Cryptocurrency prices: Check today’s rates of Bitcoin, Ethereum, Dogecoin, Solana – NewsBytes

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Bitcoin has climbed 0.91% over the last 24 hours, trading at $68,394.45. It is 0.58% lower than the previous week. The second most popular token, Ethereum, has dropped 0.15% from yesterday to trade at $3,803.74. It has fallen 3.04% from last week. The market capitalization of Bitcoin and Ethereum now stands at $1,330.14 billion and $457.15 billion, respectively.

BNB is trading at $609.33, which is 0.79% up from yesterday and a 0.84% rise from last week. XRP is currently trading at $0.55 after falling down 0.43% in the last 24 hours. It is 2.85% down from last week. Cardano and Dogecoin are trading at $0.44 (down 0.69%) and $0.11 (down 0.26%), respectively.

Solana, Polka Dot, Shiba Inu, and Polygon are currently trading at $162.92 (down 1.81%), $7.04 (down 0.66%), $0.000022 (down 2.09%), and $0.66 (down 1.01%), respectively. Looking at the weekly chart, Solana has fallen 1.6%, while Polka Dot is down 5.89%. Shiba Inu has lost 0.11% of its value in the last seven days, whereas Polygon has declined 3.78%.

The top five gainers based on the 24 hour movement are Notcoin, Toncoin, Flare, Kaspa, and Gala. They are trading at $0.022 (up 19.52%), $6.80 (up 7.69%), $0.022 (up 6.44%), $0.11 (up 5.58%), and $0.044 (up 4.44%), respectively.

A stablecoin is a cryptocurrency with extremely low volatility. Its value is linked to a physical asset such as fiat currency or gold. Talking about some of the prominent tokens, Tether and USD Coin are trading at $0.99 (up 0.02%) and $1 (down 0.01%), respectively.

The biggest losers of the day are Synthetix, Bonk, ORDI, Beam, and BOOK OF MEME. They are trading at $2.65 (down 8.40%), $0.000033 (down 6.66%), $45.35 (down 6.59%), $0.022 (down 6.31%), and $0.011 (down 5.54%), respectively.

DeFi, short for decentralized finance, is an umbrella term for global, peer-to-peer financial services on public blockchains. Some of the popular DeFi tokens are Avalanche, Chainlink, Uniswap, Internet Computer, and Dai. They are trading at $35.02 (down 2.88%), $18.02 (down 1.96%), $9.59 (down 2.97%), $11.93 (down 1.38%), and $0.99 (up 0%), respectively.

Non-fungible tokens (NFTs) are cryptocurrencies that lack the attribute of fungibility, due to which they cannot be exchanged for one another. Some of the popular NFT tokens are Internet Computer, Render, Immutable, Stacks, and Theta Network. They are currently trading at $11.90 (down 1.63%), $9.93 (down 0.80%), $2.18 (down 1.80%), $1.85 (down 0.35%), and $2.10 (down 0.94%), respectively.

The current global crypto market cap is $2.53 trillion, a 0.27% increase over the last day. The total crypto market volume over the last 24 hours is $60.22 billion, which marks a 36.84% increase. Last month, the global crypto market cap was $2.21 trillion while three months back, the total capitalization stood at $2.35 trillion.

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Cryptocurrency prices: Check today's rates of Bitcoin, Ethereum, Dogecoin, Solana - NewsBytes

Cryptocurrency case against Utah DEBT Box dismissed, SEC ordered to pay attorney fees – Salt Lake Tribune

(AP Andrew Harnik, File) A federal judge in Utah dismissed a case against a cryptocurrency company after ruling attorneys for the SEC misled him early on.

| May 31, 2024, 12:00 p.m.

| Updated: 4:12 p.m.

A judge has dismissed the Securities and Exchange Commissions fraud case against crypto brokers based in Utah and ordered the agency to pay their attorneys fees, which hands the $1.8 million tab to taxpayers.

In March, Chief District Court Judge Robert J. Shelby had formally sanctioned SEC attorneys in the case for presenting misleading evidence during their bid to freeze the assets of DEBT Box.

Shelby on Tuesday dismissed the case, as the SEC had requested, without prejudice. That means the agency can try again to prosecute DEBT Box, but the judge added the condition that any future charges must be filed in his court.

The SEC declined to comment any part of the ruling, including whether attorneys would bring a new case. The dismissal, the government attorneys said in court documents, will allow them to regroup, conduct a proper investigation and decide on the appropriate next steps.

DEBT Box celebrated the ruling on X (formerly Twitter) and called it a monumental victory, not just for D.E.B.T. Box but for the entire industry and our dedicated community.

DEBT Box was once based in Draper and now operates overseas. Nearly 30 defendants associated with the company were charged, and the $1.8 million in defense fees will be split between eight attorneys offices.

My clients are relieved that its over, for now, said Richard Hong, lead attorney for DEBT Box, in a phone call Wednesday. We are gratified by the judges rulings and the full attorney fee awarding.

The SEC charged last July that DEBT Box and its associates had lied to investors about virtually every aspect of the business and pocketed millions in fraudulent earnings. Attorneys asked Shelby for a temporary restraining order and asset freeze, which he granted in August 2023.

Shelby later determined that some of the SECs key evidence was incorrect or misleading. He reversed the restraining order that fall and sanctioned the agency in an 80-page March ruling that called the SECs conduct a gross misuse of power.

Hongs office, New York-based Morrison Cohen LLP, is owed the most in fees around $565,500 and was granted the full amount it requested. Shelby ruled that a straight fee based on actual cost accrued, and not adjusted for local markets was an appropriate sanction for bad faith conduct on the part of Commission attorneys.

Defendants have already been the victim of this misconduct and they should not be revictimized by being required to establish the prevailing local rates for this type of litigation, Shelby wrote.

DEBT Box was co-founded by Utah brothers Jason R. Anderson and Jacob S. Anderson, according to court documents. Its associates and co-defendants include several executives from Utah and Utah-registered businesses. The company now conducts limited operations overseas, according to an attorney.

An earlier motion to dismiss from SEC attorneys said the agency would refile its case against DEBT Box, and argued there is still evidence that retail investors have been and are being harmed.

The most recent motion, which Shelby approved, said the SEC has replaced the entire legal and investigative team handling the case in the last few months, and argued a dismissal would allow the new team to reinvestigate and determine whether to refile.

The SEC wants to ensure that its allegations are fully supported by the record before proceeding with the litigation, the motion said.

Hong said his team and his clients will wait and see if the agency brings a new case against them. A new investigation will take time, and once it is done, it could take an additional eight weeks to present a recommendation to the commission if investigators decide another case is warranted, according to the agencys motion to dismiss.

Well see what happens next, Hong said. But if the SEC brings further action, we will be ready for it.

Shannon Sollitt is a Report for America corps member covering business accountability and sustainability for The Salt Lake Tribune. Your donation to match our RFA grant helps keep her writing stories like this one; please consider making a tax-deductible gift of any amount today by clicking here.

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Cryptocurrency case against Utah DEBT Box dismissed, SEC ordered to pay attorney fees - Salt Lake Tribune

Max Keiser Reveals Epic Bitcoin Prediction for Old ‘New’ El Salvador President By U.Today – Investing.com

U.Today - Nayib Bukele started his second term as President of El Salvador yesterday, continuing his administration's pioneering efforts in cryptocurrency adoption. Since September 2021, has been the official legal tender in the South American country.

As a reminder, in his first term, Bukele has reaffirmed his commitment to purchasing one BTC daily into a cold wallet until the cryptocurrency can no longer be technically acquired.

Max Keiser, a big supporter of Bitcoin and advisor to the President, has come up with an ambitious plan for El Salvador during Bukele's second term. Keiser thinks that the countrys wealth will be more and more controlled by its citizens through decentralized Bitcoin nodes.

In this scenario, the President will propose initiatives that the public can fund through crowd-sourcing, effectively reinventing the social contract and operating the nation on a circular BTC-focused economy.

He also sees El Salvador becoming debt-free and using its geothermal and volcanic energy to power Bitcoin mining, aiming to control 10% of the global hash rate.

The country has already made significant progress in this direction, using geothermal energy from the Tecapa volcano to mine 473.5 BTC, which is worth about $29 million. Of the 102 MW generated by the countrys power plants, 1.5 MW is dedicated to Bitcoin mining.

