Now more and more voices believe that "stablecoins are the future of crypto assets."
For example, U.S. Treasury officials, and perhaps even central bankers.
But what exactly are stablecoins? Why are they so important? What problems do they solve for investors and the U.S. Treasury?
In simple terms, a stablecoin is a digital asset (crypto asset) designed to keep its value stable.
How to achieve it?
By pegging its price to a reference asset, such as fiat currency, commodities such as gold, or even a basket of assets.
The goal of stablecoin issuers is to combine the trading advantages of cryptocurrencies - fast settlement, programmability, global accessibility - with the "price stability" of fiat currencies.
Before we go any further, let’s take a look at the types of stablecoins on the market:
Fiat-pegged stablecoins: The goal is to maintain a 1:1 peg with a country’s currency (such as the U.S. dollar). Common examples include USDT (Tether) and USDC (Dollar Coin).
Commodity-backed stablecoins: Pegged to physical assets, such as gold (e.g. PAXG, which is backed by physical gold reserves).
Crypto-collateralized stablecoins: Collateralized by volatile cryptocurrencies and over-collateralized to deal with price fluctuations.
Algorithmic stablecoins: Price pegs are maintained through supply and demand algorithms, rather than actual physical reserves. (For example, TerraUSD (UST), which failed miserably in 2022, is a classic example of an algorithmic stablecoin failure.)
Today we’ll focus on dollar-pegged stablecoins and the moves around them by the U.S. Treasury and federal regulators.
Dollar-pegged stablecoins are primarily used as digital cash on crypto trading platforms and within the crypto ecosystem. They play a key role in trading, lending, decentralized finance (DeFi) applications, and cross-border payments.
Stablecoins like USDT and USDC are used by traders to transfer funds between exchanges or to temporarily hold assets during times of market uncertainty.
Unlike traditional banks, which are limited by business hours, liquidity constraints, and regulatory challenges, dollar stablecoins offer real-time settlement, global accessibility, and integration with smart contracts.
This makes them almost indispensable in the 24/7 crypto markets.
But how reliable are they?
This brings us to the question of audits, which are used to verify the underlying assets of stablecoins.
Circle publicly discloses attestation documents confirming that each USDC token is backed 1:1 by liquid USD assets, including cash and short-term U.S. Treasuries. USDC is audited monthly by Grant Thornton LLP, so transparency is seen as the gold standard in the stablecoin space.
Tether (USDT) has been criticized for its opaque disclosures and contradictory information in the past. Although it now publishes quarterly attestations and promises full audits, its reserves include less liquid assets such as commercial paper. In 2021, Tether was fined $41 million by the U.S. Commodity Futures Trading Commission (CFTC) for misrepresenting its reserves. Despite this, USDT remains the world's most traded stablecoin, but its reputational risk is slightly higher.
So, what happens when investors have concerns about the underlying assets and stability of stablecoins?
Stablecoins can “depeg,” or move away from the value of the currency to which they are pegged.
For example, when Silicon Valley Bank collapsed, USDC fell from $1 (pegged at parity with the dollar) to $0.87 as investors worried about USDC’s exposure to the bank.
USDC and the Collapse of Silicon Valley Bank:
As of early March 2023, Circle had approximately $40 billion in USDC reserves.
Of this, $3.3 billion (about 8.25%) is held in cash deposits at Silicon Valley Bank.
When Silicon Valley Bank collapsed and was taken over by the Federal Deposit Insurance Corporation (FDIC), the market was concerned that Circle might not have immediate or full access to those funds.
This panic caused USDC to temporarily depeg, falling to $0.87 on some exchanges until it recovered to $1 after the U.S. government stepped in to guarantee Silicon Valley Bank’s deposits.
For holders, this meant that if you held $100,000 in USDC, it was once worth only $87,000 until the government stepped in to guarantee the deposits and the peg was restored to $1.
Since then, the stablecoin market has continued to thrive and grow in importance and size, with the combined market capitalization of USDT and USDC now at $214 billion.
This has not gone unnoticed. With this growth, the U.S. Treasury now sees USD stablecoins as a strategic extension of the dollar’s influence.
In short, the Treasury needs stablecoins.
In simple terms, stablecoins can promote global use of the dollar, thereby driving demand for U.S. Treasuries.
USD-pegged stablecoins, such as USDC and USDT, act as digital versions of the dollar that can be used around the world with just a smartphone and an internet connection.
This extends the influence of the dollar to areas without a sound banking system.
In fact, as an on-chain, permissionless dollar, stablecoins enable global users to store value, conduct cross-border transactions, and hedge local currency risks.
This widespread demand consolidates the dollar's position as the world's reserve currency.
Circle CEO Jeremy Allaire once said: "USDC is better able to do the job of the dollar overseas than many banks."
This is great, it helps the dollar be used globally, even to benefit people without bank accounts in remote areas.
But how does this help the US Treasury?
The answer is simple.
To maintain a 1:1 peg, stablecoins must be backed by high-quality liquid assets. For most major issuers, this means holding primarily one specific type of security.
That's right, U.S. Treasuries. According to Tether’s May 1 press release: “Tether’s…total exposure to U.S. Treasuries is at an all-time high of nearly $120 billion, including indirect exposure through money market funds and reverse repurchase agreements.” This puts Tether on the leaderboard of U.S. Treasury holders: In fact, Tether holds more Treasuries than Germany and the UAE. How did they reach this size so quickly?
Last year, Tether was one of the top 10 buyers of U.S. Treasuries, adding $33.1 billion to its holdings, making it the seventh-largest net buyer, behind only the United Kingdom and ahead of Canada.
Don’t forget USDC. While its market cap is smaller, USDC reports that more than 75% of its reserves are invested in U.S. government debt (T-bills) of three months or less, with the remainder held in cash at major banks.
The combined demand of these issuers is now comparable to that of some mid-sized sovereigns.
In a world of rising deficits and increased Treasury issuance, this demand is a welcome lifeline for Washington.
This new demand for Treasury bonds from non-sovereign entities is reshaping traditional debt markets:
Stablecoin reserves act as yield-seeking balance sheets that tend to invest in safe assets such as short-term Treasury bonds.
Unlike traditional banks, these issuers are not subject to Basel capital requirements or deposit insurance rules, which limit the size of their balance sheets.
For example, Tether reported net profits of more than $13 billion in 2024, mostly from interest on its Treasury portfolio (and the company has only about 100 employees)
While this demand is critical to the U.S. Treasury, which sells a lot of debt, it also creates concentration risks and raises questions about transparency, redemption processes, and systemic risk.
We have seen this with the USDC and Silicon Valley Bank episodes, which showed how quickly confidence can evaporate, even though the peg was quickly restored after the federal government stepped in.
If a redemption run on USDT or USDC occurred, it could force tens of billions of dollars in Treasury securities to be quickly liquidated. This would ripple through global repo markets and short-term funding instruments.
As a result, regulators—from the Treasury to the Financial Stability Oversight Council—are viewing stablecoins as not only technological and financial innovations, but also emerging systemically important institutions.
By pegging U.S. Treasuries, stablecoins have become buyers and amplifiers of the dollar’s dominance. In the process, they have… uh, tied up the full fiscal and regulatory might of the United States.
Which brings us to the GENIUS Act.
Recognizing that stablecoins are no longer a fringe crypto concept but major players in global liquidity and debt markets, policymakers have stepped in with what they call “responsible innovation.”
That’s the GENIUS Act.
The full name of the bill is the Guiding and Ensuring National Innovation for US Stablecoins Act, which was introduced by Senators Bill Hagerty (R-TN) and Kirsten Gillibrand (D-NY) as a bipartisan legislative proposal.
Some key provisions of the bill:
Federal License: Issuers with a circulation of more than $10 billion must obtain a federal license and be subject to supervision.
Full Reserve Backing: Stablecoins must be backed 1:1 by high-quality liquid assets (such as US Treasuries and cash).
Mandatory audits: Issuers are required to undergo regular independent audits and disclose reserve data (Tether, you should pay attention).
Dual-track supervision: Small issuers with less than $10 billion in circulation can operate under state-level supervision, keeping the ecosystem open to startups.
CBDC alternatives: The bill explicitly supports private-sector dollar stablecoins as an alternative to central bank digital currencies (CBDCs).
What is the current legislative progress of the bill?
The GENIUS Act passed the US Senate last week (May 19) with a bipartisan vote of 66 to 32. But of course, not everyone is in favor.
Senator Elizabeth Warren has emerged as one of the bill’s strongest and most strident critics, warning that the GENIUS Act may lack adequate consumer protections and could disproportionately benefit private crypto interests.
Warren has long argued that if the U.S. were to issue a digital dollar, it should be issued and controlled by the public sector, possibly in the form of a central bank digital currency (CBDC), to better ensure consumer protection, financial stability, and minimize environmental impact.
However, a CBDC gives the government and banks absolute monitoring and control over every penny of your money, down to every transaction.
Even the ability to reject any or all transactions, as well as freeze or confiscate all of your funds.
Anyway, I think it’s unlikely that a CBDC will be created and used in the U.S. any time soon.
Back to the GENIUS Act.
The bill next heads to the House, where its path appears more complicated, despite strong bipartisan support in the Senate.
Some House Republicans have proposed competing versions of stablecoin legislation, with key disagreements around state-level regulatory authority, the role of the Federal Reserve, and the division of federal and state agency control.
Meanwhile, some House Democrats agree with Senator Warren that the bill could be biased toward crypto insiders and lack the consumer protections needed to prevent abuse or systemic risk.
So while the GENIUS Act has momentum, it’s far from a done deal. Expect more debate, negotiation, and possible amendments before it reaches the president’s desk.
