The SEC has settled allegations against ICBC Financial Services, a US-based unit of the Industrial and Commercial Bank of China, following a ransomware attack in November 2023.
The attack disrupted the company’s operations, including its ability to maintain accurate records and notify customers of securities-related transactions for nearly four months.
Regulators cited the firm’s lack of preparation for a significant cybersecurity incident as a factor leading to the breach. Despite this, the SEC refrained from imposing a civil fine, crediting the company’s meaningful cooperation and extensive remedial efforts in addressing the situation.
ICBC Financial Services neither admitted nor denied any wrongdoing in the settlement. The agreement highlights the SEC’s focus on ensuring firms take proactive steps to strengthen their cybersecurity defences.
This holiday season, millions of shoppers are set to buy gifts online, but tech companies are vying to make AI agents the new shopping assistants. Platforms like Perplexity, OpenAI, and Google are developing AI tools that can browse websites, select products, and even complete purchases. Perplexity recently launched a shopping agent that combines navigation and checkout features, though it’s still ironing out inefficiencies.
AI-driven shopping isn’t without challenges. Early tests show agents struggling with stock availability and delayed purchases, while companies like Perplexity rely on human oversight to address errors. Privacy concerns are also emerging, especially with AI systems accessing billing information. However, partnerships like Perplexity’s with Stripe, which uses single-use payment cards, aim to mitigate risks and provide secure transactions.
These tools could revolutionise online shopping by saving time and uncovering hidden deals, but they also threaten traditional e-commerce models. Retailers and advertisers may resist as fewer consumers visit storefronts and targeted ad opportunities shrink. Despite the hurdles, 2025 is expected to see significant advancements in AI shopping agents, promising a glimpse into the future of effortless online retail.
France, Germany, and Sweden have urged the next European Commission to bolster Europe’s battery production to meet green transition goals without becoming reliant on Chinese imports. In a joint paper, the countries emphasised the need for streamlined regulations, faster project approvals, increased funding, and alternative sources for raw materials like lithium.
The call comes as Sweden’s Northvolt faces financial difficulties, with fears that Europe’s dependence on Chinese manufacturing could mirror its earlier reliance on Russian gas. Leaders stressed the urgency of securing the region’s competitiveness.
Incoming EU leadership is expected to outline strategies for sustainable economic growth and climate goals within its first 100 days, focusing on policies that support scaling up European battery initiatives.
AI hardware startup Tenstorrent has secured a $693M Series D funding round, valuing the company at over $2.6B. The investment, led by Samsung Securities and AFW Partners, includes participation from Hyundai and Bezos Expeditions, among others. Founded in 2016 and based in Toronto, Canada, Tenstorrent aims to challenge Nvidia’s dominance in the AI chip market.
Tenstorrent’s CEO, Jim Keller, a renowned microprocessor engineer, announced plans to develop AI training servers and expand its engineering team using the new capital. The company has also committed to releasing a new AI processor every two years, with signed customer contracts amounting to nearly $150M. This move positions Tenstorrent among a growing number of startups racing to innovate in AI hardware, alongside competitors such as Axelera, Etched, and Groq.
The funding highlights escalating investor interest in alternative AI chipmakers as demand for cutting-edge computing solutions soars. With its ambitious roadmap and backing from high-profile investors, Tenstorrent is poised to carve out a significant share of the burgeoning AI hardware market.
Wise, the British money transfer firm, has enacted a formal remediation plan following a regulatory review by the Belgian National Bank (BNB) regarding anti-money laundering compliance. In early 2022, the BNB identified that Wise lacked proof of address for hundreds of thousands of customers.
The company worked closely with the regulator to address the issues, implementing a plan requiring customers to provide proof of address within weeks. Non-compliant accounts were frozen as part of the measures. Wise stated it has fully resolved the concerns.
Founded in 2011, Wise aims to simplify international money transfers and is listed on the London Stock Exchange. The BNB declined to comment further on the matter.
The Browser Company, creators of the Arc Browser, is developing a new web browser named Dia, centred around artificial intelligence integration. Set to debut in early 2025, Dia aims to expand the company’s reach by offering AI-driven features to a broader audience. Unlike traditional AI tools, Dia is designed as an interactive browsing environment where users can perform tasks like drafting emails, retrieving data, or automating online activities directly through the browser interface.
Initial demonstrations highlight innovative features, including a writing assistant that can suggest sentences or retrieve relevant links and facts. Dia’s natural language commands enable actions such as fetching and emailing documents or scheduling meetings within the browser. A standout capability is its automation feature, where Dia can browse websites like Amazon to fulfil tasks, such as adding items to a cart based on a user’s email list. Despite its potential, early versions may require refinements to ensure precision in task execution.
