
The equity offering builds on Backpack’s token announcement earlier this month, in which the first 62.5% of tokens will be distributed to users.


The equity offering builds on Backpack’s token announcement earlier this month, in which the first 62.5% of tokens will be distributed to users.

The spot Bitcoin ETFs recorded four straight months of outflows, with hodlings down 85,000 BTC since October 2025. Is slowing institutional demand the death knell for BTC price?
MIT Technology Review Explains: Let our writers untangle the complex, messy world of technology to help you understand what’s coming next. You can read more from the series here.
Want to lose weight? Get shredded? Stay mentally sharp? A wellness influencer might tell you to take peptides, the latest cure-all in the alternative medicine arsenal. People inject them. They snort them. They combine them into concoctions with superhero names, like the Wolverine stack.
Matt Kaeberlein, a longevity researcher, first started hearing about peptides a few years ago. “At that point it was mostly functional medicine doctors that were using peptides,” he says, referring to physicians who embrace alternative medicine and supplements. “In the last six months, it’s kind of gone crazy.”
Peptides have gone mainstream. At the health-technology startup Superpower in Los Angeles, employees can get free peptide shots on Fridays. At a health food store in Phoenix, a sidewalk sign reads, “We have peptides!” At a tae kwon do center in South Carolina, a peptide wholesaler hosts an informational evening. On social media, they’re everywhere. And that popularity seems poised to grow; Department of Health and Human Services secretary Robert F. Kennedy Jr. has promised to end the FDA’s “aggressive suppression” of peptides.
The benefits and risks of many of these compounds, however, are largely unknown. Some of the most popular peptides have never been tested in human trials. They are sold for research purposes, not human consumption. Some are illegal knockoffs of wildly successful weight-loss medicines. The vast majority come from China, a fact that has some legislators worried. Last week, Senator Tom Cotton urged the head of the FDA to crack down on illegal shipments of peptides from China. In the absence of regulatory oversight, some people are sending the compounds they purchase off for independent testing just to ensure that the product is legit.
A peptide is simply a short string of amino acids, the building blocks of proteins. “Scientists generally think of peptides as very small protein fragments, but we don’t really have a precise cutoff between a peptide and a protein,” says Paul Knoepfler, a stem-cell researcher at the University of California, Davis. Insulin is a peptide, as is human growth hormone. So are some neurotransmitters, like oxytocin.
But when wellness influencers talk about peptides, they’re often referring to particular compounds—formulated as injections, pills, or nasal sprays—that have become trendy lately.
Some of these peptides are FDA-approved prescription medications. GLP-1 medicines, for example, are approved to treat diabetes and obesity but are also easily accessible online to almost anyone who wants to use them. Many sites sell microdoses of GLP-1s with claims that they can “support longevity,” reduce cognitive decline, or curb inflammation.
Many more peptides are experimental. “The majority fall into the unapproved bucket,” says Kaeberlein, who is chief executive officer of Optispan, a Seattle-based health-care technology company focused on longevity. That bucket includes drugs that promote the release of growth hormones, like TB-500, CJC-1295, and ipamorelin, and compounds said to promote tissue repair and wound healing, like BPC-157 and GHK-Cu. It’s primarily these unapproved compounds that have raised concerns. “Anybody can set up an online shop selling research-grade peptides,” says Tenille Davis, a pharmacist and chief advocacy officer at the Alliance for Pharmacy Compounding, a trade organization representing more than 600 pharmacies. “And nobody knows what’s even in the vials.”
It’s not just fitness gurus, biohackers, and longevity fanatics who are taking these experimental drugs. Kaeberlein recalls hearing about an acquaintance whose doctor prescribed her unapproved peptides. She was “just a typical upper-middle-class woman,” he says. “That’s when it really hit me that this has sort of gone relatively mainstream.”
All kinds of things, purportedly. GHK-Cu is supposed to help with wound healing and collagen production. BPC-157 is said to promote tissue repair and curb inflammation, TB-500 to foster blood vessel formation. Here’s the caveat: The evidence for these benefits comes largely from animal studies and online testimonials, not human trials. “There’s no human clinical evidence to show that they even do what people are claiming that they do,” says Stuart Phillips, a muscle physiologist at McMaster University in Hamilton, Ontario. “So it could be just a giant rip-off.”