Washington is basically saying: OK, stablecoins are here to stay—and we desperately need them to support unlimited future Treasury issuance—but we’re going to make sure they’re safe, robust, and structured.
Regardless, I also believe that stablecoins are here to stay for the long term, and that the GENIUS Act will eventually be signed into law and provide a structure for stablecoins - which will only further solidify their position on the leaderboard of US Treasury holders.
I foresee USDT and/or USDC topping the list of the world's largest holders of US Treasury bonds in the near future.
In 2024, Americans lost at least $9.3 billion to crypto scams, making up more than half of the $16.6 billion total reported losses from internet crimes. The FBI ramped up efforts to tackle fraud, preventing $286 million in losses through initiatives like Operation Level Up.
WeatherlyOpenAI has added new search tools to ChatGPT, including an ad-free shopping feature that detects buying intent. With real-time search topping 1 billion queries, the move ramps up pressure on Google. Other updates include improved citations, autocomplete, trending searches, and WhatsApp integration.
KikyoYesterday Previous 7 Days Upgrade plan More access to the best models You said: **Chinese AI App Under Fire in South Korea Over Unauthorised Data Transfers** A Chinese artificial intelligence firm is facing scrutiny in South Korea for transferring personal data and user-generated content without permission. Hangzhou DeepSeek Artificial Intelligence Co. Ltd, the developer of the DeepSeek app, allegedly shared sensitive user information with overseas companies during its short-lived presence on South Korea’s app market earlier this year. **What Did South Korea’s Privacy Watchdog Uncover?** According to South Korea’s Personal Information Protection Commission (PIPC), DeepSeek failed to obtain user consent before sending personal data to three firms in China and one in the United States. This breach occurred in January 2025, when the app was still available for download in the country. The commission also revealed that DeepSeek shared user-entered AI prompts and device details—including network and app information—with Beijing Volcano Engine Technology Co. Ltd. The company admitted to the transfer and claimed it was aimed at improving the user experience. DeepSeek informed authorities that it halted the transfer of AI prompt content to Volcano Engine from 10 April. However, South Korea’s privacy body has now issued a corrective recommendation demanding the deletion of all previously transferred prompt data and requiring the company to establish a legal basis for any future cross-border data transfers. **Why Was The App Pulled From South Korean Stores?** In February 2025, South Korea’s data protection agency suspended further downloads of the DeepSeek app after the company acknowledged failing to comply with key data protection rules. During the review, regulators discovered that DeepSeek’s published privacy policy was only available in Chinese and English. The policy lacked clear instructions on how personal information would be destroyed and failed to outline specific data protection measures. **What Is DeepSeek’s Explanation?** The company stated that some data was transferred to Volcano Engine to address security flaws and to enhance the user interface. However, this was done without proper user permission. It was only after discussions with the South Korean agency that the company stopped sharing user prompt content. **China Responds To Growing Concerns** China’s Foreign Ministry has denied any government involvement in the data practices under scrutiny. Spokesman Guo Jiakun told reporters in Beijing, “We have not asked – and will never ask – for companies or individuals to collect or store data through illegal means.” Guo added that China “attaches high importance to privacy and data security and rigorously upholds legal measures in this area,” pushing back against what it called the politicisation of trade and tech-related matters. **What Happens Next For DeepSeek In South Korea?** DeepSeek has yet to publicly respond to the findings. Its operations remain suspended in South Korea, and the future of its services in the country depends on how it responds to the regulator’s recommendations and whether it aligns with South Korea’s legal data handling standards. add one empty line gap after each sentence, remove ** symbol from the title. dont bold titles. maintain titlecase. ChatGPT said: Chinese AI App Under Fire In South Korea Over Unauthorised Data Transfers A Chinese artificial intelligence firm is facing scrutiny in South Korea for transferring personal data and user-generated content without permission. Hangzhou DeepSeek Artificial Intelligence Co. Ltd, the developer of the DeepSeek app, allegedly shared sensitive user information with overseas companies during its short-lived presence on South Korea’s app market earlier this year. What Did South Korea’s Privacy Watchdog Uncover? According to South Korea’s Personal Information Protection Commission (PIPC), DeepSeek failed to obtain user consent before sending personal data to three firms in China and one in the United States. This breach occurred in January 2025, when the app was still available for download in the country. The commission also revealed that DeepSeek shared user-entered AI prompts and device details—including network and app information—with Beijing Volcano Engine Technology Co. Ltd. The company admitted to the transfer and claimed it was aimed at improving the user experience. DeepSeek informed authorities that it halted the transfer of AI prompt content to Volcano Engine from 10 April. However, South Korea’s privacy body has now issued a corrective recommendation demanding the deletion of all previously transferred prompt data and requiring the company to establish a legal basis for any future cross-border data transfers. Why Was The App Pulled From South Korean Stores? In February 2025, South Korea’s data protection agency suspended further downloads of the DeepSeek app after the company acknowledged failing to comply with key data protection rules. During the review, regulators discovered that DeepSeek’s published privacy policy was only available in Chinese and English. The policy lacked clear instructions on how personal information would be destroyed and failed to outline specific data protection measures. What Is DeepSeek’s Explanation? The company stated that some data was transferred to Volcano Engine to address security flaws and to enhance the user interface. However, this was done without proper user permission. It was only after discussions with the South Korean agency that the company stopped sharing user prompt content. China Responds To Growing Concerns China’s Foreign Ministry has denied any government involvement in the data practices under scrutiny. Spokesman Guo Jiakun told reporters in Beijing, “We have not asked – and will never ask – for companies or individuals to collect or store data through illegal means.” Guo added that China “attaches high importance to privacy and data security and rigorously upholds legal measures in this area,” pushing back against what it called the politicisation of trade and tech-related matters. What Happens Next For DeepSeek In South Korea? DeepSeek has yet to publicly respond to the findings. Its operations remain suspended in South Korea, and the future of its services in the country depends on how it responds to the regulator’s recommendations and whether it aligns with South Korea’s legal data handling standards. You said: link me to the yonhap's social media posts about this ChatGPT said: Favicon Yonhap News Agency Twitter twitter.com Favicon Yonhap News Agency Facebook facebook.com https://img0.pconline.com.cn/pconline/2502/17/18832830_04257523_thumb.jpg You can find Yonhap News Agency's social media posts regarding the DeepSeek AI app data transfer issue on their official accounts: Twitter: Yonhap News Agency Twitter Facebook: Yonhap News Agency Facebook Please note that specific posts related to the DeepSeek incident may be found by searching their timelines using relevant keywords such as "DeepSeek," "data transfer," or "South Korea." Sources You said: DeepSeek’s chatbot app once became the most downloaded on Apple’s iPhone, surpassing U.S. company OpenAI’s ChatGPT. While praised for efficiency, it raised concerns over censorship of sensitive topics, data privacy and ties to the Chinese government, with some governments, including South Korea, banning the app. rephrase this about before concerns were raised.... ChatGPT said: Before concerns were raised, DeepSeek’s chatbot app briefly became the most downloaded on Apple’s iPhone, overtaking OpenAI’s ChatGPT. It was praised for its speed and efficiency, but its rapid rise soon drew scrutiny over issues such as censorship of sensitive topics, data privacy, and its links to the Chinese government, leading to bans in some countries, including South Korea. You said: It was praised for its speed and efficiency, but its rapid rise soon drew scrutiny over issues such as censorship of sensitive topics, data privacy, and its links to the Chinese government. replace praised ChatGPT said: It was commended for its speed and efficiency, but its rapid rise soon drew scrutiny over issues such as censorship of sensitive topics, data privacy, and its links to the Chinese government. You said: Guo emphasised, “We have not asked – and will never ask – for companies or individuals to collect or store data through illegal means.” replace emphasised, more impactful and descriptive ChatGPT said: Guo stressed, “We have not asked – and will never ask – for companies or individuals to collect or store data through illegal means.” You said: Chinese AI App Under Fire In South Korea Over Unauthorised Data Transfers A Chinese artificial intelligence firm is facing scrutiny in South Korea for transferring personal data and user-generated content without permission. Hangzhou DeepSeek Artificial Intelligence Co. Ltd, the developer of the DeepSeek app, allegedly shared sensitive user information with overseas companies during its short-lived presence on South Korea’s app market earlier this year. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">South Korea’s data protection authority has concluded that Chinese artificial intelligence startup <a href="https://twitter.com/hashtag/DeepSeek?src=hash&ref_src=twsrc%5Etfw">#DeepSeek</a> collected personal information from local users and transferred it overseas without their permission. <a href="https://t.co/zOQE3agcqJ">pic.twitter.com/zOQE3agcqJ</a></p>— Prof. Ahmed Banafa (@BanafaAhmed) <a href="https://twitter.com/BanafaAhmed/status/1915570092047548913?ref_src=twsrc%5Etfw">April 25, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> Before concerns were raised, DeepSeek’s chatbot app briefly became the most downloaded in Apple’s App Store, overtaking OpenAI’s ChatGPT. It was commended for its speed and efficiency, but its rapid rise soon drew scrutiny over issues such as censorship of sensitive topics, data privacy, and its links to the Chinese government. What Did South Korea’s Privacy Watchdog Uncover? According to South Korea’s Personal Information Protection Commission (PIPC), DeepSeek failed to obtain user consent before sending personal data to three firms in China and one in the United States. This breach occurred in January 2025, when the app was still available for download in the country. