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Ostium Launches Institutional Hedging Layer

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Ostium Launches Institutional Hedging Layer




The Arbitrum-based RWA perps protocol now routes net directional flow to Jump and prime brokers offchain, retiring the single-pool model that absorbed all trader risk.

Google Gemini can turn your pile of handwritten notes into a full study guide in seconds

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Gemini can now scan your physical handwritten notes and turn them into a structured study guide or flashcards.

The wheels are falling off Tesla’s Cybertruck—literally and figuratively

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The headline sounds like a pun: “The wheels are falling off Tesla’s Cybertruck.” But it isn’t a joke. Tesla is recalling 173 Cybertrucks because the wheels can literally fall off while the vehicle is in motion.

Yes, friends, you could be driving to Costco, take a right, and off goes one wheel from your six-figure polygonal truck. Goodbye! Your car is now a prop from a Buster Keaton movie.

The recall covers Cybertrucks fitted with 18-inch steel wheels, built between March 21, 2024, and November 25, 2025. The problem is as straightforward as it is alarming and surreal. Rough roads and hard cornering can crack the stud holes in the brake rotor, causing the wheel stud to separate from the hub.

Tesla acknowledges the separation could cause loss of vehicle control and increase the risk of a crash. The recall takes the crown of quality control problems in the history of Tesla quality control and manufacturing problems (see below).

Tesla will replace the affected wheel hubs and rotors at no charge. Owners should expect a notification letter in the mail by early July 2026.

An announced disaster

This new recall is a perfect metaphor of the Cybertruck’s history. It has been plagued with quality problems since its very design conception. In its presentation, its “indestructible,” bullet-proof driver door window—according to Tesla CEO Elon Musk—was destroyed on stage by Musk himself throwing a simple steel ball against the “armored” glass.

It hasn’t gotten much better since. The truck had quality problems during manufacturing, with doors that don’t align and surfaces that are not exactly the same from one unit to the next.

The Cybertruck has been recalled over its accelerator pedal getting stuck at full throttle, its windshield wiper failing, its exterior trim flying off at highway speeds, and its cameras losing image while shifting into reverse. That’s before getting to the ones involving the frunk, which can close on people’s hands and sever their fingers.

Sales flop

The Cybertruck’s sales have been in free fall for years now. Back in 2023, Musk told investors he expected to sell between 250,000 and 500,000 Cybertrucks per year once production was fully ramped. The Cybertruck launched in late 2023 with over a million people reportedly having placed reservations.

It delivered around 38,965 units in 2024, its first full year on the market—roughly 15% of Musk’s lower target. In 2025, sales were cut nearly in half to 20,237 units—the sharpest year-over-year decline of any EV in the U.S. market that year.

And even those numbers are inflated: according to S&P Global Mobility registration data, Musk’s own SpaceX alone bought 1,279 Cybertrucks in Q4 of 2025—18% of all units registered in the U.S. that quarter—with Musk’s other companies, including xAI, The Boring Company, and Neuralink, accounting for another 60 units. Strip out those purchases by related companies and Q4 registrations would have fallen 51% year over year.

Update timeline

So, without further ado, here’s our updated line of Cybertruck problems and recalls:

NOVEMBER 21, 2019

Elon Musk unveils the Cybertruck. He claims its windows are made of “Armor Glass,” a bulletproof material that won’t even dent when you hit it, even at close range with a steel ball.

Seconds later, two windows break in a live demonstration. 

Musk claims it will reach customers in late 2021 starting at $39,900.

AUGUST 8, 2021

Tesla announces it won’t be able to get the Cybertruck out in 2021 due to production problems. The company says it will be pushing the date to early 2022.

JANUARY 31, 2022

Musk announces that Cybertruck production is delayed again, to late 2022, due to various design and manufacturing challenges.

NOVEMBER 1, 2022

Tesla says it won’t be able to meet its late 2022 release window, pushing the release once again to the end of 2023, with “early production” in mid-2023. “We’re in the final lap for Cybertruck,” Musk says on a financial conference call.

JANUARY 24, 2023

In an interview with Fast Company, industry experts say they doubt that the Cybertruck’s design will allow the company to produce it in any significant numbers.

