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In-N-Out Burger Owner Lynsi Torres Named Youngest Female Billionaire

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In-N-Out Burger

 

In-N-Out Burger owner, Lynsi Torres is the youngest female Billionaire on Earth.  According to a new report from Bloomberg, the private In-N-Out Burger owner has inherited the West Coast-based company from her grandparents, Harry and Esther Snyder.

Harry Snyder died in 1976. His second son, Rich, served as executive president until he passed away in a plane crash in 1993 at the early age of 41. Torres’s father, Harry Guy Snyder, then took over and grew the chain to 140 restaurants before he died from a prescription drug overdose in 1999.Lynsi Torres Youngest Female Billionaire

Torres’s grandmother Esther, was in control of the company until she died in 2006 at age 86. After her death, Lynsi Torres was the sole family heir, and she now controls the company through a trust that gave her half ownership when she turned 30 last year, reports The Inquisitr. When she turns 35 in 2017, Torres will inherit full ownership.

Torres, who has no college degree and little business training has transformed her grandparents’ initial, tiny drive-thru shop into an estimated $1.1 billion empire company.

That’s just an estimate though. Carl Van Fleet, In-N-Out Burger’s vice president of planning and development, said in an e-mailed statement to Bloomberg, “In-N-Out Burger is a private company and this valuation of the company is nothing more than speculation based on estimates from people with no knowledge of In-N-Out’s financials, which are and always have been private.”

In-N-Out is famous for their Double-Double cheeseburgers, fresh cut potato fries, secret menu and discreet biblical citations on its cups and food wrappers.

In-N-Out has never made any statement about the decision as to why they have the religious notations, but Rich Snyder called for them to be added in 1987. “He told me, ‘It’s just something I want to do,” company spokesperson Carl Van Fleet once told USA Today.

In-N-Out has almost 281 restaurant in five states. The closely held company had sales of about $625 million in 2012, after applying a five-year compound annual growth rate of 4.6 percent to industry trade magazine Nation’s Restaurant News’s 2011 sales estimate of $596 million.  In-N-Out is valued at about $1.1 billion, according to the Bloomberg ranking.

The burgers at In N Out are really as good as everyone says they are. They’re cheap too. For the fresh taste at that price, you wouldn’t think the company would be worth so much.

If you are hoping for an In-N-Out Burger restaurant to open close to where you live, it may happen. Conrad Lyon, a Los Angeles-based senior restaurants analyst for B. Riley Caris, told Bloomberg that expansion will continue to be gradual for the In N Out Burger chain.

“I would expect slow, calculated growth,” he said. “To outsiders the company’s growth out West likely appears sluggish. However, it was management carefully leveraging its brand, real estate and distribution. As a private company-owned system, In-N-Out has the luxury of calling the shots to replicate its success without succumbing to potentially detrimental outside influences.”

Now, who is this female billionaire? In September 2012, Lynsi Torres bought a $17.4 million, 16,600-square-foot mansion in Bradbury, California, in the foothills of the San Gabriel Mountains. A Realtor.com listing for the house described it as having seven bedrooms, 16 bathrooms, a pool, a tennis court, a golf course, a gourmet kitchen and many other amenities you couldn’t imagine having in a home.

She’s been married three times. A proud mommy of twins. She also has a strange hobby of drag racing cars as much as 170 miles per hour. Her current husband is race car driver Val Torres Jr.

“My father had a passion for drag racing and that passion lives in me,” Lynsi Torres once told CompetitionPlus. “Drag racing has played a big role in In-N-Out’s history and it is also an important part of my family history.”

In-N-Out Burger Heiress: One of World’s Youngest Billionaires

Lynsi Torres will soon own all of the fast-food chain, doubling her wealth.

Youngest Woman Billionaire Made Fortune Flipping Burgers at In-N-Out

The youngest female billionaire in the U.S. — and one of the youngest on Earth — owes her $1.1 billion fortune to flipping burgers, according to the Bloomberg Billionaires Index.

