Parag Agrawal, the former Twitter chief executive removed after Elon Musk’s takeover in 2022, has re-entered the technology sector with a new venture.
His company, Parallel Web Systems, is developing AI tools designed to help AI agents gather and analyse information online without human input.
The company’s first product, Deep Research API, outperforms human researchers and advanced models such as OpenAI’s GPT-5 on specific benchmarks.
Agrawal revealed that the system already supports millions of tasks daily and is used by coding agents to locate documents and fix errors. Parallel has secured 30 million dollars in funding and employs around 25 staff.
Agrawal had been Twitter’s chief technology officer before succeeding Jack Dorsey as chief executive in late 2021. After leaving the company, he returned to academic research and coding instead of joining other struggling firms.
He has argued that the internet will eventually be dominated by AI agents rather than human users, predicting that individuals may soon rely on dozens of agents to act on their behalf.
His views echo predictions from Coinbase developers, who recently suggested that AI agents could become the most significant users of Ethereum.
They propose that autonomous systems can handle stablecoin transfers and e-commerce transactions, enabling services from self-driving taxis to AI-powered content platforms.
Would you like to learn more aboutAI, tech and digital diplomacy? If so, ask our Diplo chatbot!
Iran’s energy shortage has sparked public anger, with residents blaming crypto mining and government mismanagement for blackouts and water scarcity. Demonstrations have broken out across several towns, with protesters demanding accountability.
The crisis has been exacerbated by record drought, soaring summer heat, and the drying of Lake Urmia. Tehran government buildings have shut down to save electricity, and hospitals face power cuts affecting patient care.
Videos shared on social media show protesters chanting ‘water, electricity, life – these are our indisputable rights’ as outages hit homes and businesses. Small traders say they cannot keep shops open, while medics in darkened wards have used handheld fans.
Critics say energy is diverted to IRGC-linked crypto mining, while experts warn of long-term mismanagement. President Masoud Pezeshkian has described the situation as ‘serious and unimaginable’, urging action as public resentment grows ahead of a volatile political season.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
Czech police have detained convicted drug trafficker Tomas Jirikovsky in connection with a $45 million Bitcoin donation that triggered a political crisis earlier this year. Assets linked to him were seized in raids by the National Centre for Combating Organised Crime.
Prosecutors confirmed the case is now focused on suspected money laundering and drug trafficking, separated from a more exhaustive investigation disclosed in May. Jirikovsky, identified as the donor of 468 Bitcoin to the Ministry of Justice, was taken into custody in Breclav.
Former Justice Minister Pavel Blazek accepted the donation without verifying its origins. He resigned in May after revelations that Jirikovsky was behind the transfer. An audit later concluded the ministry should never have accepted the funds.
The scandal has shaken Czech politics, prompting a failed no-confidence vote and renewed calls from the opposition for further ministerial departures. Current Justice Minister Eva Decroix has pledged to release a detailed case timeline as scrutiny mounts before the October elections.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
Authorities in China’s Guizhou Province have begun using joint custody centres and cold wallets to manage cryptocurrencies seized from unlawful activities, particularly in Duyun City. The move represents a strategic adjustment amid the country’s ongoing ban on crypto trading.
Adopting cold storage and joint custody addresses practical challenges in preserving and disposing of seized assets. Experts warn that selling seized crypto could breach trading bans, cause risk compliance issues, and cause market disruption.
China’s approach may influence international handling and regulation of digital assets. Analysts suggest these protocols could integrate regulatory compliance with financial stability goals, shaping broader policies for Bitcoin and other cryptocurrencies worldwide.
Scholars describe the current measures as temporary solutions that do not fully align with the nation’s crypto prohibition.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
The British Treasury has linked state-backed North Korean hackers to a significant theft of Bitcoin, Ethereum, and other cryptocurrencies from the Swiss platform Lykke. The hack forced Lykke to suspend trading and enter liquidation, leaving founder Richard Olsen bankrupt and under legal scrutiny.
The Lazarus Group, Pyongyang’s cyber unit, has reportedly carried out a series of global cryptocurrency heists to fund weapons programmes and bypass international sanctions. Although evidence remains inconclusive, Stolen Lykke funds may have been laundered through crypto firms.
Regulators had previously warned that Lykke was not authorised to offer financial services in the UK. Over 70 customers have filed claims totalling £5.7 million in UK courts, while Olsen’s Swiss parent company entered liquidation last year.
He was declared bankrupt in January and faces ongoing criminal investigations in Switzerland.