Adrian Clarke—a professional car designer who now writes design critiques for The Autopian—and others in the industry believe it’s having and will have lots of problems: “As soon as we saw [the Cybertruck], everyone I know in the industry started laughing. We just thought there is no way they’re gonna be able to get that into production,” he says. 

Clarke believes it’s going to be extremely hard to make “those dead straight panels.” 

JULY 20, 2023

The first production prototype of the Cybertruck rolls off the production line at the Giga Texas factory, and eagle-eyed auto industry experts immediately spot one major quality mishap: the front and back passenger doors don’t align. 

Misalignment like this is not new to Teslas, but Elon Musk vowed to eliminate the problem back in 2021. These problems will continue in models through the entire production run.

Also, during a May 2023 shareholder meeting, Musk insisted that the Cybertruck would be built as an exoskeleton, a solid steel skin design that would act as the structure, making the car virtually indestructible.

But Cory Steuben, a car and manufacturing expert, pointed out on the automotive video blog Munro Live that the Cybertruck clearly does not have an exoskeleton. According to him, the Cybertruck’s assembly line pictures show a regular unibody chassis, just like the one you would find on “an old Honda Ridgeline or a Model Y,” with its flat panels just acting as your usual body.

AUGUST 24, 2023

The Cybertrucks coming out of Tesla’s Texas factory are not good enough, according to Musk. His internal email to Tesla employees is leaked, and reveals his concerns in categorical terms: “Due to the nature of Cybertruck, which is made of bright metal with mostly straight edges, any dimensional variation shows up like a sore thumb.”

DECEMBER 1, 2023

Remember the promised $39,900 starting price tag? It was wrong. The real starting point is officially announced: $60,990.

JANUARY 25, 2024

Reports of the locking differential feature being inoperative appear, displaying a “Coming Soon” message during use,​ according to The Drive.

FEBRUARY 2, 2024

Tesla issues an over-the-air software update recall for 2.2 million vehicles, including the Cybertruck. The font size of the ABS, brake, and park indicators is too small, which could increase the risk of a collision.

FEBRUARY 22, 2024

New Cybertruck owners report rust and corrosion on the allegedly stainless-steel body of the truck, especially in vehicles exposed to rain. This was one of the biggest selling points that Musk touted when he announced the truck.

FEBRUARY 28, 2024

Multiple owners report seeing 25 critical system errors within a few days of using the truck, including warnings from the high-voltage system, “critical steering issue” system malfunctions​, and “loss of system redundancy” that alerted drivers that the “vehicle may suddenly lose electrical power, steering, and propulsion, and may be unable to apply the parking brake.” 

There were also alerts for degraded adaptive drive control plus automatically disabled traction, lane departure avoidance, and stability controls. Some users also report door latches that don’t work.

MARCH 12, 2024

Musk previously announced a futuristic optional camping tent that matched the polygonal shiny looks of the car, but that sleek render of the future turned out to be a sad hodgepodge of flaccid fabric in real life.

MARCH 13, 2024

The Cybertruck Owners Club forum is now flowing with a multitude of reported problems. Owner “cyberstank” reports how they took delivery on March 13, “made it one mile down road, started getting steering error, flashing red screen, pulled off the side of highway. Now the truck is dead and I’m waiting for a tow truck. Dealer couldn’t do anything for me. It was great for 5 minutes. I tried everything, restarting, screen is stuck black and keeps beeping.” The message ends with: “Tesla really rushed these trucks out, what a nightmare.”

MARCH 26, 2024

One owner reports problems with the Cybertruck’s autopilot system: “I encountered a truck on the other side of a two-lane highway. My Cybertruck suddenly made a hard brake stop when we both had a clear wide enough space between us. Luckily there is no vehicle at the back as it would have been a definite collision.” In the same thread, others report similar problems but, to be fair, users report this happens with other Tesla models.

APRIL 1, 2024

Owners all over the internet show the effects of the Cyberguillotine: Tesla didn’t include anti-pinch sensors for the Cybertruck’s frunk, which could cause severe injuries or amputations if fingers get caught. The truck will slice the hell out of your fingers—or any body appendage—that gets too near its closing front hood. (It happens with its doors too.)

APRIL 9, 2024

Apparently, the Cybertruck’s allegedly bulletproof and indestructible, so-called Armor Glass can’t stand hail, as this Redditor shows. The cost for the repair, according to the owner? “Just got an estimate of $2,326.75 via app service request.”