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">South Korea’s DPA has concluded that DeepSeek collected personal data and transferred it overseas without individuals’ consent.<br><br>The PIPC has ordered DeepSeek to delete previously transferred AI prompt content and establish a legal framework for overseas data transfers. <a href="https://t.co/c66fWdrVTO">pic.twitter.com/c66fWdrVTO</a></p>— Luis Montezuma | @[email protected] (@montezumachavez) <a href="https://twitter.com/montezumachavez/status/1915394031816671366?ref_src=twsrc%5Etfw">April 24, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> The commission also revealed that DeepSeek shared user-entered AI prompts and device details—including network and app information—with Beijing Volcano Engine Technology Co. Ltd. The company admitted to the transfer and claimed it was aimed at improving the user experience. DeepSeek informed authorities that it halted the transfer of AI prompt content to Volcano Engine from 10 April. However, South Korea’s privacy body has now issued a corrective recommendation demanding the deletion of all previously transferred prompt data and requiring the company to establish a legal basis for any future cross-border data transfers. Why Was The App Pulled From South Korean Stores? In February 2025, South Korea’s data protection agency suspended further downloads of the DeepSeek app after the company acknowledged failing to comply with key data protection rules. During the review, regulators discovered that DeepSeek’s published privacy policy was only available in Chinese and English. The policy lacked clear instructions on how personal information would be destroyed and failed to outline specific data protection measures. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">Just fyi, <a href="https://twitter.com/deepseek_ai?ref_src=twsrc%5Etfw">@deepseek_ai</a> collects your IP, keystroke patterns, device info, etc etc, and stores it in China, where all that data is vulnerable to arbitrary requisition from the 🇨🇳 State. <br><br>From their own privacy policy: <a href="https://t.co/wueJokHcn3">pic.twitter.com/wueJokHcn3</a></p>— Luke de Pulford (@lukedepulford) <a href="https://twitter.com/lukedepulford/status/1883893208150937802?ref_src=twsrc%5Etfw">January 27, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> What Is DeepSeek’s Explanation? The company stated that some data was transferred to Volcano Engine to address security flaws and to enhance the user interface. However, this was done without proper user permission. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">Had fun looking into <a href="https://twitter.com/hashtag/Deepseek?src=hash&ref_src=twsrc%5Etfw">#Deepseek</a>. Fascinating data - both the web and mobile apps collect data and send it to <a href="https://t.co/7PmeHKYAOe">https://t.co/7PmeHKYAOe</a>. Most people in the US won't recognize this domain, but it's Volcano Engine, which is a compute brand owned by <a href="https://twitter.com/hashtag/Bytedance?src=hash&ref_src=twsrc%5Etfw">#Bytedance</a>, the owners of <a href="https://twitter.com/hashtag/TikTok?src=hash&ref_src=twsrc%5Etfw">#TikTok</a> . <a href="https://t.co/srS8dejHwO">pic.twitter.com/srS8dejHwO</a></p>— Tim Tully (@timt) <a href="https://twitter.com/timt/status/1886558938986127767?ref_src=twsrc%5Etfw">February 3, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> It was only after discussions with the South Korean agency that the company stopped sharing user prompt content. China Responds To Growing Concerns China’s Foreign Ministry has denied any government involvement in the data practices under scrutiny. Spokesman Guo Jiakun told reporters in Beijing that China “attaches high importance to privacy and data security and rigorously upholds legal measures in this area,” pushing back against what it called the politicisation of trade and tech-related matters. Guo stressed, “We have not asked – and will never ask – for companies or individuals to collect or store data through illegal means.” <blockquote class="twitter-tweet"><p lang="en" dir="ltr">In response to a question regarding South Korea's claim that <a href="https://twitter.com/hashtag/DeepSeek?src=hash&ref_src=twsrc%5Etfw">#DeepSeek</a> transfers user data abroad without user consent, Chinese Foreign Ministry Spokesperson Guo Jiakun said that he was not aware of the specific situation mentioned by the reporter. However, he said he must… <a href="https://t.co/b4VBAUoCXn">pic.twitter.com/b4VBAUoCXn</a></p>— Global Times (@globaltimesnews) <a href="https://twitter.com/globaltimesnews/status/1915312882583298548?ref_src=twsrc%5Etfw">April 24, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> How Will DeepSeek Move Forward In South Korea? DeepSeek has yet to publicly respond to the findings. Its operations remain suspended in South Korea, and the future of its services in the country depends on how it responds to the regulator’s recommendations and whether it aligns with South Korea’s legal data handling standards. Summarise key factors into 2 short sentences. Simple words and clear. Focus on what happened. Uk English. ChatGPT said: DeepSeek, a Chinese AI app, faced scrutiny in South Korea for transferring user data without consent, leading to its removal from app stores. The South Korean authorities have ordered the company to delete the transferred data and establish proper data handling procedures. You said: suggest a captivating twitter caption with limited character count about the above context. no hashtag and emojis. 3 continuous sentences, end with a question. avoid: reshape, shape, shift, changes ChatGPT said: DeepSeek's AI app sparked controversy in South Korea after transferring user data without permission. The app was removed from stores and ordered to delete sensitive data. Can DeepSeek restore trust and meet legal requirements moving forward? You said: **Cardano Founder Warns Ethereum May Face Extinction in 10 to 15 Years** Charles Hoskinson, founder of Cardano and one of the co-founders of Ethereum, has cast doubt on the future of Ethereum, predicting the network could become obsolete within the next decade. During a recent "Ask Me Anything" session, Hoskinson raised concerns over Ethereum’s technological decisions and governance, claiming these could lead to its eventual decline. **Flawed Decisions Weighing Down Ethereum’s Future** According to Hoskinson, Ethereum is struggling due to several key architectural choices that, in his view, were detrimental from the start. He highlighted three critical flaws: an outdated accounting model, an inadequate virtual machine, and a poor consensus mechanism. "They have the wrong accounting model, they have the wrong virtual machine, and they have the wrong consensus model," Hoskinson stated, underscoring that these issues were "self-inflicted wounds" that experts had warned about. Ethereum’s ongoing reliance on Layer-2 solutions and slashing mechanisms to address scalability issues has only compounded the problem, according to Hoskinson. He believes these fixes are not enough, with the consequences of these decisions now becoming evident. **Why Ethereum’s Governance Model May Fail** One of Hoskinson’s major points of contention lies in Ethereum’s governance structure. He argues that the lack of a robust on-chain governance system severely limits Ethereum’s capacity to adapt and evolve. "Vitalik will not be able to maintain network cohesion indefinitely by sheer force of will," he warned, suggesting that Ethereum’s internal challenges would only become more difficult to manage over time. Hoskinson also pointed out that building a strong governance system would take years, with a timeline of five to seven years for any meaningful progress. This delay could stifle any attempts to fix the network’s core issues. **Cardano’s Technological Edge Over Ethereum** While critiquing Ethereum, Hoskinson was quick to praise Cardano’s approach to blockchain technology. He explained that Cardano’s decisions, particularly its virtual machine model based on RISC-V, offer a more efficient and scalable alternative to Ethereum’s current setup. Cardano’s unique extended UTXO model and scalability mechanisms like Hydra and the Midnight sidechain were also highlighted as key differentiators. "We have the right accounting model, we have the right consensus model, and we have the right virtual machine model," Hoskinson asserted, positioning Cardano as a viable contender for Ethereum’s market share. He suggested that fast monolithic blockchains and the growing popularity of Bitcoin’s DeFi could soon surpass Ethereum in terms of liquidity and user experience. **Ethereum’s Fate: Can It Survive the Next Decade?** Hoskinson’s warning about Ethereum’s future comes at a time when Ethereum’s market cap exceeds $212 billion, making it the second-largest cryptocurrency behind Bitcoin. However, despite Ethereum’s dominance, its price per token has remained relatively stagnant at around $1,760, while Cardano’s ADA token, with a market cap of just under $27 billion, continues to attract attention. Hoskinson believes that Ethereum's layering issues will eventually lead to a “hostile divorce” between its Layer-1 base and the Layer-2 scaling solutions that have been built to address its shortcomings. He predicts that as Ethereum’s inefficiencies become more apparent, users will gradually migrate to alternative platforms, making it harder for Ethereum to maintain its relevance. **RISC-V Transition: A Step in the Right Direction?** Despite his criticism of Ethereum’s broader issues, Hoskinson welcomed Ethereum co-founder Vitalik Buterin’s recent proposal to transition to RISC-V, a more efficient instruction set architecture for the Ethereum Virtual Machine. “I think it is good to go to RISC-V. That’s a really good decision for Vitalik to make,” Hoskinson said. He sees the transition as a positive move, but remains cautious about its potential to resolve Ethereum’s underlying problems without addressing the network’s fundamental flaws, particularly its accounting model. **Is Ethereum a ‘Victim of Its Own Success’?