According to data from Arkham, El Salvador currently holds 5,718 BTC, worth about $400.26 million. Keiser thinks this innovative approach will reduce the influence of central banks and make international financial institutions like the IMF irrelevant in the countrys economic policies.

This article was originally published on U.Today

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Cryptocurrency Scams Are Still a Threat: 3 Safe Ways to Invest in Crypto – sharewise

Bitcoin (CRYPTO: BTC) may be on the cusp of truly going mainstream, but the crypto market continues to see no shortage of new scams. And it doesn't matter how big or sophisticated of an investor you might be. Even billionaires and longtime savvy investors can get duped by crypto scammers.

The good news is that you can take several basic steps to safeguard your crypto investments and steer clear of most crypto scams. Let's take a closer look.

Arguably, the safest way to invest in crypto is by investing only in exchange-traded funds (ETFs) for specific cryptocurrencies. You can buy and trade these ETFs the same way you would a tech stock, so there's no learning curve involved. You don't have to open any new accounts. Plus, you can sleep easy at night, knowing that every ETF has a seal of approval from the Securities and Exchange Commission (SEC). That helps to explain why the new spot Bitcoin ETFs have been so popular.

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Cryptocurrency Scams Are Still a Threat: 3 Safe Ways to Invest in Crypto - sharewise

Two 39-year-old Estonian men are the alleged kingpins behind a massive half billion fraud targeting thousands of U.S. … – Fortune

The Department of Justice is advancing a case alleging that two men in Estonia cheated investors in a byzantine cryptocurrency mining operation that generated $575 million, authorities said.

Sergei Potapenko and Ivan Turgin, both 39, were arrested in Tallinn, Estonia, and charged on an 18-count indictment filed in the Western District of Washington, DOJ said in a statement today. According to the indictment, the duo claimed to offer virtual currency mining rights to customers for a fee, but in reality they were relying on sham invoices, fabricated documents, and a crypto mining capacity of less than 1% of what they told customers. Potapenko and Turgin, and others who were unnamed in the indictment, spent the money people paid them on real estate properties in Estonia, luxury cars, and lavish gifts, authorities said.

The size and scope of the alleged scheme is truly astounding. These defendants capitalized on both the allure of cryptocurrency, and the mystery surrounding cryptocurrency mining, to commit an enormous Ponzi scheme, said U.S. Attorney Nick Brown of the Western District of Washington in a statement. They lured investors with false representations and then paid early investors off with money from those who invested later. They tried to hide their ill-gotten gain in Estonian properties, luxury cars, and bank accounts and virtual currency wallets around the world. U.S. and Estonian authorities are working to seize and restrain these assets and take the profit out of these crimes. The FBI is also investigating the fraud and actively seeking victims in the probe.

Starting in 2013, authorities said Potapenko and Turgin relied on a network of shell companies, bank accounts, and virtual asset service providers and wallets to funnel fraudulently obtained funds from victims who thought they were buying mining hardware. According to the U.S. Attorney, the duo claimed that its virtual cryptocurrency mining process, the process of verifying and adding transactions on a blockchain ledger, had significant power and capacity. Currency mining power is measured by hashrate, which indicates the number of calculations the computer can perform per second. In cloud or remote mining, people can rent so-called hashrate from a mining operation and get a portion of the virtual coins mined.

Potapenko and Turgin started a company called HashCoins in Estonia in December 2013 and marketed the firms mining equipment for Bitcoin and other digital assets, the indictment states. In reality, HashCoins didnt manufacture the equipment but was buying, building, and reselling parts manufactured by other companies. By 2014, HashCoins had a flurry of unhappy customers and it struggled to meet requests for refunds and fill new orders, authorities said.

In 2015, HashCoins told some clients that their undelivered currency mining equipment would be operated remotely instead of giving actual machines to customers that they paid for. Under the new deal, customers would get rights under mining contracts that would pay them a percentage of profits from the overall operation, known as HashFlare, authorities allege.

Supposedly, HashFlare allowed customers to buy virtual currency mining capacity that people paid for using credit cards, bank wires, and virtual currency transfers. Potapenko and Turgin told customers they could access their accounts through the HashFlare website, view their balances, and withdraw or reinvest to buy additional hashrate, authorities said. This generated more than $550 million from customers who wanted in on virtual currency mining. In reality, HashFlares mining activity was estimated to be less than 1% of the hashrate it sold to customers for Bitcoin mining and less than 3% of the hashrate sold for mining other coins.

And when people wanted to withdraw their supposed returns on the crypto-mining operations, they were either blocked from withdrawing, or could only take out small amounts, the complaint alleged. Sometimes Potapenko and Turgin bought virtual currency on the open market and paid it to investors. This made it a Ponzi scheme, the DOJ said.

Then in 2017, the two created another company, Polybius, which was supposedly a digital bank.

Polybius raised $25 million in an initial coin offering from outside investors. The bulk of the funds were transferred to accounts Potapenko and Turgin controlled. They never built a digital bank and have never paid dividends to investors, authorities alleged.

The two were arrested in 2022 in Estonia but werent extradited until April 2024, after they appealed the initial decision. The Estonian National Criminal Polices Oskar Gross, head of the Cybercrime Bureau said: The sheer volume of this investigation is described by the fact that this is one of the largest fraud cases weve ever had in Estonia.

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Two 39-year-old Estonian men are the alleged kingpins behind a massive half billion fraud targeting thousands of U.S. ... - Fortune

Cryptocurrency: 3 Coins To Buy If You’re A Die Hard Web3 Fan – Watcher Guru

The Web3 narrative is what sustains the cryptocurrency world. The fact that this realm has the power to influence and encapsulate the world via budding decentralized techniques is what makes the realm of cryptocurrency special from all sides. The space harbors investors of all kinds. Certain investors simply want to bask in the profitability that the sector offers in the long run.

However, certain investors and enthusiasts are keen to explore the developed side of the world and are here to know more about its power.

To keep the passion of such investors alive, here are the top three tokens one must stash if they truly honor the legacy of decentralized elements and ecosystems.

Also Read: 3 Reasons Why Cardano (ADA) Is Bound For A Future Breakthrough

Shiba Inu is unique in many ways. For instance, the token is dubbed the original, or OG crypto meme token, to have ruled the space. SHIB was one of the first coins to initiate and popularize the wave of meme coin mania, a phenomenon that changed the way monetization and profitability work.

Per Coinpedia, Shiba Inu is poised for a spike this year, surging as high as $0.00006697 in the process.

If the price can continue to rise above $0.00003682, it could reach the target of $0.00006697 in 2024. Yet, if the SHIB price reverses, it could undoubtedly drop to $0.000010. Overall, the outlook for SHIB is positive, although there is still some risk of a decline.

A power-packed crypto coin packed with the essence of web3 decentralization, Ethereum is a blockbuster of a token when it comes to hoarding it as a web3 fanatic.

The blockchain offers elements such as EVM to develop versatile apps, and robust Turing-based smart contracts to encourage wider adoption and development of DeFi, the elements that truly represent the real face of a decentralized framework.

With Ethereum ETFs in the mix, the token is poised for a spectacular price hike shortly.

According to Coinpedia, ETH could gain up to $10,000 by the end of 2024, helping its fans double their money in no time.

Also Read: Pepe Price Prediction: How High Can It Surge This Week?

Blazing past the overhead resistance, the ETH price pushes beyond the $4000 barrier. Moreover, the breakout rally signals a longer uptrend and avoids a death cross in the weekly chart. If the buyers cross the Ethereum market value above $5000, the bull run continuation can exponentially increase in 2024. With potential Spot ETF approvals and the Bitcoin Halving effect on altcoins, the price of ETH can reach $10,000.

With Cardanos modest price upticks this season, the currency has a long road to cover to gain its lost track. But despite encountering several price hurdles in its wake, the ADA ecosystem has emerged stronger than ever.

Cardano is built on a peer-reviewed scientific philosophy that gives ADA sound factual backing. At the same time, the ADA ecosystem pioneers a layered architecture in its chain, with CSL and CCL chains running in full mode.

Per Coinpedia, Cardanos new price goal by the end of 2024 is to touch the $2 mark.

