FTX has filed a plan with a bankruptcy court to pay back creditors who held cryptocurrency at the embattled exchange. The vast majority of customers are set to get their money back with interest, though they (and the debtors) missed out on major gains in the crypto market since FTX’s dramatic collapse in November 2022 — the price of Bitcoin has more than tripled since then.

FTX aims to fully pay back non-governmental creditors based on the value of their claims as determined by the bankruptcy court. That means 98 percent of creditors (those who have up to $50,000 in claims) will get 118 percent of the amount of their allowed claims. Other creditors will get their money back, plus what FTX describes as billions of dollars in compensation “for the time value of their investments.”

Government creditors are in line for payouts with a nine percent interest rate. The Internal Revenue Service and Department of Justice are among the stakeholders with which FTX has agreed settlements.

The company suggests that, if its plan of reorganization is rubber stamped, it would be able to resolve disputes with private and government stakeholders “without costly and protracted litigation.” All told, FTX says that it will be able to distribute between $14.5 billion and $16.3 billion in cash.

But, you may be wondering, where exactly is all this money coming from? After all, when FTX filed for Chapter 11 bankruptcy protection 17 months ago, it held just 0.1 percent of the Bitcoin and 1.2 percent of the Ethereum that its customers thought it had.

FTX said it was able to monetize “an extraordinarily diverse collection of assets, most of which were proprietary investments held by the Alamedaor FTX Ventures businesses, or litigation claims.” As TechCrunch reports, the assets that FTX CEO John J. Ray III and his team tracked down included around $8 billion in real estate, political donations and venture capital investments.

The company filed the updated plan of reorganization just a few weeks after co-founder and former CEO Sam Bankman-Fried (aka SBF) was sentenced to 25 years in prison. He was found guilty in November of charges including wire fraud and conspiracy to commit money laundering.

Apple has lots of new products on the way and is officially discontinuing its ninth-generation iPad. But, before the curtain falls on this reliable device, you can pick it up for a steal. Our favorite budget iPad for comes with two years of AppleCare+ and is down to $298 from $398 — a 25 percent discount. This deal is for the 64GB model with Wi-Fi in either Silver or Space Gray. 

If you're looking for a more affordable entry point into the world of iPads or want to grab one as a gift then the ninth-gen model gives you a solid balance of quality and cost. We gave it an 86 in our review when it first debuted in 2021 thanks to updates like True Tone technology and color changing based on ambient light. It also has a 12-MP front camera, Apple's A13 Bionic chip and up to 10 hours of battery life while in use. 

If you're looking for a more advanced iPad then check out everything we know about the new iPad Pro and iPad Air that Apple just announced. They will be available on May 15, but you can pre-order them now. 

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The United States has taken further action to limit China's technological advancement, revoking licenses that allowed Intel and Qualcomm to buy and sell chips to Huawei Technologies, the Financial Times reports. The decision will impact chips Huawei uses for computers and mobile phones and is effective immediately.

Huawei has been on US trade restrictions lists since 2019 but has recently made progress that worries the US government, such as last month's AI-enabled laptop. "We continuously assess how our controls can best protect our national security and foreign policy interests, taking into consideration a constantly changing threat environment and technological landscape. As part of this process, as we have done in the past, we sometimes revoke export licenses," a spokesperson for the Department of Commerce stated. The spokesperson declined to say if companies other than Huawei were impacted. "But we can confirm that we have revoked certain licenses for exports to Huawei."

National security experts have accused Huawei of helping China to conduct cyber espionage. "China resolutely opposes the United States overstretching the concept of national security and abusing export controls to suppress Chinese companies without justification," the Chinese foreign ministry decreed in a statement. Huawei also denies the espionage claims.

"China resolutely opposes the United States overstretching the concept of national security and abusing export controls to suppress Chinese companies without justification," the Chinese foreign ministry decreed in a statement. National security experts have accused Huawei of helping China to conduct cyber espionage, which Huawei has denied. 

Tencent and Remedy, the developer of Control and Alan Wake, have completely scrapped their joint gaming project codenamed Kestrel, which they have been working on since 2021. The companies were originally developing a free-to-play co-op shooter until they decided to go in a different direction in November last year. They went back to the drawing board, renamed their project from Vanguard to Kestrel and had planned to make a "premium game with a strong, cooperative multiplayer component" instead. Back then, they said their game will "lean more into Remedy's core strengths" and will use repurposed versions of the company's assets and themes. Clearly, though, their partnership wasn't meant to be. 

In its announcement, Remedy said that the project's cancellation will allow it to give more attention to its other games in development. While it didn't list them out, the company is working on the sequel to Control that will be released for the PS5, Xbox Series X|S and PC, as well as on a franchise spin-off game currently known as Condor. It will reassign developers to its other game projects, and since it was going to co-finance Kestrel with Tencent, the project's cancellation means reduced investment and recruitment needs for the company.

