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‘Scammers’ impersonate Crypto Twitter users on Threads as users near 100M

Threads are already seeing potential crypto scammers arrive on the platform as Crypto Twitter personas warn of impersonators on the app.

Scammers appear to have wasted no time since the launch of Meta’s new microblogging app — with several high-profile Crypto Twitter users already warning of imposter accounts on Threads.

Threads was launched on July 5 and has seen sign-ups climb above 98 million in the days following. It’s still far away from Twitter’s estimated 450 million users.

However, over the past few days, multiple Crypto Twitter figures have already pointed out fake accounts on Threads impersonating others or themselves.

On July 8, decentralized finance platform Wombex Finance tweeted an image of a Threads account impersonating it — warning it could be a scammer as the project isn't on the platform.

The nonfungible token (NFT) influencer Leonidas tweeted a similar warning a day earlier to their over 93,000 followers, saying that they and other "large NFT accounts" are being impersonated by "scammers" on Threads. Leonidas said they have now made an account on Threads to combat impersonators.

Jeffrey Huang, known on Twitter as Machi Big Brother, tweeted his Threads profile on July 6 with one user pointing out there was already a Threads account impersonating his Twitter persona.

So far, the Thread accounts mentioned have avoided sharing any scam or phishing links, with most posting crypto-related content.

Related: Elon Musk accuses Mark Zuckerberg of cheating: Twitter vs. Threads

For years, Twitter has been a popular channel for crypto phishing scammers, with a common tactic involving hacking into the Twitter accounts of well-known people and businesses and posting malicious links.

Such links usually attempt to dupe unwitting targets into sharing either their crypto exchange login, a crypto wallet seed phrase or have them connect a wallet to a crypto-draining smart contract.

In the first half of this year, $108 million worth of crypto was stolen in such phishing scams according to a report by Web3 security firm Beosin.

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Meta’s Twitter rival Threads to launch July 6, but will the crypto community budge?

Meta's microblogging platform is set for launch, with Twitter co-founder Jack Dorsey pointing out the apps centralization and data harvesting.

Meta is planning to launch its new Twitter rival, Threads, on July 6, only days after Twitter’s “rate limit” debacle which has temporarily capped how many posts users can read per day.

The platform, which is heavily tied to the photo and video-sharing social network Instagram, is expected to be released on Thursday according to a Meta-launched countdown site. Threads has also appeared for pre-order on Apple’s App Store bearing an expected date of July 6.

Screenshot of Threads’ listing on the App Store. Source: Apple

Despite an arguably well-timed launch, the app appears to have seen limited fanfare, at least from Twitter’s avid crypto community.

Concerns have been raised around data mining and privacy issues and a lack of confidence the standalone app would even survive.

Crypto Twitter influencer Tiffany Fong, who has 66,600 followers on the platform, told Cointelegraph she hadn’t even heard of Threads until now, stating "I have no clue what the Meta alternative is.” Fong has an active Instagram account with 10,400 followers.

Meanwhile, an ongoing Twitter poll from crypto influencer Kyle Chassé, a self-proclaimed “Bitcoin and crypto OG” has seen over 87% of the 125 respondents signal support for “Team Twitter” over “Team Meta.”

Former Twitter CEO Jack Dorsey highlighted the Threads app privacy policy which indicated that Threads developer, Instagram Inc, would have access to a wide array of user data including financial info and identifiers.

However, Twitter has almost exactly the same permissions as Threads and collects similar data, according to researchers who responded to Dorsey's post.

Others have raised concerns over the possible longevity of the app given Meta’s previous standalone app launches have either been shut down or had the features rolled into its other products.

“What Meta doesn't want you to remember is that they already shut down Threads back in Dec 2021 after shutting down another standalone app called Direct," said Nick St. Pierre, a Twitter user that posts about artificial intelligence developments.

“They have a history of releasing standalone apps for attention, shutting them down, then rolling the features into [Instagram].”

Related: Twitter suspends memecoin-linked AI bot after Elon Musk’s ‘scam crypto’ claim

Meta’s expected Threads launch would come just days after Twitter’s rate limit debacle, which has imposed a temporary restriction on the number of posts that a user can view in a day.

Instead of users having to rebuild a following from scratch, Threads will port Instagram users’ followers and following lists.

According to reports earlier this year, a company spokesperson said that the stand-alone Threads app will support ActivityPub, the decentralized social networking protocol powering Twitter rival Mastodon.

Meanwhile, decentralized Twitter rival Mastodon has seen a recent surge in activity with an increase in active users since Twitter imposed its read restrictions.