** Hoskinson compared Ethereum to former tech giants like MySpace and Blackberry, suggesting that Ethereum, despite its success, could ultimately meet the same fate. "Ethereum is a brilliant project but a victim of its own success," he stated. With the rapid development of blockchain technology, he warned that Ethereum may struggle to keep up unless it undergoes a significant overhaul of both its architecture and governance structure. As Ethereum faces rising competition from other blockchain networks, Hoskinson’s remarks have reignited discussions about the future of decentralised platforms and whether Ethereum can maintain its position as a leading blockchain in the face of mounting challenges. add one empty line gap after each sentence, remove ** symbol from the title. dont bold titles. maintain titlecase. ChatGPT said: Cardano Founder Warns Ethereum May Face Extinction In 10 To 15 Years Charles Hoskinson, founder of Cardano and one of the co-founders of Ethereum, has cast doubt on the future of Ethereum, predicting the network could become obsolete within the next decade. During a recent "Ask Me Anything" session, Hoskinson raised concerns over Ethereum’s technological decisions and governance, claiming these could lead to its eventual decline. Flawed Decisions Weighing Down Ethereum’s Future According to Hoskinson, Ethereum is struggling due to several key architectural choices that, in his view, were detrimental from the start. He highlighted three critical flaws: an outdated accounting model, an inadequate virtual machine, and a poor consensus mechanism. "They have the wrong accounting model, they have the wrong virtual machine, and they have the wrong consensus model," Hoskinson stated, underscoring that these issues were "self-inflicted wounds" that experts had warned about. Ethereum’s ongoing reliance on Layer-2 solutions and slashing mechanisms to address scalability issues has only compounded the problem, according to Hoskinson. He believes these fixes are not enough, with the consequences of these decisions now becoming evident. Why Ethereum’s Governance Model May Fail One of Hoskinson’s major points of contention lies in Ethereum’s governance structure. He argues that the lack of a robust on-chain governance system severely limits Ethereum’s capacity to adapt and evolve. "Vitalik will not be able to maintain network cohesion indefinitely by sheer force of will," he warned, suggesting that Ethereum’s internal challenges would only become more difficult to manage over time. Hoskinson also pointed out that building a strong governance system would take years, with a timeline of five to seven years for any meaningful progress. This delay could stifle any attempts to fix the network’s core issues. Cardano’s Technological Edge Over Ethereum While critiquing Ethereum, Hoskinson was quick to praise Cardano’s approach to blockchain technology. He explained that Cardano’s decisions, particularly its virtual machine model based on RISC-V, offer a more efficient and scalable alternative to Ethereum’s current setup. Cardano’s unique extended UTXO model and scalability mechanisms like Hydra and the Midnight sidechain were also highlighted as key differentiators. "We have the right accounting model, we have the right consensus model, and we have the right virtual machine model," Hoskinson asserted, positioning Cardano as a viable contender for Ethereum’s market share. He suggested that fast monolithic blockchains and the growing popularity of Bitcoin’s DeFi could soon surpass Ethereum in terms of liquidity and user experience. Ethereum’s Fate: Can It Survive the Next Decade? Hoskinson’s warning about Ethereum’s future comes at a time when Ethereum’s market cap exceeds $212 billion, making it the second-largest cryptocurrency behind Bitcoin. However, despite Ethereum’s dominance, its price per token has remained relatively stagnant at around $1,760, while Cardano’s ADA token, with a market cap of just under $27 billion, continues to attract attention. Hoskinson believes that Ethereum's layering issues will eventually lead to a “hostile divorce” between its Layer-1 base and the Layer-2 scaling solutions that have been built to address its shortcomings. He predicts that as Ethereum’s inefficiencies become more apparent, users will gradually migrate to alternative platforms, making it harder for Ethereum to maintain its relevance. RISC-V Transition: A Step in the Right Direction? Despite his criticism of Ethereum’s broader issues, Hoskinson welcomed Ethereum co-founder Vitalik Buterin’s recent proposal to transition to RISC-V, a more efficient instruction set architecture for the Ethereum Virtual Machine. “I think it is good to go to RISC-V. That’s a really good decision for Vitalik to make,” Hoskinson said. He sees the transition as a positive move, but remains cautious about its potential to resolve Ethereum’s underlying problems without addressing the network’s fundamental flaws, particularly its accounting model. Is Ethereum a ‘Victim of Its Own Success’? Hoskinson compared Ethereum to former tech giants like MySpace and Blackberry, suggesting that Ethereum, despite its success, could ultimately meet the same fate. "Ethereum is a brilliant project but a victim of its own success," he stated. With the rapid development of blockchain technology, he warned that Ethereum may struggle to keep up unless it undergoes a significant overhaul of both its architecture and governance structure. As Ethereum faces rising competition from other blockchain networks, Hoskinson’s remarks have reignited discussions about the future of decentralised platforms and whether Ethereum can maintain its position as a leading blockchain in the face of mounting challenges. You said: Summarise key factors into 2 short sentences. Simple words and clear. Focus on what happened. Uk English. ChatGPT said: Cardano founder Charles Hoskinson said Ethereum could become outdated in the next 10 to 15 years due to poor design choices and weak governance. He claimed its current systems are flawed and not strong enough to support future growth. You said: **Small Italian Village Builds First Satoshi Nakamoto Monument With Public Funding** The Italian town of Fornelli, located in the Molise region, is preparing to unveil what will be the country’s first monument dedicated to Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The statue, designed by local artist Mattia Pannoni and financed entirely by the municipality, will be revealed to the public on 1 May 2025 at 10:30 AM in Piazza Umberto I. **Why Is A Bitcoin Monument Going Up In Fornelli?** With only 1,800 residents, Fornelli has quietly become one of the most Bitcoin-active communities globally. The local government claims it has “the highest density of Bitcoin adoption in the world,” supported by 24 businesses in the area already accepting cryptocurrency payments. The infrastructure in place allows locals and visitors alike to live, shop, and pay with Bitcoin as part of everyday life. This crypto-forward environment has drawn comparisons with other crypto hubs like El Zonte in El Salvador, known as Bitcoin Beach, and Zug in Switzerland. However, Fornelli appears to be setting itself apart by integrating Bitcoin deeply into its local economy and culture. **The Artist Behind The Work And The Message It Carries** Mattia Pannoni, the young artist commissioned to create the monument, is known locally for his interest in cryptocurrency and digital themes. His sculpture is described as a tribute to “freedom and everything that Bitcoin represents.” True to the mystery surrounding Nakamoto’s identity, the monument avoids any defined facial features—a common theme in artistic interpretations of the Bitcoin founder. Fornelli’s mayor, Giovanni Tedeschi, said the project reflects the municipality’s openness to new ideas, especially those coming from younger generations. “It is important, indeed fundamental, as an administration, to take into consideration all the new ideas that come from our young people,” he stated. **Other Places Honouring Satoshi Without A Face** Fornelli joins a growing list of locations worldwide that have dedicated public monuments to Nakamoto. In October 2024, a statue was unveiled in Parco Ciani, Lugano, during the Plan ₿ Forum, a major blockchain event. That artwork, like Pannoni’s, also avoids giving Nakamoto a specific face, maintaining the anonymity that defines the Bitcoin founder. Another statue followed in February 2025 in El Salvador, also linked to a Plan ₿ Forum event, and now stands at Bitcoin Beach in El Zonte—a symbolic site for crypto adoption in the country. Fornelli’s monument is expected to be more than just a statue—it marks the village’s ambition to position itself as a destination for digital nomads and travellers seeking to live in a crypto-friendly environment. add one empty line gap after each sentence, remove ** symbol from the title. dont bold titles. maintain titlecase. ChatGPT said: Small Italian Village Builds First Satoshi Nakamoto Monument With Public Funding The Italian town of Fornelli, located in the Molise region, is preparing to unveil what will be the country’s first monument dedicated to Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The statue, designed by local artist Mattia Pannoni and financed entirely by the municipality, will be revealed to the public on 1 May 2025 at 10:30 AM in Piazza Umberto I. Why Is A Bitcoin Monument Going Up In Fornelli? With only 1,800 residents, Fornelli has quietly become one of the most Bitcoin-active communities globally. The local government claims it has “the highest density of Bitcoin adoption in the world,” supported by 24 businesses in the area already accepting cryptocurrency payments. The infrastructure in place allows locals and visitors alike to live, shop, and pay with Bitcoin as part of everyday life. This crypto-forward environment has drawn comparisons with other crypto hubs like El Zonte in El Salvador, known as Bitcoin Beach, and Zug in Switzerland. However, Fornelli appears to be setting itself apart by integrating Bitcoin deeply into its local economy and culture. The Artist Behind The Work And The Message It Carries Mattia Pannoni, the young artist commissioned to create the monument, is known locally for his interest in cryptocurrency and digital themes. His sculpture is described as a tribute to “freedom and everything that Bitcoin represents.” True to the mystery surrounding Nakamoto’s identity, the monument avoids any defined facial features—a common theme in artistic interpretations of the Bitcoin founder. Fornelli’s mayor, Giovanni Tedeschi, said the project reflects the municipality’s openness to new ideas, especially those coming from younger generations. “It is important, indeed fundamental, as an administration, to take into consideration all the new ideas that come from our young people,” he stated. Other Places Honouring Satoshi Without A Face Fornelli joins a growing list of locations worldwide that have dedicated public monuments to Nakamoto. In October 2024, a statue was unveiled in Parco Ciani, Lugano, during the Plan ₿ Forum, a major blockchain event. That artwork, like Pannoni’s, also avoids giving Nakamoto a specific face, maintaining the anonymity that defines the Bitcoin founder. Another statue followed in February 2025 in El Salvador, also linked to a Plan ₿ Forum event, and now stands at Bitcoin Beach in El Zonte—a symbolic site for crypto adoption in the country. Fornelli’s monument is expected to be more than just a statue—it marks the village’s ambition to position itself as a destination for digital nomads and travellers seeking to live in a crypto-friendly environment. You said: Mattia Pannoni, the artist behind the monument is this sentence structure correct? ChatGPT said: Yes, the sentence structure is correct as a noun phrase or headline-style fragment—it's commonly used in captions, titles, or as a lead-in before more information is given. However, if you want it to be a complete sentence, you’d need to add a verb, like: Mattia Pannoni is the artist behind the monument. So it depends on how you're using it. Want it as a title, a caption, or a full sentence? You said: caption to match