A South Korean detective has helped bring down a Bitcoin mining scam operation after accidentally becoming one of its targets. The scammers, who operated an illegal call centre, contacted the detective in April, unaware of his position. Realising it was a scam, the detective pretended to fall for the “high-yield” Bitcoin investment scheme, providing his details as if he was interested in investing. This move allowed police to trace the call and investigate further.
Following the detective’s lead, officers were able to track down the scam’s headquarters in Incheon, arresting 81 individuals involved. Among them were those suspected of buying leaked personal data and using fake SIM cards to contact potential victims. Nine key members, including the suspected ringleader, have been detained, while others face charges related to economic crimes and data privacy violations.
Police revealed the group had been running the scheme since October last year, defrauding at least 50 victims. They allegedly lured investors by offering small “dividends” during a free trial period, then asking for larger sums. Altogether, the group is thought to have raised over $1.6 million, promising easy profits through Bitcoin mining. Authorities have urged the public to be cautious of schemes that promise high returns with minimal effort, warning these are often fraudulent.
Donald Trump is expected to scale back some of the antitrust policies introduced under President Joe Biden, including potentially softening the approach to breaking up large tech companies like Google. While Trump is likely to continue pursuing cases against Big Tech, such as the ongoing Department of Justice (DOJ) cases against Google and Apple, his recent comments indicate a more cautious stance. Trump questioned whether breaking up Google would destroy the company, suggesting that fairer practices could be achieved without drastic measures like a breakup.
The DOJ’s cases against Google over its dominance in online search and advertising technology are still in progress, with potential remedies, including divesting parts of its business, yet to be decided. The trial over these remedies won’t happen until 2025, providing Trump the opportunity to influence how the cases proceed. Additionally, Trump is expected to ease policies that have frustrated dealmakers, including the Biden administration’s strict merger review guidelines.
Trump’s approach to antitrust enforcement is likely to be less aggressive than Biden’s, especially regarding mergers and acquisitions. While he may ease restrictions on noncompete clauses and other regulatory measures, such as those championed by FTC Chair Lina Khan, his policies are expected to maintain some level of antitrust action.
South Korea’s Financial Services Commission has approved a pilot programme enabling seven major banks to trial a central bank digital currency (CBDC) system. The initiative, in collaboration with the Bank of Korea and the Ministry of Science and ICT, aims to replace traditional paper vouchers with mobile-friendly CBDC tokens, making it easier for citizens to access public benefits digitally.
The pilot programme includes banks such as Kookmin Bank, Shinhan Bank, and Woori Bank, which will implement a digital voucher management platform to assess the feasibility of using CBDC deposit tokens. The goal is to allow users to store vouchers on mobile devices, potentially eliminating the need for physical wallets and enabling seamless transactions through features like QR code payments.
South Korea’s forward-thinking approach positions it as a leader in digital finance. As other countries, including Bahrain, Saudi Arabia, and the UK, explore similar CBDC developments, South Korea’s programme may offer insights that influence the global adoption of digital financial systems.
A top Republican lawmaker has criticised the Biden administration for not taking stronger action against China’s Semiconductor Manufacturing International Corp (SMIC), accusing the company of aiding China’s chip industry and military complex. Michael McCaul, chair of the House Foreign Affairs Committee, called on the US Commerce Department to investigate whether SMIC is violating export controls by producing chips for the sanctioned telecommunications giant Huawei.
In a letter to the Commerce Department, McCaul highlighted concerns over SMIC’s recent advancements, including the production of advanced chips used in Huawei smartphones and plans to supply AI processors for Huawei. He described these developments as a ‘smoking gun’ that could enable China to surpass the US in AI. McCaul has urged the department to halt SMIC’s licenses unless the company undergoes a full audit.
While the US Commerce Department acknowledged McCaul’s letter, it emphasised that it has been tough on China in its enforcement of export controls. SMIC was added to the US restricted trade list in 2020, and Huawei, facing similar sanctions since 2019, have both denied any wrongdoing. The Chinese embassy in Washington has dismissed US criticism, calling it an overreach of national security concerns.
Cyprus’ financial regulator, the Cyprus Securities and Exchange Commission (CySEC), has extended the suspension of FTX’s European branch by another six months, lasting until 30 May 2025. The continued suspension means that FTX EU remains barred from accepting new clients, providing services, or advertising, though it can still process transactions to return funds to existing clients.
The extension comes as the second anniversary of FTX’s bankruptcy filing approaches. After FTX declared Chapter 11 bankruptcy in the US in November 2022, CySEC halted FTX Europe’s license, questioning the firm’s management suitability and ensuring the protection of client assets. FTX Europe, initially acquired by FTX in 2021 for $323 million, has since been resold to its original owners for $32.7 million following legal disputes over the acquisition price.