Some experimental peptides probably do have beneficial wound healing properties or regenerative effects, Kaeberlein says. For BPC-157, for example, “the animal data is compelling,” he says. But there are still plenty of unknowns: What is the right dosage? How long should you take it? What’s the best way to administer it? Those are questions that can be answered only through rigorous clinical trials. In the absence of those studies, doctors “just make up their own protocols,” he says. Some consumers go the DIY route, reconstituting powdered peptides and injecting their own concoctions at home.
Federal law prohibits companies from marketing medications that haven’t been approved. That includes most peptides, which are regulated as small molecules, not dietary supplements. (Two notable exceptions are collagen peptides and creatine peptides, often sold as powders.) The law is designed to protect consumers from drugs that haven’t been proved safe and effective.
But it doesn’t stop labs from making peptides for research purposes. “Most of the peptides being consumed in the marketplace now are being sold by these online companies that are selling them labeled for research use only,” Davis says. The vials often bear disclaimers that clearly say as much: “For research use only” or “Not for human consumption.” It’s illegal to market these products for human use, but “the websites make it pretty clear that the buyers are intended to be using these products themselves,” she says.
The practice isn’t legal, but enforcement has been sporadic. “FDA sends warning letters, shuts down companies. But because it’s all online, they have a really hard time keeping up with these entities,” Davis says. And companies have plenty of incentive to keep illegally marketing the products. “They can make millions of dollars without having to spend money and time doing research,” Knoepfler says. “It’s a cash grab.”
Compounding pharmacies, which are legally allowed to create bespoke medications by mixing bulk active ingredients, often get requests to dispense peptides, but most peptides don’t meet the eligibility criteria for compounding. This has always been the case, but in 2023 the FDA explicitly added several common experimental peptides to the list of bulk substances that cannot be compounded because of safety concerns. “It put an exclamation point on policy that was already in place,” Davis says.
Many GLP-1 medications are available from compounding pharmacies. That used to be accepted because the drugs were in short supply. Now, however, supplies of most of these medications are stable, and sellers are under increasing pressure from regulators to stop mass-marketing these drugs.
Peptides sold for research purposes come from labs with little regulatory oversight. “When you buy stuff online intended for research grade, you have no idea what’s in the vial that you’re getting. You have no idea the sterility practices that it was manufactured under, or what sort of impurities might be in the vial,” Davis says.
Phillips has heard some people say they send their peptides for third-party testing to ensure that they’re pure, “like it’s some kind of flex,” he says. “And I’m like, ‘Well, you just proved that this stuff lives in the shadows, for crying out loud.’”
Finnrick Analytics, a peptide-testing startup in Austin, Texas, has analyzed the purity and potency of more than 5,000 samples of 15 different peptides from 173 vendors. The results show that the quality varies substantially from vendor to vendor and even batch to batch. For example, the company tested nearly 450 samples of BPC-157 from 64 vendors. In some cases, the vials sold as BPC-157 didn’t contain the compound at all. In those that did, the purity varied from about 82% to 100%.
Perhaps more worrying, 8% of all the peptide samples Finnrick tested had measurable levels of endotoxins, bacterial fragments that can cause fever and chills or, in larger doses, septic shock.
The health risks aren’t just hypothetical. In 2025, two women had to be hospitalized and placed on ventilators after receiving peptide injections at a longevity conference in Las Vegas. Both recovered, and it’s still not clear whether they reacted to the peptides themselves or to some impurity in the vials.
“The idea that all peptides are safe and all peptides are natural is just nonsense,” Kaeberlein says. “I tend to consider myself fairly libertarian when it comes to what people want to do for their health,” he adds. “If you want to take an experimental drug, that’s up to you.” But the problem with unregulated experimental therapies is that it’s exceedingly difficult to assess benefit and harm. “The relatively small percentage of people that are bad actors will be bad actors, and they will dishonestly market this stuff to people who aren’t equipped to really understand the true risks and rewards,” he says.
And, like any drug, peptides come with a risk of side effects. For approved medications, these are detailed right on the package insert. But for many experimental peptides, there hasn’t been enough research to understand what those side effects might be. Some researchers have warned that peptides that promote growth or blood vessel formation might also foster the growth of cancers.
For competitive athletes who use peptides, meanwhile, the risks include not just possible health problems but suspension. Some peptides, like BPC-157, are banned by the World Anti-Doping Agency.
I don’t have a crystal ball, but it seems likely. In May 2025, US health secretary Robert F. Kennedy Jr. joined the longevity enthusiast and biohacker Gary Brecka on his podcast The Ultimate Human and promised to “end the war at FDA against alternative medicine—the war on stem cells, the war on chelating drugs, the war on peptides.”
