceleware, as an operator, to acquire rights to a suitable heavy oil property, and thereafter apply RF XL as a secondary recovery method to improve the property’s production, cashflow, ultimate recovery and asset valuation. Under this scenario, Acceleware would benefit from the valuation enhancement brought about by RF XL. Management has commenced its investigation pursuant to this initiative as of the date of this news release. In the three months ended March 31, 2025 the Company’s subsurface team refined its reservoir selection criteria and identified several promising locations for a commercial demonstration of RF XL.

As of the date of this news release, the Company completed additional IMII-funded testing of a 100kg per hour prototype potash dryer with further promising results. IMII and its participating members had requested additional testing under various scenarios before considering the Company’s Phase 3 proposal for the design, construction and testing of a new, larger-scale prototype. Acceleware expects to learn if IMII and its members will sanction a Phase 3 project later this year. IMII’s minerals industry members include BHP, Cameco Corporation, Fission Uranium Corp., The Mosaic Company and Nutrien Ltd.

During the three months ended March 31, 2025, Acceleware continued to invest in developing and protecting new intellectual property with the number of patents issued, allowed, applied for, or in development totalling 62. The Company has 28 patents granted or allowed to protect various proprietary technologies and 34 patent applications pending or under development. The Company uses an integrated strategy for IP protection involving a combination of patenting and trade secrets, working closely with the patent offices and intellectual property advisors.

RF XL PILOT UPDATE
Acceleware plans to initiate a second phase of heating after completing a proposed significant subsurface design upgrade to address the moisture ingress issue. Prior to the next phase of heating, all RF XL subsurface components will be removed, and substantially upgraded, and then redeployed. This plan was developed in consultation with industry partners and service providers and among the alternatives examined, it is expected to have the highest probability of achieving higher power injected into the reservoir for a sustained period. The subsurface design was further refined in Q1 2025 to more completely address the moisture ingress issue, to increase simplicity and to reduce costs for the commercial product. The refined design is not expected to materially impact the estimated cost for the second phase of heating at the RF XL Pilot. An estimated additional $5 million of funding is required to complete the redeployment including contingency, and Acceleware is actively working to raise these funds. Acceleware has secured $1.3 million partial funding for the redeployment conditional on securing the balance of the funds from industry partners or other sources. The final timing and cost of the redeployment and subsequent heating is uncertain and remains primarily dependent on financing, partner investment, the time required to source the remaining financing, and the successful deployment of repairs and components.

Total direct funding received for the first phase of the RF XL Pilot was $24.4 million and included $5.9 million from Alberta Innovates, $5.5 million from Sustainable Development Technology Canada (“SDTC”), $5.0 million from Emissions Reduction Alberta (“ERA”), $3.0 million from CRIN and $5.0 million in aggregate from three oil sands operators. See discussion below in Financial Summary. In exchange for funding, the oil sands operators received exclusive access to detailed technical data and test results, prioritized rights to host a subsequent test, preferred pricing on pre-commercial products and preferred access to RF XL products. These major oil sands producers represent well over one million barrels of oil sands and heavy oil production per day.

QUARTER IN REVIEW
Revenue of $431 thousand was recorded in the three months ended March 31, 2025 (“Q1 2025”) compared to $44 thousand in the three months ended March 31, 2024 (“Q1 2024”) and $1.9 million in the previous quarter ended December 31, 2024 (“Q4 2024”). Revenue in Q4 2024 was substantially associated with deferred revenue recognized relating to a contract with one oil sands producer for the RF XL Pilot.

Total comprehensive loss for Q1 2025 was $383 thousand compared to a comprehensive loss of $1.0 million for Q1 2024 and comprehensive income of $0.9 million for Q4 2024. The reduction in comprehensive loss in Q1 2025 compared to Q1 2024 was due to higher revenue and a significant reduction in R&D and G&A expenses. Comprehensive income in Q4 2024 was higher due to revenue related to the RF XL Pilot. Finance expense includes interest expense on convertible debentures and notes payable which are funding the Company’s working capital. Comprehensive income in all periods was impacted by changes in value of the derivative financial instruments embedded within the convertible debenture. The changes in derivative value are driven primarily by the fluctuation in the Company’s share price.

R&D expenses incurred in Q1 2025 were $421 thousand compared to $501 thousand in Q1 2024 and $581 thousand in Q4 2024. R&D spending in Q1 2025 and Q4 2024 was related to the IMII dryer for potash ore and included lab engineering, designing and testing, data analysis, and partner consultations, and to further engineering on the next iteration of the RF XL Pilot. R&D spending in Q1 2024 was related to the RF XL Pilot. There was $nil government assistance received in Q1 2025, Q4 2024 and Q1 2024.

G&A expenses incurred in Q1 2025 were $253 thousand compared to $452 thousand in Q1 2024 and $315 thousand in Q4 2024. There were lower non-cash payroll related costs incurred in Q1 2025 due to the timing of option grants and lower professional fees as the Company continues to prioritize cost control given uncertain economic conditions.

As at December 31, 2024, Acceleware had negative working capital of $3.6 million (December 31, 2024 – negative working capital of $3.4 million) including cash and cash equivalents of $211 thousand (December 31, 2024 – $272 thousand). The increase in negative working capital is attributable to the decrease in cash as well as an increase in short term notes payable, and an increase in deferred management compensation.

In the interests of matching cash requirements with a combination of cash generated from operations, external funding, and capital raising activities, the Company actively manages its cash flow and investments in new products. Acceleware intends to maximize cash generated from operations through several initiatives which include continuing to focus on higher gross margin software products that are marketed through a combination of direct and reseller models; minimizing operating expenses where possible; and limiting capital expenditures. As the Company continues to develop its RF Heating technology, new R&D investments will be financed through a combination of internal cash flow from the HPC business, project funding agreements, government assistance and external financing, when available.

ABOUT ACCELEWARE:
Acceleware is an innovator of clean-tech decarbonization technologies comprised of two business units: Radio Frequency Heating Technology and Seismic Imaging Software.  

Acceleware is piloting RF XL, its patented low-cost, low-carbon production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. Acceleware’s vision is that electrification of heavy oil and oil sands production can be made possible through RF XL, supporting a transition to much cleaner energy production that can quickly bend the emissions curve downward. With clean electricity, Acceleware’s RF XL technology could eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production. RF XL uses no water, requires no solvent, has a small physical footprint, can be redeployed from site to site, and can be applied to a multitude of reservoir types. Acceleware is also actively developing partnerships for RF heating of other industrial applications using the Company’s proprietary CTI.