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Elon Musk imposes ‘rate limit’ on Twitter citing extreme ‘system manipulation’

Verified Twitter users will be allowed to view 10,000 posts per day, while new, unverified accounts will get 500 under the new limits.

Social media platform Twitter is temporarily limiting the number of posts that users will be allowed to read per day, after seeing “extreme levels of data scraping and system manipulation,” according to executive chairman Elon Musk.

In a July 1 post, Musk said the temporary limits will see verified accounts capped at 10,000 posts per day, while unverified and new, unverified accounts are capped at 1,000 and 500 posts per day respectively:

Twitter users had been reporting issues on the platform over the last few days including the inability to retrieve tweets, missing timelines, and being met with a "rate limited exceeded" message, leading to the hashtag #TwitterDown #TwitterFail to trend in certain jurisdictions.

A screenshot of a Twitter user’s account — having reached their rate limit. Source: Twitter

Real-time outage monitor website Downdetector has seen thousands of user-submitted reports claiming Twitter outages over the last 24 hours.

France, the United Kingdom, Germany, and the East and West Coasts of the United States appear to be the most affected regions, according to Is The Service Down.

Number of outage reports on Twitter in 15-minute intervals over the last 24 hours. Source: Downdetector

Musk didn’t clarify what may be responsible for scraping Twitter’s data and didn’t elaborate on the root cause behind the “system manipulation” claim, but said that their data was being "pillaged" so much it was degrading service for users. 

Some suggest that the extreme "data scraping" has been caused by web-browsing-enabled artificial intelligence chatbots, such as OpenAI's GPT-4.

According to Twitter’s developer documents, rate limits are imposed to manage the volume of requests made to Twitter’s Application Program Interface (API).

“These limits help us provide the reliable and scalable API that our developer community relies on,” the document states.

Related: Twitter suspends memecoin-linked AI bot after Elon Musk’s ‘scam crypto’ claim

Jack Dorsey, the co-founder and former CEO of Twitter was among the few that defended the recent moves in a July 2 post, noting that “Running Twitter is hard” and that the decision was likely made for the greater good of the platform.

He added that he’d like to see Twitter move to a “truly censorship-resistant open protocol” like Bitcoin and Nostr:

Outside of the office, Musk appears to be training for a potential mixed martial arts cage fight with fellow billionaire and Meta CEO Mark Zuckerberg.

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The EU’s AI regulations sparked a letter signed by 160 tech execs

As the EU works on its upcoming AI bill, executives from 160 companies in the industry drafted an open letter on the implications of too-strict regulations.

An open letter to lawmakers in the European Union was issued by more than 160 executives from tech companies around the world urging careful consideration of artificial intelligence (AI) regulations not to stunt the industry or markets.

On June 30, executives from companies such as Renault, Meta, Spanish telecom company Cellnex, and German investment bank Berenberg, pointed to the proposed EU Artificial Intelligence Act, saying it potentially risks the region’s competitiveness and innovation.

More specifically, the letter warned that rules proposed by the EU would cause heavy regulation of generative AI tools, and incur both liability risks and high compliance costs for the companies developing the technology.

On June 14, two weeks prior to the letter, the European Parliament passed the initial EU AI Act, which includes legislation that would force tool like ChatGPT to disclose all AI-generated content and other measures against illegal content. 

Additionally, as they stand now, the laws intend to prohibit using certain AI services and products. Total bans were placed on technologies such as the public use of biometric surveillance, social scoring systems, predictive policing, so-called “emotion recognition” and untargeted facial recognition systems.

Related: US considers tightening restrictions on AI chip exports

Before the bill actually becoming law, individual negotiations among parliament members will take place to finalize details of the EU AI Act. This recent letter comes as tech companies still have the time to petition lawmakers for more lenient measures.

The day before the letter was issued, the president of Microsoft visited Europe to speak with regulators on how to best regulate AI. 

In May, Sam Altman, the CEO of OpenAI, also spoke with European regulators in Brussels. He warned about the potential negative effects of over-regulation on the AI industry.

The EU's tech chief is on record pushing for the bloc and the United States to come together to create a voluntary “AI code of conduct” to be set in place while lawmakers finalize more permanent measures. 

In March, another open letter was issued by over 2,600 tech industry leaders and researchers, including Elon Musk. However, it called for a temporary pause on any further development of AI and asked for regulations. 

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US senator pushes tech companies to label AI-generated content

United States Senator Michael Bennet wrote a letter to major tech companies, including OpenAI and Google, to urge the labeling of AI-generated content.