photo of Mattia Pannoni ChatGPT said: Here are a few simple caption options to match a photo of Mattia Pannoni: Mattia Pannoni, creator of Fornelli’s tribute to Satoshi Nakamoto The artist behind Italy’s first Bitcoin monument, Mattia Pannoni Mattia Pannoni, blending local art with global crypto culture Fornelli’s own Mattia Pannoni, reimagining Satoshi in sculpture Want a more formal tone or something with a bit more personality? You said: In October 2024, a statue was unveiled in Parco Ciani, Lugano, during the Plan ₿ Forum, a major blockchain event. mention switzerland ChatGPT said: In October 2024, a statue was unveiled in Parco Ciani, Lugano, Switzerland, during the Plan ₿ Forum, a major blockchain event. You said: Small Italian Village Builds First Satoshi Nakamoto Monument With Public Funding The Italian town of Fornelli, located in the Molise region, is preparing to unveil what will be the country’s first monument dedicated to Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The statue, designed by local artist Mattia Pannoni and financed entirely by the municipality, will be revealed to the public on 1 May 2025 at 10:30 AM in Piazza Umberto I. <iframe src="https://www.facebook.com/plugins/post.php?href=https%3A%2F%2Fwww.facebook.com%2Fpermalink.php%3Fstory_fbid%3Dpfbid02i7Vpczgc1Dw3K29grZ8wCYj6V7tN4khnqEdFDaMQkPwuFEyni8rBKviHgZHprwGVl%26id%3D100064520299893&show_text=true&width=500" width="500" height="468" style="border:none;overflow:hidden" scrolling="no" frameborder="0" allowfullscreen="true" allow="autoplay; clipboard-write; encrypted-media; picture-in-picture; web-share"></iframe> Why Is A Bitcoin Monument Going Up In Fornelli? With only 1,800 residents, Fornelli has quietly become one of the most Bitcoin-active communities globally. The local government claims it has “the highest density of Bitcoin adoption in the world,” supported by 24 businesses in the area already accepting cryptocurrency payments. The infrastructure in place allows locals and visitors alike to live, shop, and pay with Bitcoin as part of everyday life. Fornelli, an Italian village with well-preserved city walls, sits atop a hill offering views of the Molise countryside and features narrow streets and stone houses, creating a traditional atmosphere. This crypto-forward environment has drawn comparisons with other crypto hubs like El Zonte in El Salvador, known as Bitcoin Beach, and Zug in Switzerland. However, Fornelli appears to be setting itself apart by integrating Bitcoin deeply into its local economy and culture. The Artist Behind The Work And The Message It Carries Mattia Pannoni, the young artist commissioned to create the monument, is known locally for his interest in cryptocurrency and digital themes. Mattia Pannoni, the artist behind Italy’s first Bitcoin monument His sculpture is described as a tribute to “freedom and everything that Bitcoin represents.” True to the mystery surrounding Nakamoto’s identity, the monument avoids any defined facial features—a common theme in artistic interpretations of the Bitcoin founder. Fornelli’s mayor, Giovanni Tedeschi, said the project reflects the municipality’s openness to new ideas, especially those coming from younger generations. He stated, “It is important, indeed fundamental, as an administration, to take into consideration all the new ideas that come from our young people.” Other Places Honouring Satoshi Without A Face Fornelli joins a growing list of locations worldwide that have dedicated public monuments to Nakamoto. In October 2024, a statue was unveiled in Parco Ciani, a park in Lugano, Switzerland, during the Plan ₿ Forum, a major blockchain event. That artwork, like Pannoni’s, also avoids giving Nakamoto a specific face, maintaining the anonymity that defines the Bitcoin founder. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">JUST IN: 🇨🇭 City of Lugano, Switzerland unveils a new statue honoring Satoshi Nakamoto, creator of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw">#Bitcoin</a>. <a href="https://t.co/D8A67hubyq">pic.twitter.com/D8A67hubyq</a></p>— Watcher.Guru (@WatcherGuru) <a href="https://twitter.com/WatcherGuru/status/1849771767109189899?ref_src=twsrc%5Etfw">October 25, 2024</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> Another statue followed in February 2025 in El Salvador, also linked to a Plan ₿ Forum event, and now stands at Bitcoin Beach in El Zonte—a symbolic site for crypto adoption in the country. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">WATCH: THE NEWEST STATUE OF SATOSHI NAKAMOTO IN <a href="https://twitter.com/hashtag/BITCOIN?src=hash&ref_src=twsrc%5Etfw">#BITCOIN</a> BEACH, EL SALVADOR<br><br>BEAUTIFUL 🧡<a href="https://t.co/51MQzVXOeg">pic.twitter.com/51MQzVXOeg</a></p>— The Bitcoin Historian (@pete_rizzo_) <a href="https://twitter.com/pete_rizzo_/status/1914076951666717107?ref_src=twsrc%5Etfw">April 20, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> Fornelli’s monument is expected to be more than just a statue—it marks the village’s ambition to position itself as a destination for digital nomads and travellers seeking to live in a crypto-friendly environment. Summarise key factors into 2 short sentences. Simple words and clear. Focus on what happened. Uk English. ChatGPT said: The small Italian town of Fornelli is unveiling Italy’s first Satoshi Nakamoto monument on 1 May 2025, funded by the local government. The village, known for its high Bitcoin adoption, is positioning itself as a crypto-friendly destination. You said: **North Korean Hackers Set Up US Companies To Target Crypto Developers** North Korean hackers linked to the Lazarus Group have quietly established two companies in the United States as part of a campaign to infiltrate the cryptocurrency sector, cybersecurity firm Silent Push has revealed. The firms, BlockNovas LLC and SoftGlide LLC, were registered in New Mexico and New York, respectively, and served as fronts to deliver malware to unsuspecting developers in the crypto industry. **Fake Firms, Real Threats Behind Corporate Fronts** Using forged identities and fake addresses, the attackers created the illusion of legitimate US-based businesses. Silent Push researchers say the operation was led by a subgroup within Lazarus known as “Contagious Interview.” The group set up a third fake company, Angeloper Agency, which was not registered in the US but was tied to the same malware distribution effort. What makes the case especially alarming is that these entities weren’t just website facades — they were formally incorporated using fabricated data, with entire fake teams built using AI-generated employee profiles. **How Malware Was Spread Through Job Interview Traps** The campaign relied heavily on fraudulent job interview tactics. Developers searching for roles in the crypto space were lured with fake job offers from these shell companies. Once contact was established, malware was sent under the guise of job-related materials. The goal was to steal wallet credentials and sensitive data that could allow follow-up attacks on crypto platforms. Silent Push has linked domains such as blocknovas[.]com, apply-blocknovas[.]site, and lianxinxiao[.]com to the operation, suggesting a network of coordinated infrastructure designed to mimic legitimate recruitment sites. **A Familiar Playbook With Billion-Dollar Results** This latest campaign fits a pattern seen in previous high-profile breaches. The Lazarus Group is known for targeting individuals through fake employment lures. In 2021, a similar strategy was used to infiltrate Sky Mavis, resulting in the $625 million Ronin Bridge hack. In 2022, another job-based deception led to a $100 million theft from Harmony’s Horizon Bridge. Since 2017, Lazarus-linked operations have stolen over $3 billion in cryptocurrency, according to estimates from the United Nations and blockchain analytics firm Chainalysis. These campaigns have become a go-to method for North Korea’s state-sponsored cyber units. **How Were These Companies Registered Without Detection?** The attackers used forged personal details and deepfake-style profile images to register the companies and build corporate websites. According to Kasey Best, director of threat intelligence at Silent Push, “This is a rare example of North Korean hackers actually managing to set up legal corporate entities in the US in order to create corporate fronts used to attack unsuspecting job applicants.” The scale and ambition of this operation highlight the evolving tactics used by North Korean cyber units to stay ahead of detection and regulatory scrutiny, leveraging the credibility of US incorporation to gain trust from crypto professionals around the world. add one empty line gap after each sentence, remove ** symbol from the title. dont bold titles. maintain titlecase. ChatGPT said: North Korean Hackers Set Up US Companies To Target Crypto Developers North Korean hackers linked to the Lazarus Group have quietly established two companies in the United States as part of a campaign to infiltrate the cryptocurrency sector, cybersecurity firm Silent Push has revealed. The firms, BlockNovas LLC and SoftGlide LLC, were registered in New Mexico and New York, respectively, and served as fronts to deliver malware to unsuspecting developers in the crypto industry. Fake Firms, Real Threats Behind Corporate Fronts Using forged identities and fake addresses, the attackers created the illusion of legitimate US-based businesses. Silent Push researchers say the operation was led by a subgroup within Lazarus known as “Contagious Interview.” The group set up a third fake company, Angeloper Agency, which was not registered in the US but was tied to the same malware distribution effort. What makes the case especially alarming is that these entities weren’t just website facades — they were formally incorporated using fabricated data, with entire fake teams built using AI-generated employee profiles. How Malware Was Spread Through Job Interview Traps The campaign relied heavily on fraudulent job interview tactics. Developers searching for roles in the crypto space were lured with fake job offers from these shell companies. Once contact was established, malware was sent under the guise of job-related materials. The goal was to steal wallet credentials and sensitive data that could allow follow-up attacks on crypto platforms. Silent Push has linked domains such as blocknovas[.]com, apply-blocknovas[.]site, and lianxinxiao[.]com to the operation, suggesting a network of coordinated infrastructure designed to mimic legitimate recruitment sites. A Familiar Playbook With Billion-Dollar Results This latest campaign fits a pattern seen in previous high-profile breaches. The Lazarus Group is known for targeting individuals through fake employment lures. In 2021, a similar strategy was used to infiltrate Sky Mavis, resulting in the $625 million Ronin Bridge hack. In 2022, another job-based deception led to a $100 million theft from Harmony’s Horizon Bridge. Since 2017, Lazarus-linked operations have stolen over $3 billion in cryptocurrency, according to estimates from the United Nations and blockchain analytics firm Chainalysis. These campaigns have become a go-to method for North Korea’s state-sponsored cyber units. How Were These Companies Registered