The Cardano coin price brings a buying opportunity as it may soon cross $1 and reach the $1.5 mark. Therefore, with a bull run in 2024, Cardano prices may create a new swing high of $2.02. With an average of $1.695, the ADA prices could settle down to $1.37 by the end of 2024 due to exhaustion.

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Cryptocurrency: 3 Coins To Buy If You're A Die Hard Web3 Fan - Watcher Guru

The Path To Becoming A Millionaire With Cryptocurrency – The Crypto Basic

Investing in cryptocurrency has become more appealing with the recent bull run. The market offers exciting opportunities for those looking to increase wealth. Understanding the key strategies and making informed decisions can pave the way to significant gains. This guide explores the essential steps to potentially reach millionaire status through smart crypto investments. Discover how to navigate this fast-paced environment and make the most of todays crypto trends.

CYBRO is a one-of-a-kind marketplace that amplifies the native yield potential of the Blast blockchain. CYBRO offers early investors to enter the project on favorable terms by joining the CYBRO token presale.

At this stage, CYBRO tokens are available at discounts of over 2 times off their future market price, generating a generous ROI of 140%. The supply of the tokens is limited, and nearly 25M tokens have already been sold out. The earlier you buy, the bigger discount you get. Additionally, those investing a minimum of $1,000 in CYBRO during the presale will unlock weekly ETH rewards, available for withdrawal after the TGE.

Buy $CYBRO at the Best Price NOW to Secure 140% Profits

The CYBRO token will unlock cashback in CYBRO, discounted fees for trading and lending operations, staking rewards, an exclusive Airdrop, and the Insurance Program. This solid utility will set a strong base for CYBRO to rise in value post-TGE in Q3 2024.

With CYBRO, you can grow your crypto by investing in various vaults on Blast, the only Layer 2 blockchain to offer default yield for ETH and stablecoins staking. CYBROs ultimate goal is to provide users with the highest returns possible for each strategy, while ensuring a simple and transparent interface.

Secure Your Place in CYBRO at 58% Discount Today! Offer is Limited!

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The current market sentiment for Mantle (MNT) appears cautiously optimistic. With prices holding close to recent averages and modest increases over the past week and month, traders seem encouraged. Resistance and support levels show cautious but measurable range movement. These dynamics could foster the coins appeal, drawing new investors and potentially stabilizing its position in the market. Overall, simple metrics suggest a foundation for gradual but steady growth.

The 1inch Network displays mixed market trends despite recent positive price changes. The current price hovers above a key support level but sits below major resistance points. Key indicators show bearish conditions, yet recent gains suggest a potential shift. This tug-of-war could see 1INCH either break resistance for further growth or dip back to lower levels. Given its role in aggregating decentralized exchanges, any strong market move could amplify its utility and adoption.

Altlayer (ALT) is currently in a stable phase. Prices hover within a specific range. Indicators show that buyers and sellers are fairly balanced. However, the coins recent and massive six-month rise suggests keen interest. Over shorter periods, the gains are minor or slightly negative. This indicates a mild cooling period. Given Altlayers technology and market interest, any positive developments could lead to further gains, though some may also expect a short-term correction.

Ondo is experiencing a robust upward trend, with substantial gains over the short and medium term. Indicators like RSI and Stochastic suggest buying pressure, while the Moving Averages show slight consolidation. Immediate targets are reachable but may face minor corrections. This positive sentiment generally fuels investor confidence, potentially driving more market participants to buy or hold ONDO. With its current rapid price changes, Ondo remains an attractive option for traders looking for substantial returns.

While MNT, 1INCH, ALT, and ONDO show potential, their short-term gains might be limited. The focus should be on CYBRO. It leverages the unique yield potential of the Blast blockchain. The first release is planned for Q2 2024. CYBRO offers early investors an opportunity to join on favorable terms through its token presale.

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Disclaimer: This Press release article is provided by the Client. The Client is solely responsible for this pages content, quality, accuracy, products, advertising, or other materials. Readers should conduct their own research before taking any actions related to the material available on this page. The Crypto Basic is not responsible for the accuracy of info and any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods, or services mentioned in this press release article.

Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Cryptocurrency: Top 3 Coins To Buy For 2X Profits In June – Watcher Guru

Cryptocurrency investors are constantly on the lookout for coins that have the potential to generate substantial returns. With June just around the corner, three coins have emerged as top contenders for achieving 2X profits: Pepe (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE).

Pepe has experienced an impressive 9% increase in the past 24 hours. The coins 24-hour low and high stand at $0.00001325 and $0.00001503, respectively.

Despite trading 14.06% below its all-time high of $0.00001718, reached on May 27, 2024, just four days ago, Pepes strong community support and viral appeal suggest that it has the potential to double in value in June.

As more investors discover the potential of this frog-inspired meme coin, PEPE could be poised for major price appreciation.

Also read: How High Can Ethereum (ETH) Surge This Weekend?

Shiba Inu (SHIB), often referred to as the Dogecoin Killer, has demonstrated remarkable resilience in the face of market volatility. Currently trading at $0.00002587, SHIB has experienced a slight 0.70% decrease in the past 24 hours. The coins 24-hour low and high are $0.00002565 and $0.0000269, respectively.

Although SHIB is currently trading 70.75% below its all-time high of $0.00008845, reached on October 28, 2021, the coins strong community and ongoing ecosystem development suggest that it has the potential to achieve 2X profits in June.

Also read: Ripple Hits Lowest RSI In History: Can XRP Hit $1 Soon?

Dogecoin (DOGE), the original meme coin that started as a joke but has since gained a massive following, continues to show steady growth. Currently trading at $0.1598, DOGE has experienced a modest 0.85% increase in the past 24 hours. The coins 24-hour low and high stand at $0.1581 and $0.1645, respectively.

Despite trading 78.35% below its all-time high of $0.7376, reached on May 8, 2021, Dogecoins strong brand recognition and increasing acceptance as a means of payment suggest that it has the potential to double in value in June.

Pepe, Shiba Inu, and Dogecoin have emerged as the top cryptocurrencies for achieving 2X profits in June. These meme-inspired coins have demonstrated strong communities, unique branding, and the potential for significant price appreciation.

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Cryptocurrency: Top 3 Coins To Buy For 2X Profits In June - Watcher Guru

Cryptocurrency: Meme Coin Created With ChatGPT Rises 2,000% – Watcher Guru

The cryptocurrency market has a meme coin segment that defies logic and a traditional investment approach. A meme coin named Turbo has been trading in the cryptocurrency market for over a year and was created using OpenAIs chatbot ChatGPT.

The meme coin Turbo was first launched a year ago in May 2023 and traded at $0.00031005. However, the cryptocurrency scaled up nearly 600% by the end of the year but began trading sideways in 2024.

Also Read: 10 U.S. Sectors To Be Affected if ASEAN Ditches the Dollar

Nonetheless, in the last 30 days alone, the Turbo meme coin skyrocketed nearly 1,400% and turned heavily bullish. Since a year, the Turbo cryptocurrency created with ChatGPT has surged a whopping 2,232% in value. The meme coin is among the top-performing cryptocurrencies this year that generated stellar returns for investors.

Also Read: Indias Stock Market Could Crash 20% if Modi Loses Elections

Therefore, an investment of $10,000 last year in the meme coin Turbo would have turned into $233,200 today. This shows that the meme coin segment in the cryptocurrency market is not bound to any financial rules. Meme coins chart their own course and the lucky and daring ones get the opportunity to make returns that even the stock market cant deliver in a short period.

Turbos price is currently hovering around the $0.007 range on Wednesday and is facing correction in the charts. Investors are now indulging in profit bookings and the sell-off made the cryptocurrencys price dip this week. However, meme coins are highly speculative assets, and its difficult to point its next direction in the charts.

Also Read: U.S. Dollar Is the Least Worst Fiat Currency: Strategist

It is advised to do thorough research before taking an entry position into the Turbo meme coin this month. The cryptocurrency market is known for its volatility and swings both ways making it difficult to digest the losses. In conclusion, while the Turbo meme coin soared 2,200%, there is no guarantee that it could repeat the feat.