The Browser Company‘s CEO, Josh Miller, emphasised the vision of creating user-friendly AI tools while keeping Arc’s dedicated user base in mind. Miller acknowledged that Arc’s complexity appeals to a niche audience, whereas Dia’s broader functionality could attract new users and provide sustainable revenue opportunities. As part of the development, the company has launched a dedicated website showcasing Dia’s capabilities and open roles to expand its team.
Nebius Group has secured $700 million through a private placement, attracting investors such as Nvidia, Accel, and Orbis Investments. The AI infrastructure firm, founded by former Yandex CEO Arkady Volozh, aims to enhance its capabilities to serve artificial intelligence developers globally.
The funding will enable Nebius to accelerate its investments in GPU clusters, cloud platforms, and other AI development tools. Having already committed $1 billion in investments by mid-2025, the firm hinted at potential further expansion. With more than half its clientele based in the United States, Nebius is leasing data centre space in Kansas City, Missouri, and exploring additional growth opportunities.
As part of the placement, Nebius issued 33,333,334 Class A shares at $21 per share, reflecting a slight premium to recent Nasdaq trading averages. The financing was oversubscribed, leading to a revised annualised revenue projection of $750 million to $1 billion by the end of 2025.
Nebius also announced it would no longer pursue a previously approved share buyback, citing strong investor interest and favourable market conditions. Chairman John Boynton stated that shareholders who wished to exit had ample opportunity to do so at competitive prices.
Canada’s Competition Bureau has filed a lawsuit against Google, accusing the tech giant of abusing its dominant position in online advertising. The bureau seeks an order for Google to divest two ad tech tools and pay a penalty to ensure compliance with competition laws.
The investigation, launched in 2020, found that Google controls key aspects of the ad tech stack in Canada and allegedly employed tactics to entrench its market power. Google disputes the claims, arguing that the online ad market remains competitive.
The case mirrors global scrutiny of Google’s advertising practices, including a similar lawsuit in the United States and ongoing EU investigations. Google’s earlier offer to sell an ad exchange failed to satisfy European publishers.
Two things often come to mind when we hear the word ‘crypto’: freedom and crime. Cryptocurrencies for sure have revolutionised the financial world, offering speed, transparency, and accessibility not seen before. Yet, their promise of financial liberation comes with unintended consequences. The decentralised, pseudonymous nature of crypto makes it a double-edged sword—for some it represents freedom and for others a tool for crime.
In 2023, illicit transactions involving cryptocurrencies reached USD 24.2 billion, according to TRM Labs, with scams and fraud accounting for nearly a third of the total.
These numbers reveal a sobering truth: while crypto has opened doors to innovation, it has also become an enabler for global crime networks, from drug and human trafficking to large-scale ransomware operations. Criminals exploit this space to mask their identities, making crypto the go-to medium for those operating in the shadows.
What are the common types of crypto fraud?
Crypto fraud takes many forms, each designed to exploit vulnerabilities and prey on the unsuspecting. The most known ones are:
Ponzi and pyramid schemes– Fraudsters lure victims with promises of guaranteed high returns. These schemes use investments from new participants to pay earlier ones, creating an unsustainable cycle. When the influx of new investors dwindles, the scheme collapses, leaving most participants with nothing. In 2023, these scams contributed significantly to the USD 24.2 billion received by illicit crypto addresses, showcasing their pervasive nature.
Phishing attacks– Fake websites, emails, and messages designed to mimic legitimate services trick victims into revealing sensitive information like wallet keys. A single successful phishing attack can drain entire crypto wallets, with victims often having no recourse. The shift to stablecoins, noted for their volume in scams, has intensified the use of such tactics.
Initial Coin Offering (ICO) scams– The ICO boom has introduced countless opportunities—and risks. Fraudulent projects draw in investors with flashy whitepapers and grand promises, only to vanish with millions. For instance, ICO scams contributed to a notable chunk of crypto crimes in previous years, as highlighted by TRM Labs.
Rug pulls– Developers create hyped tokens, inflate their value, and abruptly withdraw liquidity, leaving investors holding worthless assets. In 2023, such schemes became increasingly sophisticated, targeting decentralised exchanges to exploit inexperienced investors.
Cryptojacking– Hackers infect computers or networks with malware to mine cryptocurrency without the owner’s knowledge. This hidden crime drains energy and resources, often leaving victims to discover their losses long after the attack.
Fake exchanges and wallets– Fraudulent platforms mimic legitimate services, enticing users to deposit funds, only for them to disappear. These scams exploit the trust gap among new investors, further driving crypto-related crime statistics.