Acceleware and Saa Dene Group (co-founded by Jim Boucher) have created Acceleware | Kisâstwêw to raise the profile, adoption, and value of Acceleware technologies. The shared vision of the partnership is to improve the environmental and economic performance of the energy sector by supporting ideals that are important to Indigenous peoples, including respect for land, water, and clean air.

The Company’s seismic imaging software solutions are state-of-the-art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies. Acceleware is a public company listed on Canada’s TSX Venture Exchange under the trading symbol “AXE”.

NOTE REGARDING FORWARD-LOOKING INFORMATION AND OTHER ADVISORIES
This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally means information about an issuer’s business, capital, or operations that are prospective in nature, and includes disclosure about the issuer’s prospective financial performance or financial position.

The forward-looking information in this press release can be identified by terms such as “believes”, “estimates”, “plans”, “potential”, and “will”, and includes information about, the expected commercialization of RF XL, the expected cost of the RF XL Pilot, the timing of the execution of the RF XL Pilot and the redeployment, expected financing required for the RF XL Pilot redeployment, the anticipated economic and societal benefits of the RF XL technology, and the future development plans related to potash ore drying prototypes. Acceleware assumes that current cost estimates are accurate, current timelines will not be delayed by either internal or external causes, that research and development effort including the commercial-scale test plans will result in commercial-ready products, and that future capital raising efforts will be successful.

Actual results may vary from the forward-looking information in this press release due to certain material risk factors. These risk factors are described in detail in Acceleware’s continuous disclosure documents, which are filed on SEDAR at www.sedar.com.

Acceleware assumes no obligation to update or revise the forward-looking information in this press release, unless it is required to do so under Canadian securities legislation.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

DISCLAIMER

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information:
Geoff Clark
Tel: +1 (403) 249-9099
geoff.clark@acceleware.com

Acceleware Ltd.
435 10^th Avenue SE
Calgary, AB, T2G 0W3
Canada
Tel: +1 (403) 249-9099
www.acceleware.com

The MIL Network –

May 27, 2025

MIL-OSI USA: ICYMI: Ernst Releases Alarming Report on Tech Vulnerable to China

US Senate News:

Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – In case you missed it, U.S. Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) released a report revealing that billions of dollars in sensitive American intellectual property are vulnerable to China, because the lack of a consistent due diligence standard in the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs has left loopholes for America’s adversaries to exploit.
To safeguard the technology that supports our national security, Chair Ernst is fighting to pass her INNOVATE Act and asked Secretary of Defense Pete Hegseth to investigate and potentially halt all funding to six companies mentioned in the report with troubling ties to China that received nearly $180 million from 2023 to 2024 in SBIR-STTR funding after a due diligence vetting system had been implemented by the agency.
Here is some of the coverage of Ernst’s groundbreaking report:
Bloomberg | Senator Flags China Ties in Program to Aid Defense Startups
“The findings from Senator Joni Ernst add fuel to her campaign to overhaul the programs, which have awarded more than $75 billion since the first one began in 1982.”
Politico | GOP report finds small business innovation grants still carry foreign risk
“Senate Small Business Chair Joni Ernst (R-Iowa) released a report Wednesday that found that small business innovation program grant applicants flagged for foreign risk still received federal funding.”
National Review | Small Business Grants Across Federal Government Vulnerable to Chinese Influence, Report Finds
“Seeking to combat the problem, Ernst’s INNOVATE Act would clearly define “foreign risk” for due diligence reviews across agencies. The legislation would also create eligibility rules for applicants with foreign ties and codifies collaborations between agencies and the intelligence community on foreign risk reviews.”
Politico Morning Defense | Red SBIR?
“Congress previously rewrote SBIR and STTR rules to prevent funds from flowing to China after DOD discovered in 2021 that some SBIR awards had gone to companies linked to the Chinese military. The continued exploitation of the program, however, suggests that DOD may need to take further steps.”
Federal News Network | SBIR/STTR awards remain vulnerable to foreign influence
“Ernst’s investigation comes as Congress must reauthorize the SBIR/STTR programs. The 2022 update expires on Sept. 30. Ernst’s Innovate Act would extend the programs another three years to 2028 and continue to press agencies to address concerns over SBIR mills and foreign influence on awards.”

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: CFTC Resolves Technical Issues with Comment Portal

Source: US Commodity Futures Trading Commission

CFTC Resolves Technical Issues with Comment Portal | CFTC

/PressRoom/PressReleases/9079-25
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May 22, 2025

Washington, D.C. – The Commodity Futures Trading Commission today resolved a technical issue with its online comment submission portal and extended a deadline for comment submissions. The public can submit comments on 24/7 trading and perpetual contracts in derivatives markets until Friday, May 23, 2025.
Comments on 24/7 trading can be submitted through the CFTC’s online portal. Alternatively, commenters may email a PDF of their comments along with their name and organization to [email protected].
Comments on perpetual contracts in derivatives markets can be submitted through the CFTC’s online portal. Alternatively, commenters may email a PDF of their comments along with their name and organization to [email protected].
Those who have previously submitted comments on these matters are encouraged to visit the respective comment portals to confirm their submissions and resubmit comments if necessary.

-CFTC-

MIL OSI USA News –

May 27, 2025
MIL-OSI Security: Sheboygan Man Indicted for Child Pornography Production and Possession

Source: Office of United States Attorneys

Richard G. Frohling, Acting United States Attorney for the Eastern District of Wisconsin, announced that on May 13, 2025, a federal grand jury indicted Nolan M. Pitsch (age: 31) of Sheboygan, Wisconsin, on five counts of production of child pornography and one count of possession of child pornography, in violation of Title 18, United States Code, Sections 2251(a) & (e) & 2252A (a)(5)(B) &)(b)(2).

The indictment alleges that between approximately March 1, 2024, and continuing until at least September 30, 2024, Pitsch knowingly employed, used, persuaded, induced, enticed, and coerced multiple minor children to engage in sexually explicit conduct for the purpose of producing a visual depiction of such conduct, knowing and having reason to know that such visual depiction was and would be produced and transmitted using materials that have been mailed, shipped, and transported in and affecting interstate and foreign commerce by any means, including by computer.

The indictment also alleges that on September 26, 2024, Pitsch knowingly possessed images of child pornography, including images of minors who were under the age of twelve years old.

If convicted of any of the production charges, Pitsch faces a mandatory minimum of 15 years’ imprisonment and a maximum of 30 years’ imprisonment.

If convicted of the possession charge, Pitsch faces up to 20 years’ imprisonment. He also faces up to a $250,000 fine on all of the counts.

