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SEC Issues Wells Notice to Opensea, Alleging NFTs on the Marketplace Are Securities

SEC Issues Wells Notice to Opensea, Alleging NFTs on the Marketplace Are SecuritiesThe U.S. Securities and Exchange Commission (SEC) has issued a Wells notice to Opensea, signaling potential enforcement action against the NFT marketplace. Opensea’s CEO criticized the SEC’s move, claiming it could negatively impact innovation and creators’ livelihoods. The platform is prepared to contest the action and has committed $5 million to support NFT creators facing […]

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Bitcoin Miner Greenidge Files Legal Complaint Against New York Regulator, Reports Q2 Earnings

Bitcoin Miner Greenidge Files Legal Complaint Against New York Regulator, Reports Q2 EarningsGreenidge Generation Holdings Inc. has initiated legal action against the New York State Department of Environmental Conservation, challenging the denial of its air permit renewal. The company also reported its second-quarter financial results, highlighting cost reductions and ongoing business transformation. Greenidge Generation Challenges New York Permit Denial, Reports Q2 Performance Greenidge Generation Holdings Inc. filed […]

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47 Companies Apply to Operate in Turkey Under New Crypto Regulations

47 Companies Apply to Operate in Turkey Under New Crypto RegulationsTurkey’s Capital Markets Board has issued an update on crypto asset service providers following new regulations. The provisional lists include 47 operational companies and three that are planning to liquidate. Current crypto service roviders are required to apply for permits or proceed with liquidation by specified deadlines, with legal repercussions for noncompliance. Turkey’s Capital Markets […]

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Wazirx Takes Legal Action After $230 Million Cyberattack — Liminal Insists Platform Secure

Wazirx Takes Legal Action After 0 Million Cyberattack — Liminal Insists Platform SecureIndian crypto exchange Wazirx has filed a police complaint and is pursuing legal action after a cyberattack led to a loss of over $230 million. The exchange is collaborating with global partners and authorities to trace and recover the stolen funds. Meanwhile, Liminal Custody has insisted that its platform remains secure and that all malicious […]

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Coinbase Files Legal Action Against SEC Over Lack of Regulatory Clarity

Coinbase Files Legal Action Against SEC Over Lack of Regulatory ClarityOn April 24, 2023, Coinbase announced that it had filed an action in federal court requesting the U.S. Securities and Exchange Commission (SEC) to respond to their petition. The petition, submitted in July 2022, requested the commission to propose and adopt rules governing the regulation of digital assets. Coinbase Requests SEC to Respond to Petition […]

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Michael Schumacher’s family to pursue legal action over AI interview

The rapid development of AI is undoubtedly causing headaches for legislators and court systems globally as they struggle to deal with the technology.

A German magazine has used artificial intelligence (AI) to simulate an interview with former Formula One driver Michael Schumacher and now his family said they’ll pursue legal action over the matter.

The German magazine Die Aktuelle released on April 14 promised “the first interview!” with Schumacher since he suffered a serious brain injury in a 2013 skiing accident.

The front cover of the Die Aktuelle edition which, translated, says “Michael Schumacher the first interview!” Source: Funke

While the magazine did add the line “it sounds deceptively real” to the front cover, the article contained a series of alleged quotes that were generated by AI which was revealed at the end of the article, much to the disgust of many fans.

A spokesperson for Schumacher's family confirmed to ESPN and Reuters on April 20 that they will be taking legal action against Die Aktuelle.

The slated lawsuit follows a growing wave of regulatory movements involving AI as governments and courts grapple with how to deal with the rapidly developing technology.

Twelve European Union lawmakers have called for the “safe” and collaborative development of AI in a letter that asked for a universal set of rules on AI development.

Related: Midjourney, other AI devs strike back in court, claiming their material is not similar to artists

The lawmakers asked for a summit to be convened by European and United States leaders to discuss governing principles for the development, control and deployment of AI.

