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Meta Removes 63,000 Accounts Linked to Sextortion Scams

Meta Removes 63,000 Accounts Linked to Sextortion Scams

Facebook parent company Meta has taken a decisive stand against sextortion scams, announcing on Wednesday the removal of 63,000 Instagram accounts linked to these fraudulent activities. This significant crackdown highlights Meta’s commitment to user safety and its ongoing battle against cybercriminals exploiting social media platforms.

The Sextortion Scam Network

Meta Removes 63,000 Accounts Linked to Sextortion Scams

Image Source: forbes.com

In a detailed blog post, Meta revealed the extent of the operation, which included the dismantling of a network comprising 2,500 accounts managed by around 20 individuals. These accounts were part of a broader group known as the “Yahoo Boys,” a loosely organized collective of cybercriminals primarily based in Nigeria. Despite the misleading name, this group has no affiliation with the Yahoo website. Their primary focus is on financial scams, with sextortion being a major component of their illicit activities.

The sextortion scam typically involves bad actors reaching out to a vast number of users across social networks, attempting to establish phony romantic relationships. Once a connection is made, the scammers request nude photos or videos from their victims. They then threaten to release these sensitive materials to the victim’s friends, family, or the broader internet unless a ransom, often amounting to hundreds of dollars, is paid.

Meta's Response and Preventive Measures

Meta’s proactive approach to this growing threat has been multifaceted. According to Antigone Davis, Meta’s global head of safety, the company’s automated systems detected the majority of these scam accounts before any harm could be done. Additionally, Meta employed other investigative methods to identify and take down the remaining accounts. This operation extended beyond Instagram, with Meta also removing 7,200 assets from Facebook, including 1,300 accounts, 200 pages, and 5,700 groups based in Nigeria that were dedicated to scamming activities.

Meta has not only focused on removing harmful accounts but also on enhancing user protection. The company has introduced features like on-device nudity protection, which automatically blurs images containing nudity in Instagram direct messages. These measures aim to prevent users from falling victim to sextortion scams in the first place.

The scale of these scams has drawn significant attention from authorities worldwide. In recent years, sextortion has become an escalating threat, with the FBI issuing warnings in 2023 and 2024. High-profile cases, such as the extradition of two Nigerian men to the US in connection with the suicide of a 17-year-old from Michigan, underscore the severe consequences of these crimes.

Meta’s public disclosure of these actions is part of a broader effort to raise awareness and deter criminals. As Davis emphasized, Meta wants to send a clear message to cybercriminals that their activities are being monitored and actively thwarted. This latest crackdown is a testament to Meta’s ongoing efforts to protect its users and ensure a safer online environment.

Elon Musk Polls X Users on $5 Billion Tesla Investment in xAI

Elon Musk Polls X Users on $5 Billion Tesla Investment in xAI

Elon Musk, the CEO of Tesla, has asked fans on the social media site X, formerly known as Twitter, if the electric vehicle manufacturer ought to contribute $5 billion to his artificial intelligence business, xAI. With roughly 69.5 percent of the 440,189 individuals voting on behalf of the investment and thirty percent against it, the early results show strong public support. Musk explained that the purpose of this poll is to determine public opinion; the board and shareholders of Tesla must still formally approve it.

The investment proposal's context

Elon Musk Polls X Users on $5 Billion Tesla Investment in xAI

Image Source: techzine.eu

Tesla just revealed that its profit margin was at its lowest level in five years as a result of pricing reductions and higher investment in artificial intelligence technologies. Musk stressed during Tesla’s most recent earnings conference that xAI might play a major role in constructing an entirely new Tesla data facility and expanding fully autonomous driving features. Musk also mentioned how Tesla’s software might be integrated with xAI’s chatbot, Grok.

xAI's History and Finances

Musk introduced xAI last year as a replacement for ChatGPT, and it has since advanced significantly. With a total of six billion dollars in series B capital secured in May, the business was valued at 24 billion dollars after taking on debt. Two well-known investors are Sequoia Capital and Andreessen Horowitz. Additionally, Musk has stated that investors in X, the social media network he paid $44 billion to acquire, will hold 25 percent of xAI.

Prior Surveys and Judgment Making

Musk is accustomed to making decisions based on X surveys. He polled users in 2021 to see if he should sell 10 percent of his Tesla ownership, and he quickly sold shares in response. Even if it reflects public interest, this survey is just the first one. Tesla’s board members and shareholders will ultimately decide whether to invest the $5 billion, and they will need to carefully weigh the advantages and disadvantages of doing so.

Issues and Strategic Perspectives

During the results call, Musk played off worries about using Tesla’s resources for his other projects. Remarkably, in June, CNBC revealed that, because of space constraints at Tesla’s data centre, Musk had given Nvidia the order to ship thousands of AI processors meant for Tesla to xAI and X.