FTX Europe’s website currently only supports balance viewing and withdrawal requests. Clients who do not withdraw funds will have their balances moved to a client-segregated account, which will be held for up to six years.
Singapore’s Keppel has announced an agreement to acquire an AI-ready data centre being developed by Japan’s Mitsui Fudosan in Tokyo. The deal comes shortly after Keppel revealed plans to significantly increase its data centre funds under management, aiming to take advantage of the growing AI sector.
Mitsui Fudosan will handle the core and shell development of the facility, while Keppel’s private fund will oversee the fit-out works. The data centre is expected to be completed by 2027, with Keppel taking on the role of facility manager, which will contribute to its recurring income stream.
Keppel emphasised its ongoing partnership with Mitsui Fudosan to develop a strong pipeline of assets for its upcoming Keppel Data Centre Fund III. Financial details of the transaction have not been disclosed due to confidentiality agreements.
Caitlin Kalinowski, previously Meta’s head of augmented reality (AR) glasses, has announced she will join OpenAI to lead its robotics and consumer hardware initiatives. Kalinowski, who managed Meta’s AR glasses and VR goggles divisions, is expected to leverage her expertise in hardware to advance OpenAI’s efforts in robotics and develop consumer-focused AI products. She will focus on bringing AI into the physical world through collaborative projects and new technology partnerships.
This move is part of OpenAI’s growing commitment to hardware. Recently, OpenAI teamed up with Jony Ive’s LoveFrom to design a consumer AI device aimed at creating a computing experience that minimises social disruption. OpenAI has also resumed hiring robotics engineers after a previous shift away from hardware, reflecting a renewed interest in integrating its AI models into physical applications.
Kalinowski joins at a time when several companies, including Apple, are beginning to integrate OpenAI’s AI models into consumer technology. With the addition of Kalinowski, OpenAI aims to bring advanced AI functionality into robotics and consumer devices, promising transformative new products.
The UK government has ordered China-registered Future Technology Devices International Holding Ltd to sell the majority stake—80.2%—in Scottish chipmaker FTDI, citing national security concerns. The government voiced concerns that UK-developed semiconductor technology and intellectual property could be misused if controlled by foreign interests that have been considered potentially harmful.
This directive requires FTDI’s Chinese parent company to follow a set procedure and timeline to complete the sale. The move highlights the UK’s efforts to protect sensitive technology sectors and its vigilance over foreign investments that may impact national security.
Increasingly, governments worldwide are scrutinising tech-related investments, especially in semiconductor industries, due to the strategic importance of chip technologies in national defence, infrastructure, and critical sectors.
The United States has renewed pressure on Italy to scrap its domestic web tax, sources say, warning that ignoring the request could lead to retaliatory tariffs. Introduced in 2019, the Italian tax imposes a 3% levy on digital transactions for tech giants like Meta, Google, and Amazon, yielding under €500 million annually. While Washington views the tax as unfairly targeting US firms, Italy has held firm, awaiting clarity on the stance of the incoming US administration.
Italian Prime Minister Giorgia Meloni’s 2025 budget proposal includes expanding the tax’s reach by removing revenue minimums, which could bring in an additional €51.6 million. Italy’s Treasury hopes this adjustment, which would require more companies to pay, might address US concerns about the tax’s perceived bias. However, some Italian lawmakers argue for keeping the focus on large US tech companies, with proposed amendments aimed at raising the tax rate but maintaining protections for small and medium enterprises.
Forza Italia Senator Maurizio Gasparri supports stronger regulations on ‘web giants’ but acknowledges the risk of a backlash from the US if the changes move forward.
Amazon has resumed its drone delivery programme, bringing its Prime Air service to select customers in the Phoenix, Arizona area. After recently ending the service in California, Amazon is now offering drone deliveries for products weighing five pounds or less, covering around 50,000 items. Customers in the West Valley Phoenix Metro Area can choose their delivery spot at checkout, with most items arriving within an hour from a nearby take-off site.
Using the advanced MK30 drone, Amazon has ensured improved delivery capabilities, with the Federal Aviation Administration recently allowing it to fly beyond the operator’s visual line of sight. The MK30 is quieter, can fly further, and operates in light rain, although it is limited to daylight and favourable weather conditions. The MK30 is also being used in College Station, Texas, where Amazon has piloted prescription medicine deliveries since 2023.
Amazon, aiming for efficient and cost-effective operations, has integrated drone deliveries into its same-day delivery network. While the company previously announced plans to expand drone delivery to the UK and Italy by the end of the year, no new updates were provided on these international expansions.