Others could be using AI to deceive in the business world. A financial regulator in California recently took action against multiple companies alleging one used AI to create an avatar that appeared as its CEO in YouTube videos.

AI has recently been used to impersonate other celebrities. A clip of rapper Kanye West purporting to perform a cover of Drake’s hit song Hold On, We’re Going Home recently went viral on Twitter, but the audio was actually generated by AI.

Media conglomerate the Universal Music Group is reportedly concerned over such AI-generated songs, having told streaming platforms such as Spotify to block AI-related services from able to harvest copyrighted media.

Magazine: Here’s how Ethereum’s ZK-rollups can become interoperable

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Former FTX CEO Sam Bankman-Fried Faces New Bribery Charges for Alleged Crypto Payment to Chinese Officials

Former FTX CEO Sam Bankman-Fried Faces New Bribery Charges for Alleged Crypto Payment to Chinese OfficialsSam Bankman-Fried (SBF), the former CEO of FTX, now faces a 13-count indictment as U.S. officials have added new charges. One of the new charges alleges that SBF leveraged $40 million to influence “one or more Chinese government officials.” Details of the Bribery Charges Against Sam Bankman-Fried Sam Bankman-Fried (SBF), the co-founder and former CEO […]

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Report: Perth Mint Faces $9 Billion Recall From China Over ‘Doped’ Gold Scandal

Report: Perth Mint Faces  Billion Recall From China Over ‘Doped’ Gold ScandalPerth Mint, Australia’s official bullion mint, currently faces a $9 billion recall from China for allegedly selling “doped” bullion and attempting to cover it up, as reported by Australia’s ABC News. The practice of doping gold involves adding impure ore like silver to the mix to cut costs and lower the quality of gold. Reportedly, […]

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Bitcoin miner Hut 8 takes stoush with Ontario power supplier to court

The lawsuit escalates a months-long dispute between the crypto miner and one of its energy suppliers in Canada.

Canada-based Bitcoin (BTC) miner Hut 8 Mining Corporation has ramped up its ongoing fight with its power supplier for one of its mining sites, filing a lawsuit in a Canadian court.

Hut 8 said on Jan. 26 it filed a Statement of Claim in the Superior Court of Justice of Ontario against Validus Power, an energy supplier for a Hut 8 mining facility in North Bay, Ontario.

The firms have been in an ongoing dispute since early November 2022 due to what Hut 8 alleges is a failure by Validus to “meet its contractual obligations” for the power purchase agreement (PPA).

In its new lawsuit, Hut 8 is seeking “monetary damages incurred as a result of the dispute” and enforcement of certain provisions as per the agreement signed by the two companies.

Hut 8 and Validus started working together in late 2021 with Validus initially providing 35 megawatts (MW) of power to North Bay, but was slated to provide around 100 MW by the end of 2021.

A June 2022 photo from the North Bay facility showing multiple ASIC crypto miners. Source: Hut 8

On Nov. 9, 2022, Hut 8 issued a notice of default to Validus alleging it failed to achieve milestones by the dates outlined in the PPA and claimed the firm demanded Hut 8 pay for energy that was at a higher price than that under the terms of the agreement.

An update from Hut 8 later that month revealed Validus suspended the delivery of energy to its North Bay site. Validus fired back with its own default notice alleging Hut 8 failed to pay for its power charges — a claim Hut 8 denies.

To this date, operations at the site remain suspended. Hut 8 said it’s exploring alternatives to mitigate the impact of the dispute including through “organic and inorganic growth opportunities.”

Related: Bitcoin miners’ worst days may have passed, but a few key hurdles remain

Before it was taken offline, the North Bay site had 8,800 crypto mining rigs and a hash rate capacity of 0.84 exahashes per second (EH/s), accounting for over one-fourth of its total production capacity, according to a December 2022 investor deck.

Cointelegraph contacted Validus and Hut 8 for comment but did not receive an immediate response from either firm.

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