Without Detection? The attackers used forged personal details and deepfake-style profile images to register the companies and build corporate websites. According to Kasey Best, director of threat intelligence at Silent Push, “This is a rare example of North Korean hackers actually managing to set up legal corporate entities in the US in order to create corporate fronts used to attack unsuspecting job applicants.” The scale and ambition of this operation highlight the evolving tactics used by North Korean cyber units to stay ahead of detection and regulatory scrutiny, leveraging the credibility of US incorporation to gain trust from crypto professionals around the world. You said: “Mehmet Demir” is a fake persona created on Linkedin with his working experience listed two of the shell companies to make believe the whole situation is real. improve ChatGPT said: "Mehmet Demir" is a fabricated persona created on LinkedIn, with his work experience listing two of the shell companies, adding a layer of legitimacy to the operation. You said: Since 2017, Lazarus-linked operations have stolen over $3 billion in cryptocurrency, according to estimates from the United Nations and blockchain analytics firm Chainalysis. link me to twitter links ChatGPT said: North Korean hackers, linked to the Lazarus Group, have stolen an estimated $3 billion in cryptocurrency since 2017, according to the United Nations and blockchain analytics firm Chainalysis . BleepingComputer In February 2025, the FBI accused Lazarus Group of stealing $1.5 billion worth of Ethereum from the Bybit exchange in Dubai . Radio Free Asia +2 AP News +2 AP News +2 For more details, you can read the full article here: AP News Favicon Favicon Favicon Sources You said: North Korean Hackers Set Up US Companies To Target Crypto Developers North Korean hackers linked to the Lazarus Group have quietly established two companies in the United States as part of a campaign to infiltrate the cryptocurrency sector, cybersecurity firm Silent Push has revealed. The firms, BlockNovas LLC and SoftGlide LLC, were registered in New Mexico and New York, respectively, and served as fronts to deliver malware to unsuspecting developers in the crypto industry. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">... and registered 2 of them as legitimate businesses in the United States. <br><br>The front companies are: BlockNovas LLC, Angeloper Agency, and SoftGlide LLC <a href="https://t.co/Fg8w8hwLyB">pic.twitter.com/Fg8w8hwLyB</a></p>— Zach Edwards (@thezedwards) <a href="https://twitter.com/thezedwards/status/1915490569662718329?ref_src=twsrc%5Etfw">April 24, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> Fake Firms, Real Threats Behind Corporate Fronts Using forged identities and fake addresses, the attackers created the illusion of legitimate US-based businesses. Silent Push researchers say the operation was led by a subgroup within Lazarus known as “Contagious Interview.” <blockquote class="twitter-tweet"><p lang="en" dir="ltr">This specific campaign from Contagious Interview has been going on since last year – there are known public victims – and this campaign has been spreading three malware strains: BeaverTail, InvisibleFerret, and OtterCookie.</p>— Zach Edwards (@thezedwards) <a href="https://twitter.com/thezedwards/status/1915490576407183391?ref_src=twsrc%5Etfw">April 24, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> The group set up a third fake company, Angeloper Agency, which was not registered in the US but was tied to the same malware distribution effort. What makes the case especially alarming is that these entities weren’t just website facades — they were formally incorporated using fabricated data, with entire fake teams built using AI-generated employee profiles. IMAGE "Mehmet Demir" is a fabricated persona created on LinkedIn, with his work experience listing two of the shell companies, adding a layer of legitimacy to the operation. (Source: Silent Push) How Malware Was Spread Through Job Interview Traps The campaign relied heavily on fraudulent job interview tactics. Developers searching for roles in the crypto space were lured with fake job offers from these shell companies. Once contact was established, malware was sent under the guise of job-related materials. The goal was to steal wallet credentials and sensitive data that could allow follow-up attacks on crypto platforms. Silent Push has linked domains such as blocknovas[.]com, apply-blocknovas[.]site, and lianxinxiao[.]com to the operation, suggesting a network of coordinated infrastructure designed to mimic legitimate recruitment sites. BLOCKNOVAS IMAGE Source: Silent Push APPLY IMAGE Source: Silent Push A Familiar Playbook With Billion-Dollar Results This latest campaign fits a pattern seen in previous high-profile breaches. The Lazarus Group is known for targeting individuals through fake employment lures. In 2021, a similar strategy was used to infiltrate Sky Mavis, resulting in the $625 million Ronin Bridge hack. In 2022, another job-based deception led to a $100 million theft from Harmony’s Horizon Bridge. Since 2017, Lazarus-linked operations have stolen over $3 billion in cryptocurrency, according to estimates from the United Nations and blockchain analytics firm Chainalysis. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">North Korean hackers stole $1.3 billion in crypto this year. <a href="https://t.co/R1hl7TBOFc">pic.twitter.com/R1hl7TBOFc</a></p>— Globe Eye News (@GlobeEyeNews) <a href="https://twitter.com/GlobeEyeNews/status/1871093652262728003?ref_src=twsrc%5Etfw">December 23, 2024</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> These campaigns have become a go-to method for North Korea’s state-sponsored cyber units. How Were These Companies Registered Without Detection? The attackers used forged personal details and deepfake-style profile images to register the companies and build corporate websites. According to Kasey Best, director of threat intelligence at Silent Push, “This is a rare example of North Korean hackers actually managing to set up legal corporate entities in the US in order to create corporate fronts used to attack unsuspecting job applicants.” The scale and ambition of this operation highlight the evolving tactics used by North Korean cyber units to stay ahead of detection and regulatory scrutiny, leveraging the credibility of US incorporation to gain trust from crypto professionals around the world. Summarise key factors into 2 short sentences. Simple words and clear. Focus on what happened. Uk English. ChatGPT said: North Korean hackers linked to the Lazarus Group set up two fake US companies, BlockNovas LLC and SoftGlide LLC, to target cryptocurrency developers with malware through fraudulent job offers. This operation, using fabricated identities and AI-generated profiles, aims to steal sensitive data and cryptocurrency credentials. You said: **Ripple Won't Pursue IPO Despite Legal Clarity and Financial Stability** Ripple has officially ruled out an Initial Public Offering (IPO) in 2025, surprising many in the industry who had expected the company to go public following its legal win against the US Securities and Exchange Commission (SEC). Despite emerging stronger from the legal battle and achieving financial stability, the company has decided to shift its focus away from a public listing. **Ripple’s Financial Position Leaves IPO Unnecessary** Monica Long, President of Ripple, expressed confidence in the company’s current standing, stating, “Ripple is a financially stable company with billions of dollars in cash reserves,” adding, “An IPO is generally a means for fundraising or increasing market exposure, but Ripple currently needs neither.” With ample capital on hand, Ripple sees no immediate need for external funds to further its operations or visibility, unlike many tech firms that pursue public listings to fuel growth. Ripple had previously considered going public, especially after gaining partial legal clarity from its SEC dispute. CEO Brad Garlinghouse had even suggested in 2023 that an IPO could be a possibility in the future. However, with Ripple’s financial health and the resolution of its legal challenges, the company now considers going public a lower priority. **Ripple Shifts Strategy to Acquisitions and Tokenisation of Finance** Instead of an IPO, Ripple has chosen to pursue strategic acquisitions as a key part of its growth strategy. One of the most notable moves was the $1.25 billion acquisition of Hidden Road, a digital asset prime brokerage processing $3 trillion in annual transactions. This deal aligns with Ripple’s ambition to expand its footprint in the global financial market, blending traditional finance infrastructure with digital finance tools. Ripple’s acquisition strategy also reflects a broader interest in stablecoins. The company is preparing to launch RLUSD, a dollar-backed stablecoin intended to compete with established names like USDC and Tether. Ripple’s focus on stablecoins and cross-border payments aims to strengthen its role in the broader financial ecosystem, moving beyond the confines of digital assets alone. **Ripple’s Declining Valuation and Growing Investor Support** While Ripple’s recent buyback of shares at a reduced valuation – $285 million in January 2024 – signals a slight dip in its market valuation, which dropped to $11.3 billion from a $15 billion peak in 2022, the company remains well-backed by notable investors. Andreessen Horowitz, Founders Fund, and Google Ventures continue to show strong support, underscoring Ripple’s strong position in the venture capital space even without a public listing. The share buyback also provides an exit opportunity for early investors, suggesting that Ripple may be recalibrating its investor base to prepare for a long-term strategy not reliant on an IPO. **Why Is Ripple’s Decision Significant for the Crypto Industry?