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Cryptocurrency: Meme Coin Created With ChatGPT Rises 2,000% - Watcher Guru

SEC embrace of ether ETFs highlights cryptocurrency’s shifting political fortunes – CNBC

The newly opened door to ether ETFs is part of a larger story that dominated cryptocurrency markets last week: the industry's political tides appear to be shifting in its favor. Thursday night's approval by the Securities and Exchange Commission of a rule change that would pave the way for the creation of ether ETFs caught most market watchers off guard. Expectations of an approval were low as the week began, but flipped completely and suddenly last Monday sending ether up 20% . The SEC decision followed a vote in the House of Representatives on May 8 to overturn a controversial SEC accounting policy, known as SAB 121, that forces banks to treat digital assets on their books as liabilities. The White House said the same day that President Biden would veto the bill and, in any case, the Senate rejected the proposal on May 16. Meanwhile, on May 9, former President Donald Trump said he would soon begin accepting campaign donations in crypto. "While the news of the ether ETF is undoubtedly positive, the real excitement lies in the underlying reason for the SEC's sudden change," said RachelLin, CEO and co-founder ofthe decentralized derivatives trading platform SynFutures. "Until recently, the SEC and a faction of the U.S. administration had seemingly pursued an anti-crypto policy to stifle the sector. However, there seems to be a growing political realization within the administration that cryptocurrency is a matter that could sway the election." Landmark victory Then last week, one day before the SEC approved the rule change to allow ether ETFs, the House passed a crypto infrastructure bill called FIT 21 (the Financial Innovation and Technology for the21stCentury Act ), which would specify when crypto falls under the purview of the SEC versus the Commodity Futures Trading Commission. Many are hailing FIT 21 as a landmark victory for the industry. "There's a sea change going on in politics right now," Oppenheimer senior analyst Owen Lau told CNBC. "People are starting to realize that being anti-crypto is a bad politics." The Beltway consensus is that FIT 21 is unlikely to come up for a Senate vote, but Lau said its passage in the House lays the groundwork for the next Congress that will be seated next January. "We are getting closer to regulatory clarity," he added. "The problem with the status quo is there are no rules." As a result, "there's a lot of unpredictability in this space that can push capital, talent and projects out of this country." Alex Thorn, head of research at Galaxy Digital, noted that there isn't much time in the legislative calendar for the passage of industry-friendly bills, with the summer recess looming and a Presidential election in the fall. Still, he didn't completely write off the Senate picking up existing efforts, such as the Lummis-Gillibrand Responsible Financial Innovation Act , co-sponsored by Democratic Senator Kirsten Gillibrand (N.Y.) and Republican Senator Cynthia Lummis(WY) , aimed at creating a comprehensive regulatory framework for crypto assets. "I'd be surprised if FIT 21 or something like it actually becomes law this year," said Thorn. "The politics of this are what is most interesting. It does portend a sweeping change in [the] Democratic leadership approach to this industry, and that can only help crypto."

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SEC embrace of ether ETFs highlights cryptocurrency's shifting political fortunes - CNBC

Michael Saylor Breaks Silence on Bitcoin Dropping Below $68,000 By U.Today – Investing.com

U.Today - Prominent advocate and the co-founder of the MicroStrategy business intelligence giant Michael Saylor has published a tweet about Bitcoin as if to show confidence in the largest cryptocurrency by market capitalization value as it has suddenly lost the $68,000 price level overnight.

Saylors tweet contains an AI-generated image with an image of a physical Bitcoin and bees, stating: Bitcoin is a Swarm of Cyber Hornets.

Certain macroeconomic factors have influenced this sudden Bitcoin price decline. The personal consumption expenditures (PCE) price index faced a small rise of 0.25% in April, after a 12 month change of 2.75% that proved to be a three-year low for this metric.

Even though this was in line with analysts expectations, Bitcoin still went down by 2.14% in three consecutive red candles, from $68,608 to the $67,712 level. Today, a small rebound took place, pushing the largest crypto up slightly.

As reported by U.Today, major Japan-based cryptocurrency exchange DMM Bitcoin has faced a massive hack with more than $300 million worth of crypto taken away by anonymous hackers 4,502 BTC.

According to data provided by Chainalysis, this was the largest hack of a crypto trading platform since 2022 and the seventh biggest one in history of the crypto industry.

This article was originally published on U.Today

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Michael Saylor Breaks Silence on Bitcoin Dropping Below $68,000 By U.Today - Investing.com

Gemini Returning $2.1 Billion to Crypto Customers – PYMNTS.com

Fallen cryptocurrency lenderGeminiis reportedly set to begin returning billions in frozen customer funds.

The firm, owned by billionaire twin brothers Cameron and Tyler Winklevoss, announced Wednesday that it willreturn $2.18 billionof its digital assets to customers of the Earn program, CNBC reported, citing an email to customers.

Today, we are pleased to let you know that initial Earn distributions approximately 97% of the digital assets owed to you by Genesis as of the suspension date (November 16, 2022) are now available in your Gemini account, the email reads.

This follows our previous announcement that we reached a settlement with Genesis and other creditors in the Genesis Bankruptcy, which will result in all Earn users receiving 100% of their digital assets back in kind.

The message adds: This means that if you lent one bitcoin in the Earn program, you will receive one bitcoin back. And it means that you will receive any and all increase in the value of your assets since you lent them into the Earn program.

According to CNBC, the $2.18 figure represents a 232% recovery for users since the company suspended withdrawals for customers of its Earn program 18 months ago.

Introduced in 2021, Earn allows customers to enjoy yields on their cryptocurrencies by storing them with Gemini, which then lends that crypto to institutional borrowers through lending partner Genesis Global Capital.

Genesis paused newloan originations and redemptionsin November 2022, which forced Gemini to halt withdrawals from its Earn program. Genesis filed for bankruptcy protection last year, with the state of New York recently announcing a$2 billion settlementwith Genesis to repay defrauded investors.

The news comes as the crypto sector is at something of acrossroads, as PYMNTS wrote earlier this month upon the occasion of two news events: the jailing of one-time crypto wunderkind Sam Bankman-Fried, and the passage of theFinancial Innovation and Technology for the 21st Century(FIT21) Act, the first step in establishing a comprehensive crypto framework.

The bill, which faces an uncertain future in the Senate, establishes a process to permit the secondary market trading of digital commodities if they were initially offered as part of an investment contract.

In addition, it imposes comprehensive customer disclosure, asset safeguarding, and operational requirements on all entities required to be registered with the CFTC and/or the SEC.

Still, as PYMNTS CEO Karen Webster wrote years ago, bitcoin was an interesting, even fascinating, innovation, butnot the salvationof our global financial system not even close.

With political momentum seemingly behind the industry, now will be the time for the crypto sector to prove its worth or risk revealing to the world that this whole time the emperor truly had no clothes, PYMNTs wrote.

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Gemini Returning $2.1 Billion to Crypto Customers - PYMNTS.com

Big Tech’s lobbyists sound alarm over Indian antitrust reform – Fortune

One of the most profound aspects of Europes new Digital Markets Act is that its the first antitrust law to try to ward off future abuses by Big Tech, rather than limiting enforcers to punishing companies for abuses that theyve already perpetrated.

Identifying potential miscreants and giving them clear ground rules, with swift comeback when those rules are broken, is an approach born of the frustrations that regulators have experienced when scrambling to keep up with the sectors move-fast-and-break-things approach. And now Indiathe worlds most populous nationmay take much the same approach thanks to a recently proposed government bill.

Big Tech, understandably, doesnt want this to happen. Reuters today reported on a letter sent by the U.S.-India Business Council to the Indian government, arguing that targeted companies are likely to reduce investment in India, pass on increased prices for digital services, and reduce the range of services in the country, should the Indian Digital Competition Bill come to pass.

A government panel proposed the bill in March and the consultation period just closed; the U.S.-India Business Council, whose board includes representatives of Google and Meta, submitted its comments at the last moment. Like the EU law, the Indian proposal would see Big Tech firms face fines of up to 10% of global annual revenue for sins like using personal data from one of the companys services in another, or self-preferencing ones own services in search results. Apple would be forced to allow third-party app stores in India, like its had to do in Europe.

The council isnt the only lobbying group to come out swinging for the likes of Google, Apple, and Amazon. The Information Technology & Innovation Foundation (ITIF), a U.S. think tank thats funded by Big Tech and reliably speaks out in its interests, also responded to the Indian consultation with arguments against the new billthis time in publicly released comments, unlike those submitted by the U.S.-India Business Council.