This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006, by the U.S. Department of Justice. Led by U.S. Attorneys’ Offices and the Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

This case was investigated by multiply offices of the DHS’s Homeland Security Investigations (HSI) offices in Albany, NY, and HSI Milwaukee, HSI Chicago and Indianapolis offices, as well as the Sheboygan Police Department and the St. Louis County Police Department. It will be prosecuted by Assistant United States Attorney Megan J. Paulson and Trial Attorney William Clayman from the Child Exploitation and Obscenity Section.

An indictment is only a charge and is not evidence of guilt. The defendant is presumed innocent and is entitled to a fair trial at which the government must prove him guilty beyond a reasonable doubt.

# # #

For Additional Information Contact:

Public Information Officer

Kenneth.Gales@usdoj.gov

414-297-1700

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MIL Security OSI –

May 27, 2025
MIL-OSI: Univest Securities, LLC Announces Closing of $5 Million Registered Offering for its Client WORK Medical Technology Group LTD (NASDAQ: WOK)

Source: GlobeNewswire (MIL-OSI)

New York, New York, May 22, 2025 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of registered offering (the “Offering”) for its client WORK Medical Technology Group LTD (Nasdaq: WOK) (the “Company”), a supplier of medical devices in China, through its subsidiary, Work (Hangzhou) Medical Treatment Equipment Co., Ltd. and its subsidiaries in China.

Under the terms of the securities purchase agreement, the Company has agreed to sell to several investors for the purchase and sale of an aggregate of 10,000,000 ordinary units (the “Ordinary Units”) at an offering price of $0.50 per Ordinary Unit.

Each Ordinary Unit consists of one Class A ordinary share, par value $0.0005 (a “Class A Ordinary Share”), one Series A warrant to purchase one Class A Ordinary Share at an exercise price of $1.00 (a “Series A Warrant”), and one Series B warrant to purchase one Class A Ordinary Share at an exercise price of $1.00 (a “Series B Warrant”). The Series A Warrants and Series B Warrants are immediately exercisable upon issuance, with the Series A Warrants expiring in 12 months, and Series B Warrants expiring in 3 months.

The aggregate gross proceeds to the Company were approximately $5 million.

Univest Securities, LLC acted as the sole book-running manager.

The registered offering was made pursuant to a registration statement on Form F-1 (File No. 333-284006) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”). A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering were filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Univest Securities, LLC

Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.

About WORK Medical Technology Group LTD

WORK Medical Technology Group LTD, through its subsidiary, Work (Hangzhou) Medical Treatment Equipment Co., Ltd. and its subsidiaries in China, is a supplier of medical devices that develops and manufactures Class I and II medical devices and sells Class I and II disposable medical devices through operating subsidiaries in China. The Company has a diverse product portfolio comprising 21 products, including customized and multifunctional masks and other medical consumables. All the products have been sold in 34 provincial-level administrative regions in China, with 15 of them sold in more than 30 countries worldwide. The Company has received a number of quality-related manufacturing designations and has registered 17 products with the U.S. Food and Drug Administration allowing their products to enter the U.S. market. For more information, please visit the Company’s website: https://www.workmedtech.com/corporate.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Univest Securities, LLC
Edric Guo
Chief Executive Officer
75 Rockefeller Plaza, Suite 18C
New York, NY 10019
Phone: (212) 343-8888
Email: info@univest.us

The MIL Network –

May 27, 2025
MIL-OSI USA: Murray Presses FDA Commissioner on Senseless and Inefficient Mass Firings, Conflicts of Interest at FDA & Trump Admin Laying the Groundwork to Rip Away Mifepristone

US Senate News:

Source: United States Senator for Washington State Patty Murray

ICYMI: Murray Grills Trump’s FDA Nominee on Cancellation of Critical Vaccine Meeting, Upholding Science on Mifepristone, Contraception

***WATCH: Senator Murray Q&A with Commissioner Makary***

Washington, D.C. — Today, at a Senate Appropriations Agriculture, Rural Development, Food and Drug Administration, and Related Agencies (Ag-FDA) Subcommittee hearing on the fiscal year 2026 budget request for the Food and Drug Administration (FDA), U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate Health, Education, Labor and Pensions (HELP) Committee, grilled FDA Commissioner Marty Makary on the Trump administration’s reckless and chaotic efforts to fire thousands of critical employees at the FDA, conflicts of interest at the agency, and the Trump administration’s attempts to lay the groundwork to rip away access to mifepristone based on discredited junk science from anti-abortion activists.

In opening comments, Vice Chair Murray said:

“Commissioner Makary, the FDA has a really important job to do. Lives literally are at stake. And that work requires the utmost diligence, and care, and commitment to following the science and upholding FDA’s gold standard. We all expect to walk into the drugstore and know that what we are buying has passed a safety and efficacy standard. And we have to be assured of that, and we have to be assured that the work’s been done—that we don’t have to question that.

“So, I don’t think it’s careful leadership when one-in-five people across the FDA are fired, only to frantically then bring some back—because you didn’t stop and think two seconds about whether these jobs were actually important.

“We really, Mr. Chairman, cannot cheap out on the FDA, and expect to maintain the gold standard that means that people know that drugs are safe.

“We can’t just cut, cut, cut and hope no one gets sick when you’re slow to issue a recall, or hope no one needs that medicine that had its approval delayed, or hope there isn’t another infant formula issue while your staff are getting fired, or getting rehired, or wherever they are.

“This work really takes investments, this Committee knows that, and it expects expert staff—like the people that have been shoved out the door. Drug approvals are already getting delayed. Food and drug safety inspections are lagging behind.

“We are going in the wrong direction, fast. We still have yet to see from you a full budget request from you. That is unacceptable.

“You are now testifying that the budget proposes to slash FDA by more than 11 percent. That’s actually news to all of us—and I will tell you right now, that is not going to fly. It is reckless, and it is not going to happen as long as I have anything to say about it.”

[FDA STAFFING]

Senator Murray began her questioning by pressing Dr. Makary on the harm and inefficacy caused by the Trump administration’s mass layoffs and efforts to push out qualified employees across FDA, which have resulted in more than 4,000 staff leaving the agency since the beginning of the Trump administration. “Commissioner Makary, when it comes to your mass firing of FDA employees, in April, you said, ‘I can tell you there were no cuts to scientists or inspectors.’ Well that is not true,” Senator Murray said. “I think Senator Ossoff covered that, and I think the point here is that all of this firing and rehiring—I don’t see how that’s efficient. Frankly, it kind of shows that you don’t know what you’re doing—and you’re breaking things in the process here. So, let me ask you a question, and hopefully it is an easy one for you. Does it save taxpayer dollars to fire staff who work in centers that are fully funded by user fees—not taxpayer dollars—yes or no?”