APRIL 15, 2024

Tesla halts all Cybertruck deliveries after owners report a problem with the accelerator pedal, which could become stuck down, due to lubricant residue causing the pedal cover to shift and become lodged in place.

APRIL 19, 2024

Tesla physically recalls all its Cybertrucks. The recall notice states: “The accelerator pedal can become stuck, sending the truck accelerating beyond control, making it a danger to everyone on the road.”

JUNE 25, 2024

Tesla is forced to recall its Cybertruck for the fourth time in the U.S. because of issues with trim pieces that can come loose and front windshield wipers that can fail. The problems announced by the National Highway Traffic Safety Administration affect more than 11,000 trucks. 

One issue involves the windshield wiper motor controller receiving too much electrical current. This can cause wipers to fail and reduce visibility, posing a crash risk. Tesla will replace the wiper motor for free and must notify all owners by letter by August 18. 

The other recall concerns a trim piece along the truck bed that may come loose and become a hazard for other drivers. Tesla will fix this issue by replacing or reworking the trim piece and will notify owners on the same date.

MARCH 20, 2025

Tesla issues a new physical recall that covers all 2024 and 2025 models built between November 13, 2023, and February 27, 2025: about 46,000 units, most of the Cybertrucks ever shipped. A stainless steel strip could fall because it doesn’t meet durability testing requirements, causing a risk of injury or collision.

OCTOBER 23, 2025
Tesla recalls 63,619 Cybertrucks—essentially every Cybertruck on the road at that point—because the front parking lights are too bright, exceeding federal safety standards and blinding oncoming drivers. Tesla fixes it with an over-the-air software update.

MAY 7, 2026
Tesla recalls 173 Cybertrucks equipped with 18-inch steel wheels because the brake rotor stud holes can crack under the stress of rough roads and cornering, allowing the wheel stud to separate from the hub. The wheels can fall off. Tesla will replace the front and rear brake rotors, hubs, and lug nuts at no charge. Notification letters go out in early July 2026.

Could the hantavirus bring back Covidlike safety precautions?

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All passengers of the cruiseship hit by hantavirus have all evacuated, with several cases confirmed. According to the World Health Organisation, there is nothing to far as this is not another Covid. But some still fear it could trigger the return of safety precautions for the wider public – including mandatory mask wearing. But is that really likely?

Developers of Telegram's Crypto Wallet Launch Agentic Wallets

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Developers of Telegram's Crypto Wallet Launch Agentic Wallets




The open-source standard, developed by The Open Platform, lets AI agents manage dedicated on-chain wallets without requiring user sign-off on every transaction

Sonos Play review: A sweet spot portable speaker that I can’t stop firing up

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The Sonos Play gets as close to the “powerhouse in a tiny packet” epitome as it gets. It’s punchy, well-built, and offers its own set of add-ons that make it an easy pick for on-counter and on-the-go fun.

Wabanaki Nations urge judge to dismiss Oxford Casino challenge against internet gambling

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Wabanaki Alliance logo featuring Mi’kmaq, Maliseet, Penobscot and Passamaquoddy tribal nations symbol representing Maine tribes unity and sovereignty. Maine tribes move to join Oxford casino lawsuit over exclusive online gambling law


Wabanaki Alliance logo featuring Mi’kmaq, Maliseet, Penobscot and Passamaquoddy tribal nations symbol representing Maine tribes unity and sovereignty. Maine tribes move to join Oxford casino lawsuit over exclusive online gambling law

Maine’s four Wabanaki Nations are asking a federal judge to throw out Oxford Casino’s challenge to the state’s new internet gaming law, arguing the measure is grounded in tribal sovereignty and Maine’s longstanding legal agreements with federally recognized tribes.

The filing is the latest development in a lawsuit over Maine’s Economic Opportunity Act, which Gov. Janet Mills signed earlier this year after a heated debate over online casino gambling. The law authorizes the Houlton Band of Maliseet Indians, Mi’kmaq Nation, Passamaquoddy Tribe and Penobscot Nation to each receive one internet gaming license and partner with outside operators.