ITIFs take was that switching to so-called ex-ante (i.e. before the event) antitrust regulation could only be justified when the market has failed, and market failure does not appear to exist in Indias digital markets. The think tank also warned of deleterious effects on innovation that could stifle Indias economic aspirations.

However, Indian startups have quite a different take, with dozens coming out in support of the bill. We see it as a catalyst for creating a fairer and more competitive digital ecosystem in the country, one that allows startups to thrive, they told the government.

Its not clear what the Indian government will do next, now that the responses to its consultation are in, but if it pushes ahead with the bill, that will be a major endorsement of the new European approach to regulating Big Tech. And as for the levels of the fines that could be involved, up to 10% of global revenue is bad enough if youre receiving such a fine in one place, but extremely damaging if different countries join in the fun.

More news below.

David Meyer

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OpenAI safety. Following a string of high-profile departures by employees who were concerned about OpenAIs rush to release potentially unsafe AI technologies, and the companys disbanding of its internal safety team, OpenAI has set up a board committee to evaluate safety and security, Bloomberg reports. CEO Sam Altman is on the committee, as are board members Bret Taylor, Adam DAngelo, and Nicole Seligman. Meanwhile, TechCrunch reports that EU privacy regulators remain undecided about OpenAIs compliance with European data-protection law.

Social media dictators. Maria Ressa, the Nobel Peace Prize-winning American-Filipina journalist, has accused Mark Zuckerberg and Elon Musk of being the largest dictators in the way they run their social networks. According to the Guardian, Ressa said people around the world are all being manipulated the same way by platforms such as Facebook and X. She recommended shielding kids from social media, and overturning U.S. legislation that shields platforms from lawsuits over user-generated content.

Christies cyberattack. A group called RansomHub is threatening to soon publish the personal information of wealthy clients of the auction house Christies, from which it claims to have taken the data. As Bloomberg reports, Christies admits that some client information was taken in an attack earlier this monthwhich took the art-world titans website offline for 10 daysbut says theres no evidence of financial or transactional records having been purloined.

The year-on-year increase in iPhone shipments in China last month, indicating a reversal of fortunes after Apples dismal start to the year in that country.

Beijing answers Bidens CHIPS Act with the $47.5 billion Big Fund IIIChinas largest-ever semiconductor investment fund, by Bloomberg

Tesla shareholders should reject Elon Musks excessive pay package, proxy advisor says, noting extraordinarily time-consuming projects unrelated to EV maker, by Bloomberg

Elon Musks xAI raises $6 billion from Sequoia, Andreessen, and Saudi royals as it hails significant strides in AI research, by the Associated Press

Top VC Kai-Fu Lee says his prediction that AI will displace 50% of jobs by 2027 is uncannily accurate, by Jason Ma

T-Mobile will buy almost all of U.S Cellular in $4.4 billion deal, by the Associated Press

Families of slain Uvalde victims sue Meta, Call of Duty maker, and gun manufacturer: This three-headed monster knowingly exposed him to the weapon, by the Associated Press

The legal team that Twitter built. The New York Times has a lovely article on New York lawyer Akiva Cohen and the legal team he assembled on the basis of their hilarious and astute legal tweeting. They bonded while piling into the dubious defamation claims made by the lawyer of a voiceover artista moment on Twitter that came to be known as Threadnoughtand now work together at Cohens law firm. What's more, the team is taking on X owner Elon Musk by representing over 200 former Twitter employees who didnt get the severance they were owed.

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Big Tech's lobbyists sound alarm over Indian antitrust reform - Fortune

Big Techs’s vision of the future | LSE Business Review – LSE Home

With their visions of the future, Big Tech pushes people to not only buy certain products and learn certain skills, but to always view the future as the same thing: technological development. Asher Kessler explores the history of how Facebook/Meta has imagined the future so that we might think about it in a different way today.

Asher Kesslers research is being exhibited as part of LSE Festival.

Our perspective of the future, of what lies ahead of us, has historically been shaped by an array of actors. For millennia, religious thinkers have offered vivid descriptions of an afterlife while certain Christian leaders have imagined that the end of the world is imminent. Marxist philosophers also, through their analysis of history and class struggle, have argued that the future was inevitable: revolution and socialism.

Yet, over the past few decades, alongside our preachers and philosophers, it is our technological leaders who have radically shaped what we anticipate as ahead of us. For many, the future does not appear to lie in revolution, let alone heaven or hell, but in some sort of science fiction. Whether it is the promise of artificial general intelligence (AGI), Elon Musks vision of colonising Mars, or the radical extension of human life spans, we are continuously confronted with visions of radically transformed techno-futures.

We can often overlook how our sense of what lies ahead, of what is imagined as possible or probable, has tremendous power over how we interact with the world. How we anticipate the future has the power to reorient our sense of the present. But it also can reshape our memory of the past, inviting us to re-tell history so that it better fits into the futures slipstream. Because of this, I follow Jenny Andersson in thinking of the future as a field of struggle in which different actors compete over the boundaries of what is considered imaginable.

In my PhD research on the intellectual history of Facebook/Meta, I explore how actors in the company have imagined the future in different ways over the past two decades. Over the last three years, I have analysed thousands of documents produced by the company, interviewed different high-level employees and read dozens of blogs to explore Facebooks different futures. This research is being exhibited as part of LSE Festival.

In its early years, actors in Facebook began disseminating a future in which all people would be connected. This was a vision of a global communication network that would, for the first time in human history, it was claimed, connect all humans on the planet. Such a world, Facebook imagined, would be one in which hierarchies were flattened, people would have greater direct access to each other without institutional intermediaries, and one could find their community beyond national or geographical boundaries. It was also a world in which Big Tech companies would push forward progress by enabling developing countries to modernise and catch up with the developed world. In exchange, Big Tech companies would produce and have access to huge future markets.

If the first vision of a world connected was communicated to broad audiences of Facebook users and journalists, the companys second big vision of the future was articulated forcefully to a separate community: shareholders. Here Facebook envisioned a different, although not contradictory future in which human intention and behaviour becomes increasingly knowable, predictable and responsive to controllable signals. With its business model based upon the extraction and analysis of user data, and the selling of the opportunity to shape that behaviour, actors in Facebook depicted a future in which human behaviour become ever-more rationalised, manageable and commercialised.

Most recently, after a spate of scandals, Facebook disseminated a vision of a new social reality, blending together the physical world with virtual reality, augmented reality and artificial intelligence. The metaverse, Zuckerberg announced, would allow people to be together with anyone, to be able to teleport anywhere, and to create and experience anything. In this quasi-utopian vision, people would be radically freed from the laws of nature. Geography, distance, and gravity would no longer be a limitation for humanity. Space would collapse as individuals entered the embodied internet, affording them presence in an infinite variety of places with people from across the world.

Instilled with norms of inevitability and directionality, these futures are intended to shape how people act in their present. To not be left behind, they convince us that we need to buy certain products or reskill for a different career. Today, as Meta, alongside other Big Tech companies, work to embed artificial intelligence in our sense of the future, how many times have you considered whether your need to act now to prepare for what you believe is ahead?

How Big Tech companies express their visions for the future have shaped how their products are received and imagined both by their audience and users, as well as politicians and regulators. For example, Facebooks depiction of a future world connected moulded the boundaries of what regulations were imagined as possible and impossible. Just as Facebook worked hard to shape our understanding of the future of technology and regulation in the 2000s, they too have been at the forefront of conditioning the norms, rules and ways of imagining emerging and future technologies today.

These attempts to shape what we anticipate as ahead of us also remould how we come to remember the past, so that it better fits with particular future-oriented narratives. To give one example, in countless interviews, Mark Zuckerberg repeatedly depicted history as one long journey in which humans came together in bigger and bigger scales: from hunter-gatherer tribes to Facebooks global community. Influenced by popular historical book Sapiens, Zuckerberg placed his vision of the future within a particularly progressive narrative of the past. Yet, to accept this progressive historical story is to re-tell the past in a way that ignores the peoples and events that dont fit neatly into this narrative of ever-betterment.

Underlying all three of Facebooks futures is the same logic: that the future emerges from the next imagined technological breakthrough. Whether it was the proliferation of smartphones, Virtual Reality headsets, or AI, these visions of the future close the future around the same thing: technological development. This norm blinds us from recognising that the future is actually indeterminate the future remains radically open.

