Over 33,000 crypto investors in South Korea are facing frozen assets valued at nearly $13 million after multiple exchanges shut down due to regulatory changes. Fourteen virtual asset platforms have either closed or temporarily halted operations, impacted by the new Virtual Asset User Protection Act, which aims to enhance security in South Korea’s crypto market.
The closures, which include major players such as Cashierest, ProBit, and Huobi, have left investors unable to access funds held in both digital and cash forms. Cashierest alone held around $9.4 million in user assets before its shutdown, while exchanges like ProBit and Huobi stored an additional $2 million.
This asset freeze may expand as other exchanges, including Oasis and Flata, currently hold substantial funds while undergoing service suspension. Representative Kang Min-Kuk has highlighted that regulatory costs are adding strain to the already weakened virtual asset market, increasing the likelihood of further closures as the Financial Services Commission undertakes its compliance assessment process.
Five individuals in Austria have received prison sentences for their roles in a $21.6 million cryptocurrency scam that deceived around 40,000 investors. The fraud, linked to EXW Wallet and EXW token, involved charges of commercial fraud, money laundering, and operating pyramid schemes, marking one of Austria’s largest financial crime cases. The trial, held at the Klagenfurt Regional Court, lasted over 300 hours, with Judge Claudia Bandion-Ortner delivering the sentences.
Two of the defendants were sentenced to five years, while others received shorter terms, with additional perpetrators still on the run. Investigations revealed extravagant spending from the stolen funds, including luxury cars, private jets, and parties in Dubai, as well as a shark tank in a Bali villa. Prosecutors stated that the operation’s scale could reach between €14 million and €120 million, far exceeding original estimates.
Although the defence argued the scheme began with genuine investment intentions, the prosecution maintained it was fraudulent from the start. With appeals expected, the defendants face additional compensation and legal costs, while related investigations continue.
Visa and USAID have entered a significant partnership to enhance digital government systems and payment processes to promote financial inclusion and economic growth worldwide. That collaboration reflects a shared commitment to developing innovative solutions that connect constituents with local government services.
Over the next five years, the two organisations will focus on creating and implementing programs that facilitate digitising government services, ensuring that communities have secure and convenient access to essential resources. Initially, efforts will target regions in Sub-Saharan Africa, Latin America, the Caribbean, and the Caucasus to foster transparency and efficiency in government interactions, ultimately creating a favourable environment for entrepreneurs and small and medium enterprises.
In addition, the partnership seeks to empower communities through digital and financial literacy initiatives, enabling individuals to navigate digital systems effectively and fully participate in the digital economy. The long-standing relationship between the two organisations has led to various successful projects, including the Diia mobile application in Ukraine, which effectively connects millions with government services.
Furthermore, through initiatives like the Climate Gender Equity Fund, they are actively addressing gender disparities in business, thereby supporting an estimated 1.4 million gender-equitable and climate-smart small enterprises worldwide.
Britain’s Competition and Markets Authority (CMA) is investigating the partnership between Alphabet, Google’s parent company, and AI startup Anthropic due to concerns about competition. Regulators have grown increasingly cautious about agreements between major tech firms and smaller startups, especially after Microsoft-backed OpenAI sparked an AI boom with ChatGPT’s launch.
Anthropic, founded by former OpenAI executives Dario and Daniela Amodei, received a $500 million investment from Alphabet last year, with another $1.5 billion promised. The AI startup also relies on Google Cloud services to support its operations, raising concerns over the competitive impact of their collaboration.
The CMA began assessing the partnership in July and has set 19 December as the deadline for its Phase 1 decision. The regulator will determine whether the investigation should proceed to the next stage. Anthropic has pledged full cooperation, insisting that its strategic alliances do not compromise its independence or partnerships with other firms.
Alphabet has emphasised its commitment to fostering an open AI ecosystem. A spokesperson clarified that Anthropic is not restricted to using only Google Cloud services and is free to explore partnerships with multiple providers.
An Indian court has instructed insurer Star Health to assist Telegram in identifying chatbots responsible for leaking sensitive customer data through the messaging app. Star Health, the country’s largest insurer, sought the directive after a report revealed that a hacker leaked private information, including medical and tax documents, via Telegram chatbots.
Justice K Kumaresh Babu of the Madras High Court ordered Star Health to provide details on the chatbots so Telegram could delete them. Telegram’s legal representative, Thriyambak Kannan, stated that while the app can’t independently track data leaks, it will remove the chatbots if the insurer supplies specific information.