“You asked me to do an assessment of the staff when I came here for my confirmation hearing, and I hear that you’re criticizing me for bringing back some individuals after the cuts that I was not a part of,” replied Commissioner Makary.

“That’s good—I’m just saying in the long run, this has been very inefficient,” Senator Murray replied. “But my question to you is not about that it, and I know you’ve covered it with several other members. So does it save taxpayer dollars to fire staff who work with centers that are fully funded by user fees, not taxpayer dollars. Is that efficient?”

“The cuts were to HR, IT, communications—,” Commissioner Makary said.

Senator Murray pressed, “They’re funded by user fees, it is not saving any money.”

“In part,” Commissioner Markey interjected.

“But many of the staff you fired were in centers that are actually fully funded by user fees. You know that, correct?” Senator Murray clarified.

Commissioner Makary continued to dodge.

“I’m asking you a specific question about the centers that are fully funded by user fees,” Senator Murray continued.

“That’s one center. That’s the tobacco center,” Commissioner Makary said. “You just said we can’t just keep cut and cut—we can’t keep hiring and hiring, the agency doubled since 2007. So, let me ask you, what is the right number of employees?”

“No, you’re here to answer my questions here, and I’m going to ask some more,” Senator Murray replied. “Without critical support staff you fired, inspectors cannot plan their trips. They cannot do their jobs. I want to ask you, what percent of planned inspections has FDA missed since those April 1^st firings?”

Commissioner Makary said, “In the 12 labs that we have that evaluate food products in the food inspection realm, there are no—as of last week, I just did a check—there are no backlogs. They are running at 100 percent efficiency. There are no drug approval delays despite the—you know, what people want to attribute—”

“That is not what I’ve been told. I have been told—and I would like you to go back and check and report back to us, because we know that some of the planned inspections… that were supposed to take place have been missed. And, to me, why that’s so important, if there is not inspections, the public doesn’t have the information that they need. I am going to run out of time, so I want to move on,” Senator Murray replied.

“There are no cuts to inspectors,” Commissioner Makary said.

“Will you go back and check for me, please?” asked Senator Murray.

“Absolutely,” replied Commissioner Makary.

[CONFLICTS OF INTEREST]

Senator Murray continued by asking about reports of eyebrow-raising conflicts of interest at FDA: “I understand that the FOIA staff producing documents related to ongoing litigation by the Children’s Health Defense—Secretary Kennedy’s organization—was shielded from the RIFs, while other FOIA staff are responsible for FOIA responses at other FDA centers were targeted for termination. Is that true?,” Murray asked.

“That’s not true, senator, we have our FOIA staff. They continue to work at the FDA. I’ve made sure that all the FOIA staff at the FDA are doing their job. We are also using AI to reduce the burden on that staff,” responded Commissioner Makary.

Senator Murray pressed, “Well for the record, my understanding is that the Children’s Health Defense FOIA staff were not fired when other ones were… And that seems like a real conflict of interest to me, considering that the Secretary’s extensive history with that organization, Children’s Health Defense, and his goal to remove authorizations for vaccines. So, I just want that on the record—”

“It’s not true. Well, all FOIA staff are in place,” Commissioner Makary continued to claim.

[MIFEPRISTONE]

Senator Murray moved on to her next question, pressing Commissioner Makary on the Trump administration’s attempts to lay the groundwork to restrict access to medication abortion based on junk science being pushed by anti-abortion extremists. Murray asked: “If a study came out saying that people who took a certain medication experience a certain rate of ‘serious adverse events,’ but the study’s authors refused to say what they were counting as an adverse event—would raise some serious questions about the study’s validity?”

“Yes, senator. So I have the natural inquisition of a scientist that’s done a lot of research. So, I would want to see the underlying data, yes,” replied Commissioner Makary.

“I am, of course, talking about the recent sham ‘study’ from the Ethics and Public Policy Center—it’s an anti-abortion group, it’s bank-rolled by extremists, they fought to overturn Roe v. Wade,” Murray said. “And this ‘study,’ if you can call it that, is unsound and has been widely panned by medical experts. But, days after its release, you and Secretary Kennedy are now suggesting we need a ‘complete review’ on the safety of mifepristone.”

“Now, to be clear: mifepristone has been proven safe and effective in more than 100 studies over three decades. And the people that are now pushing that bogus ‘study’ and saying mifepristone is dangerous for women are the exact same people who think that abortion is never necessary to save a woman’s life, and that 10-year-olds should somehow be forced into childbirth. I believe that this administration is laying the groundwork to rip away access to medication abortion across the country,” Murray said. “This has not gotten enough attention. And I know you’d prefer to keep it that way, but I want you to know: I’m not going to let that happen.”

“I have not seen that study, Senator, and you have not seen that study. So how can you call it a sham, bogus study? Neither of us have seen the study, the underlying data, or the methodology,” Commissioner Makary said.

“Actually, that’s not true,” Murray replied. The Ethics and Public Policy Center is an anti-abortion advocacy group that was an advisory board member for Project 2025, has submitted amicus briefs to the Supreme Court opposing mifepristone, and does not believe in life-saving abortions—putting them far outside the medical mainstream. As the Washington Post fact-check of the ‘study’ points out, unlike most credible medical studies, the Ethics and Public Policy Center report did not undergo a formal external peer review before publication and “moreover, the report oddly does not reveal the database it used”—making it impossible for anyone to view the underlying data. That hasn’t stopped the anti-abortion Ethics and Public Policy Center from launching an activist campaign around the release of the data and even admitting the goal was to “eliminate” abortion pills.

On May 14^th in a HELP Committee hearing with Health and Human Services Secretary Robert F. Kennedy (RFK) Jr. Senator Josh Hawley (R-MO) secured a commitment from Secretary Kennedy that HHS and FDA would review what RFK Jr. referred to as “alarming” new data on mifepristone—referencing the EPCC study alone. “It’s alarming, and it indicates that at the very least, the label should be changed,” Secretary Kennedy said. “I’ve asked Marty Makary at the FDA to do a complete review and report back.” Senator Hawley secured the same commitment from President Trump’s nominee to serve as Deputy Secretary of Health and Human Services in a HELP Committee hearing on May 8^th—again, based solely on the EPCC ‘study’ that has not been peer-reviewed or published in a medical journal and has attracted widespread scrutiny for appearing to dramatically overstate what it characterizes as “serious adverse effects” associated with the pill.