Knoepfler anticipates that Kennedy will force the FDA to allow compounding of some of the most popular peptides, like BPC-157 and GHK-Cu. “Such a step would put public health at great risk, while giving compounders and likely wellness influencers a lot more profit,” he says.
The FDA seems intent on cracking down on GLP-1 copycats, however. In early February, commissioner Marty Makary posted on X that the agency would take “swift action against companies mass-marketing illegal copycat drugs, claiming they are similar to FDA-approved products.”
This story originally appeared in The Algorithm, our weekly newsletter on AI. To get stories like this in your inbox first, sign up here.
In January, Nvidia’s Jensen Huang, the head of the world’s most valuable company, proclaimed that we are entering the era of physical AI, when artificial intelligence will move beyond language and chatbots into physically capable machines. (He also said the same thing the year before, by the way.)
The implication—fueled by new demonstrations of humanoid robots putting away dishes or assembling cars—is that mimicking human limbs with single-purpose robot arms is the old way of automation. The new way is to replicate the way humans think, learn, and adapt while they work. The problem is that the lack of transparency about the human labor involved in training and operating such robots leaves the public both misunderstanding what robots can actually do and failing to see the strange new forms of work forming around them.
Consider how, in the AI era, robots often learn from humans who demonstrate how to do a chore. Creating this data at scale is now leading to Black Mirror–esque scenarios. A worker in Shanghai, for example, recently spent a week wearing a virtual-reality headset and an exoskeleton while opening and closing the door of a microwave hundreds of times a day to train the robot next to him, Rest of World reported. In North America, the robotics company Figure appears to be planning something similar: It announced in September it would partner with the investment firm Brookfield, which manages 100,000 residential units, to capture “massive amounts” of real-world data “across a variety of household environments.” (Figure did not respond to questions about this effort.)
Just as our words became training data for large language models, our movements are now poised to follow the same path. Except this future might leave humans with an even worse deal, and it’s already beginning. The roboticist Aaron Prather told me about recent work with a delivery company that had its workers wear movement-tracking sensors as they moved boxes; the data collected will be used to train robots. The effort to build humanoids will likely require manual laborers to act as data collectors at massive scale. “It’s going to be weird,” Prather says. “No doubts about it.”
Or consider tele-operation. Though the endgame in robotics is a machine that can complete a task on its own, robotics companies employ people to operate their robots remotely. Neo, a $20,000 humanoid robot from the startup 1X, is set to ship to homes this year, but the company’s founder, Bernt Øivind Børnich, told me recently that he’s not committed to any prescribed level of autonomy. If a robot gets stuck, or if the customer wants it to do a tricky task, a tele-operator from the company’s headquarters in Palo Alto, California, will pilot it, looking through its cameras to iron clothes or unload the dishwasher.
This isn’t inherently harmful—1X gets customer consent before switching into tele-operation mode—but privacy as we know it will not exist in a world where tele-operators are doing chores in your house through a robot. And if home humanoids are not genuinely autonomous, the arrangement is better understood as a form of wage arbitrage that re-creates the dynamics of gig work while, for the first time, allowing physical tasks to be performed wherever labor is cheapest.
We’ve been down similar roads before. Carrying out “AI-driven” content moderation on social media platforms or assembling training data for AI companies often requires workers in low-wage countries to view disturbing content. And despite claims that AI will soon enough train on its outputs and learn on its own, even the best models require an awful lot of human feedback to work as desired.
These human workforces do not mean that AI is just vaporware. But when they remain invisible, the public consistently overestimates the machines’ actual capabilities.
That’s great for investors and hype, but it has consequences for everyone. When Tesla marketed its driver-assistance software as “Autopilot,” for example, it inflated public expectations about what the system could safely do—a distortion a Miami jury recently found contributed to a crash that killed a 22-year-old woman (Tesla was ordered to pay $240 million in damages).
The same will be true for humanoid robots. If Huang is right, and physical AI is coming for our workplaces, homes, and public spaces, then the way we describe and scrutinize such technology matters. Yet robotics companies remain as opaque about training and tele-operation as AI firms are about their training data. If that does not change, we risk mistaking concealed human labor for machine intelligence—and seeing far more autonomy than truly exists.
This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology.
Inside Chicago’s surveillance panopticon
Chicago has tens of thousands of surveillance cameras—up to 45,000, by some estimates.
