Elon Musk’s social media platform, X, is facing criticism from the Center for Countering Digital Hate (CCDH), which claims its crowd-sourced fact-checking feature, Community Notes, is struggling to curb misinformation on the upcoming US election. According to a CCDH report, out of 283 analysed posts containing misleading information, only 26% showed corrected notes visible to all users, allowing false narratives to reach massive audiences. The 209 uncorrected posts gained over 2.2 billion views, raising concerns over the platform’s commitment to truth and transparency.
In response to the ongoing scrutiny, five US state officials urged Musk in August to address misinformation on X’s AI chatbot, which has reportedly circulated false claims related to the November election. X has yet to respond to these calls for stricter safeguards, and its ability to manage misinformation effectively remains under close watch as the election approaches.
The founder of cryptocurrency firm MyTrade, Liu Zhou, pleaded guilty in Boston federal court on Wednesday to charges of market manipulation and wire fraud. Zhou, who described himself as the ‘mastermind’ behind the company, entered the plea just weeks after being indicted along with 14 others as part of a groundbreaking FBI investigation dubbed ‘Operation Token Mirrors.’ This operation was notable for involving the creation of a digital token by the FBI itself to uncover fraud in the crypto sector.
Prosecutors revealed that MyTrade was one of three market makers involved in providing illicit trading services to cryptocurrency firms. During the investigation, Zhou agreed to manipulate the market for a token backed by the FBI, known as NexFundAI, which operates on the Ethereum blockchain. As part of a plea agreement, Zhou faces a maximum prison sentence of 1.5 years and must refrain from appealing if sentenced within that timeframe. Additionally, MyTrade must stop facilitating fraudulent trades that had previously manipulated the trading volumes of about 60 cryptocurrencies.
Zhou founded MyTrade in 2021, a British Virgin Islands-registered company that offered services like ‘volume support,’ where automated bots were used to inflate trading volumes. Prosecutors characterised this practice as ‘wash trading,’ which artificially boosts an asset’s trading activity. Zhou’s discussions with NexFundAI promoters included plans for market manipulation and ‘pump and dump’ schemes. Following a meeting on 23 September, Zhou quickly agreed to plead guilty after the FBI approached him. Four others involved in the investigation have also pleaded guilty.
Australia’s competition regulator, the ACCC, has filed a lawsuit against Optus, owned by Singapore Telecommunications, for alleged ‘unconscionable’ conduct in selling mobile phones and plans to vulnerable consumers. The ACCC claims that the company’s actions impacted around 429 customers, with a significant portion of these sales conducted at three stores in Darwin and Mount Isa. According to the ACCC, Optus financially benefited from these practices, which were reinforced by sales staff incentives.
ACCC Chair Gina Cass-Gottlieb stated that Optus allegedly prioritised its own financial interests by clawing back commissions from sales staff but failed to remedy affected customers. The regulator seeks penalties, consumer redress, compliance measures, and court costs in the case.
Optus Interim CEO Michael Venter responded, confirming that disciplinary measures, including terminations, had been taken against implicated staff. Optus is also refunding affected customers, waiving outstanding debts, and allowing them to keep the devices they received.
Microsoft took the unusual step of publicly accusing Google of conducting ‘shadow campaigns’ in Europe to undermine Microsoft’s reputation with regulators. According to a blog post by Microsoft lawyer Rima Alaily, Google allegedly hired the advisory firm DGA Group to organise the Open Cloud Coalition, enlisting European cloud companies to act as a front while Google finances and directs its operations. The coalition, recently launched, purports to advocate for a ‘fair, competitive, and open cloud industry’ across Europe.
Alaily claims this is part of Google’s pattern of targeting Microsoft, citing Google’s involvement in the Coalition for Fair Software Licensing and a separate effort to sway Cloud Infrastructure Services Providers in Europe with significant financial offers to oppose Microsoft’s proposed antitrust settlement. The conflict adds fuel to the rivalry between the two tech giants, who already compete intensely across cloud infrastructure, online advertising, AI, and productivity software.
In response, a Google spokesperson noted that Microsoft’s cloud licensing practices create vendor lock-in, potentially stifling competition, cybersecurity, and innovation. Hours after Microsoft published accusations, the Open Cloud Coalition formally announced its formation, listing Google as a member and calling on European authorities to intensify scrutiny on cloud competition issues. In September, Google said it was filing a complaint against Microsoft with the European Commission over what Google considers unfair practices for licensing the Windows Server operating system.
De Nederlandsche Bank (DNB), the Netherlands’ central bank, has fined crypto exchange Bybit €2.2 million ($2.4 million) for operating in the country without the required registration. Bybit’s non-compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act triggered the fine, as the exchange had not registered to support oversight and prevent illicit financial flows. The legislation, enacted in 2020, mandates that crypto providers register to reduce risks tied to anonymous transactions.
DNB stated that Bybit’s non-compliance hindered its ability to report suspicious transactions to Dutch authorities, a critical component of financial oversight. Although DNB acknowledged the severity and duration of the breach, it reduced the fine due to Bybit’s efforts to resolve the issue by transferring Dutch customers to local partner SATOS B.V., which holds a compliant operating licence.