____________________________________

As a longtime appropriator and former Chair of the Senate HELP Committee, Senator Murray has a long history of demanding accountability and careful oversight when it comes to the safety of products families use every day. At the end of 2022, Senator Murray passed legislation giving FDA new authority to, for the first time ever, regulate the safety of cosmetic products and force a recall when necessary—and she successfully fought to secure funding for this important work last year as Chair of the Senate Appropriations Committee. Senator Murray has also previously pressed FDA and industry for answers and action regarding asbestos in children’s make up kits, demanded answers from Johnson & Johnson regarding asbestos found in baby powder, and was a leading voice in holding FDA accountable and pushing for solutions following the infant formula contamination and shortage crisis in 2022.

Senator Murray leads the Democratic caucus on reproductive health care and, throughout her career, has beat back countless Republican attempts to defund Planned Parenthood and other family planning services—and is widely credited with successfully pushing the Bush administration’s FDA to follow the science and make Plan B available over the counter. Senator Murray led the response in Congress to FDA v. Alliance for Hippocratic Medicine, a lawsuit brought by Republican anti-abortion extremists trying to rip away access to mifepristone, a safe and effective abortion medication that was approved by FDA in 2000—Murray led multiple amicus briefs, organized her colleagues, and raised the alarm at every turn. Last June, the Supreme Court dismissed the case on standing groups but Murray made clear that “the nationwide threat to medication abortion has not gone away—far from it. If Donald Trump and his anti-abortion allies return to power, they will do everything they can to rip away access to mifepristone and ban abortion nationwide.” Murray also spearheaded efforts in Congress urging the FDA to follow the science and review the application of Opill, the first over-the-counter birth control pill, after the FDA’s Advisory Committee voted unanimously to recommend FDA approval.

In March, at Dr. Makary’s nomination hearing before the Senate HELP Committee, Senator Murray pressed Dr. Makary to commit to upholding the science on mifepristone and contraception—he refused to definitively answer her question.

MIL OSI USA News –

May 27, 2025
MIL-OSI New Zealand: Parliament Hansard Report – Taxation (Budget Measures) Bill (No 2) — In Committee—Part 1 – 001481

Source: Govt’s austerity Budget to cause real harm in communities

Hon SIMON WATTS (Minister of Revenue): Thank you very much, Madam Chair. Look, a very good morning, everyone. Welcome back to the growth Budget, and what a great Budget it is. I don’t mind doing a basic lesson in what depreciation is for the member because, in effect, what we are doing is increasing the rate at which people can claim a tax deduction, increasing it in the first year and the balance will be claimed for the rest of the asset life. This is a timing difference; we are bringing forward that ability to claim that tax deduction. We’re not creating some new world or new paradigm of other aspect. We are simply moving that benefit forward so that New Zealand businesses can achieve a tax deduction—from yesterday—and get the benefit of that in terms of less tax this year.

That is a significant investment and opportunity for them as a business. But it in no way has any impact on what would be a normal rate of depreciation on any economic asset over the life of that asset. So the whole premise of the question is uninformed and without basis. Our policy is very much focused on delivering that economic growth. And heck, I mean, I guess some people in the House are concerned about too much economic growth. But on this side of the House, we think a little bit differently. We sort of think economic growth is a good thing. It sort of helps us with a range of factors including higher paid jobs, better standard of living, and more tax revenue flows.

CHAIRPERSON (Barbara Kuriger): That’s true, but that’s not what the member asked the Minister, thank you.

Hon SIMON WATTS: Well, the member asked about the risks in regards to the policy and I have clarified that it is a depreciation policy which is well articulated in accounting standards.

MIL OSI New Zealand News –

May 27, 2025
MIL-OSI New Zealand: Parliament Hansard Report – Thursday, 22 May 2025 (continued on Friday, 23 May 2025) – Volume 784 – 001482

Source: Govt’s austerity Budget to cause real harm in communities

Hon SIMON WATTS (Minister of Revenue): Thank you very much, Madam Chair. Look, a very good morning, everyone. Welcome back to the growth Budget, and what a great Budget it is. I don’t mind doing a basic lesson in what depreciation is for the member because, in effect, what we are doing is increasing the rate at which people can claim a tax deduction, increasing it in the first year and the balance will be claimed for the rest of the asset life. This is a timing difference; we are bringing forward that ability to claim that tax deduction. We’re not creating some new world or new paradigm of other aspect. We are simply moving that benefit forward so that New Zealand businesses can achieve a tax deduction—from yesterday—and get the benefit of that in terms of less tax this year.

That is a significant investment and opportunity for them as a business. But it in no way has any impact on what would be a normal rate of depreciation on any economic asset over the life of that asset. So the whole premise of the question is uninformed and without basis. Our policy is very much focused on delivering that economic growth. And heck, I mean, I guess some people in the House are concerned about too much economic growth. But on this side of the House, we think a little bit differently. We sort of think economic growth is a good thing. It sort of helps us with a range of factors including higher paid jobs, better standard of living, and more tax revenue flows.

CHAIRPERSON (Barbara Kuriger): That’s true, but that’s not what the member asked the Minister, thank you.

Hon SIMON WATTS: Well, the member asked about the risks in regards to the policy and I have clarified that it is a depreciation policy which is well articulated in accounting standards.

MIL OSI New Zealand News –

May 27, 2025
MIL-OSI USA: News 05/20/2025 Blackburn, Moolenaar Call for Investigation Into Chinese EV Charging Startup