** Ripple’s move away from an IPO reflects broader trends in the IPO market, where volatility and regulatory uncertainty have made many companies, including crypto firms, reconsider the risks of going public. Ripple’s decision to stay private could signal a shift in how digital asset companies are approaching growth, with a greater focus on acquisitions and strategic partnerships rather than market speculation. While the company remains a key player in the digital asset space, Ripple’s pivot away from an IPO highlights how even the most financially stable firms are rethinking the benefits of going public in an uncertain market. add one empty line gap after each sentence, remove ** symbol from the title. dont bold titles. maintain titlecase. ChatGPT said: Ripple Won't Pursue IPO Despite Legal Clarity and Financial Stability Ripple has officially ruled out an Initial Public Offering (IPO) in 2025, surprising many in the industry who had expected the company to go public following its legal win against the US Securities and Exchange Commission (SEC). Despite emerging stronger from the legal battle and achieving financial stability, the company has decided to shift its focus away from a public listing. Ripple’s Financial Position Leaves IPO Unnecessary Monica Long, President of Ripple, expressed confidence in the company’s current standing, stating, “Ripple is a financially stable company with billions of dollars in cash reserves,” adding, “An IPO is generally a means for fundraising or increasing market exposure, but Ripple currently needs neither.” With ample capital on hand, Ripple sees no immediate need for external funds to further its operations or visibility, unlike many tech firms that pursue public listings to fuel growth. Ripple had previously considered going public, especially after gaining partial legal clarity from its SEC dispute. CEO Brad Garlinghouse had even suggested in 2023 that an IPO could be a possibility in the future. However, with Ripple’s financial health and the resolution of its legal challenges, the company now considers going public a lower priority. Ripple Shifts Strategy to Acquisitions and Tokenisation of Finance Instead of an IPO, Ripple has chosen to pursue strategic acquisitions as a key part of its growth strategy. One of the most notable moves was the $1.25 billion acquisition of Hidden Road, a digital asset prime brokerage processing $3 trillion in annual transactions. This deal aligns with Ripple’s ambition to expand its footprint in the global financial market, blending traditional finance infrastructure with digital finance tools. Ripple’s acquisition strategy also reflects a broader interest in stablecoins. The company is preparing to launch RLUSD, a dollar-backed stablecoin intended to compete with established names like USDC and Tether. Ripple’s focus on stablecoins and cross-border payments aims to strengthen its role in the broader financial ecosystem, moving beyond the confines of digital assets alone. Ripple’s Declining Valuation and Growing Investor Support While Ripple’s recent buyback of shares at a reduced valuation – $285 million in January 2024 – signals a slight dip in its market valuation, which dropped to $11.3 billion from a $15 billion peak in 2022, the company remains well-backed by notable investors. Andreessen Horowitz, Founders Fund, and Google Ventures continue to show strong support, underscoring Ripple’s strong position in the venture capital space even without a public listing. The share buyback also provides an exit opportunity for early investors, suggesting that Ripple may be recalibrating its investor base to prepare for a long-term strategy not reliant on an IPO. Why Is Ripple’s Decision Significant for the Crypto Industry? Ripple’s move away from an IPO reflects broader trends in the IPO market, where volatility and regulatory uncertainty have made many companies, including crypto firms, reconsider the risks of going public. Ripple’s decision to stay private could signal a shift in how digital asset companies are approaching growth, with a greater focus on acquisitions and strategic partnerships rather than market speculation. While the company remains a key player in the digital asset space, Ripple’s pivot away from an IPO highlights how even the most financially stable firms are rethinking the benefits of going public in an uncertain market. You said: IPO market has been slow since 2022 link me to images related to this ChatGPT said: https://www.snl.com/Articles/423950079.png https://insight.factset.com/hs-fs/hubfs/1%29Insight/2023/12.2023/12.06.2023_Looking%20Back%20on%20a%20Chilly%20Year%20for%20IPOs%2C%20and%20Why%202024%20Could%20Warm%20the%20Waters/01-global-quarterly-ipo-count.png?height=642&name=01-global-quarterly-ipo-count.png&width=1022 https://www.pwc.com/us/en/services/consulting/deals/assets/ipo-fullwidth.svg https://www.ey.com/adobe/dynamicmedia/deliver/dm-aid--5ca9f132-f957-48ca-a281-4ae4f14bdf93/ey-chart-1-v2.jpg?preferwebp=true&quality=85 The global IPO market has experienced a significant slowdown since 2022, with a marked decline in both the number of offerings and the funds raised. In 2022, global IPO volumes fell by 45%, with proceeds down by 61% year-over-year. This downturn continued into 2023, with IPO activity remaining subdued due to factors such as market volatility, rising interest rates, and inflation. The first quarter of 2023 saw a decrease in the number of IPOs and a significant drop in funds raised compared to the same period in the previous year. EY +1 World Economic Forum +1 CNN +1 Investopedia +1 The trend persisted into 2024, with the Southeast Asian IPO market witnessing a steep decline in the first half of the year. The number of IPOs fell by 21.2%, and funds raised plummeted by 53.3% compared to the previous year. This decline continued a trend seen since mid-2022, indicating subdued IPO market sentiments. The Edge Malaysia These developments highlight the challenges facing the IPO market, with companies and investors navigating macroeconomic factors such as high-interest rates, reduced liquidity, and geopolitical uncertainties. The Edge Malaysia For visual representations of this trend, you can refer to the following charts: Global IPO Activity Since Q1 2020: This chart illustrates the fluctuations in global IPO activity over recent years. Global Quarterly IPO Count: This graph provides a quarterly breakdown of global IPO counts, highlighting the decline in recent years. IPO Filings Since 2019: This chart shows the number of IPO filings since 2019, reflecting the downturn in the market. These images offer a visual representation of the IPO market's performance over the past few years. Favicon Favicon Favicon Sources You said: have ripple launch RLUSD? ChatGPT said: https://www.ledgerinsights.com/wp-content/uploads/2024/10/ripple-rlusd-stablecoin.2a.jpg https://fintechnews.sg/wp-content/uploads/2024/12/Ripple-Awaits-Regulatory-Green-Light-for-RLUSD-Stablecoin-Launch.jpg https://fintechnews.sg/wp-content/uploads/2024/12/Ripple-Launches-RLUSD-Stablecoin-on-Global-Exchanges-Today.jpg https://coinlaunch.space/media/images/4/8/1/7/4817.sop6ft.1920.jpg Yes, Ripple launched its RLUSD stablecoin on December 17, 2024. The stablecoin is pegged 1:1 to the U.S. dollar and is backed by U.S. Treasuries, bank deposits, and cash equivalents. Barron's +9 Ledger Insights +9 Fortune +9 RLUSD is available on multiple crypto exchanges, including Uphold, Bitso, MoonPay, Archax, CoinMENA, Kraken, LMAX Digital, Zero Hash, Bitstamp, and Bullish. U.Today +2 Yahoo Finance +2 PYMNTS.com +2 Ripple's RLUSD stablecoin is also integrated into the Aave decentralized finance (DeFi) platform, expanding its utility in DeFi applications. Fortune +4 CryptoSlate +4 crypto.news +4 As of April 2025, RLUSD has a market capitalization approaching $250 million. PYMNTS.com Ripple has also added former central bankers to its advisory board to guide the stablecoin's development. CoinDesk Ripple's President, Monica Long, has emphasized that RLUSD is complementary to XRP, not a competitor. Bloomberg The launch of RLUSD positions Ripple to compete with established stablecoins like Tether (USDT) and USD Coin (USDC) in the digital asset space. Reuters Ripple's RLUSD stablecoin is now live on global exchanges, offering an enterprise-grade stablecoin solution. Ledger Insights +8 X (formerly Twitter) +8 YouTube +8 For a detailed overview of the RLUSD launch, you can watch the following video: Favicon Favicon Favicon Favicon Favicon Sources You said: Based on recent developments, the company may be looking to build long-term infrastructure rather than seeking the short-term attention that an IPO might bring. improve ChatGPT said: Given recent developments, the company appears to be focusing on building long-term infrastructure, prioritising sustainable growth over the short-term visibility an IPO could provide. You said: Ripple Won't Pursue IPO Despite Legal Clarity and Financial Stability Ripple has officially ruled out an Initial Public Offering (IPO) in 2025, surprising many in the industry who had expected the company to go public following its legal win against the US Securities and Exchange Commission (SEC). Despite emerging stronger from the legal battle and achieving financial stability, the company has decided to shift its focus away from a public listing. Ripple’s Financial Position Leaves IPO Unnecessary Monica Long, President of Ripple, expressed confidence in the company’s current standing during an interview with CNBC, stating, “Ripple is a financially stable company with billions of dollars in cash reserves.” She added, “An IPO is generally a means for fundraising or increasing market exposure, but Ripple currently needs neither.” With ample capital on hand, Ripple sees no immediate need for external funds to further its operations or visibility, unlike many tech firms that pursue public listings to fuel growth. Ripple had previously considered going public, especially after gaining partial legal clarity from its SEC dispute. CEO Brad Garlinghouse has also shared his perspective on the IPO possibility, stating: “External fundraising is not needed for the time being.” <blockquote class="twitter-tweet"><p lang="en" dir="ltr">💥BREAKING 💥 <br><br>Brad Garlinghouse: Ripple doesn’t need to raise capital. There’s no IPO in 2025 — we haven’t needed outside funding. <a href="https://twitter.com/hashtag/XRP?src=hash&ref_src=twsrc%5Etfw">#XRP</a> <br><br>Strong signal: Ripple is self-sustaining and focused on building, not begging. <a href="https://t.co/3NMNKDCffa">pic.twitter.com/3NMNKDCffa</a></p>— 𝕏aif🇮🇳|🇺🇸 (@Xaif_Crypto) <a href="https://twitter.com/Xaif_Crypto/status/1912880806315671999?ref_src=twsrc%5Etfw">April 17, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> Previously, Ripple had discussed the possibility of going public in the future, but had also mentioned that it is not their priority. Ripple Shifts Focus to Strategic Acquisitions Instead of an IPO, Ripple has chosen to pursue strategic acquisitions as a key part of its growth strategy. One of the most notable moves was the $1.25 billion acquisition of Hidden Road, a digital asset prime brokerage processing $3 trillion in annual transactions. This deal aligns with Ripple’s ambition to expand its footprint in the global financial market, blending traditional finance infrastructure with digital finance tools. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">Big news from <a href="https://twitter.com/hashtag/PBW2025?src=hash&ref_src=twsrc%5Etfw">#PBW2025</a>! 📣<a href="https://twitter.com/MonicaLongSF?ref_src=twsrc%5Etfw">@MonicaLongSF</a>, President of <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw">@Ripple</a>, announced a $1.25B acquisition of Hidden Road, making Ripple the first crypto company to own and operate a global, multi-asset prime broker.