Game over

Markets: It was a green outing for the markets yesterday, as Canada’s main stock index and top Wall Street stock indexes all surged amid renewed hope about the war in Iran ending.

We miss the days when scammers were amiable flim-flam men focused on small, harmless rackets like musical instruments or monorails.  

Driving the news: Authorities have warned that “digital arrest” scams where fraudsters impersonate law enforcement — which have netted billions in India over the past few years — are coming to the West. In one abandoned scam compound, researchers discovered an elaborate set of an RCMP station, implying scammers were prepping to target Canadians.

How it works: Scammers target well-to-do, usually elderly individuals, accusing them of financial crime. The targets then go on a video call where the scammers pose as law enforcement in front of highly detailed sets and place them under “digital arrest.” This entails round-the-clock surveillance via webcam and orders to transfer money for fines and bail. 

Why it matters: New scams necessitate bolstering anti-fraud defences. Earlier this week, Ottawa started consultations on a national strategy for financial scams promised in last year’s budget. It’s expected to include new obligations for financial institutions, telecoms, and digital platforms to do more to prevent fraud risks and alert consumers about them.—QH

OpenAI closed the largest funding round in Silicon Valley history. The startup raised US$122 billion in a funding round that valued it at $852 billion, giving it a major cash injection ahead of a planned IPO that could happen as early as this year. In addition to $110 billion from tech giants like Amazon and Nvidia, OpenAI also raised $3 billion from retail investors — the first time it’s taken capital from individuals. (Bloomberg News)

Trump signalled he’s ready to end the Iran war without opening the Strait of Hormuz. Donald Trump told reporters he would soon wind down American involvement in the Iran war (even if Iran doesn’t agree to fully open up the Strait) and will deliver a national address on the matter tonight. In a post on Truth Social, Trump said other countries would “have to start learning how to fight” and should “go get [their] own oil!” (CNBC)

Most Canadians will no longer have to pay for primary care from a nurse practitioner. As of today, most Canadians who do not have access to a physician will be able to see a private nurse practitioner (NP) without paying out of pocket. Ottawa has ordered provincial and territorial governments to cover the cost as part of their public health plans, hoping NPs can help fill the healthcare gap for the six million Canadians without a family doctor. (CBC News)

📡 What else is on our radar:

🤝 Meet Tim Cadogan. He is the CEO of GoFundMe and was named one of TIME’s 100 most influential people in the world last year. We sat down with Tim on a recent trip to Toronto to talk about GoFundMe’s presence in Canada, how the organization has bucked the trend of declining charitable donations, and how it’s grown to raise over $40 billion worldwide. 

How has GoFundMe’s presence grown in Canada over the years? 

Canada was our first market outside of the U.S. actually. We just hit a pretty big milestone — we reached $1 billion raised over the last five years. Part of my job is to go around our different countries and do three things: meet customers, meet folks like you to tell their stories, and meet public officials. It’s important for us to ensure people in power understand how GoFundMe works, especially in case of a crisis in their jurisdiction. They need to know that constituents may use GoFundMe and how we can partner with them as a resource in response.

I’m going to Ottawa to meet MPs and public safety officials. We’re meeting the MP for the area that includes Tumbler Ridge, where the tragic shooting recently happened. A lot of money has been raised for that — about $4.5 million — including a well-known fundraiser for a 12-year-old girl named Maya. It’s incredible to see that level of support, much of it through GoFundMe.

There's been a decline in overall charitable donations in Canada over the past few years, but not so much on GoFundMe. Do you think there's something different about the psychology of donating on GoFundMe versus to a larger charity organization? 

The key difference is that people are giving directly to individuals. Typically, 80–90% of donations come from someone the recipient knows like family, friends, or acquaintances. That emotional connection is powerful. I don’t love the term “crowdfunding” because it implies strangers. In reality, it’s more like friends-and-family fundraising. That personal connection drives giving.

We focus on the concept of “help” rather than “giving.” Giving is one-directional, but help is relational. Someone asks for help, others respond, and that creates a connection. That dynamic repeats thousands of times across the platform.

What kind of causes are you mostly seeing Canadians put money behind? 

It’s a wide range, but medical and health-related fundraisers are typically the largest category. That makes sense because those are some of the most significant moments in people’s lives — they’re life and death situations where people feel most compelled to help.

We’re also seeing growth in business-related fundraising. For example, a Toronto bookstore, Mabel’s Fables, had to relocate after its landlord decided to redevelop the area. They raised about $140,000 on GoFundMe, which helped them move and relocate 120,000 books. Businesses like that often have strong community ties so people who grew up with them feel a personal connection.

To give you a sense of scale, last year there were 2.3 million donations in Canada — about 6,500 donations per day. GoFundMe has been in Canada since 2013, so awareness has grown significantly.

This Q&A has been edited for length and clarity. Read the full interview on our website.

Canada’s video game sector has unlocked a new level: Layoffs. 

Driving the news: Acclaimed video game developer Eidos Montreal is laying off 124 workers and cancelling the release of an upcoming game that’s been in the works for seven years and has cost the studio hundreds of millions of dollars to develop. The company already laid off at least 75 employees in each of the last two years. 

Zoom out: The video game industry as a whole is in a rough spot right now. Since 2023, the sector has grappled with weaker demand for games and higher costs to produce them. Dozens of studios have been shuttered and tens of thousands of workers have been let go. 

Why it matters: Canada has become one of the top countries in the world for video game development. The industry’s downturn is bad news, not just for the Canadians getting laid off, but for the economy as a whole. 

Our take: A good chunk of these layoffs has to do more with overhiring during the pandemic video game boom than a lack of demand for gaming. The video game sector still brings in more revenue than the film and music industries combined.—LA

🏃 US$10 billion. Valuation that fitness wearables company Whoop reached in its latest funding round, almost tripling its value in five years. A few celebrity investors joined the list of backers, including LeBron James, Cristiano Ronaldo, and Rory McIlroy.

Would you look at that, it’s time to play today’s mini-crossword, the daily sudoku, Codebreaker, and Who’s Who!