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)
WASHINGTON, D.C. – U.S. Senator Marsha Blackburn (R-Tenn.) and U.S. Representative. John Moolenaar (R-Mich.), Chairman of the House Select Committee on China, sent a letter to U.S. Department of Commerce Secretary Howard Lutnick and U.S. Department of Defense Secretary Pete Hegseth urging an investigation into Autel Energy, a Chinese electric vehicle (EV) charging startup, and its connections to the Chinese Communist Party. Autel Energy represents a national security risk to the United States given its access to consumer data and critical grid infrastructure.
Autel Energy Shares a Parent Company with Autel Robotics, a Company U.S. Government Recently Listed as National Security Concern
“Autel Energy manufactures electric vehicle (EV) charging stations and is a wholly owned subsidiary of Autel Intelligent Transportation Corp.—the same parent company to Chinese drone maker Autel Robotics, which the U.S. government recently added to the Department of Commerce’s Entity List and the Chinese military companies list. We are concerned that Autel Energy’s products pose many of the same risks to U.S. economic and national security as those manufactured by Autel Robotics and its parent company, both of which are openly affiliated with the CCP and People’s Liberation Army.”
Autel Energy Has Taken Steps to Hide Ties to Chinese-Controlled Parent Company
“Autel Energy styles itself as Autel Intelligent Technology Corp. on its website but has otherwise taken steps to hide the company’s ties to its Chinese controlled parent corporation through new investments in the U.S., where affiliation with a strategic ally of the PRC is deliberately deemphasized. The company recently opened a new assembly facility in the United States and claims that it manufactures Build America, Buy America compliant products that are eligible for the federal government’s EV infrastructure support program. This follows the same playbook deployed by Autel Robotics, which previously advertised a ‘Made in USA’ drone for sale in American markets, targeted towards state and local governments, even though the drone utilized prohibited technology from ZTE and HiSilicon.”
Blackburn, Moolenaar Push for Investigation into Autel Energy to Protect Consumer Data and National Security
“And much like Autel Robotics, Autel Energy products have the capacity to access and collect significant sensitive consumer data that could be used for nefarious purposes. The company operates with few—if any—restrictions, even though the EV charging stations they manufacture, sell, and deploy in the U.S. can collect and transmit sensitive driver data generated by electric vehicles during a charging session. These products are also connected to critical electrical infrastructure, enhancing the risks posed to American economic and national security. For these reasons, we request that your agencies investigate whether Autel Energy meets the requirements for designation on the aforementioned lists.”
Click here to read the full letter.

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: News 05/22/2025 VIDEO: Tennessee Artist Martina McBride Urges Congress to Pass Blackburn’s NO FAKES Act

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)
WASHINGTON, D.C. – U.S. Senator Marsha Blackburn (R-Tenn.), Chair of the Senate Judiciary Subcommittee on Privacy, Technology, and the Law, led a hearing examining the consequences of AI-generated deepfakes. During the hearing, Tennessee multi-platinum country music singer-songwriter, Martina McBride, called on Congress to pass Senator Blackburn’s NO FAKES Act to protect individuals and creators from digital replicas. Read more about this legislation here, and watch full video of the hearing here.

Click here to download this photo of Martina McBride with Senators Blackburn, Coons, and Klobuchar, who co-authored the NO FAKES Act.
Blackburn: Deepfakes Pose Significant Threat to Livelihoods of All American Artists & Creators
Senator Blackburn: “Deepfakes cause tremendous harm, and today we’re going to examine those harms and the legislative solutions, including the NO FAKES Act that Senators Coons, Klobuchar, Tillis, and I have introduced… specifically to address these harms. First, these deepfakes pose significant harm to our content creators. From Music Row to Beale Street back over to the Smoky Mountains in Upper East Tennessee, Tennesseans have made their mark in the music world, and we’ve got one of those artists with us today. But the proliferation of these digital replicas created without the artists’ consent pose a real threat to their livelihoods and the livelihoods of all American artists and creators. The NO FAKES Act is a monumental step forward in protecting our creative community. It provides landmark protection of the voice and visual likenesses of all individuals and creators from the spread of these digital replicas that are created without their consent… All these content creators, our children, and all Americans deserve nothing less than our best efforts on this issue.”
McBride Calls on Congress to Pass ‘Landmark’ NO FAKES Act to Provide a Roadmap for AI and Protect Creators’ ‘Most Personal Human Attributes’
Martina McBride: “Today, my voice and likeness, along with so many others, are at risk… The NO FAKES Act would give each of us the ability to say when and how AI deepfakes of our voices and likenesses can be used. If someone doesn’t ask before posting a harmful deepfake, we could have it removed without jumping through unnecessary hoops or going to court. It gives every person the power to say ‘yes’ or ‘no’ about how their most personal human attributes are used. It supports AI technology by providing a roadmap for how these powerful tools can be developed in the right way, and it doesn’t stand in the way of protected uses like news, parodies, or criticism… I urge you to pass the bill now.”
Click here to download video of Senator Blackburn’s opening statement.
Click here to download video of the full hearing.

MIL OSI USA News –

May 27, 2025
MIL-OSI USA: Luján Calls Out House Republican Bill for Selling Off Spectrum to Benefit Billionaires Instead of Connecting Americans

US Senate News:

Source: United States Senator Ben Ray Luján (D-New Mexico)
Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), Ranking Member of the Telecommunications and Media Subcommittee, released the following statement on the House Republican bill that proposes auctioning off critical spectrum to fund tax handouts for the wealthiest Americans and corporate special interests, rather than investing in expanding broadband access:
“Tucked into House Republicans’ massive giveaway for the wealthiest Americans is a plan to auction off 600 MHz of spectrum — bypassing the committee process, ignoring bipartisan concerns, and doing nothing to connect more Americans to affordable, reliable internet.
“There is strong bipartisan concern about handing over this spectrum. Yet House Republicans are moving ahead at President Trump’s directive, prioritizing billionaires over the urgent need to invest in broadband access.”
Senator Luján has built bipartisan support to use spectrum auction proceeds to expand broadband access. Last Congress, Senator Luján led a bipartisan amendment with Senators Daines, Welch, Vance, Rosen, and Wicker to use $9 billion of spectrum auction proceeds to fund critical communications infrastructure and affordability. The Senate Commerce Committee passed legislation to do the same. Democrats in the House and Senate worked to include this policy in the National Defense Authorization Act for 2025, authorizing $3.08 in spectrum auction proceed from the AWS-3 auction and fund the Secure and Trusted Communications Networks Act, removing security vulnerabilities from critical infrastructure.
Radio spectrum (“spectrum”) is the continuum of frequencies used to provide wireless services, such as radio broadcasting, mobile communications, and satellite services. Since Congress first authorized the Federal Communications Commission (FCC) to auction spectrum in the 1990’s, the FCC has raised over $250 billion in revenue. As Ranking Member of the Subcommittee on Telecommunications and Media, Senator Luján has jurisdiction over the Federal Communications Commission (FCC) that conducts spectrum auction and the National Telecommunications and Information Administration (NTIA) that is responsible for managing spectrum for federal agencies including the Department of Defense.

MIL OSI USA News –

May 27, 2025

MIL-OSI: Prairie Provident Reports on AGM Voting Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 22, 2025 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) (TSX:PPR) announces voting results from its annual and special shareholders’ meeting held today (the “Meeting”). A total of 1,216,965,050 common shares, representing approximately 86.8% of the Company’s issued and outstanding common shares, were represented in person or by proxy at the Meeting.

All of the matters put forward to the shareholders, as set out in the Company’s notice of meeting and information circular dated April 15, 2025 (the “Information Circular”), a copy of which is available from the SEDAR+ website at www.sedarplus.ca or the Prairie Provident website at www.ppr.ca, were approved by the requisite majority of votes cast at the Meeting.