While these visions of the future emphasise certain lines of possibility, they close others; seducing us to look one way and distracting us from alternative considerations. The next time you encounter a techno-future, the next time you are promised to be on the verge of unprecedented change, I want you to ask why it is that some company or person is trying to convince you to believe in this. More than this, I want us to consider how we might imagine a future away from the visions and norms of Big Tech? If the future is radically open, what can we do with it?

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Big Techs's vision of the future | LSE Business Review - LSE Home

Big Tech thinks it can plant trees better than everyone else – The Verge

Some of the biggest names in tech are joining forces to try something that many before them have failed to do: use trees to cancel out their greenhouse gas emissions. Google, Meta, Microsoft, and Salesforce are creating theSymbiosis Coalition as an effort to support nature-based projects aimed at taking carbon dioxide out of the atmosphere.

Its a tactic companies have used for decades to try to offset their greenhouse gas emissions by planting trees, which take in and store carbon dioxide through photosynthesis. The hope is that paying to restore forests will amplify that process, ostensibly counteracting companies carbon footprint. It sounds simple enough on paper. However, a growing body of evidence has shown that this strategy fails time after time.

A growing body of evidence has shown that this strategy fails time after time

The Symbiosis Coalition seems to think it can turn things around. Together, the companies have committed to purchasing credits from high-impact, science-based restoration projects representing up to 20 million tons of captured carbon dioxide by 2030. They say theyll vet projects for quality control, aiming to drum up demand for carbon credits that have earned a bad rap because so many carbon offset initiatives have fallen flat in the past.

In one recent example, a study of 26 carbon offset projects across six countries published in the journal Science last year found that few of them succeeded in stopping deforestation. Whatever climate benefits the projects were purported to have were overblown by as much as 300 percent. A separate investigation into one of the worlds leading carbon registries found that 90 percent of its rainforest offsets turned out to be phantom creditsthat likely didnt represent real-world reductions in greenhouse gas emissions. And a 2022 report by nonprofit watchdog Carbon Market Watch determined that carbon offset credits offered by major European airlines were similarly linked to faulty forestry projects.

A big part of the problem is that its difficult to measure just how much carbon dioxide a tree or forest has absorbed, which has led to projects exaggerating how much good they do for the climate. Planting trees is also a tricky endeavor if they dont live for hundreds of years, they just wind up releasing all the carbon theyve stored. Planting the wrong trees in the wrong place, creating tree farms instead of forests, can also harm the local environment. In 2020, Salesforce CEO Marc Benioff backed a World Economic Forum plan to plant a trillion trees although the research undergirding the effort was quickly criticized by dozens of scientists for grossly overestimating the potential environmental benefits.

Salesforce, Google, Meta, and Microsoft are confident they can keep history from repeating itself

Nevertheless, Salesforce, Google, Meta, and Microsoft are confident they can keep history from repeating itself. To try to accomplish that, they worked alongside independent experts to establish strict criteria for forestry projects. Symbiosis also says in a press release that itll involve and compensate Indigenous Peoples and local communities to work toward equitable outcomes. And while its starting with forestry projects, Symbiosis says that, over time, itll incorporate other strategies, like sequestering carbon dioxide in soil.

Nature-based projects are complex and challenging to get right and havent always lived up to their intended impact, Symbiosis executive director Julia Strong said in an email to The Verge. Symbiosis aims to address challenges around nature-based project integrity to date by setting a high-quality bar that builds on best in class market standards and the latest science, data, and best practice.

The coalition is modeled after a similar initiative called Frontier launched by Stripe, Alphabet, Meta, Shopify, and McKinseyin 2022. Frontier is focused on supporting new technologies to take carbon dioxide out of the atmosphere. Frontier has contracted more than 510,000 tons of carbon removal but delivered just around 1,700 tons of captured carbon so far.

Both Symbiosis and Frontier are aimed at facilitating deals between carbon removal projects and companies that want to pay for their services. Eventually, Symbiosis hopes more companies beyond its founders will hop on board.

For perspective, all of these efforts still add up to a small fraction of the emissions these companies produce. The 20 million metric tons of nature-based carbon dioxide removal that Symbiosis committed to is just slightly more than the 15.4 million metric tons of carbon dioxide Microsoft alone produced in its last fiscal year.

To be sure, safeguarding the worlds forests does a lot of good for the planet. But exploiting them in the name of fighting climate change hasnt been a safe bet. Raising the stakes, Big Techs greenhouse gas emissions are growing with the rise of energy-hungry AI tools. If companies are serious about taking on climate change, theyll still have to rein in the amount of pollution they produce in the first place. Even successful forest projects cant do all the dirty work for them.

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Big Tech thinks it can plant trees better than everyone else - The Verge

How Big Tech protects victims’ privacy in the fight against human trafficking – Digital Journal

Stacker compiled resources from the United Nations to illustrate how novel statistical models are helping shed light on human trafficking. - MADAREE TOHLALA/AFP // Getty Images

Dom DiFurio

How does one measure a crime as pernicious and brutal as human trafficking without putting the victims behind the numbers at risk?

Stacker compiled resources from the United Nations International Organization for Migration, or IOM, to explain how new discoveries in statistical analysis are helping illuminate the dark world of human trafficking.

The U.N. first set out to solve this dilemma by partnering with big technology companiesincluding Microsoft, Amazon, British Telecommunications, and Salesforcethrough its Tech Against Trafficking Accelerator program in 2019. It published its first anonymized data set in 2021 and updated it again with case data from 2022.

For decades, broadly shared human trafficking statistics have been limited to estimates based on tips reported to organizations like the National Center for Missing & Exploited Children, or criminal justice statistics, which experts say paint a conservative picture, highlighting only the cases in which authorities are able to intervene and prosecute perpetrators.

And the data that has been available suffers from another problemsharing detailed information about the demographics of who engages in and is victimized by the crime risks putting victims in more danger.

In the 2022 update, the U.N.s partnership with Microsoft and others launched a new way to shed light on the relationships between victims and their captors while preserving victim privacy and the integrity of the underlying data. Theyve done it by combining cutting-edge statistical methods such as synthetic data and differential privacy.

Synthetic data is data that is artificially generated via algorithms and comes in various forms. It can be based on real data, partially based on real data, or completely artificial. Finance companies like American Express, as well as those in autonomous vehicles and health care, have been working to harness the power of synthetic data for the last several years.

Differential privacy is a method for describing patterns within a group of people without giving away identifiable information about any one individual in the group. Microsoft has used differential privacy algorithms since at least 2017 to protect user privacy while collecting data from their devices.

In the past, agencies releasing case data might redact certain aspects that could be used to identify an individual. This is also called de-identified data. However, each redaction or alteration removes information that could add to understanding trafficking networks.

Other methods of obscuring data to provide privacy include aggregated data and anonymized data, a method that has been found in studies to sometimes distort the underlying data.

The tech coalitions now-public algorithm ingests sensitive case data from the U.N. and outputs figures that cannot be linked to the individuals represented in it. The authors of the data set refer to this as safety in noise. Importantly, however, the data that the updated algorithm outputs preserves the statistical relationships between cases so experts can trace patterns without sacrificing victim safety.

The data set released as a product of the accelerator includes records of 17,000 victims as well as more than 37,000 perpetrators of human trafficking who were active in criminal activity across 123 countries from 2005-2022, according to the IOM.

Specifically, the data set allows more people to analyze the relationships between victims of trafficking and their perpetrators.

The synthetic data created based on the descriptions from trafficking victims assisted by the IOM reveals that forced labor was seven times more prevalent than sexual exploitation from 2021-2022, the most recent time span for which data is available.

Women were the most prevalent victims of the crime last year, and those victims traffickers were almost equally as likely to be male or female. The perpetrators in these cases were most often a stranger to the victim, but a significant portion of victims reported that they knew the perpetrator either as a friend or an acquaintance.

Human trafficking is a global problem and often happens when vulnerable populations like migrants are forced into enslavement or sex trafficking. The case data that describe each individual victim or perpetrators situationlike that held by immigration agencies globallyhas the potential to help unlock insights for the authorities making an effort to catch and prosecute perpetrators and protect victims.

The accelerators efforts in conjunction with the U.N. dovetail with the Biden administrations updated, four-pronged action plan for combatting human trafficking released in 2021. The plan emphasizes the importance of partnerships with the private sector to increase information-sharing that supports efforts to prevent the crime, protect victims, and prosecute those who facilitate the crime.