Oxford Casino, BB Development LLC and Churchill Downs Incorporated sued the state after the law took effect. The casino operators argue Maine created an unconstitutional monopoly by limiting online gaming licenses to the tribes alone. They claim the law violates equal protection protections and the Dormant Commerce Clause by excluding non-tribal businesses, including out-of-state companies.

The tribes rejected those arguments in forceful terms.

“From the Founding to today, the Supreme Court has recognized that tribal nations are sovereign governments, not racial groups,” the motion states. “For equal protection purposes, that means laws like the Act that benefit tribal nations draw political classifications—not racial ones.”

Wabanaki tribes defend Maine law in Oxford Casino lawsuit

The tribes argued federal courts have consistently treated federally recognized tribes as sovereign political entities rather than racial classifications. Because of that distinction, they said the law should be reviewed under the more deferential rational basis standard instead of strict scrutiny.

Their filing also drew attention to Maine’s unusual legal structure under the Maine Indian Claims Settlement Act and related agreements approved by Congress in 1980. According to the tribes, those laws established “a unique jurisdictional framework in Maine” that allows the state and tribes to work together on gaming policy.

State officials backed that position in a separate filing, saying Maine’s relationship with the Wabanaki Nations is “nationally unique.”

The tribes said internet gaming revenue would support essential tribal services and strengthen rural economies across the state.

“The law advances state and federal interests by enabling the Nations to fund essential government services,” the tribes wrote. “It also benefits Maine’s rural economies, advances cooperation between the Nations and the State, eases the strain on State finances, promotes a well-functioning internet gaming market, and remedies the historic exclusion of the Nations from gaming opportunities.”

The filing described tribal responsibilities that include police and fire protection, healthcare, housing assistance, schools, transportation projects and water infrastructure work.

The tribes also noted that Oxford Casino and Hollywood Casino still maintain exclusive control over Maine’s brick-and-mortar casino industry. The motion says the new law “does not alter the longstanding monopoly on brick-and-mortar casino gambling in Maine held by Oxford Casino and Hollywood Casino.”

“The Economic Opportunity Act is not such a law,” the tribes wrote. “It does not privilege in-state businesses as against out-of-state competitors. Rather, it privileges federally recognized tribal nations with whom Maine has a distinctive political relationship as against all others, in-state or out.”

Featured image: Wabanaki Alliance logo

The post Wabanaki Nations urge judge to dismiss Oxford Casino challenge against internet gambling appeared first on ReadWrite.



Flying the unfriendly skies: A business ethicist says goodbye to Spirit Airlines

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I flew Spirit Airlines out of LaGuardia on April 28th. With the announcement just days later that the carrier was shutting down, it felt a little like catching the last chopper out of Saigon. Then again, every time you flew Spirit felt a little like catching the last chopper out of Saigon. There were the improbably tiny bags, people packed tightly in seats, and an everpresent sense that the simmering confusion could at any moment break out into full blown calamity. 

Like most people, I’ve always had a love/hate relationship with Spirit. Unlike most people, I once expressed it to the face of Ben Baldanza, the former CEO of Spirit.

In 2015, I wrote an essay for The New Republic with the subtitle “A business school professor studies the world’s worst airline.” Within an hour of it appearing online, the CEO of said airline had emailed me to propose a debate. We met a few weeks later at the downtown campus of the University of Chicago Booth School of Business, where I still teach business ethics, and before a large crowd that included his executive team, we debated the moral hygiene of Spirit’s unusual business practices.  

By then, Baldanza had been the head of Spirit Airlines for nearly a decade, and he was the driving force behind its transformation from merely a low-cost carrier, like Southwest or Jet Blue, to an ultra-low-cost carrier. The distinction between them turns on relative deprivation. No one will ever confuse the cabin of Jet Blue for a Learjet, but at least in 2015, air travel on both involved choosing your seats, bringing your bags aboard, and chowing down on snacks.

Not Spirit. Not for free, at least.

The ‘bare fare’

Spirit pioneered à la carte pricing in American air travel with the introduction of what it called the “bare fare.” When you bought a ticket to fly on Spirit, you didn’t get snacks, seat choice, or (God forbid) a carry-on. These were privileges. You had to pay for them. You got a seat. Period.

