Norwegian prosecutors have charged four individuals for their role in a massive fraud and money laundering operation that deceived thousands of victims worldwide. Authorities say the scheme collected over 900 million kroner ($86–87 million), with more than 700 million kroner laundered through a Norwegian law firm before being transferred to accounts in Asia.
The scam operated as a multi-level marketing structure, with victims recruited to buy “product packages” containing cryptocurrency and company shares. Investors were promised profits from gas fields, mining, and real estate, but investigators say no real investments were made. Instead, new deposits funded payouts to earlier investors, fitting the classic Ponzi scheme model.
Officials revealed that financial professionals, including lawyers and accountants, helped to conceal the money flow, making the fraud harder to detect. Europol has warned that financial crimes like these are a growing global threat, with fraud and money laundering acting as the driving force behind organised crime.
Despite the cross-border nature of the operation, Norwegian authorities stress that those responsible will be prosecuted, no matter where their victims are located. The case highlights the increasing use of professional services to facilitate fraud, a challenge that law enforcement agencies worldwide are struggling to tackle.
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A US federal judge has denied a request to temporarily block Elon Musk’s Department of Government Efficiency (DOGE) from accessing data from seven federal agencies or making further workforce cuts. The lawsuit, brought by 14 Democratic attorneys general, argued that DOGE was overstepping its authority by reshaping agencies and obtaining vast amounts of government information. However, Judge Tanya Chutkan ruled that the plaintiffs failed to prove immediate harm, allowing DOGE to continue operations.
Despite this decision, the judge acknowledged serious constitutional concerns regarding Musk’s authority. She noted that Musk had not been nominated by the US President Trump or confirmed by the Senate, raising potential violations of the Appointments Clause. In her ruling, Chutkan also criticised the Trump administration’s legal arguments, suggesting inconsistencies in its justification for DOGE’s powers.
While the restraining order was denied, the states can still pursue their case, potentially seeking a preliminary injunction to halt DOGE’s access to federal data. New Mexico Attorney General Raúl Torrez vowed to continue the legal fight, accusing Musk of destabilising government functions and acting without proper oversight. The battle over DOGE’s legitimacy is expected to intensify in the coming months.
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A growing number of young Europeans are turning to social media platforms like TikTok, Instagram, and YouTube as their primary news source, surpassing traditional outlets such as TV and print media. According to the latest European Parliament Youth Survey, 42% of people aged 16 to 30 rely on social media for news about politics and social issues. This shift highlights changing preferences toward fast-paced, accessible content but also raises concerns about the growing risk of disinformation among younger generations.
Younger users, especially those aged 16 to 18, are more likely to trust platforms like TikTok and Instagram, while those aged 25 to 30 tend to rely more on Facebook, online press, and radio for their news. However, the rise of social media as a news source has also led to increased exposure to fake news. A report from the Reuters Institute revealed that 27% of TikTok users struggle to identify misleading content, while Instagram has faced criticism for relaxing its fact-checking systems.
Despite being aware of the risks, young Europeans continue to engage with social media for news. A significant 76% of respondents reported encountering fake news in the past week, yet platforms like Instagram remain the most popular news sources. This trend is impacting trust in political institutions, with many young people expressing scepticism toward the EU and skipping elections due to a lack of information.
The reliance on social media for news has shifted political discourse, as fake news and AI-generated content have been used to manipulate public opinion. The constant exposure to sensationalised false information is also having psychological effects, increasing anxiety and confusion among young people and pushing some to avoid news altogether.
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Former OpenAI chief technology officer Mira Murati has launched a new AI startup called Thinking Machines Lab, backed by a team of around 30 researchers and engineers from companies such as OpenAI, Meta, and Mistral. The startup aims to create AI systems that encode human values and address a wider range of applications than existing rivals, according to a blog post from the company.
Murati’s new venture demonstrates her ability to attract top talent, with two-thirds of the team made up of former OpenAI employees. Among them are Barret Zoph, a well-known researcher who joined Murati in leaving OpenAI in September, and John Schulman, OpenAI’s co-founder and the startup’s chief scientist. Schulman previously left OpenAI for Anthropic to focus on AI alignment, a key goal of Thinking Machines Lab.
The company’s approach differentiates itself by combining research and product teams in the design process. Thinking Machines Lab plans to contribute to AI alignment research by sharing code, datasets, and model specifications. Murati, now CEO of the startup, has previously played a major role in developing ChatGPT, and her exit from OpenAI reflects a broader trend of high-profile departures amid changes at the company.
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The Russian Central Bank has dismissed claims that unused digital rouble coins in inactive wallets will be erased. Officials say the reports, spreading on social media, are false and have no basis in law. Alla Bakina, a senior bank executive, stressed that digital roubles, like cash, belong entirely to the wallet holder, who can spend them whenever they choose.
Concerns have also surfaced that Russian citizens will be forced to use the digital rouble. However, the Central Bank insists that opening a digital rouble wallet will remain voluntary. Officials criticised social media “pseudo-experts” for spreading misinformation and reassured the public that there is no need to submit formal refusals to banks or government offices.