Codename Kestrel was still in its early concept phase, Remedy's CEO Tero Virtala said in a statement, while the company's other projects have already "advanced well" and are moving on to the next stages in their development. "This is yet another means to ensure that our game projects continue advancing well," Virtala added. 

We kicked off our Tuesday with an early iPad event. And what a beastly iPad we got. Apple shook things up by slotting its brand-new M4 chip into its new highest-end iPad Pro. Apple says the new device delivers 50 percent faster performance than the M2 iPad Pro. It supports dynamic caching, hardware-accelerated ray tracing and hardware-accelerated mesh shading — so, better-looking games and faster graphic processing.

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But that’s only half the story. The other major upgrade is Tandem OLED, which is a display of two OLED panels on top of each other. Expect richer colors and deeper blacks, but also brightness levels that max out at 1000 nits for standard and HDR and 1600 nits for HDR’s brightest spots. This switch in display tech makes it thinner than previous iPads. Actually, it ensures the new iPad pro is (somehow) thinner than the iPod nano.

The new iPad Pro starts at $999 for the 11-inch model and $1,299 for the 13-inch, each with 256GB of storage. And we’ve got our first impressions, already, right here.

We also got new iPad Airs and an Apple Pencil Pro, for you professional scribblers.

— Mat Smith

The biggest stories you might have missed

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Google announces the $499 Pixel 8a early

Flagship AI and a 120Hz OLED screen.

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The latest Pixel A-series phone typically gets announced at Google I/O. However, to avoid distractions from all the other news, Google broke cover early. Compared to the standard Pixel 8, which has a 6.2-inch screen, the 8a features a slightly smaller 6.1-inch OLED display with noticeably larger bezels. But aside from that, the Pixel 8 and 8a are almost the exact same size. The 8a uses the same 64-megapixel and 13MP sensors for its main and ultra-wide cameras as its predecessor, but the Pixel 7a was a great camera phone, so no major complaints here. Sales start next week on May 14.

Continue reading.

OpenAI says it can detect images made by its own software… mostly

Until someone tinkers with the images.

OpenAI is trying to get ahead of the problem of these almost-real images circulating the internet by creating a toolset that detects images created by its own DALL-E 3 generator. The company says it can accurately detect pictures whipped up byDALL-E 3 98 percent of the time. While that sounds good, it’s loaded with caveats. The image has to be created by DALL-E, and it only successfully classified five to ten percent of images made by other AI models. It also struggles to spot generated images manually tweaked by a user.

Continue reading.

The M4 iPad Pro is literally lighter than Air

Time for a name change.

Wait, what?

Bluesky is taking quite a few pages out of the social media handbook. The decentralized social app has announced it's working on new features like DMs, video and improved Custom Feeds. The company opened to the public in February and claims it grew from 40,000 to 5.6 million users in one year. 

DMs are an especially noteworthy edition as, currently, all posts on Bluesky are public, but the company's new DM option will integrate directly into the app. These messages should initially be available only one-to-one, and users can restrict who can reach out by choosing between the options open, followed users only, and disabled. The company uses an open-source framework, but the development of DMs will initially be "off-protocol," so Bluesky can "iteratively" create them.

Videos are in the works, with Bluesky projecting that clips up to 90 seconds long can be shared. The company is exploring a bunch of ideas for Custom Feeds, including a space for trending feeds, in-app feed creation and overall improved feed discovery. Bluesky is also getting OAuth and hopes users can one day "Log In with Bluesky."

None of Bluesky's impending updates have a release date yet, but the company expects to roll them all out over the next couple of months. The platform was notably backed by Jack Dorsey, co-founder and former CEO of Twitter. However, Dorsey recently confirmed that he was no longer on Bluesky's board.

OpenAI is reportedly working on a search feature for ChatGPT that could make the chatbot a veritable alternative to Google Search. According to Bloomberg, the company is currently developing the capability, which can scour the web for answers to your queries and spit out results complete with citations to their sources. ChatGPT could take information from Wikipedia or blog posts, for instance, and link to their original pages when you ask it questions. 

Bloomberg says that in one version of the experimental search function, ChatGPT can show you images along with its written responses whenever they're relevant. For example, if the chatbot deems illustrated instructions or diagrams useful for an inquiry, such as "how to change a doorknob" or "how to clean a split-type AC," then it could include them in its responses. As Bloomberg notes, ChatGPT can already do searches for paying customers, but it could give faulty responses or replies with incorrect citations.