United States Senator Michael Bennet has urged tech companies to label AI-generated content and monitor any misleading content produced by artificial intelligence (AI). 

In a June 29 letter sent to executives of major tech companies involved with AI, including ChatGPT creator, OpenAI, Microsoft, Meta, Twitter and Alphabet, Bennet stressed that users should be aware when AI was used to make content.

Bennet said fake images have disruptive consequences for the economy and trust, especially when they are politically oriented.

“Continuing to produce and disseminate AI-generated content without clear, easily comprehensible identifiers poses an unacceptable risk to public discourse and electoral integrity.“

The senator also stressed that while some companies have begun to label some AI-generated content, the policies are “alarmingly reliant on voluntary compliance.“

In the letter, Bennet asks company executives to answer concerns about standards in identifying AI-generated content, implementing those standards and the repercussions for rule violations by July 31.

The only company to respond so far is Twitter, which reportedly responded with a poop emoji. 

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This same fear of non-labeled AI content leading to misinformation has been expressed by European lawmakers as well. 

On June 5, Vera Jourova, the European Commission’s vice president for values and transparency, told the media that she believes companies deploying generative AI tools with the “potential to generate disinformation” should have labels on the content created to stop the spread of disinformation.

Although the U.S. does not currently have any comprehensive AI legislation in place, on June 8, U.S. lawmakers proposed two bipartisan bills targeting transparency and innovation in the AI space.

One of the bills proposed by Democratic Senator Gary Peters, and Republican Senators Mike Braun and James Lankford would require transparency from the government regarding its AI usage.

The other, from Bennet and fellow Democratic Senator Mark Warner, along with Republican Senator Todd Young, would establish an official Office of Global Competition Analysis.

Bennet also made comments in March 2023 directed toward the instability of the crypto industry after the collapse of Signature Bank.

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Meta’s new ‘Voicebox’ AI is a text-to-speech tool that learns like ChatGPT

Meta claims Voicebox is the first AI that can generalize text-to-speech tasks it wasn’t trained to accomplish and describes it as a “breakthrough.”

Meta AI recently unveiled a “breakthrough” text-to-speech (TTS) generator it claims produces results up to 20 times faster than state-of-the-art artificial intelligence models with comparable performance. 

The new system, dubbed Voicebox, eschews traditional TTS architecture in favor of a model more akin to OpenAI’s ChatGPT or Google’s Bard.

Among the main differences between Voicebox and similar TTS models, such as ElevenLabs Prime Voice AI, is that Meta’s offering can generalize through in-context learning.

Much like ChatGPT or other transformer models, Voicebox uses large-scale training datasets. Previous efforts to use massive troves of audio data have resulted in severely degraded audio outputs. For this reason, most TTS systems use small, highly-curated, labelled datasets.

Meta overcomes this limitation through a novel training scheme that ditches labels and curation for an architecture capable of “in-filling” audio information.

As Meta AI put in a June 16 blog post, Voicebox is the “first model that can generalize to speech-generation tasks it was not specifically trained to accomplish with state-of-the-art performance.”

This makes it possible for Voicebox to translate text to speech, remove unwanted noise by synthesizing replacement speech, and even apply a speaker’s voice to different language outputs.

According to an accompanying research paper published by Meta, its pre-trained Voicebox system can accomplish all of this using only the desired output text and a three-second audio clip.

The arrival of robust speech-generation comes at particular sensitive time as social media companies continue to struggle with moderation and, in the U.S., a looming presidential election threatens to once again test the limits of online misinformation detection.

Former U.S. president Donald Trump, for example, currently faces allegations that he mishandled confidential government materials after leaving office. Among the purported evidence cited in the case against him are audio recordings wherein he allegedly admitted to potential wrongdoing.

While there’s currently no indication that the former president intends to deny the content described in the audio files, his case illustrates that data integrity resides at the core of the U.S. legal system and, by extension, its democracy.

Voicebox isn’t the first tool of its kind, but it appears to be among the most robust. As such, Meta’s developed a tool for determining if speech was generated by it which the company claims can “trivially detect” the difference between real and fake audio. Per the blog post:

“As with other powerful new AI innovations, we recognize that this technology brings the potential for misuse and unintended harm. In our paper, we detail how we built a highly effective classifier that can distinguish between authentic speech and audio generated with Voicebox to mitigate these possible future risks.”

In the cryptocurrency world, AI has become as integral to day-to-day operations for most businesses as the internet or electricity. The largest exchanges rely on AI chatbots for customer interactions and sentiment analysis, and trading bots have become commonplace.