That’s among the highest numbers per capita in the US. Chicago boasts one of the largest license plate reader systems in the country, and the ability to access audio and video surveillance from independent agencies such as the Chicago Public Schools, the Chicago Park District, and the public transportation system as well as many residential and commercial security systems such as Ring doorbell cameras.
Law enforcement and security advocates say this vast monitoring system protects public safety and works well.
But activists and many residents say it’s a surveillance panopticon that creates a chilling effect on behavior and violates guarantees of privacy and free speech. Read the full story.
—Rod McCullom
Job titles of the future: Breast biomechanic
Twenty years ago, Joanna Wakefield-Scurr was having persistent pain in her breasts. Her doctor couldn’t diagnose the cause but said a good, supportive bra could help. A professor of biomechanics, Wakefield-Scurr thought she could do a little research and find a science-backed option. Two decades later, she’s still looking.
Wakefield-Scurr now leads an 18-person team at the Research Group in Breast Health at the University of Portsmouth in the UK. And as more women take up high-impact sports, the need to understand what makes a good bra grows, she says her lab can’t keep up with demand. Read the full story.
—Sara Harrison
These stories are both from the next print issue of MIT Technology Review magazine, which is all about crime. If you haven’t already, subscribe now to receive future issues once they land.
The must-reads
I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.
1 Inside ICE’s plans to build huge detention centers across the US
The identities of the personnel who authorized it have been revealed in metadata. (Wired $)
+ A UK tourist with a valid visa was detained by ICE for six weeks. (The Guardian)
2 The UAE says it was targeted by a wave of AI-backed cyberattacks
Authorities said the attacks marked a major shift in methods, but didn’t elaborate. (Bloomberg $)
+ New cybersecurity rules are hobbling small defense suppliers. (Reuters)+ AI is already making online crimes easier. It could get much worse. (MIT Technology Review)
3 What does the public really think about AI?
Tech leaders are worried they might not be fully onboard with their missions. (NYT $)
+ How social media encourages the worst of AI boosterism. (MIT Technology Review)
4 It looks like X really is pushing its users further to the right
As well as attracting more conservative thinkers in the first place. (NY Mag $)
+ The platform is currently disputing a major European fine. (Politico $)
5 Meet the farmers standing up to data center builders
They’re turning down deals worth millions for the land they’ve worked for decades. (The Guardian)
+ A data center venture launched at the White House isn’t delivering on its promises. (The Information $)
+ Data centers are amazing. Everyone hates them. (MIT Technology Review)
6 America has a plan to fight back against China’s AI
It hopes to send Tech Corps volunteers around the world to promote its own national efforts. (Rest of World)
+ China’s plan to lure in new AI customers? Bubble tea. (FT $)
+ The State of AI: Is China about to win the race? (MIT Technology Review)
7 Clouds are a major climate problem 
They’re making it harder for scientists to model the weather accurately. (Quanta Magazine)
+ The building legal case for global climate justice. (MIT Technology Review)
8 AI is still hopeless at reading PDFs
But companies keep deploying it across work systems anyway. (The Verge)
9 A “Fitbit for farts” could help analyze your gastrointestinal health
If you don’t mind wearing a sensor tucked into your underwear, that is. (WSJ $)
10 Gen Z is fascinated by corporate culture 
TikTok’s “WorkTok” videos are very effective at romanticizing the daily grind. (FT $)
Quote of the day
“It also takes a lot of energy to train a human. It takes like 20 years of life and all of the food you eat during that time before you get smart.”
—Sam Altman, CEO of OpenAI, compares the environmental impact of training AI’s vast models to the effort required to train a human during an event in India, TechCrunch reports.
One more thing

How one mine could unlock billions in EV subsidies
On a pine farm north of the tiny town of Tamarack, Minnesota, Talon Metals has uncovered one of America’s densest nickel deposits—and now it wants to begin extracting it.
If regulators approve the mine, it could mark the starting point in what the company claims would become the country’s first complete domestic nickel supply chain, running from the bedrock beneath the Minnesota earth to the batteries in electric vehicles across the nation.
MIT Technology Review wanted to provide a clearer sense of the law’s on-the-ground impact by zeroing in on a single project and examining how these rich subsidies could be unlocked at each point along the supply chain. Take a look at what we found out.
—James Temple
We can still have nice things
A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.)
+ Alysa Liu’s gold medal-winning Winter Olympics figure skating route is truly amazing.
+ Mmm, delicious ancient Roman pizza.
+ It’s not every day you find 2,000 year-old footprints while walking your dog 
+ Nature is full of surprises, and so are the winners of this year’s Sony World Photography Awards.