Star Health is facing a $68,000 ransom demand and has launched an investigation into the leak, which includes claims about potential involvement of its chief security officer. However, the insurer has found no evidence implicating the officer.
As environmental concerns mount, the tech industry is increasingly focusing on making software more carbon-efficient. This trend is partly motivated by software’s impact on both the environment and consumers’ wallets, with solutions like /e/OS, a free Android-based operating system, emerging as a sustainable choice for extending device lifespan. By supporting over 200 aging devices, /e/OS lets users keep their phones longer, reducing the need for frequent hardware replacements and lessening the carbon emissions associated with device production.
The Green Software Foundation, which includes major tech players like Microsoft and Google, has introduced the Software Carbon Intensity (SCI) specification, a tool to help developers measure and minimise their software’s carbon footprint. The SCI specification tracks emissions from software operation and the embodied carbon in the devices it runs on, encouraging developers to be more eco-conscious by using fewer physical resources and aligning with cleaner energy sources.
Research also highlights the need for efficient coding practices, as “code smells” patterns that suggest inefficient code can waste energy. While the push for sustainable software has grown, only a small fraction of large enterprises currently prioritise software sustainability. Yet, with the ICT sector’s emissions forecasted to rise, green software initiatives may soon become a central component of the industry’s environmental strategy.
LinkedIn has been fined 310 million euros by European Union regulators for breaching the bloc’s strict data privacy rules. The penalty targets the Microsoft-owned platform for improperly using personal data to target users with ads.
Ireland’s Data Protection Commission (DPC) issued the fine, criticising LinkedIn for failing to handle user data lawfully, fairly, and transparently. As LinkedIn’s European headquarters is in Dublin, the DPC acts as the platform’s lead privacy regulator across the EU.
The investigation found LinkedIn lacked a lawful basis to collect personal information for advertising, violating the General Data Protection Regulation (GDPR). Regulators have ordered the company to align its practices with GDPR standards.
LinkedIn maintains it was operating within the rules but confirmed it is adjusting its advertising practices to meet compliance requirements. Deputy Commissioner Graham Doyle stressed that processing data without legal grounds undermines the fundamental right to privacy.
According to Deputy Central Bank Governor Pal Longva, Norges Bank is preparing to decide next year whether to introduce a digital currency. While other countries, like Switzerland, have already moved forward with their CBDC plans, Norway’s central bank continues to evaluate its options and is in no rush, Longva assured.
The bank is considering retail and wholesale digital currencies, though there is an increasing focus on wholesale options used between banks. However, a retail CBDC, meant for everyday consumers, poses complex issues requiring cooperation with private banks and stakeholders.
Norway, being one of Europe’s most cashless societies, is still moving forward cautiously. A final decision on the introduction of a CBDC is expected by 2025, once the ongoing pilot programme concludes.
Nvidia has deepened its ties with major Indian firms, including Reliance Industries, as it seeks to capitalise on the country’s growing AI market. At an AI summit in Mumbai, CEO Jensen Huang announced the launch of a new Hindi-focused AI model, Nemotron-4-Mini-Hindi-4B, designed to help businesses develop language-specific AI tools. This is part of Nvidia’s broader strategy to boost computing infrastructure in India, which Huang said will expand nearly 20 times by the end of this year.
The new model is tailored for Hindi, one of India’s 22 official languages, and aims to support companies in creating AI-driven solutions for customer service and content translation. Tech Mahindra is the first to adopt Nvidia’s offering, using it to develop a custom AI model, Indus 2.0, which also focuses on Hindi and its various dialects. Nvidia is also working with major IT players like Infosys, TCS, and Wipro to train half a million developers in AI.
In addition, companies such as Reliance and Ola Electric will use Nvidia’s “Omniverse” technology for virtual factory simulations, enhancing their industrial planning capabilities. The summit highlighted India’s growing significance in the global AI landscape as the country accelerates efforts to develop its semiconductor industry and AI infrastructure.
Kalshi, a prediction market platform, has cleared legal hurdles for electoral betting contracts in the US after a court victory over the Commodity Futures Trading Commission. With this win, the platform plans to introduce USD Coin (USDC) deposits just ahead of the US presidential elections, adding a major crypto feature for its users.
As the US election approaches, prediction markets are experiencing rapid growth. Kalshi aims to capture a larger share of this market but faces strong competition from Polymarket, which currently holds 99% of the market share and saw over $1 billion in election-related bets in September alone.
Kalshi is also up against new crypto-native platforms, though its US court approval gives it a potential edge. The platform hopes to attract more US users as prediction market betting volumes continue to soar.