Election of Directors

At the Meeting, each of Glenn Hamilton, Dale Miller, Matthew Shyba and Kathy Turgeon was elected, by ordinary resolution, as a director of Prairie Provident for the ensuing year, to hold office until the close of the next annual meeting of shareholders.

Following are details as to the number of votes cast ‘for’ the election of each director nominee at the Meeting, and the percentage that figure represented of the total shares voted or withheld from voting in respect of that nominee.

Director	Number of votes FOR election	% of total votes FOR
Glenn Hamilton	1,207,754,472	99.9%
Dale Miller	1,207,856,769	99.9%
Matthew Shyba	1,207,691,265	99.9%
Kathy Turgeon	1,207,736,113	99.9%

Other Matters

Shareholders also passed at the Meeting a series of resolutions approving, in each case by a majority of over 99% of votes cast, all other items of business set out in the Information Circular These other items of business consisted of: (i) appointing Ernst & Young LLP as the auditor of the Company for the ensuing year; (ii) approving unallocated entitlements under the Prairie Provident stock option plan and incentive security plan, as well as certain amendments to such plans; (iii) approving a consolidation of the outstanding common shares, and authorizing the Company’s board of directors to determine a consolidation ratio between 20-to-1 and 30-to-1; and (iv) approving amendments to the Company’s authorized share capital to create a new class of non-voting common shares.

No further determinations have been made with respect to the proposed share consolidation, which remains subject to acceptance by the Toronto Stock Exchange (TSX). Upon the Prairie Provident board of directors determining to proceed with the consolidation, the Company will issue a news release to announce the consolidation ratio, the timing for implementation and the commencement of TSX trading on a post-consolidation basis, and the process for registered shareholders to exchange certificates evidencing pre-consolidation shares for new certificates or direct registration system (DRS) advice statements evidencing post-consolidation shares.

ABOUT PRAIRIE PROVIDENT

Prairie Provident is a Calgary-based company engaged in the development of oil and natural gas properties in Alberta. The Company’s strategy is to optimize cash flow from our existing assets to fund low risk development, maintain stable cash flow, while limiting its production decline.

For further information, please contact:

Dale Miller, Executive Chairman
Phone: (403) 292-8150
Email: investor@ppr.ca

The MIL Network –

May 27, 2025

MIL-OSI United Kingdom: More Teachers to benefit from flexible working
Source: United Kingdom – Executive Government & Departments

Press release

More Teachers to benefit from flexible working

Government extend successful programme that supports teachers to plan lessons from home, job-share or work flexible hours.
More teachers are expected to benefit from flexible working thanks to a successful initiative that will help improve teacher retention and deliver high standards for pupils.

The Government’s Flexible Working Ambassadors Programme has been extended for a further year to support more schools across the country, enabling teachers to plan lessons from home, job-share or work flexible hours – so they have the time and energy to be at the front of the classroom, delivering high and rising standards for children.

As part of its Plan for Change, the Government is committed to recruiting an additional 6,500 expert teachers over the course of this Parliament, so every young person has access to an excellent education. The quality of teaching is the single biggest driver of higher standards in schools.

Hundreds of millions of pounds are also being invested by Government to offer tax free financial incentives and professional development to attract and keep the best and brightest teachers across the country, alongside targeted action to improve teachers’ workload and wellbeing.

This action is working, with two thousand more secondary school teachers training this year than last, a 25% increase in the number of people accepting teacher training places in STEM subjects, and more teachers forecasted to stay in the profession.

The announcement today follows the Government accepting the schoolteachers’ pay body recommendation which will give teachers a pay boost of 4% from this September, taking a major step towards re-establish teaching as an attractive, expert profession.

This builds on the work already underway to drive high and rising standards for all schools, including a stronger accountability system through reforms to Ofsted inspection, new regional improvement teams to tackle poorly performing schools, and a new, rich and broad curriculum so pupils are set up for life, work and the future.

Schools Minister, Catherine McKinnell said:

My number one priority is making sure every child has an expert teacher at the front of their classroom, as we know high-quality teaching makes the biggest difference to education outcomes.

We highly value our brilliant teachers, and they deserve working conditions that recognise their professionalism and support their wellbeing.

I’ve seen first-hand how working flexibly can transform teachers’ lives for the better and drive high and rising high standards for their pupils. Our Flexible Working Ambassadors Programme will help make sure we deliver on our pledge to recruit and retain more teachers.

The latest figures show that 46 per cent of teachers had a flexible working arrangement in place in 2024, up by 6 percentage points since 2022. But with 47 per cent of teaching staff who said they were considered leaving state education citing a lack of flexible working opportunities as one of the reasons, the Government is going further and faster to ensure every school supports their staff’s working lives in modern, practical ways – delivering the best possible education for children and young people.

Evidence shows a high-quality teacher can make around half a GCSE grade difference per pupil per subject, showing the importance of allowing teachers to work flexibly, to retain the best teachers and help children achieve and thrive.

Research also found 82 per cent of school leaders offering flexible working agreed that it had helped to retain teachers who might otherwise leave. 62 per cent of parents said children being taught by two teachers in a job-share arrangement had no impact, or a positive impact, on their child

CEO of Reach Schools, Rebecca Cramer said:

Flexible Working is imperative to keep great teachers in the classroom. Through the FWAMS programme we have supported schools to employ a culture of openness and communication around how teachers work.

Schools that think innovatively and embrace change around teachers’ work arrangements enhance teacher well-being and productivity and ultimately have a positive impact on the young people in our classrooms.

Director of Humanities and Social Sciences at Reach Academy Feltham, Sarah Corrigan said:

Flexible working has allowed me to stay in the classroom doing something that I love. Without the option of part-time work and some full-time flex, I would have struggled with my work life balance and would have left the teaching profession.

Reach has supported me to return from maternity leave on a part-time basis. Also, like all other teachers in our school, I have been encouraged to take advantage of flex to ensure that I don’t miss the big events in my and my family’s lives by using term time annual leave and compressed hours.

The programme is free to all schools and helps to drive the culture change needed, by offering a range of practical support and resources for schools and teachers.

The extension means more schools can get involved in every region of the country, with a focus on supporting schools in disadvantaged areas, as well as special and alternative provision schools where there can be additional challenges.

The Government is also leading the way in modernising the education sector by harnessing the power of AI to free up teachers’ time and unlock more pupil interactions.

Using AI can reduce time spent on admin by several hours a week which is critical to retaining good teachers and bringing more people into the profession – so that teaching can once again be a profession that sparks joy, not burnout.