Although public opinion seems to be in support of this large investment, Tesla’s major stakeholders will need to give it careful thought before making a final choice.

 
Kakao Founder Arrested in South Korea for Alleged Stock Manipulation

Kakao Founder Arrested in South Korea for Alleged Stock Manipulation

South Korea’s Seoul, Kim Beom-su, the billionaire founder of the South Korean technology company Kakao Corp, was detained on Tuesday after claims that he had manipulated stock prices during the company’s takeover of a K-Pop firm the previous year. The largest messaging service in South Korea, Kakao, is facing its newest legal hurdle following its arrest.

History and Charges

Kakao Founder Arrested in South Korea for Alleged Stock Manipulation

Image Source: techxplore.com

Brian Kim, commonly known as Kim Beom-su, is a significant player in South Korea’s digital sector. Since the debut of the chat app in 2010, he has amassed 86 trillion won ($62 billion) in wealth through the development of Kakao’s affiliate network. The prosecution claims that in order to stop rival Hybe from purchasing SM Entertainment in February of the previous year, Kim artificially raised the stock price of the company. Kim has refuted the allegations, claiming he never gave the command or approved of any unlawful behaviour. He hasn’t been officially charged as of yet.

Court Cases

Kim was issued an arrest warrant by the Seoul Southern District Court due to her perceived flight risk, and also to prevent potential evidence destruction. Prosecutors will conduct more investigation into Kim’s case for up to 20 days in the Seoul Nambu Detention Center before determining whether to file an indictment against him. Kakao’s activities could be greatly impacted by this lawsuit, especially its intentions for international expansion and the investments it makes in artificial intelligence.

Effect on Financial Markets and Kakao

The verdict in Kim’s lawsuit may have an impact on Kakao’s ability to govern KakaoBank Corp., its online banking division. Financial restrictions in South Korea prohibit those guilty of financial misconduct from possessing more than ten percent of a bank. Furthermore, Kakao might come under more regulatory scrutiny, which would make big decisions about investments in AI and international company expansion more difficult. This year, the business intends to launch new AI services. Kakao Corp.’s stock fell 3.4 percent in morning trading after Kim’s detention became public, bringing the company’s year-to-date decrease to 24 percent.

Industry Consequences

Industry insiders caution that Kakao’s long-term goals and strategic ambitions may be compromised by any accusations brought against Kim. With a 24 percent stake, Kim is the biggest shareholder of Kakao Corp., and his legal issues have a negative impact on the company’s future. The internet giant’s growth and innovation efforts could be impeded by the current threat to its ambitious projects, which include new AI services.

 
Israeli Cybersecurity Firm Wiz Ends $23 Billion Acquisition Talks with Google

Israeli Cybersecurity Firm Wiz Ends $23 Billion Acquisition Talks with Google

Israeli cybersecurity startup Wiz has officially ended negotiations with Google parent Alphabet regarding a proposed $23 billion acquisition, a move that would have marked the largest purchase ever by the U.S. tech giant. The cessation of talks was detailed in a memo from Wiz CEO Assaf Rappaport, which was reviewed by CNN. In the memo, Rappaport expressed gratitude for the interest shown by Alphabet but reiterated the company’s commitment to its independent growth strategy.

Israeli Cybersecurity Firm Wiz Ends $23 Billion Acquisition Talks with Google

Image Source: rte.ie

“I know the last week has been intense, with the buzz about a potential acquisition. While we are flattered by offers we have received, we have chosen to continue on our path to building Wiz,” Rappaport wrote. The CEO highlighted that the company’s immediate focus will now shift towards an initial public offering (IPO) and achieving an ambitious goal of generating $1 billion in annual revenue.

Shift in Focus Towards IPO and Revenue Growth

The discussions with Google initially began after Wiz successfully raised $1 billion from venture capital investors earlier this year, which valued the company at $12 billion. This significant funding round was a testament to Wiz’s growing influence and the effectiveness of its cloud-based cybersecurity solutions, designed to help organizations identify and mitigate critical risks on cloud platforms.

The decision to terminate the acquisition talks represents a strategic pivot for Wiz. “We believe our best path forward is to build on the strong foundation we have established and continue to innovate in the cybersecurity space,” Rappaport stated. By aiming for an IPO, Wiz is positioning itself to expand its market presence and secure the financial resources needed for sustained growth.

Impact on Google and Alphabet’s M&A Strategy

The termination of the deal is a notable setback for Alphabet, which has been aggressively investing in its cloud infrastructure and expanding its client base. Alphabet’s cloud business generated over $33 billion in revenue last year, and acquiring Wiz was seen as a strategic move to bolster its cybersecurity capabilities, particularly in the cloud sector.

This development follows another recent disappointment for Alphabet in its mergers and acquisitions (M&A) efforts, after the company reportedly decided not to pursue a deal with online marketing software company HubSpot. Despite these setbacks, Alphabet continues to focus on enhancing its cloud services portfolio. In March 2022, the tech giant acquired cybersecurity firm Mandiant for $5.4 billion, underscoring its ongoing commitment to strengthening its position in the cybersecurity market.