Acknowledging the fine, Bybit underscored its commitment to regulatory adherence. CEO Ben Zhou highlighted Bybit’s actions in 2022 to mitigate potential risks, affirming the company’s goal of responsible growth through close cooperation with European regulators.
The European Commission is preparing to investigate Chinese online retail giant Temu for possibly breaching rules designed to curb illegal product sales, according to sources cited by Bloomberg News. The inquiry follows an initial request from the Commission on 11 October for Temu to outline its efforts to prevent illegal items from being sold on its platform under the EU’s Digital Services Act (DSA).
Temu, a unit of PDD Holdings, has been classified as a ‘very large online platform’ (VLOP) by the EU, a designation that requires strict compliance with measures to counteract illegal content and counterfeit goods. While Temu submitted its response to the EU’s information request by the 21 October deadline, the Commission will determine its next steps after reviewing the data provided. Neither the European Commission nor Temu has commented on the impending investigation.
The Digital Services Act mandates platforms with more than 45 million users to ensure they are taking adequate steps to combat illegal content. The outcome of this investigation could have significant implications for both Chinese, Temu and other online marketplaces operating within the EU.
Coinbase users in the UK and US can now fund their accounts instantly using eligible Visa debit cards, following a recent partnership with Visa. This integration, announced on 29 October, allows customers to deposit funds in real-time through the Visa Direct network, providing flexibility for those looking to quickly respond to crypto market changes.
The new feature is set to simplify access to trading funds by reducing traditional wait times associated with crypto funding. With Visa Direct, Coinbase users can now top up their accounts or make crypto purchases almost instantly, while also benefiting from instant cash-outs to bank accounts, minimising delays on major transactions.
The partnership further underscores Visa’s growing involvement in the crypto sector. Earlier in October, Visa also launched its Tokenized Asset Platform, enabling banks to manage fiat-backed tokens, including stablecoins. BBVA, a major Spanish bank, is set to trial this platform on the Ethereum blockchain in 2025, marking a significant step in Visa’s broader blockchain strategy.
Lyft has been fined $2.1M by the US Federal Trade Commission (FTC) for allegedly misleading drivers about potential earnings. The settlement requires the rideshare company to adjust how it advertises driver pay, after it was found that earnings claims were exaggerated, often highlighting what only the top fifth of drivers made, and including tips in those figures.
The FTC stated that some Lyft ads claimed drivers could make ‘up to $33’ per hour in certain cities in the US, such as Atlanta, but these figures did not reflect average earnings. Instead, most drivers earned significantly less, with advertised pay inflated by as much as 30%. As part of the settlement, Lyft must now base earnings estimates on what typical drivers make, excluding tips from hourly pay claims.
In addition, Lyft’s guarantees, such as a $975 payout for completing 45 rides over a weekend, were found to be misleading. Drivers believed the amount would be a bonus, but it was actually a conditional minimum guarantee. The FTC stressed the need for accurate representation of driver pay, with Chair Lina M. Khan emphasising the agency’s commitment to protecting workers from deceptive claims.
The United States and Nigeria have launched the Bilateral Liaison Group on Illicit Finance and Cryptocurrencies to counter cybercrime and misuse of digital assets. Led by the US Department of Justice and Nigerian authorities, this new initiative aims to strengthen both countries’ capabilities in investigating and prosecuting cyber and crypto-related financial crimes as digital finance expands globally.
The group’s formation comes soon after the release of Tigran Gambaryan, Binance’s head of financial crime compliance, who was detained in Nigeria since February on money laundering charges. His release due to health concerns follows rising tensions, and this new collaboration may help ease strained relations as both nations work toward secure cyberspace operations.
Aligned with US goals for global cyber enforcement, this liaison group aims to streamline coordination between the two countries’ enforcement bodies. This joint effort underscores the importance of cross-border cooperation to address the unique challenges posed by digital assets in the fight against financial crime.
The Commerce Department’s IoT Advisory Board has recommended that car dealers display privacy disclosures on vehicle windshields, urging government agencies and Congress to mandate this requirement. The report, developed with the officials from the National Institute of Standards and Technology (NIST), suggests including easy-to-understand privacy information on vehicle windshields, such as whether vehicles collect personal data and options for universal opt-outs.
This initiative aims to enhance consumer protection amid growing concerns over data privacy in connected cars. The board noted automakers often need to inform consumers about data practices adequately. Despite opposition from the Alliance for Automotive Innovation, the recommendation was adopted after a briefing highlighted the potential benefits of such labelling for consumer awareness.
“So many consumers tell us they had no idea their car is ‘a smartphone on wheels’ that can transmit data to the manufacturer and other companies,” said Amico, who runs Privacy4Cars, a privacy technology company which helps consumers and businesses better understand data privacy concerns related to connected cars.
The report will be considered by a federal working group tasked with determining whether legislation or executive action is needed to implement the recommendations, including regulating third-party data sharing and simplifying privacy policies. The advisory board emphasised that this initiative could set a global standard for IoT device privacy. A few countries, e.g. Singapore, have created comprehensive standards around consumer Internet of Things devices, such as cybersecurity labelling schemes.