Related: Bybit plugs into ChatGPT for AI-powered trading tools

The advent of robust text-to-speech systems such as Voicebox, combined with automated trading, could help bridge a gap for would-be cryptocurrency traders who rely on TTS systems that, currently, may struggle with crypto jargon or multi-lingual support.

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AI automation could take over 50% of today’s work activity by 2045: McKinsey

Management consulting firm McKinsey & Co believes AI will have the “biggest impact” on high-wage workers.

In just 22 years, generative AI may be able to fully automate half of all work activity conducted today, including tasks related to decision-making, management, and interfacing with stakeholders, according to a new report from McKinsey & Co.

The prediction came from the management consulting firm report on June 14, forecasting 75% of generative AI value creation will come from customer service operations, marketing and sales, software engineering, as well as research and development positions.

The firm explained that recent developments in generative AI has “accelerated” its “midpoint” prediction by nearly a decade from 2053 — its 2016 estimate — to 2045.

McKinsey explained that its broad range of 2030-2060 was made to encompass a range of outcomes — such as the rate at which generative AI is adopted, investment decisions and regulation, among other factors.

Its previous range for 50% of work being automated was 2035-2070.

McKinsey’s new predicted “midpoint” time at which automation reaches 50% of time on work-related activities has accelerated by eight years to 2045. Source: McKinsey

The consulting firm said, however, the pace of adoption across the globe will vary considerably from country to country:

“Automation adoption is likely to be faster in developed economies, where higher wages will make it economically feasible sooner.”
Early and late scenario midpoint times for the United States, Germany, Japan, France, China, Mexico and India. Source: McKinsey.

Generative AI systems now have the potential to automate work activities that absorb 60-70% of employees’ time today, McKinsey estimated.

Interestingly, the report estimates generative AI will likely have the “biggest impact” on high-wage workers applying a high degree of “expertise” in the form of decision making, management and interfacing with stakeholders.

The report also predicts that the generative AI market will add between $2.6 to $4.4 trillion to the world economy annually and be worth a whopping $15.7 trillion by 2030.

This would provide enormous economic value on top of non-generative AI tools in mainstream use today, the firm said:

“That would add 15 to 40 percent to the $11.0 trillion to $17.7 trillion of economic value that we now estimate nongenerative artificial intelligence and analytics could unlock.”

Generative AI systems are capable of producing text, images, audio and videos in response to prompts by receiving input data and learning its patterns. OpenAI’s ChatGPT is the most commonly used generative AI tool today.

McKinsey’s $15.7 trillion prediction by 2030 is more than a three-fold increase in comparison to its $5 trillion prediction for the Metaverse over the same timeframe.

Related: The need for real, viable data in AI

However, the recent growth of generative AI platforms hasn’t come without concerns.

The United Nations recently highlighted “serious and urgent” concerns about generative AI tools producing fake news and information on June 12.

Meta CEO Mark Zuckerberg received a grilling by United States Senators of a “leaked” release of the firm’s AI tool “LLaMA” which the senators claim to be potentially “dangerous” and be possibly used for “criminal tasks.”

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AI startup by ex-Meta and Google researchers raises $113M in seed funding

The company is on a hiring spree and on the lookout for researchers, software engineers and product developers in AI.

A brand new artificial intelligence (AI) startup dedicated to rival ChatGPT creator, OpenAI, raised $113 million in seed funding, bringing up its valuation to $260 million within two months of inception.

Former AI researchers — previously working for Google DeepMind and Meta — co-founded Mistral AI, in May 2023 to develop open-source generative AI models. Arthur Mensch, the co-founder and CEO of the company said that the first round of funding “will give us the resources and network we need to start rolling out a new model of generative artificial intelligence.”

Prior to co-founding Mistral AI, Mensch was a research scientist at Google Deep Mind. The other two co-founders — Timothee Lacroix and Guillaume Lample — worked at Facebook AI as a research engineer and research scientist respectively.

Mistral AI co-founders Guillaume Lample, Arthur Mensch, Timothée Lacroix (left to right). Source: Medium

The funding round was led by Lightspeed Venture Partners and saw participation from JCDecaux Holding, Rodolphe Saadé and Motier Ventures among others. The trio will run the company from Paris and plan to release its first models for text-based generative AI in 2024.

Mistral AI unfinished official website. Source: Mistra.AI 

The company is on a hiring spree and on the lookout for researchers, software engineers and product developers in AI. At the time of writing, the newly formed Mistral AI did not have any social media presence either.

Related: UK to get ‘early or priority access’ to AI models from Google and OpenAI

Recently, Sam Altman, the CEO of OpenAI, met South Korean South Korean President Yoon Suk Yeol and urged the country to lead the manufacturing of chips dedicated to AI technology.