Story editing by Ashleigh Graf. Copy editing by Paris Close. Photo selection by Clarese Moller.

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How Big Tech protects victims' privacy in the fight against human trafficking - Digital Journal

Max Wolf Friedlich: Job Peers Into the Dark Soul of Big Tech – Vulture

This profile was originally published on January 17, 2024. With the news that Max Wolf Friedlichs Job is coming to Broadway, we republished it on May 28, 2024.

Max Wolf Friedlich is 29 and so grew up seeing, and sometimes seeking out, all sorts of crazy shit online. Perhaps as a result, he has a certain unbothered, button-pushing bravado. This is true in person, I realize when we meet, a few days into the New Year, for lunch at Shopsins, the diner in Essex Market. There, he declares that, even as I make some tepid chitchat about resolutions and minding my carbs, he is still planning to eat like a little piece of shit in 2024. But also in his clever, psychologically harrowing play Job, which I couldnt stop thinking about after I saw it in the fall at the Soho Playhouse (it begins another run at the Connelly Theater in the East Village this month). The show is about a millennial content moderator named Jane who, after having an office breakdown that goes viral, is mandated by her Facebook-esque employer to see a technophobic boomer therapist; upping the drama, she brings a gun along to the session. Its 80 anxiety-inducing minutes long, and I was so distracted by the final plot twist that I couldnt hold a conversation with my friends over drinks afterward.

At lunch, just as our food arrives, I ask Friedlich what is the most disturbing thing hes ever witnessed online. Sorry, were eating, he says, before admitting that as a kid he was obsessed with watching a video of an American journalist being beheaded in the Middle East. I watched it so many times just being like, Whoa, he says between big bites of his brisket-and-chorizo sandwich. It is a blithely unaware, or perhaps blithely calculated, thing to say to a journalist.

Friedlich is a gentle, droopy-eyed Manhattan kid who was clearly well supported by his well-off parents. His father, Jim Friedlich, is the CEO of a journalism nonprofit who worked at Dow Jones, and his mother, Melissa Stern, is an artist. They raised him in a Chelsea loft and sent him to school at Friends Seminary, which he describes, side-eyeing his own privilege, as a good lesson in liberal hypocrisies. (A line from Job: Everyones racist and were all alone. Thats sort of our brand in 2020, which is the year the play is set; he calls it a period piece.)

He was a chubby and insecure kid, in his own telling, so his mom sent him to LARP (live-action role-playing) camp to help him come out of his shell. Its a very simple psychological trick to play on a child. You can be a warrior. You can choose to be confident, he explains. It really worked on me. From there, I started doing theater.

At 14, he wrote his first play about a glory hole in the back of an upstate dive bar on the opposite side of which was Jesus Christ giving hand jobs. My eighth-grade English teacher was like, I have to tell your parents because they need to be aware but this is amazing, he remembers, grinning.

At 16, a girl at his after-school playwriting program got into the now-defunct New York International Fringe Festival, and he says he thought, Im a much better writer than her. He submitted a script the next year and was chosen for the festivals showcase. The play, called SleepOver, was once again rather naughty: It was about two upper-middle-class teens, one white and neurotic (based in part on himself) and the other Black, who end up at the white boys Park Slope brownstone for a two-week visit. They spend time precociously holding forth about sex, race, and girls while dropping a lot of F-bombs. The Black friend also sleeps with his hosts mother.

For college, Friedlich followed his father to Wesleyan. After graduating, he moved to Los Angeles, planning on a career in Hollywood. But like so many clever boys who arrived before him (and have since), the town didnt immediately fall for his youthful charm. I was so lonely and depressed, he says, adding that he even took a job as an usher at the Dolby Theatre. I was showing people to their seats at Enrique Iglesias concerts.

Instead of writing prestige TV, he got hired by the start-up Brud, famous at the time for creating a cute computer-generated influencer named Lil Miquela. She wasnt human, or even AI, but she had a sponsorship with Prada and was named one of Times 25 Most Influential People on the Internet in 2018. Friedlich wrote her Instagram captions and monitored her DMs. The way in which Job is slightly autobiographical is I did have this weird experience of being a famous woman on the internet and having 1 million-something people talking to you at all times, he says. The job led him to ghostwrite actual human-celebrity social-media accounts, though his NDAs prevent him from saying whose.

In 2018, he met a stressed-out real-life content moderator at a house party and began writing Job the next year. In 2021, after moving back to New York, he entered the script into a competition hosted by Soho Playhouse and it beat out 19 other plays for the prize: the chance to show there for one night only. The playhouse offered him the opportunity to stage the play for five weeks later extended to eight instead. Successions Peter Friedman played the therapist and Sydney Lemmon, Jane. (Lemmon told me that after reading the script for the first time, she had a stomach-ache for three days: It stirred something up inside me thats not easy to digest or think about or talk about.) Theyre both returning for the run at the Connelly.

Job is both a send-up of Silicon Valley (Its considered, like dystopian to love your tech job, but anyone who says that hasnt tasted the alkali waters Ive tasted, Jane declares at one point) and a generational death match between an older man, who believes the internet is evil, and a younger woman, who cant imagine a world without it. As Jane says, The phone is never the problem. People do bad things, not phones. Its the kind of jaded millennial commentary not wrong, maybe brilliant, maybe clich that I realize collapses the distance between Friedlich and his characters.

The play was a New York Times Critics Pick, but this magazines Sara Holdren came away less convinced, calling it a horror piece a Black Mirror episode with the sci-fi dialed down (because the horrors are real) and the punchy, cynical, HBO-ready dialogue dialed up. Julianne Moore came one night, and Hugh Jackman posted about it. Fittingly, the play quickly sold out its run after a TikToker named @moschinodorito hyped it up: When was the last time you saw a play? Because if you live in New York, holy shit I got one for you.

As Friedlich puts it, Were a hit among teenagers; were a hit among NYU people and Dimes Square motherfuckers. What is exciting to me is that young people were excited about the show.

But hes not, he insists, trying to moralize about big tech. I really dont think in the digital age that theater has the power to, like, change hearts and minds, he says. Whats more interesting to me is the base act of getting a bunch of people together.

That said, there has been some interest in adapting Job for the screen, and hes not against the idea of selling out a little. If I could write Transformers 8 and direct a Mitsubishi commercial and do whatever I want theaterwise, that would be great, he says. But he also thinks its possible to get his peers to care about seeing plays as much as they care about streetwear drops. Call it theater for the boys, he says, half-kidding. After all, there have been some advantages to appealing to the world he parodies in Job. Candidly, and to be a pure capitalist about it, its a new fundraising network: these people who are very liquid and want to be culturally engaged, he says. If the industry is going to survive, we need 30-year-old bros to get onboard thinking this is a cool thing.

Thank you for subscribing and supporting our journalism. If you prefer to read in print, you can also find this article in the January 15, 2024, issue of New YorkMagazine.

Want more stories like this one? Subscribe now to support our journalism and get unlimited access to our coverage. If you prefer to read in print, you can also find this article in the January 15, 2024, issue of New York Magazine.

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Max Wolf Friedlich: Job Peers Into the Dark Soul of Big Tech - Vulture

UK law will let regulators fine Big Tech without court approval – The Verge

The UK could subject big tech companies to hefty fines if they dont comply with new rules meant to promote competition in digital markets. On Thursday, lawmakers passed the Digital Markets, Competition and Consumers Bill (DMCC) through Parliament, which will let regulators enforce rules without the help of the courts.

The DMCC also addresses consumer protection issues by banning fake reviews, forcing companies to be more transparent about their subscription contracts, regulating secondary ticket sales, and getting rid of hidden fees. It will also force certain companies to report mergers to the UKs Competition and Markets Authority (CMA).

Only the companies the CMA designates as having strategic market status (SMS) have to comply. These SMS companies are described as having substantial and entrenched market power and a position of strategic significance in the UK. They must have a global revenue of more than 25 billion or UK revenue of more than 1 billion.

The law will also give the CMA the authority to determine whether a company has broken a law, require compliance, and issue a fine all without going through the court system. The CMA can fine companies up to 10 percent of the total value of a businesss global revenue for violating the new rules.