The Lazarus Group continues to be implicated in high-profile cryptocurrency attacks worldwide, highlighting vulnerabilities in digital asset exchanges and the challenges authorities face in recovering stolen funds.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
The cryptocurrency sector has promoted tokenised stocks, allowing shares to be traded via blockchain. While fractional ownership and 24/7 trading are possible, most brokers already offer commission-free fractional shares, limiting the benefits for individual investors.
Tokenised stocks require a custodian to hold the underlying asset, a digital token representing the share, and smart contracts granting rights such as dividends and voting. Platforms like Kraken and Robinhood now offer tokenised trading, while asset managers like BlackRock explore tokenised funds.
Proponents cite transparency, security, and direct access to companies as advantages.
Risks remain significant. Transactions may be irrevocable, and uncertain legal protections, and smart contracts cannot cover all scenarios. Experts warn that tokenisation may bypass securities laws, risking market trust and investor protections.
Many analysts suggest the crypto industry’s push for tokenisation is driven more by a desire to integrate with traditional finance and attract institutional capital than by benefits to retail investors. Advantages are limited while risks, including regulatory uncertainty and potential fraud, are substantial.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
The Russian government limits secure calls on WhatsApp and Telegram, citing terrorism and fraud concerns. The measures aim to push users toward state-controlled platforms like MAX, raising privacy concerns.
With over 100 million users relying on encrypted messaging, these restrictions threaten the anonymity essential for cryptocurrency transactions. Government-monitored channels may let authorities track crypto transactions, deterring users and businesses from adopting digital currencies.
State-backed messaging platforms also open the door to regulatory oversight, complicating private crypto exchanges and noncustodial wallets.
In response, fintech startups and SMEs may turn to decentralised applications and privacy-focused tools, including zero-knowledge proofs, to maintain secure communication and financial operations.
The clampdown could boost crypto payroll adoption in Russia, reducing costs and shielding firms from economic instability. Using decentralised finance tools in alternative channels allows companies to protect privacy and support cross-border payments and remote work.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
South Africa is preparing a new regulatory framework for cross-border cryptocurrency transactions, according to Finance Minister Enoch Godongwana. The South African Reserve Bank will release the framework this year, focusing on cross-border crypto asset transfers.
The move comes after a High Court ruling left cryptocurrencies exempt from exchange control regulations. Instead of a broad exemption framework for exchanges, authorities aim to regulate the activities of crypto asset service providers involved in moving value across borders.
The framework will set conditions, administrative duties, and reporting requirements to curb illicit flows and prevent regulatory loopholes.
SARB works closely with the National Treasury, the Financial Sector Conduct Authority, and other financial bodies to finalise the rules.
Officials say the goal is to align South Africa’s exchange control laws with the realities of the digital asset market while addressing the risks identified by the Intergovernmental Fintech Working Group.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
A new fraud tactic is emerging, with con artists posing as lawyers to target cryptocurrency scam victims. They exploit desperation by promising to recover lost funds, using elaborate ruses like fabricated government partnerships and forged documents.
Sophisticated tactics, including fake websites and staged WhatsApp chats, pressure people into paying additional fees.
The US Federal Bureau of Investigation has issued a warning about the scam. Fake law firms use detailed knowledge of a victim’s prior losses to appear credible, knowing the exact amounts and dates of fraudulent transactions.
The scheme often escalates when victims are directed to deposit money into what appear to be foreign bank accounts, which are sophisticated facades designed to steal more funds.
The FBI recommends a ‘Zero Trust’ approach to combat fraud. Any unsolicited recovery offer should be met with immediate scepticism. A major red flag is if a representative refuses to appear on camera or provide their licensing details.
The bureau also advises keeping detailed records of all interactions, like emails and video calls, as documentation could prove invaluable for investigators.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
Norway’s sovereign wealth fund has significantly increased its indirect Bitcoin exposure. The world’s largest fund’s holdings in Bitcoin proxies have surged by 192% over the past year.
Unable to hold cryptocurrencies directly due to investment restrictions, the fund gains exposure through shares in companies like Coinbase and Strategy.
A broader trend is emerging among sovereign and state wealth funds. Due to legal mandates, managers are often limited to specific asset classes.
To invest in cryptocurrency, funds are turning to alternative routes like exchange-traded funds and companies that hold Bitcoin. The ‘side door’ approach allows them to participate in the crypto market while following regulations.
Kazakhstan’s sovereign wealth fund also announced plans to convert some of its assets to crypto, showing a growing global trend towards integrating the asset into traditional financial portfolios.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