OpenAI CEO Sam Altman and Korean President Yoon Suk Yeol shake hands at the Yongsan District, central Seoul presidential office on June 9.

OpenAI currently utilizes chips from Taiwan, but Altman revealed the incoming need for a supply of chips from Korea in the future.

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‘Already explored’ — Apple Vision Pro fails to impress Mark Zuckerberg

Zuckerberg highlighted divergent philosophies, with Meta emphasizing a social metaverse, while Apple’s device seemed designed for solitary use.

As Meta struggles to lead the way in virtual and augmented reality, Apple’s recent entry into the market has generated curiosity and apprehension. With the official announcement of its Vision Pro headset, speculations arose about Mark Zuckerberg’s viewpoint as Meta CEO on the competition posed by Apple’s mixed reality headset.

During an all-hands meeting observed by The Verge, Zuckerberg discussed his response to the technical features of the Vision Pro. Expressing his curiosity about Apple’s offering, Zuckerberg acknowledged that he had yet to experience the Vision Pro firsthand. He revealed that Meta’s teams had “already explored” and contemplated the constraints of laws and physics, implying that Apple’s solutions were not entirely groundbreaking.

He mentioned that the headset’s pricing resulted from a deliberate “design trade-off” aimed at emphasizing more expensive technology and demanding increased computational capabilities. Zuckerberg remarked that Apple opted for a higher resolution display, leading to a sevenfold increase in costs and energy consumption, ultimately necessitating a wired connection and battery.

Expanding on his comments, the Meta CEO delved into the divergent philosophical outlooks embraced by Apple and Meta, emphasizing the differences in their values and overarching goals. During this discussion, Zuckerberg naturally explored the concept of the metaverse, which notably did not receive any mention during Apple’s recent Worldwide Developers Conference.

Zuckerberg stated:

“Our vision for the metaverse and presence is fundamentally social. Our device also encourages active engagement and participation. In contrast, every demo they showcased featured an individual sitting alone on a couch.“

He highlighted that Meta Quest is designed to foster virtual communities and encourage interaction, emphasizing its role in promoting engagement. In contrast, Apple’s Vision Pro was characterized as a device primarily intended for solitary use.

Related: Meta’s Zuckerberg grilled by senators over ‘leak’ of LLaMA AI model

Unlike the Meta Quest and Meta Quest Pro, Apple’s Vision Pro introduces control through eye movements and hand gestures, eliminating the requirement for controllers. It also features a translucent display and a lighter design. However, these advanced technologies contribute to a higher price point, with the Vision Pro starting at $3,500. Meta’s most expensive headset, the Meta Quest Pro, starts at $1,000.

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Top metaverse property investments suffer massive losses: Report

Popular metaverse properties, such as Otherdeeds, The Sandbox, Decentraland, Somnium and Voxels, have all depreciated in value over the past year.

Prices of virtual lands on some of the top metaverses have declined significantly from their peak prices of 2022, with most depreciating around 90% in value.

A study published by CoinGecko shows that popular metaverse properties, such as Otherdeeds, The Sandbox, Decentraland, Somnium and Voxels, have all depreciated in value during the period studied, from January 1, 2022, to May 24, 2023.

Metaverse land prices comparison. Source: CoinGecko

As shown above, the most expensive property at the time, Otherdeeds by Otherside, which once sold properties for 5 Ether (ETH), is currently selling at 1.09 ETH, down by 78.2%. The Sandbox and Decentraland properties are also down by 89.76% and 87.88%, respectively.

CoinGecko noted that the cheapest land in the metaverse could be found in Voxels, which sells for 0.16 ETH as of May 24. Voxels’ virtual properties faced a 93.8% loss, as did Somnium. Despite the massive drop in prices, Voxels remains optimistic about a comeback. Its official Twitter account stated:

“We’re number 5! We’re number 5! (It hurts me too, but winters gonna winter, only thing to do is to keep building).”

Tech giants and major economies continue to test the ultimate potential of metaverse through various investments and initiatives.

Related: Chinese city releases policy draft for metaverse industry development

IPhone manufacturer Apple will soon release a mixed-reality headset, which could reignite global interest in the metaverse.

Speaking to Cointelegraph, eToro market analyst Josh Gilbert said the new headset could set the markets ablaze, considering Apple’s proven record of delivering high-quality, market-shifting products. Gilbert stated:

“When Apple does it, they usually do it right.”

According to a report from Apple product soothsayer Mark Gurhman, the new Apple headset is set to launch on June 5.

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