Lynsi Torres, 30, is owner and president of the In-N-Out Burger chain, whose restaurants have earned a following so devoted, says Bloomberg, that customers line up hours in advance of a new store’s opening.

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Cryptocurreny

Are Hackers Friends Of Crypto Industry Or Are They Enemies?

Hackers have been paid more than $30,000 for exposing and fixing security issues in crypto companies but at the same time, hackers are also the reason why some of them lose money. Click To Tweet

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Hackers have been paid more than $30,000 for exposing and fixing security issues in crypto companies but at the same time, hackers are also the reason why some of them lose money.
Hackers have been paid by crypto companies to fix bugs. Photo: Christoph Scholz | Flickr | CC BY-SA 2.0

The unregulated universe of cryptocurrencies have found its unlikely allies among hackers in solving systemic problems and fixing bugs, a report reveals.

Crypto companies including crypto exchanges have paid a lump sum of at least $32,150 to different white-hat hackers by fixing the security flaws in popular crypto and blockchain platforms such as TRON, Brave, EOS, and Coinbase.

The data revealed that 15 blockchain and crypto-related firms had made hefty payments as rewards to security researchers between March 28 and May 16. The said rewards were made concerning 30 publicly-released bug reports during the entire duration.

Among all the companies who had the security threats, Omise, the software firm behind cryptocurrency OmiseGo, need the most fixes with six disclosed bugs and security issues. Blockchain-powered prediction market Augur disclosed three reports, as did Brave Software, makers of the Brave browser, which features its own native token.

Crypto and blockchain technology has since been criticized by different financial institutions for being volatile and vulnerable to technology and cyber crimes, making the technology not conducive to become a working technology. It only makes sense that in time when they need help the most, white-hat hackers and security researchers are there to help them – for a price.

According to the study, he payment varies depending on the severity of the bug. They adjust their HackerOne rewards depending on how easy or difficult it is for the white-hat hacker to reolve a security issue. For instance, majority of Omise’s disclosed security flaws were only worth around $100 each, there are other payments that amounted to a lot more, the study suggests.

Both Block.one, the company that owns the EOS “blockchain,” and budding network Aeternity paid one hacker with more than $10,000 for a single issue that the hacker paid. TRON also paid $3,100 to the researcher who realized the network was susceptible to being flooded with malicious smart contracts, something thatcould jeopardize the future of the company.

Most of cryptocurrency companies and blockchain firms, just like other tech-based companies, have set up a reward or bounty system that would pay anyone that can point out any form of security issue in their systems; a bigger reward is also provided to those who can fix them.

While hackers who decided to use their skills to improve the technology stratosphere are increasing in number steadily, they could at any time decide to use their skills to exploit the vulnerabilities they have discovered for bigger take home money.

Just like how last week, cryptocurrency exchange Binance announced that hackers had successfully stolen 7,000 BT (then $40 million, now $55 million) from its own wallets.

Similarly crypto exchange company Cryptopia announced last week that the company is going into liquidation following the attack that lost the company millions of dollars worth of crypto money in January.

According to a blockchain data analytics firm, their investigation allowed them to estimate the loss caused by the cyber attack to be as much as $16 million in ether and ERC-20 tokens. While the company has restarted their trading services in March, no one is still certain of the actual damages that the cyber attacked caused the company. Until now, the company is still recovering from the aftermath of the breach and still having banking issues.

According to the liquidation firm, Grant Thornton, since the damages caused by the hacking was too “severe” and has impacted the company massively in terms of trade, and amidst the effort of its management to regain composure by reducing costs and returning the business to profitability, they have decided that liquidation is the best option for the company and all stakeholders moving forward.

It is still unclear whether or not Cryptopia is running its own bounty program but coincidentally, Binance has a bounty reward of $100,000 for anyone who can solve the mystery of their stolen crypto money, but until now, the perpetrator is still at large and unidentified.

“At Binance, the security of our users is our number one priority. As such, we strive to provide the most secure platform possible. We will evaluate reported security issues based on the security impact to our users and the Binance ecosystem.”

