Swiss and Nepalese regulators have raised red flags about the growing risks of cryptocurrency misuse. In its latest Risk Monitor report, Switzerland’s financial watchdog FINMA identified digital assets, especially stablecoins, as a high-risk area for money laundering. The agency highlighted their role in sanctions evasion, dark web transactions, and cyberattacks. FINMA has tightened oversight of financial institutions offering crypto-related services to safeguard the sector’s reputation.
Meanwhile, Nepal’s Financial Intelligence Unit (FIU) reported a surge in crypto misuse for cross-border money laundering and fraudulent investment schemes. Despite a national ban on crypto trading, fraudsters continue exploiting digital assets to obscure illicit funds. Victims often avoid reporting crimes, fearing legal repercussions or social stigma, hindering enforcement efforts.
Authorities in both countries are calling for robust measures to combat these threats, emphasising the need for heightened vigilance and better reporting mechanisms.
Heather Morgan, also known as Razzlekhan, has been sentenced to 18 months in prison for her role in laundering Bitcoin stolen during the 2016 Bitfinex hack. Her husband, Ilya Lichtenstein, who orchestrated the theft of 119,754 Bitcoin, received a five-year prison term. While Morgan was not involved in the hacking itself, she played a significant part in concealing the stolen funds, now valued at $10b.
The couple’s sentences were reduced due to their cooperation with US authorities in other crypto-related cases. However, US District Judge Colleen Kollar-Kotelly stressed the deliberate nature of Morgan’s actions, highlighting the sophisticated methods she used, such as fake identities and small transfers to evade detection.
Morgan’s request for a ‘time served’ sentence was denied, despite claims of harsh pretrial detention conditions. Following her prison term, she will face 36 months of supervised release and a $200 fine. The case underscores the growing scrutiny on crypto-related crime and the severe penalties for offenders.
With AI adoption surging, data centers are bracing for a 160% jump in electricity consumption by 2030, driven by the energy demands of GPUs. Sagence AI, a startup led by Vishal Sarin, is addressing this challenge by developing analog chips that promise greater energy efficiency without sacrificing performance.
Unlike traditional digital chips, Sagence’s analog designs minimise memory bottlenecks and offer higher data density, making them a viable option for specialised AI applications in servers and mobile devices. While analog chips pose challenges in precision and programming, Sagence aims to complement, not replace, digital solutions, delivering cost-effective and eco-friendly alternatives.
Backed by $58M in funding from investors like TDK Ventures and New Science Ventures, Sagence plans to launch its chips in 2025. As it scales operations, the startup faces stiff competition from industry giants and will need to prove its technology can outperform established systems while maintaining lower energy consumption.
Perplexity, an AI-driven search startup, has unveiled a new shopping hub to attract users and compete with Google’s dominance in search. Backed by Amazon founder Jeff Bezos and Nvidia, the platform offers visually rich product cards in response to shopping-related queries, integrating with platforms like Shopify to provide real-time product details.
The rollout includes features like ‘Snap to Shop,’ which uses photos to suggest products and a Merchant Program that allows retailers to share their offerings with Perplexity. Initially available in the US, the service will expand to other markets at a later date.
This move comes as Perplexity raises new investments at a reported $9 billion valuation and seeks to compete with OpenAI, which recently introduced enhanced search features for ChatGPT. The startup aims to leverage AI-powered tools to boost its presence in e-commerce and attract both users and merchants.
Russian security experts have uncovered a new deepfake scam exploiting the image of Donald Trump, targeting English-speaking audiences. FACCT, a Moscow-based cybercrime prevention firm, reported that scammers are using a bot to create deepfake videos of prominent figures like Trump, Elon Musk, and Tucker Carlson. These videos are being shared on platforms such as TikTok and YouTube to promote fraudulent crypto exchanges.
The bot allows users to generate customised videos with text up to 400 characters long, which fraudsters use to advertise fake trading platforms. FACCT identified three primary scams: fake exchanges where victims’ tokens are stolen, malware links that compromise crypto wallets, and bogus tokens that can’t be sold.
This warning follows a rise in crypto-related scams in Russia, including digital ruble frauds. Authorities are urging vigilance as the Russian Central Bank prepares to launch its central bank digital currency nationwide next year.
Brussels is planning new rules requiring Chinese firms to transfer technology and build factories in Europe to qualify for EU subsidies. These measures will apply to a €1 billion battery development scheme launching in December, potentially setting a precedent for other clean technology initiatives.
The proposals echo China’s own approach to foreign businesses, which compels them to share intellectual property to access its markets. The European Commission has also implemented tariffs on Chinese electric vehicles and stricter rules for hydrogen technology, aimed at reducing reliance on cheaper imports that undercut local manufacturers.