If all of this sounds familiar, its because the European Union enacted a similar law, called the Digital Markets Act (DMA). The legislation issues sweeping requirements for companies deemed digital gatekeepers, such as Apple, Google, Meta, and Amazon. However, unlike the DMA, the DMCC offers a more tailored approach to the requirements that each SMS firm will have to meet.

Some companies, such as Spotify and Epic Games, have long sought government intervention to help fight against the app store fees imposed by companies like Apple. In a post published in response to the DMCCs passing, Spotify says the UK should act to regulate Apples practices. Apple has spent millionsin country after countrytrying to circumvent and make a mockery of laws like the DMCC, Spotify CEO Daniel Ek said in a statement. The DMCC has the potential to unlock real competition and growth and Apple must be held accountable in the U.K. because we cannot miss the opportunity to get it right.

Apple has faced criticism over its response to the DMA, and the European Union has already opened an investigation to evaluate whether the company is complying with the regions new rules.

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UK law will let regulators fine Big Tech without court approval - The Verge

The White House is pleading with Big Tech to shut off the firehose of sexually abusive AI deepfakes’if you’re a … – Fortune

President Joe Bidens administration is pushing the tech industry and financial institutions to shut down a growing market of abusive sexual images made with artificial intelligence technology.

New generative AI tools have made it easy to transform someones likeness into a sexually explicit AI deepfake and share those realistic images across chatrooms or social media. The victims be they celebritiesor children have little recourse to stop it.

The White House is putting out a call Thursday looking for voluntary cooperation from companies in the absence of federal legislation. By committing to a set of specific measures, officials hope the private sector can curb the creation, spread and monetization of such nonconsensual AI images, including explicit images of children.

As generative AI broke on the scene, everyone was speculating about where the first real harms would come. And I think we have the answer, said Bidens chief science adviser Arati Prabhakar, director of the White Houses Office of Science and Technology Policy.

She described to The Associated Press a phenomenal acceleration of nonconsensual imagery fueled by AI tools and largely targeting women and girls in a way that can upend their lives.

If youre a teenage girl, if youre a gay kid, these are problems that people are experiencing right now, she said. Weve seen an acceleration because of generative AI thats moving really fast. And the fastest thing that can happen is for companies to step up and take responsibility.

A document shared with AP ahead of its Thursday release calls for action from not just AI developers but payment processors, financial institutions, cloud computing providers, search engines and the gatekeepers namely Apple and Google that control what makes it onto mobile app stores.

The private sector should step up to disrupt the monetization of image-based sexual abuse, restricting payment access particularly to sites that advertise explicit images of minors, the administration said.

Prabhakar said many payment platforms and financial institutions already say that they wont support the kinds of businesses promoting abusive imagery.

But sometimes its not enforced; sometimes they dont have those terms of service, she said. And so thats an example of something that could be done much more rigorously.

Cloud service providers and mobile app stores could also curb web services and mobile applications that are marketed for the purpose of creating or altering sexual images without individuals consent, the document says.

And whether it is AI-generated or a real nude photo put on the internet, survivors should more easily be able to get online platforms to remove them.

The most widely known victim of pornographic deepfake images is Taylor Swift, whose ardent fanbase fought back in January when abusive AI-generated images of the singer-songwriter began circulating on social media. Microsoft promised to strengthen its safeguards after some of the Swift images were traced to its AI visual design tool.

A growing number of schools in the U.S. and elsewhere arealso grappling with AI-generateddeepfake nudes depicting their students. In some cases, fellow teenagers were found to be creating AI-manipulated images and sharing them with classmates.

Last summer, the Biden administrationbrokered voluntary commitmentsby Amazon, Google, Meta, Microsoft and other major technology companies to place a range of safeguards on new AI systems before releasing them publicly.

That was followed by Biden signing anambitious executive orderin October designed to steer how AI is developed so that companies can profit without putting public safety in jeopardy. While focused on broader AI concerns, including national security, it nodded to the emerging problem of AI-generated child abuse imagery and finding better ways to detect it.

But Biden also said the administrations AI safeguards would need to be supported by legislation. A bipartisan group of U.S. senators is now pushing Congress to spend at least $32 billion over the next three years to developartificial intelligenceand fundmeasures to safely guide it, though has largely put off calls to enact those safeguards into law.

Encouraging companies to step up and make voluntary commitments doesnt change the underlying need for Congress to take action here, said Jennifer Klein, director of the White House Gender Policy Council.

Longstanding laws already criminalize making and possessing sexual images of children, even if theyre fake. Federal prosecutors brought charges earlier this month against a Wisconsin man they said used a popular AI image-generator, Stable Diffusion, to make thousands of AI-generated realistic images of minors engaged in sexual conduct. An attorney for the man declined to comment after his arraignment hearing Wednesday.

But theres almost no oversight over the tech tools and services that make it possible to create such images. Some are on fly-by-night commercial websites that reveal little information about who runs them or the technology theyre based on.

The Stanford Internet Observatoryin December said itfound thousands of images of suspected child sexual abuse in the giant AI database LAION, an index of online images and captions thats been used to train leading AI image-makers such as Stable Diffusion.

London-based Stability AI, which owns the latest versions of Stable Diffusion, said this week that it did not approve the release of the earlier model reportedly used by the Wisconsin man. Such open-sourced models, because their technical components are released publicly on the internet, are hard to put back in the bottle.

Prabhakar said its not just open-source AI technology thats causing harm.

Its a broader problem, she said. Unfortunately, this is a category that a lot of people seem to be using image generators for. And its a place where weve just seen such an explosion. But I think its not neatly broken down into open source and proprietary systems.

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The White House is pleading with Big Tech to shut off the firehose of sexually abusive AI deepfakes'if you're a ... - Fortune

Ultimate run-around: ASBFEO calls on big tech to do better by small businesses – SmartCompany

Social media applications are displayed on an iPhone. Source: AP/Jenny Kane

Big tech providers need to urgently improve their dispute resolution services and back their small and family business customers, according to the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Bruce Billson.

The ASBFEO issued the call on Tuesday to some of the globes largest digital platform providers, including Meta, Uber, Amazon, eBay and Shopify, citing an urgent need to support small businesses that are using platforms to launch or grow their businesses.

At the same time, the Ombudsman has released a free Guide to Using Social Media Securely for small businesses, which explains how small business operators can tighten security and reduce the risk of social media accounts being hacked.

Speaking to SmartCompany, Billson said big tech platforms must do better by their small business customers.

We are urgently calling for big tech providers to introduce codified, dependable and easy-to-use dispute resolution processes to get problems resolved quickly for their small business customers, he says.

This needs to be backed up by a real person you can speak to when a problem cant be easily fixed.

In too many cases, when there is a problem, these platforms require a time- and resource-poor small business to navigate the most elaborate maze of dead-ends and blockages.

One of the absurdities of the current situation is, after being locked out of your account, you need to access your account to make a complaint. Its the ultimate run-around.

According to the Ombudsmans data, since July 2022, the number of cases involving a small business having issues with a digital platform has gone up by 127%, with two-thirds of the cases relating to Meta, the owner of Facebook and Instagram.

Last month, 75% of the disputes were about getting access to an account after being hacked and issues with digital platforms continue to be one of the top reasons small businesses contact Billsons office for help.

Billson says some of the delays experienced by small businesses have lasted many months.

Some people have built their entire businesses on social media and digital platforms and having someone else access and control their account is devastating for their business and their reputation, he says.

They watch the financial, business and emotional damage occur in real-time with no ability to stop it.

Small business owners need to know there is help available if they find themselves in a dispute, says Billson.

Publicising that ASBFEO is an external escalation point if internal dispute resolution processes fail to secure a satisfactory outcome would also help small businesses dependent on these platforms, he says.

We have helped many small and family businesses across various digital platforms to resolve their disputes, and (the) guide includes some simple cybersecurity tips and practices for small businesses to protect themselves.

Billson says its vital that small businesses dont overlook important security elements when operating on social media.

Treat your online business security like you would a shop, factory or your home, he says.

You wouldnt give a person you have just met the keys to your business or your house, so only give access to your business account to trusted individuals. And remember not all users require full admin access.

If you are hacked, report your issue immediately to the platform and make sure you are actually communicating with the platform and not the hacker.

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Ultimate run-around: ASBFEO calls on big tech to do better by small businesses - SmartCompany