Despite these reassurances, scepticism remains. Some critics argue that while the bank may not impose expiry dates now, digital currencies allow for future spending restrictions. The digital rouble has been in testing since August 2023, with a full rollout expected before the year’s end.
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Freelance marketplace Fiverr is rolling out new AI tools designed to help gig workers streamline their work and maintain competitiveness. The ‘Personal AI Creation Model’ allows freelancers to train AI systems on their own work, offering clients either automated or blended content.
Freelancers retain ownership of the generated content and can set prices for its use, with the service costing $25 per month.
The tools aim to address challenges in the gig economy, where generative AI has increased competition while reducing opportunities. Fiverr highlights that the AI creation model prioritises freelancers’ control, ensuring their data is not misused.
Additionally, a ‘Personal AI Assistant’ is available to help with routine tasks and client communication, priced at $29 per month or included with Fiverr’s premium subscription.
Fiverr is also introducing a programme granting company shares to its top-performing freelancers. While the specifics remain undisclosed, the initiative reflects efforts to support gig workers in an increasingly competitive market.
As generative AI reshapes industries, Fiverr’s initiatives could help freelancers navigate the evolving landscape while enhancing their earning potential and safeguarding their creative work.
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Nigeria is set to amend its digital asset regulations to introduce taxes on cryptocurrency transactions, a move the government believes could generate significant revenue. A bill currently before the National Assembly aims to provide a legal framework for taxing transactions on regulated exchanges, with expectations for its adoption this quarter.
The Nigerian Securities and Exchange Commission (SEC) is also working on expanding crypto licensing, allowing exchanges to be monitored for tax compliance. The SEC issued its first exchange licence in August 2024 and has since taken steps to regulate unlicensed platforms.
With Nigeria ranked second in global crypto adoption, many citizens have embraced cryptocurrencies, especially stablecoins like Tether and USD Coin, to protect their wealth against the country’s high inflation and depreciating currency. In the last year, Nigeria received $21.8 billion in stablecoin transactions, leading the Sub-Saharan region.
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Milan prosecutors have announced plans to drop a case against Google’s European division after the company agreed to settle a tax dispute by paying 326 million euros (£277 million). The settlement covers the period from 2015 to 2019, including penalties, sanctions, and interest.
The tax dispute stemmed from allegations that Google had failed to file and pay taxes on revenue generated in Italy, based on the digital infrastructure it operates within the country. This comes after the company settled a previous tax case with Italian authorities in 2017 by paying 306 million euros, which acknowledged Google’s permanent presence in Italy.
In 2023, Italy had requested that Google pay 1 billion euros in unpaid taxes and penalties. However, with this latest settlement, the case against the tech giant appears to be resolved for now.
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Hong Kong has hinted at the growing acceptance of cryptocurrencies as proof of wealth for its New Capital Investment Entrant Scheme (New CIES). While cryptocurrencies are not listed as approved investment assets, a local accountant disclosed that bitcoin and ether were used successfully in two cases to demonstrate applicants’ wealth.
Authorities stated there were no specific restrictions on asset types for applications, leaving the door open for virtual assets.
The investment scheme, relaunched in March 2024, requires applicants to control assets worth at least HK$30 million (£3.9 million) and invest them in approved options to gain residency.
Competition with regional rivals like Singapore and Dubai has intensified Hong Kong’s efforts to attract capital. Analysts noted that the scheme excludes mainland Chinese applicants but revealed workarounds, such as securing permanent residency in third countries like Guinea-Bissau.
Data showed that nearly 80% of over 250 recent applicants were from Guinea-Bissau or Vanuatu, highlighting an emerging trend.
Cryptocurrency advocates praised Hong Kong’s openness, seeing it as a critical move in recognising digital assets on par with traditional ones. The development signals a potential shift in how virtual wealth is perceived globally and could boost Hong Kong’s appeal to investors.
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A cybersecurity firm co-founded by former Austrian Chancellor Sebastian Kurz and Israeli entrepreneurs has reached a valuation of $1.1 billion after securing $100 million in a new funding round.
The company, known as Dream, focuses on AI-driven cybersecurity solutions for governments and critical infrastructure. Bain Capital Ventures led the Series B investment, with additional backing from Group 11, Tru Arrow, Tau Capital, and Aleph.
Founded in January 2023, Dream has reported over $130 million in annual sales to government and national cybersecurity agencies in 2024.
The company was established by Kurz, former NSO Group CEO Shalev Hulio, and cybersecurity expert Gil Dolev. It operates out of Tel Aviv, Vienna, and Abu Dhabi, positioning itself as a key player in global cybersecurity.
Kurz, who became Austria‘s chancellor in 2017 at the age of 31, resigned in 2021 and was later convicted of perjury in a political case. He received an eight-month suspended sentence, which he is currently appealing. Despite his legal troubles, his latest business venture is rapidly growing in the cybersecurity industry.
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