The connection between crypto fraud and money laundering
Crypto fraud and money laundering are two sides of the same coin. Stolen funds need to be legitimised, and criminals have devised a range of techniques to obscure their origins. One of the most common methods involves crypto mixers and tumblers. These services blend cryptocurrencies from various sources, making it nearly impossible to trace individual transactions.
The process often works as follows:
Initial theft: Stolen funds are moved from wallets linked to scams or hacks.
Mixing: These funds are transferred to a mixing service, where they are broken into smaller amounts and shuffled with others.
Redistribution: The mixed funds are sent to new, seemingly unrelated wallets.
Conversion: The laundered crypto is then converted to stablecoins or fiat currency, often through decentralised exchanges or peer-to-peer transactions, masking its origins.
This method has made crypto a preferred tool for laundering money linked to drug cartels and even human trafficking networks. The convenience and pseudonymity of crypto ensure its growing role in these illicit industries.
How big crypto crime really is?
The numbers are staggering. Last year (2023), illicit addresses received USD 24.2 billion in funds. While scamming and hacking revenues declined (29.2% and 54.3%, respectively), ransomware attacks and darknet market activity saw significant growth. Sanctions-related transactions alone accounted for USD 14.9 billion, driven by entities operating in restricted jurisdictions.
Bitcoin and Monero remain the most-used cryptocurrency for darknet sales and ransomware.
Cryptocurrencies have become the currency of choice for underground networks and darknet markets facilitate the sale of illicit goods. Human trafficking networks use crypto for cross-border payments, exploiting its decentralised nature to evade detection.
According to the Chainalysis report, the prevalence of crypto in these crimes highlights the urgent need for better monitoring and regulation.
Stablecoins like USDT are gaining traction- criminals prefer stablecoins for their reliability as they mimic traditional fiat currencies, enabling transactions in environments where access to traditional banking is limited.
How to fight crypto crime?
Solving the issue of crypto crime requires a multi-faceted approach:
Regulatory innovation: Governments must create adaptable frameworks to address the evolving crypto landscape while encouraging legitimate use.
Public awareness: Educating users about common scams and best practices can reduce vulnerabilities at the grassroots level.
Global cooperation: International collaboration is essential as cryptocurrencies knows no borders. Only by sharing data and strategies can nations effectively combat cross-border crypto crime.
The thing is cryptocurrency is a young and rapidly evolving space. While some countries have enacted comprehensive legislation, others lag behind. However, the pace of innovation makes it nearly impossible to create foolproof regulations. Every new development introduces potential loopholes, requiring legislators to remain agile and informed.
The power of crypto: innovation or exploitation?
Cryptocurrencies hold immense power, offering unparalleled financial empowerment and innovation. As it usually happens, with great power comes great responsibility. Freedom must be balanced with accountability to ensure it serves civilisation for the greater good. Shockingly, stolen crypto assets are currently circulating undetected within global financial systems, intertwining with legitimate transactions. The question is: can the industry mitigate risks without compromising its core principles of decentralisation and transparency by addressing vulnerabilities and implementing robust safeguards? The true potential of crypto lies in its ability to reshape economies, empower the unbanked, and foster global financial inclusion. Yet, this power can also be exploited if left unchecked, becoming a tool for crime in the wrong hands. The future of crypto depends on ensuring it remains a beacon of innovation and empowerment, harnessed responsibly to create a safer, more equitable financial ecosystem for all.
Trade tensions between the USA and China are escalating in the semiconductor sector, as four of the top Chinese industry associations warned against purchasing US chips, claiming they are ‘no longer safe’ and they threaten national security principles. The response follows the latest US crackdown, restricting exports to 140 Chinese companies, including prominent chip equipment makers like Naura Technology Group.
However, the US semiconductor trade group dismissed these concerns, arguing that US chips remain safe and reliable. It called for more targeted export controls aimed at national security rather than broad, punitive measures.
Despite these assurances, the Chinese associations, which represent major industries from telecommunications to the digital economy, opted for a considerable change of course in the mindset of Chinese businesses. They are now advised to consider non-US suppliers to safeguard their operations and reduce reliance on US technology.
China has also imposed restrictions, notably a ban on exports of critical rare minerals used in military applications, solar cells, and fibre optic cables. The measure is seen as Beijing’s attempt to exert leverage and retaliate against the US actions, showing a more aggressive stance in this tech export war. Experts suggest that while the warnings from Chinese associations may be largely advisory, the new mineral export bans are a far more significant measure that could have a lasting impact on the global supply chain.
The recent crackdown and the retaliatory moves have also raised alarms in Washington, with the US National Security Council vowing to take necessary steps to deter further ‘coercive actions’ from China. The US is also working on diversifying its supply chains away from China, particularly in the semiconductor sector, where China’s growing self-reliance is seen as a challenge to American dominance.