In the end, the question still remains: Are hackers friends of the crypto industry or are they the enemy?

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Researchers Found Exposed Database Containing HCL Employee Passwords, Client Management Record, And Internal Reports

Researchers from UpGuard found a database that contains HCL employee data, internal reports and project information. The database is now inaccessible. Click To Tweet

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Researchers from UpGuard found a database that contains HCL employee data, internal reports and project information.
HCL has exposed employee and project data in an unprotected database. Photo: Mike MacKenzie | Flickr | CC BY 2.0

Notable IT services company, HCL, has left a database online that includes identifiable and sensitive data of its employees, and the database is open for download from an HCL-linked domain, cybersecurity research organization UpGuard revealed.

The discovery was made on May 1st, 2019 and revealed that the public data exposed included personal information and plaintext passwords of new hires, reports on installations of customer infrastructure, and web application for managing personnel. Following the disclosure to HCL, the company has already made the exposed database inaccessible and secured the known data exposures.

“On May 6, after reaching a reasonably complete level of analysis of the public pages and data, the researcher sent a notification to HCL’s Data Protection Officer at privacy@hcl.com. That notification included links to five subdomains hosting pages with some kind of business information and two URLs for pages as examples of what could be found on those subdomains. On May 7, the analyst confirmed that those two pages could no longer be accessed without authentication but that pages on the other subdomains were still accessible. The analyst sent a followup email linking to other pages with HCL data, and on the next day, May 8, the analyst confirmed that those pages were also no longer accessible to anonymous users,” said the announcement from UpGuard.

UpGuard reveals that the said accessible data were located after days of work because the exposed data were included in multiple subdomains and had to be accessed through a web UI. One of the accessible subdomains located by the researchers contained pages for various HR administrative tasks. While not all pages in the subdomain were accessible, the team said that access to the subdomain also allowed anonymous access to substantial amounts of personal information, “some of it very recent.”

A dashboard for new hires included records for 364 personnel. The oldest was from 2013, but over two hundred records were from 2019. Fifty-four of the records were for people who joined on May 6, 2019. The exposed data included candidate ID, name, mobile number, joining date, joining location, recruiter SAP code, recruiter name, created date, user name, cleartext password, BGV status, offer accepted, and a link to the candidate form.

A redacted sample of employee records who have joined in 2019. Photo: UpGuard

“Among those data points, the most obvious risk is that the passwords could be used to access other HCL systems to which these employees would be given access,” the post reads.

HCL Technologies Limited (Hindustan Computers Limited) is an Indian multinational information technology (IT) service and consulting company headquartered in Noida, Uttar Pradesh. It is a subsidiary of HCL Enterprise. Originally a research and development division of HCL, it emerged as an independent company in 1991 when HCL ventured into the software services business. The company offers a vast tech-related product portfolio from software development to cybersecurity, to Infrastructure Management and Engineering. They also provide IoT and cloud services.

Their relationship with their clients is also one of the things that were compromised by the recent exposure of data as customer installation reports were also exposed online for anonymous users to consume.

“The ASP framework used on this site had a security feature that prevents requests from being submitted if they are not from the UI. This prevents the alteration of requests to go beyond the scope of what the user is authorized to access. Because the UI was fully available to anonymous users, this did not protect the data but did prevent bulk downloading of all data by calling the APIs directly. None of the data here included credentials, but there were substantial amounts of information about HCL projects.”

Screenshot of the report index . Photo: UpGuard

Internal analysis reports were also compromised exposing 5700 incidents of “detailed incidences report with the following labels: VSAT ID, Location, ATM ID, Start time, End time, Duration, Reason, and Description. The “Service Window Uptime Report” includes VSAT ID, Consignee, City, Accountable Uptime, Comnet Issue, Non-HCL Comnet, Customer issue, Uptime. There were 450 records for April of 2019, 450 records for January of 2019, and 521 records for January 2018, matching the regularity one would expect from some kind of standard monthly report.