Chinese companies such as CATL and Envision Energy are already investing heavily in European facilities. However, domestic challenges persist, with Sweden’s Northvolt struggling financially as it attempts to scale up battery production. Batteries are critical for electric vehicles, making supply chains essential for Europe’s transition to greener technologies.
Critics warn that these tougher trade policies could disrupt EU climate goals by driving up costs for consumers. While the measures aim to support European industries, experts suggest they risk creating uncertainty and hindering innovation.
South Korean Naver Corporation has partnered with Saudi Arabia’s National Housing Company to establish a joint venture focused on digital twin platform projects in the Middle East. Digital twin technology, which creates virtual replicas of real-world environments, will be central to the collaboration, enabling advanced urban planning, real-time monitoring, disaster prediction, and smart city development.
The venture will develop city monitoring platforms and mapping applications to enhance public administration and services. That initiative builds on Naver’s previous success in implementing digital twin platforms for Riyadh and four other Saudi cities, solidifying its position as a leader in smart city innovation.
The partnership aligns with Saudi Arabia’s Vision 2030, a national initiative to drive digital transformation and sustainable development. By integrating advanced technologies into urban planning and public administration, the joint venture aims to support the creation of efficient, modern cities, furthering technological and economic progress in the region.
Nvidia is grappling with challenges related to its highly anticipated Blackwell AI chips. Customers have raised concerns over overheating issues in its custom server racks, which are critical for training large-scale AI models. The racks, designed to house 72 AI chips each, have undergone multiple design revisions late in the production process. Despite these setbacks, Nvidia remains optimistic about meeting its shipping deadline by mid-2024.
Dell has already begun shipping Nvidia’s GB200 NVL72 server racks to customers such as CoreWeave. Nvidia described the engineering iterations as a normal part of integrating advanced systems into diverse data centre environments. The company highlighted its collaboration with leading cloud service providers to ensure successful implementation.
Past delays in Blackwell production were attributed to a design flaw, which Nvidia’s CEO Jensen Huang openly acknowledged. The flaw, linked to low production yields, required extensive collaboration with Taiwan Semiconductor Manufacturing Company to resolve. While these issues temporarily slowed progress, Nvidia remains on track for its long-term goals.
Nvidia is set to release its fiscal third-quarter earnings on Wednesday, with analysts projecting revenue of $33 billion and net income of $17.4 billion. Although shares dipped slightly on Monday, the stock has soared by 187% this year, underscoring investor confidence in the company’s AI-driven future.
At the SC24 conference, Dell unveiled a range of AI-powered infrastructure products designed to overcome common obstacles in AI adoption, such as data quality, cost, and sustainability concerns. The company’s focus is on providing solutions that allow businesses to unlock the full potential of their data to remain competitive in the rapidly evolving AI landscape.
Among the highlights were three new server products: the PowerEdge XE7740, XE9685L, and the updated Integrated Rack 5000 series. These servers cater to both AI inference and high-density training needs, with features like support for multiple NVIDIA GPUs and enhanced network performance, ensuring scalability for enterprise AI workloads.
Dell also announced a significant update to its Data Lakehouse, now integrating Apache Spark to support unified access control. These innovations aim to simplify the management of AI and high-performance computing workloads, offering improved insights and more efficient processes.
As part of its broader strategy, Dell revealed partnerships with NVIDIA to optimise its AI infrastructure with advanced GPUs and software. Additionally, new services like Dell Data Management and sustainable data centre solutions are set to help businesses build more efficient AI systems while addressing environmental concerns.
Meta has started rolling out AI capabilities for its Ray-Ban Meta AR glasses in France, Italy, and Spain. Users in these countries can now access Meta AI, the company’s voice-activated assistant, which supports French, Italian, and Spanish alongside English.
The rollout follows months of efforts to align the glasses with Europe’s regulatory requirements. Meta expressed excitement about bringing its innovative features to the region and plans further expansion. However, certain features available in other regions, such as multimodal capabilities using the glasses’ cameras, remain unavailable in Europe for now.
Meta has faced challenges complying with Europe’s AI regulations, including the EU’s AI Act and GDPR privacy laws. These rules govern AI training practices, particularly regarding data sourced from Instagram and Facebook users. Earlier this year, EU regulators temporarily restricted Meta from training AI models on European user data.
After making adjustments to its opt-out processes, Meta resumed training on UK data and introduced AI features in several countries. The company has yet to disclose broader compliance measures for the rest of the EU, though it remains committed to addressing regulatory feedback.