Wiz’s choice to remain independent and focus on organic growth underscores the dynamic and competitive nature of the tech industry, where strategic decisions can significantly impact market trajectories and corporate fortunes.

German Startup TRAIT Secures €1M to Boost AI Training App with Empathetic Support

German Startup TRAIT Secures €1M to Boost AI Training App with Empathetic Support

German firm TRAIT has raised seed money worth €1 million from HTGF,  angel club Better Ventures, and other individual investors. The money will help the company develop its AI training technology further, with the goal of giving runners a more individualised and compassionate training environment.

Utilisation of Funds

German Startup TRAIT Secures €1M to Boost AI Training App with Empathetic Support

Image Source: vestbee.com

With an emphasis on developing a compassionate and flexible learning environment, TRAIT will use the funding to improve its AI-driven teaching platform. The goal of this development is to give runners’ health and well-being equal priority. “TRAIT’s goal of developing an AI training system for athletes that is both adaptive and sympathetic excites us. It’s intended to build people’s mental as well as physical power, according to Johannes Dierkes, HTGF Investment Manager.

Relaunching and Rebranding

TRAIT is reintroducing its training app, now known as TRAIT for runners, in addition to the investment. The Android and iPhone app stores offer the most recent version of the software for free. The startup’s effort to provide a more individualised and encouraging training experience has reached a major milestone with this redesign.

Taking Up Major Issues

According to TRAIT’s research, many people fall short of their fitness objectives not because they don’t have enough workouts or data, but rather because their training programs are rigid and they don’t have the right kind of support system. Through tackling these two crucial concerns, TRAIT seeks to guarantee that nobody is left behind when faced with obstacles in life.

How TRAIT Operates

The goal of TRAIT, which was founded in 2021 by Matthias Ettrich and Raphael Jung, is to assist people in reaching their fitness objectives and leading more active and sustainably satisfying lives. The organization fosters a friendly atmosphere by fusing community spirit with science-based instruction. The prior iteration of the application had a notable expansion, with downloads rising by 178% yearly. TRAIT wants to provide runners with even more individualized support by building on its previous accomplishments.

“With TRAIT, we have developed an app that is as empathetic and understanding as a human coach would be. We help people get back into sports by combining sports science and AI training with real social support. With the help of HTGF and other investors, we are ready to revolutionize the way people think about fitness,” said Raphael Jung, CEO of TRAIT.

techfundingnews.com

An Industry First Benchmark

With its AI-powered, compassionate training platform, TRAIT has the potential to completely transform the fitness sector. It touches on important obstacles to reaching fitness objectives by emphasizing individualized and adaptable training regimens. It establishes a new benchmark for the industry with its emphasis on fusing sports science with a welcoming community.

Vodafone Sells €1.3 Billion Stake in Vantage Towers to Reduce Debt

Vodafone Sells €1.3 Billion Stake in Vantage Towers to Reduce Debt

Vodafone Group Plc has sold a 10% stake in Vantage Towers, a transaction valued at €1.3 billion ($1.4 billion). This sale is a strategic move by the UK-based telecommunications giant to reduce its significant debt burden. The transaction is part of a broader agreement announced in November 2022, where Vodafone agreed to sell its stake in the German tower company at €32 per share to KKR & Co. and Global Infrastructure Partners (GIP).

Vodafone Sells €1.3 Billion Stake in Vantage Towers to Reduce Debt

Image Source: digitaltveurope.com

Under the terms of this deal, Vodafone initially moved its 81.7% holding in Vantage Towers into a joint venture with KKR and GIP, named Oak Holdings. Since then, Vodafone has been progressively selling its stake. With this latest sale, Vodafone’s total proceeds from the deal have reached €6.6 billion. Following this transaction, Vodafone now holds a 50% stake in Oak Holdings, aligning with the original vision of the consortium.

Strategic Moves Amid Financial Challenges

The sale comes as European telecom operators face challenges in generating returns on their capital investments. Many companies in the sector have resorted to selling stakes or entire infrastructure operations to raise funds. Vodafone is no exception, with its recent actions reflecting a broader trend in the industry.

Vodafone’s Chief Executive Officer Margherita Della Valle, who assumed leadership last year, has been actively working on restructuring the company’s extensive portfolio. Her turnaround plan has involved divesting underperforming markets and focusing on core operations. This strategy has seen Vodafone exit from Spanish and Italian markets, and it includes an attempted merger with CK Hutchison’s Three, which is currently under review by the UK competition authority.

The sale of the Vantage Towers stake underscores Vodafone’s commitment to reducing its debt and streamlining its operations. By focusing on core markets and partnerships, Vodafone aims to strengthen its financial position and enhance its ability to invest in future growth opportunities.