Baldanza ballyhooed this invention as a cost-saving strategy for customers. “All of our differences are about saving our customers money,” he maintained in our debate, a declaration that seemed more a rhetorical sleight of hand than an accurate description of the carrier’s practices. Yes, Spirit could typically get you from place to place more cheaply than other airlines, but to buy what Ben was selling, you had to assume a different understanding of air travel. Sitting with your kids, packing more than a single set of drawers, and noshing on peanuts were all part of what it meant to fly. Yes, flying was the essential part of flying, but eating is also the essential part of eating, and if a waiter tries to sell you a knife and fork at a restaurant, you will still feel an urge to tell him to stick his frittata where the sun don’t shine. 

Back in 2015, it didn’t seem like Spirit was selling tickets for air travel, not in any way that didn’t seem ridiculous. Indeed, I argued in our debate that Baldanza had effectively bet his company’s future on the idea that Spirit could change customary expectations around flying, that it could make the “bare fare” seem less like barely a fare than a legitimate baseline for air travel.

‘Eccentric, opaque, or simply indecipherable’

But that was only one half of Spirit’s innovative approach – the better half, in fact. Hand-in-hand with these changes seemed to me a sustained effort to stay one step ahead of customers trying to figure out exactly what was going on. The previous fall, I had flown Spirit a dozen times between New York and Chicago, and for all of the time I put in to understanding the company, their charges still seemed incredibly confusing to me or, as I put it more piquantly in my opening remarks of the debate, the company seemed stubbornly committed to being “eccentric, opaque, or simply indecipherable.” At the time, Spirit had five price points for a carry-on bag, depending on when you decided to purchase that privilege, and their website often made it seem like you had no choice but to pay for certain options, such as seat selection, by making the opt out selection the font size of an eye exam.

More importantly, Spirit seemed to profit handsomely from this confusion. In the years before our debate, more than 40% of Spirit’s revenue had come from non-ticket sales—in other words, passengers paying for the very things they had otherwise gotten for free—and let’s just say that, in my experience, it was not uncommon to see a young traveler dissolve into tears when she discovered at the gate that her carry-on bag was going to cost her $100.

Altogether, by October 2014, such practices had made Spirit, according to analysts at Morgan Stanley, the “Most Profitable Airline in the World.” Two months later, the stock price reached an all time high of $85.35. 

Oh, how things change.

Baldanza, who passed away in 2024, was forced out of Spirit in January 2016, less than a year after our debate. The stock price had tumbled into the low $40s, but there was also a sense that some of Spirit’s shenanigans had gone too far. The à la carte approach to pricing would stay, together with the rows of seats that were (quite literally) tighter than the benches in a Roman slave galley, but the carrier eased off its prurient approach to marketing (Strippermobiles, anyone?) and undertook sincere efforts to make its alarming array of upcharges, if not necessarily consumer friendly, then a lot less confusing.

Yet it also benefited from a change in baseline expectations among passengers. Travelers learned to expect less, not only or even principally because Spirit made them cry uncle, but because all other carriers have followed its example. Today, every major domestic airline has adopted some version of Spirit’s à la carte model for its “Basic Economy” class. United doesn’t give you a carry-on. American won’t let you choose your seats. And if you buy a ticket on Delta, the carrier announced in December that you don’t deserve any air miles.

And where did such changes leave Spirit? A victim of its own success. All of these carriers are now more or less doing what Spirit has done but without the slave’s galley and the stigma of being a trailblazer in debasing domestic air travel. 

This will be the enduring legacy of Spirit Airlines. It set off a race to the bottom, one that made air travel a little cheaper, perhaps, but also a lot more miserable. It’s bankrupt now, and we’re all the poorer for it.

DeFi United Outlines Technical Path To Make Kelp's rsETH Whole

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DeFi United Outlines Technical Path To Make Kelp's rsETH Whole




The coalition has secured ETH commitments to refill the bridge in tranches and will use Aave and Compound governance proposals to liquidate the exploiter’s remaining positions.

Cannes festival kicks off, with Hollywood 'unusually' absent from the competition

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The red carpet has been rolled out at the 79th Cannes Film Festival in the south of France, with twelve days of nonstop world premieres before culminating with the Palme d’Or on May 23. But unlike other years, Hollywood is largely absent this year, which ‘is highly unusual’, as FRANCE 24’s Emma Jones explains straight from Cannes.

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