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Published 23 May 2025
MIL OSI United Kingdom –
May 27, 2025
MIL-OSI Australia: Job Scam Fusion Cell disrupts fake job networks targeting Australians
Source: Australian Ministers for Regional Development

The National Anti-Scam Centre’s Job Scam Fusion Cell removed more than 29,000 scam social media accounts and 1850 fake job advertisements in a crackdown on employment scams targeting vulnerable Australians looking to ease cost of living pressures.

The fusion cell, which ran from September 2024 to March 2025, has published its report highlighting the combined efforts of government, law enforcement, academics, and the private sector in a coordinated effort to tackle the sharp rise in job and employment scams.

From 2022 to 2023, financial losses due to job scams increased by 151 per cent. In 2024, Scamwatch received more than 3000 reports of job scams, with reported losses totalling $13.7 million. Average losses to these scams were 5.1 per cent higher than the average for all other scam types.

“Job scams have been one of the fastest growing scam types, as scammers are increasingly preying on people seeking relief from cost-of-living pressures,” ACCC Deputy Chair Catriona Lowe said.

“These scams disproportionately impact people on low incomes, culturally and linguistically diverse communities, international students, non-resident visa holders, people with caring responsibilities, and others with limited employment options.”

“Job scams result in significant financial losses and put people at risk of identity theft through loss of personal information. That’s why we’ve worked collaboratively to disrupt these scams through intelligence-sharing, awareness campaigns, and targeted interventions,” Ms Lowe said.

Key initiatives undertaken and implemented by the Job Scam Fusion Cell include:
- Working with Meta to remove 29,000 accounts sharing job scam content
- Referring 836 scammer cryptocurrency wallets to digital currency exchanges for analysis and investigation, leading to blocking and blacklisting of wallets
- Referring 1850 scam enablers such as websites and scam job advertisements for removal
- Disrupting scammers’ impersonation of Australian Government entities, such as the Department of Foreign Affairs and Trade, the Department of Home Affairs, and APSJobs
- Holding awareness and prevention forums with organisations across the tertiary education sector to enable them to deliver scams awareness messaging
- Coordinating a social media campaign, tailored for at-risk groups
- Creating guides for businesses, including about how to protect themselves and the community from impersonation of their business and regarding identification and disruption of Job Scam Payments
- Establishing data sharing arrangements with cryptocurrency platforms
The fusion cell identified key risks with the impersonation of healthcare providers in scam job advertisements being used to harvest personal information and extract money from job seekers.

The National Anti-Scam Centre provided tailored advice to more than 40 organisations in the sector, including major state and territory hospitals, and small healthcare services, to help better protect job seekers. These efforts contributed to a near elimination of Scamwatch reports involving impersonation of healthcare organisations by March 2025.

In addition to these specific initiatives, the fusion cell provides a great sandbox environment – participants can move beyond saying to doing, to try different techniques and see what works. A number of Job Scam Fusion Cell initiatives are now being examined for their application to other scam types. Others have become part of business-as-usual activity past the life of the fusion cell.

“The work of the job scam fusion cell has been strategically targeted, drawing on data from victims’ experiences, Scamwatch and ReportCyber reports, stakeholder insights, and intelligence from participants. This approach has helped prevent and disrupt scams and has achieved significant and encouraging results,” Ms Lowe said.

The National Anti-Scam Centre continues to work with partners across sectors to analyse emerging threats, raise awareness, and implement targeted interventions that disrupt scams before they reach consumers.

Job and employment scams
- Scammers advertise job opportunities so they can steal money and personal information. Stop and check any job ad that requires payment of money to make money. It could be a scam.
- Scammers offer jobs that claim to pay well with low effort. But it’s only the scammer that will make money in the end. Often the job doesn’t exist at all.
- Scammers pretend to be hiring on behalf of high-profile companies and online shopping platforms. They also impersonate well-known recruitment agencies.
- Scammers may make contact unexpectedly through text message or encrypted message platforms like WhatsApp, Signal or Telegram.
- Scammers often ask for payment claiming it is required so you can start the role and get the income they’ve promised. Don’t enter any arrangement that asks for up-front payment via bank transfer, PayID or cryptocurrency, like Bitcoin or USDT. It’s rare to get money back that is sent this way.
- Don’t trust a job ad is real just because it appears on a trusted platform or website – scammers post fake ads too. If you come across a scammer, report it to the platform or agency and to scamwatch.gov.au.
- Never send passport, identity documents, or bank account details to an employer or recruitment firm unless certain they are genuine.
How to spot and avoid scams

STOP – Don’t give money or personal information to anyone if you’re unsure. Scammers will create a sense of urgency. Don’t rush to act. Say ‘no’, hang up, delete.

CHECK – Ask yourself could the call or text be fake? Scammers pretend to be from organisations you know and trust. Contact the organisation using information you source independently, so that you can verify if the call is real or not.

PROTECT – Act quickly if something feels wrong. Contact your bank immediately if you lose money. If you have provided personal information call IDCARE on 1800 595 160. The more we talk the less power they have. Report scams to the National Anti-Scam Centre’s Scamwatch service at scamwatch.gov.au when you see them. If you’re contacted on a messaging platform like WhatsApp or iMessage, please also report the scam in the app.

Background

Fusion cells are time-limited taskforces designed to bring together expertise from government and the private sector to take timely action to address specific, urgent scam issues. The National Anti-Scam Centre is coordinating a series of fusion cells with different participants to address significant scam issues.

The second fusion cell was announced in July 2024, following the first fusion cell on combatting investment scams.

MIL OSI News –
May 27, 2025

Category: Technology

Executive summary

Introduction

Audience and scope

Securing data throughout the AI system lifecycle

Best practices to secure data for AI-based systems

Data supply chain – risks and mitigations

General risks for data consumers3

Risk: Curated web-scale datasets

Risk: Collected web-scale datasets

Risk: Web-crawled datasets

Final note on web-scale datasets and data poisoning

Maliciously modified data – risks and mitigations

Risk: Adversarial Machine Learning threats

Risk: Bad data statements

Risk: Statistical bias6

Risk: Data poisoning via inaccurate information

Risk: Data duplications

Data drift – risks and mitigations

Conclusion

References

Works cited

Disclaimer of Endorsement

Purpose

Notice of Generative AI Use

Contact

IMF Communications Department

MEDIA RELATIONS

More Teachers to benefit from flexible working

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Updates to this page

Job and employment scams

How to spot and avoid scams

Background

General risks for data consumers³

Risk: Statistical bias⁶