Other data that were anonymously accessed by the researchers are the company’s Weekly Customer Reports, Installation Reports, Escalation matrix for transportation service, and administrative panel for recruiting approval chain.

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What’s The Next Move For Huawei?

Huawei assures users that they will still be receiving security updates and after-sales services amidst the Google/Android ban. Sources also revealed that company is poised to launch its own OS, Hongmeng, anytime soon. Click To Tweet

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Huawei assures users that they will still receive security updates and after-sales services following the Google/Android ban.
Sources revealed that Huawei is poised to release its own OS, Hongmeng. Photo: Open Grid Scheduler | Flickr | CC0 1.0

Following the decision of Google and Android to ban Huawei from contracting their services in conjunction of the government-led war against the Chinese tech giant and the executive order released by President Donald Trump, Huawei crumbles to assure users that current owners of both Huawei and Honor phones will still be receiving security updates and after-sales services.

In a short, unsubstantiated statement, Huawei highlight’s the company’s contribution to the growth of Android globally as Android phones from the company has seen unprecedented growth while other smartphone vendors are shrinking or stagnant. While the company promises the continuance of the services provided by Android to their smartphone users, and the promise extends to those units that were already shipped and in stock in stores globally, no additional guarantees were made beyond that.

“Huawei has made substantial contributions to the development and growth of Android around the world. As one of Android’s key global partners, we have worked closely with their open-source platform to develop an ecosystem that has benefitted both users and the industry,” said a statement from Huawei.

“Huawei will continue to provide security updates and after-sales services to all existing Huawei and Honor smartphone and tablet products, covering those that have been sold and that are still in stock globally […] We will continue to build a safe and sustainable software ecosystem, in order to provide the best experience for all users globally,” they added.

The revocation of Huawei’s license follows after the heightened crackdown by the U.S. government on Chinese companies. Previously, the Trump administration has been lobbying to its allies to ban Huawei’s 5G technology citing that the Chinese government can use the company for espionage and economic sabotage.

The latest blow against Huawei is the decision of Google to revoke the Android license of Huawei, forcing the company to use only the open source version of the operating system. A Google spokesperson confirmed that “Google Play and the security protections from Google Play Protect will continue to function on existing Huawei devices.”

Because of the ban, Huawei is now restricted from using the Android Open Source Project (AOSP), cutting the company off from critical Google apps and services that consumers outside of China expect on Android devices.

While existing phones from Huawei would probably be not affected by the decision, the future of updates and for those phones as well as any new phones Huawei would produce remains in question. But it seems like Huawei has prepared for the day that this would happen and already has a plan B in mind.

Earlier today, the China-based company released its very own operating system, Hongmeng. A source has confirmed that Huawei is set to officially launch Hongmeng, as the company has been working on it since 2012. The company has been testing the new OS on selected devices under closer door and closed environment. The source also said that the testing was accelerated for the new operating system to be ready for situations just like this.

Nonetheless, it is still unclear whether Hongmeng will be the official name of the OS from Huawei. Experts note that even if Huawei can successfully launch its operating system, the company will still be faced with the challenge of establishing an app ecosystem. It would take Huawei a lot of time to build apps that are compatible with the new operating system.

Huawei accounted for 19% of the worldwide smartphone market and became the second largest smartphone manufacturer, overtaking Apple, in Q1 2019.

The blunder faced by Huawei following the Google ban has caused severe market instability not only for Huawei but for the volatile US tech markets as stocks drop following the shocking decision. Huawei is dragging the entire tech industry with it as market uncertainty brought upon by the apparent tech trade wars. As Huawei’s future remains at the limbo, it brings with it the rest of the tech world.

“If this remains enforced, it’s going to create some opportunity, but companies are working with their compliance departments to get out of the way of this Huawei situation,” said Quincy Krosby, chief market strategist at Prudential Financial. That’s difficult because “Huawei has its tentacles in so many parts of the technology sector. That’s why this is not a one-day event.”

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