Earlier this month, DataChaz on Twitter/X, reported that OpenAI had created a new subdomain with the address search.chatgpt.com. It apparently briefly rerouted to the main ChatGPT page over the weekend, though you'll get a "Not found" note if you try to access it now. While the company has yet to officially confirm this particular undertaking, working on AI search is a logical next step if it wants to keep competing with its staunchest rivals. Google recently expanded its AI-powered search results test and started showing them to users who didn't opt in. Then there's Perplexity, a startup currently valued at $1 billion, thanks to its AI-powered search engine that Rabbit uses to respond to inquiries made through the R1 device. 

Last year Amazon upgraded its Echo Show 8 to make it look better, sound better and respond more quickly to Alexa commands. It made our best smart display list, and if you've been eyeing one, it's on sale at a steep discount. The third-gen, 2023 Echo Show 8 is 33 percent off, bringing it down to just $100 ($50 off), only $10 off the all-time low. Amazon also has stellar deals on the Echo Dot and Echo Pop, offering them for $28 and $20 respectively.

The 2023 Echo Show 8 has a new design with edge-to-edge glass and softer curves that help it blend into your decor. Inside, it comes with new spatial audio with room calibration that allows for fuller sound than previous model. Meanwhile, video calling benefits from crisper audio and a 13-megapixel camera.

The new Adaptive Content feature changes what’s shown on the screen based on where you are in the room. If you’re standing far away, it’ll display easily digestible information in large font, like the weather or news headlines. As you get closer, it’ll switch to a more detailed view. It can also show personalized content for anyone enrolled in visual ID, surfacing your favorite playlists and other content.

It also boasts 40 percent faster response times for Alexa thanks to its upgraded processor. For privacy-conscious buyers, it has a physical camera shutter that’s controlled with a slider on the top of the device. There’s also a button to turn off the mic and camera. As mentioned, the Echo Show (3rd gen) is on sale for $100 in either charcoal or glacier white. 

If you only need a small Echo speaker device for an extra room, Amazon is also selling the 5th-generation Dot for just $28, a steep 44 percent off the regular $50 price. That device has the best sound yet for a Dot device, while offering Alexa, smart home features and more. Amazon's smallest device, the Echo Pop, also offers Alexa features and is on sale for just $20.

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Meta is testing a new way to boost engagement on Threads using Instagram. The company is now testing the ability to cross-post photos from Instagram to Threads. Meta confirmed the experiment after a handful Threads users noticed the setting crop up in Instagram (TechCrunch was first to report the change).

According to the company, cross-posting from Instagram to Threads is optional, though users can opt to have automatically all new photo posts shared to their Threads account as well. (Those who are part of the test can tweak cross-posting settings in the Instagram app.)

Meta has been testing a number of features to boost the growth of Threads, which currently has 150 million users. The company has also experimented with cross-posting from Facebook to Threads and promotes Threads posts directly in Facebook and Instagram feeds, regardless of whether they use the app. It’s also encouraging creators to be more active on the app. Meta has been offering bonuses to creators in exchange for high-performing posts on Threads.

OpenAI is partnering with another publisher as it moves towards a licensed approach to training materials. Dotdash Meredith, the owner of brands like People and Better Homes & Gardens, will license its content for OpenAI to train ChatGPT while the publisher will use the AI company’s models to boost its in-house ad-targeting tool.

As part of the arrangement, ChatGPT will display content and links attributed to Dotdash Meredith’s publications. It also provides OpenAI with fully licensed training material from trusted publications.

That’s a welcome change after the company got in hot water for allegedly using content for training purposes without permission. The New York Times and Alden Capital Group (owner of The Chicago Tribune, New York Daily News and the Orlando Sentinel) have sued the ChatGPT maker, accusing it of using its content without permission. Comedian Sarah Silverman and a conspiracy-mongering car salesman (the latter for different reasons) have, too.

“We have not been shy about the fact that AI platforms should pay publishers for their content and that content must be appropriately attributed,” Neil Vogel, Dotdash Meredith CEO, wrote in a press release. “This deal is a testament to the great work OpenAI is doing on both fronts to partner with creators and publishers and ensure a healthy Internet for the future.”

Before the Dotdash Meredith deal, OpenAI struck an agreement with The Financial Times. “It is right, of course, that AI platforms pay publishers for the use of their material,” the paper’s CEO, John Ridding, said in a statement last month.

Dotdash Meredith, which also owns Investopedia, Food & Wine, InStyle and Verywell, will use OpenAI’s models to supercharge its D/Cipher ad-targeting tool. The publisher says its advertising system “connects advertisers directly to consumers based on the context of content being consumed, without using personal identifiers like cookies.” That’s an industry-wide shift on the horizon, as Google is moving to a cookie-less future — albeit later than initially advertised.