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Tag: Google

August 19, 2024

Google Faces Lawsuit Over $5M Crypto Theft Via Play Store App

Google is facing legal action after a Florida woman, Maria Vaca, filed a lawsuit in a California state court, claiming that a malicious cryptocurrency wallet app downloaded from the Google Play Store resulted in the theft of $5 million in cryptocurrency. Vaca alleges that the app, named Yobit Pro, exploited Google’s portrayal of the Play Store as a secure and trustworthy platform, which led to her devastating financial loss.

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July 24, 2024

Impressive: Wiz Rejects $23 Billion Google Acquisition, Opts for IPO!

In an impressive move, cloud security startup Wiz has turned down a $23 billion acquisition offer from tech giant Google. Instead, the company is gearing up for an initial public offering (IPO), according to an internal memo from Wiz co-founder Assaf Rappaport, reported by CNBC on Monday, July 22."Saying no to such humbling offers is tough," Rappaport wrote, reflecting on the monumental decision. Here is the story told in a few words.

FinTelegram

May 28, 2024

Elon Musk’s xAI Secures $6 Billion in Funding for AI Supercomputer Development!

Elon Musk's AI venture, xAI, has raised $6 billion to fuel its ambitious plans to compete with ChatGPT and other AI technologies. The funding, which values xAI at $18 billion, is aimed at bringing the startup’s first products to market, developing advanced infrastructure, and accelerating research and development. Founded last summer, xAI has already launched Grok, which is available exclusively to X Premium subscribers on X (formerly known as Twitter).

April 24, 2024

Mobvoi’s Hong Kong IPO Falters Amid Market Volatility

Mobvoi, a Chinese AI firm backed by Google, experienced a significant drop in its stock price during its initial public offering (IPO) in Hong Kong, closing down by up to 22%. This downturn marks a rough start for the company in a week that saw similar declines for other Hong Kong debuts. Founded in 2012 by former Google employees, Beijing-based Mobvoi has established itself in the AI sector.

March 20, 2024

French Regulator Imposes €250 Million Fine on Google Over AI Copyright Issues

Google is again under regulatory scrutiny over its AI approach. The French competition authority announced a substantial fine of €250 million against tech giant Google for violations related to EU intellectual property regulations in its dealings with French media publishers. This action underscores growing concerns over the use of AI technology and its implications on copyright law.

January 4, 2024

Nikesh Arora’s Journey to Billionaire Status: From Google to Palo Alto Networks!

The Indian-American business executive Nikesh Arora, the CEO of cybersecurity firm Palo Alto Networks, has reached a net worth of $1.5 billion, according to the Bloomberg Billionaires Index. This impressive fortune is attributed to substantial pay awards earned throughout his career, marking him as a notable non-founder billionaire in the tech CEO landscape.

June 21, 2023

Former Google Boss Eric Schmidt Acquired Superyacht Abandoned By Russian Oligarch Andrey Guryev!

The former Google CEO Eric Schmidt acquired the Alfa Nero superyacht for $67.6 million. The yacht was owned by the Russian oligarch Andrey Guryev and was moored in the port of Falmouth on the south coast of the Caribbean island of Antigua since March 2023 in the wake of sanctions against Russia and its oligarchs. As the luxury ship became more and more of a financial burden and a security risk for the local authorities, she has now been auctioned off.

Compliance

June 2, 2023

Private Affairs: GDPR Fine Tracker Exposes The Poor Privacy Ethics Of Large Internet Companies!

The Irish Data Protection Authority (DPA) recently imposed a record fine of €1.2 billion on Facebook parent Meta Inc for unlawful data transfers to the US. In 2018, the GDPR became effective in the EEA countries. Since then, Private Affairs has tracked the penalties issued via its GDPR Fines Tracker & Statistics and publishes the relevant statistics on its website. They show that many companies are very careless with user data and have poor privacy ethics.

April 11, 2023

South Korea Antitrust Regulator Fined Google With $32 Million!

According to The Register, South Korea's antitrust regulator has fined Google 42.1 billion won ($31.88 million) for blocking the release of mobile video games on a competitor's platform. The Korea Fair Trade Commission (KFTC) said that Google strengthened its market dominance and hurt local app market OneStore's revenue and value by requiring video game makers to exclusively release their titles on Google Play in exchange for providing in-app exposure.

January 25, 2023

U.S. Justice Department Filed Antitrust Suit Against Google For Monopolizing Ad Technology!

The U.S. Justice Department filed a civil antitrust suit against Google for monopolizing multiple digital advertising technology products in violation of the Sherman Act. The complaint alleges that Google monopolizes key digital advertising technologies that website publishers rely on to sell ads and that advertisers rely on to buy ads and reach potential customers. This monopolization lawsuit is an attempt to restore competition.

November 5, 2022

Brace For Tech Winter! Massive Layoffs On The Road To Global Recession!

One of the clearest indicators that an economic downturn, if not a recession, is knocking at the door is when companies start with layoffs. Twitter was this week just the last tech giant that announced and executed a massive layoff, allegedly firing half of its staff. Stripe CEO Patrick Collison announced the layoffs of over 14% of its workforce, amounting to more than 1,000 jobs. Raid-hailing operator Lyft announced the layoff 13% of its workforce, or nearly 700. Brace for the Tech Winter.

September 25, 2022

Interesting! UK Regulator Examines The Role Of Hyperscalers In Digital Markets!

Ofcom, the UK regulator for the broadcasting, telecommunications, and postal industries, announced that it would investigate the Big Techs Amazon, Microsoft, and Google to ensure their dominance in areas such as cloud computing, messaging, and smart devices work properly and healthily competitive in Britain. These “hyperscalers” would control more than four-fifths of the UK’s cloud computing market, about half of which is made up by Amazon.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.

Prosecuted Telegram CEO Durov Challenges Personal Liability for Platform Misuse!

The prosecuted Telegram CEO Pavel Durov argues that holding CEOs personally liable for platform misuse is an outdated practice that threatens innovation. Following his Paris arrest, Durov emphasized that platforms like Telegram must adapt to rapid growth, but outdated liability standards should not stifle progress. His case highlights the ongoing debate about balancing innovation, privacy, and regulation in the tech world.

U.S. Regulator CFTC Lost Court Case Against Kalshi Legal Battle Over Election Bets!

KalshiEx is a U.S.-based prediction market platform that sought to offer trading in derivatives contracts based on the outcomes of Congressional elections, which the CFTC prohibited. KalshiEx challenged the regulator's decision in court and won, opening the door for election-based derivatives markets in the U.S. However, the CFTC is seeking a temporary stay.

Germany: Accomplices in Fraudulent Cyber Trading Platforms Charged by Karlsruhe Prosecutor!

The Baden-Württemberg Cybercrime Center in Germany has announced that it charged three suspects linked to an international fraud scheme that cost over 820 victims more than €5 million. The case marks a significant step in combating organized cyber trading fraud but underscores the growing complexity of such operations that often rely on an international division of labor.

Influencers

Influencers and Financial Crimes: A Short Guideline and a Request for Whistleblower Information!

Recently, the influencer industry has come under increased scrutiny from regulatory bodies worldwide. The case of Turkish influencers Dilan Polat and Engin Polat, facing $30 million money laundering charges and allegations of operating an illegal betting ring, perfectly demonstrates the potential legal risks in this sector. This high-profile case has prompted authorities to investigate hundreds of other influencers for potential financial crimes.