<br><br>This marks a major step in bridging TradFi and DeFi for institutional… <a href="https://t.co/XnqAfWL3AP">pic.twitter.com/XnqAfWL3AP</a></p>— Paris Blockchain Week (@ParisBlockWeek) <a href="https://twitter.com/ParisBlockWeek/status/1910066038063972779?ref_src=twsrc%5Etfw">April 9, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> Ripple’s Declining Valuation and Growing Investor Support While Ripple’s recent buyback of shares at a reduced valuation – $285 million in January 2024 – signals a slight dip in its market valuation, which dropped to $11.3 billion from a $15 billion peak in 2022, the company remains well-backed by notable investors. Andreessen Horowitz, Founders Fund, and Google Ventures continue to show strong support, underscoring Ripple’s strong position in the venture capital space even without a public listing. The share buyback also provides an exit opportunity for early investors, suggesting that Ripple may be recalibrating its investor base to prepare for a long-term strategy not reliant on an IPO. Does Ripple’s Decision Reflect Broader Market Trends? Ripple’s move away from an IPO could signal wider trends in the crypto and tech markets. The IPO market has been slow since 2022, with many companies now wary of the risks involved in going public, especially amidst ongoing macroeconomic instability and regulatory uncertainty. Source: spglobal.com Ripple’s reluctance to pursue an IPO is indicative of how some crypto firms are rethinking the need for public listings in a shifting market. Despite holding back from an IPO, Ripple continues to be a significant player in the digital asset space. Given recent developments, the company appears to be focusing on building long-term infrastructure, prioritising sustainable growth over the short-term visibility an IPO could provide. By embracing strategic growth avenues and relying on its substantial financial backing, Ripple is demonstrating that success in the crypto space does not require the traditional route of becoming a public company. Summarise key factors into 2 short sentences. Simple words and clear. Focus on what happened. Uk English. ChatGPT said: Ripple has decided against pursuing an IPO in 2025, citing its strong financial position and the lack of need for external funding. Instead, the company is focusing on strategic acquisitions, such as the $1.25 billion purchase of Hidden Road, to expand its presence in the global financial market. You said: Zed Run Returns With A Fresh Start As Zed Champions On Base Network Virtually Human Studios is bringing its digital horse racing franchise back to life with a bold relaunch. After shutting down the original Zed Run platform earlier this year, the company is introducing Zed Champions, a reimagined version built on Base, the Ethereum layer-2 network created by Coinbase. **What Changes Are Coming In Zed Champions** Zed Champions keeps the core elements of racing and breeding digital horses but adds significant updates. Races will now happen automatically, matching horses with similar skill levels without the need for manual entry—a shift from the manual participation required in Zed Run. "Zed Champions is the next evolution of our platform," Virtually Human Studios CEO Nir Efrat said. "We’ve built a system where skill and strategy drive the outcome, and both casual fans and seasoned players have reasons to keep coming back." The game’s public launch is set for 8pm ET on Monday, offering players a fresh experience in the world of digital racing. **How ZED Tokens Shape The New Gameplay** Unlike before, the new platform will deeply integrate the Ethereum-based ZED token into its economy. Players will use ZED tokens to enter races, breed horses, and purchase power-ups known as augments. Each of the 4,320 horses will carry an internal balance of ZED tokens influenced by its breeding cost and race performances. In every race, a portion of a horse’s internal balance will be at risk. Winning boosts the balance, while losses could chip away at it. Players can decide when to retire their horses, cashing out the accumulated ZED tokens. However, horses with depleted balances may be forced into retirement, adding a strategic layer to the racing experience. **What Happens To Existing Zed Run NFTs** Although the original Zed Run horse NFTs on Polygon remain tradeable and owned by players, they will not transfer into the new Zed Champions ecosystem on Base. According to the Zed Champions website, the game offers a "clean slate" where everyone starts fresh. However, players who earned badges before the shutdown of Zed Run received race and breeding horses as rewards for the new platform. In an interview with Decrypt, Efrat explained, "Legacy players were offered an opportunity to win rewards based on engagement and ownership to onboard into the new game. Returning users should be excited. It's a new era of Zed Run, under new leadership, we moved to Base, and leveraged the learnings from past mistakes to create a sustainable model for longevity and success." **From Peak Success To Shutdown** Zed Run once stood as a leading digital horse racing game during the 2021 NFT boom, helping attract mainstream brands like Budweiser and Stella Artois. Virtually Human Studios secured $20 million in funding from investors including TCG Capital Management and Andreessen Horowitz. At its height in 2022, Zed Run recorded millions in monthly secondary trading volume, with some horses fetching hundreds of thousands of dollars. But as the NFT market cooled, so did the game’s momentum. Trading volumes plunged, with February 2025 registering about $28,000 in activity, falling sharply to just $627 by March, according to CryptoSlam data. Today, original Zed Run NFTs can be found on OpenSea starting from around $0.20. add one empty line gap after each sentence, remove ** symbol from the title. dont bold titles. maintain titlecase. ChatGPT said: Here’s the text updated according to your instructions: Zed Run Returns With A Fresh Start As Zed Champions On Base Network Virtually Human Studios is bringing its digital horse racing franchise back to life with a bold relaunch. After shutting down the original Zed Run platform earlier this year, the company is introducing Zed Champions, a reimagined version built on Base, the Ethereum layer-2 network created by Coinbase. What Changes Are Coming In Zed Champions Zed Champions keeps the core elements of racing and breeding digital horses but adds significant updates. Races will now happen automatically, matching horses with similar skill levels without the need for manual entry—a shift from the manual participation required in Zed Run. "Zed Champions is the next evolution of our platform," Virtually Human Studios CEO Nir Efrat said. "We’ve built a system where skill and strategy drive the outcome, and both casual fans and seasoned players have reasons to keep coming back." The game’s public launch is set for 8pm ET on Monday, offering players a fresh experience in the world of digital racing. How ZED Tokens Shape The New Gameplay Unlike before, the new platform will deeply integrate the Ethereum-based ZED token into its economy. Players will use ZED tokens to enter races, breed horses, and purchase power-ups known as augments. Each of the 4,320 horses will carry an internal balance of ZED tokens influenced by its breeding cost and race performances. In every race, a portion of a horse’s internal balance will be at risk. Winning boosts the balance, while losses could chip away at it. Players can decide when to retire their horses, cashing out the accumulated ZED tokens. However, horses with depleted balances may be forced into retirement, adding a strategic layer to the racing experience. What Happens To Existing Zed Run NFTs Although the original Zed Run horse NFTs on Polygon remain tradeable and owned by players, they will not transfer into the new Zed Champions ecosystem on Base. According to the Zed Champions website, the game offers a "clean slate" where everyone starts fresh. However, players who earned badges before the shutdown of Zed Run received race and breeding horses as rewards for the new platform. In an interview with Decrypt, Efrat explained, "Legacy players were offered an opportunity to win rewards based on engagement and ownership to onboard into the new game. Returning users should be excited. It's a new era of Zed Run, under new leadership, we moved to Base, and leveraged the learnings from past mistakes to create a sustainable model for longevity and success." From Peak Success To Shutdown Zed Run once stood as a leading digital horse racing game during the 2021 NFT boom, helping attract mainstream brands like Budweiser and Stella Artois. Virtually Human Studios secured $20 million in funding from investors including TCG Capital Management and Andreessen Horowitz. At its height in 2022, Zed Run recorded millions in monthly secondary trading volume, with some horses fetching hundreds of thousands of dollars. But as the NFT market cooled, so did the game’s momentum. Trading volumes plunged, with February 2025 registering about $28,000 in activity, falling sharply to just $627 by March, according to CryptoSlam data. Today, original Zed Run NFTs can be found on OpenSea starting from around $0.20. Would you also like me to make it even slightly cleaner, like adjusting some sentence structures to make it even more natural for UK English? You said: Sure, here’s the rewritten article following your instructions: --- **Virtually Human Studios Relaunches Digital Horse Racing Game With New Twist On Base** Virtually Human Studios (VHS) is breathing new life into its once-popular digital horse racing concept with the launch of **Zed Champions**, a refreshed version of its earlier hit Zed Run. Now built on **Base**, Coinbase’s Ethereum layer-2 network, the public release is set for 8pm ET on Monday evening. **What Is New In Zed Champions Compared To Zed Run** While users will still race and breed digital horses, Zed Champions introduces a major shift in how races are run. Unlike the original where players manually entered races, the new system will automatically match horses based on skill level, streamlining the experience. Horses now race automatically, ensuring faster and fairer competition among similarly ranked competitors. "Zed Champions is the next evolution of our platform," said Nir Efrat, CEO of Virtually Human Studios. "We’ve built a system where skill and strategy drive the outcome, and both casual fans and seasoned players have reasons to keep coming back." **ZED Token Takes Centre Stage In The New Gameplay** A deeper integration of the Ethereum-based **ZED token** sits at the heart of Zed Champions. Players will use ZED to enter races, breed horses, and buy in-game augments or power-ups. Each of the 4,320 digital horses in the game carries an internal ZED balance, influenced by its breeding cost and race results. When horses race, a percentage of their internal ZED tokens are risked. Winning increases a horse's balance, while repeated losses can deplete it. Players can choose to retire their horses and cash out their earnings or continue competing. However, if a horse’s internal ZED balance falls too low, it could be automatically retired, according to the Zed Champions website. **A Clean Slate For Players But No Carryover From Zed Run NFTs** One significant change is that existing **Zed Run NFTs on Polygon** will not transfer into the new Zed Champions ecosystem. Although Zed Run horses are still tradable on platforms like OpenSea — with prices starting around $0.20 — they hold no utility in the new game. However, long-time players were not entirely left behind. According to a January blog post, users who earned badges before the original game's shutdown on 28 February were rewarded with race and breeding horses for Zed Champions. "Legacy players were offered an opportunity to win rewards based on engagement and ownership to onboard into the new game," said Efrat. "Returning users should be excited. It's a new era of Zed Run, under new leadership, we moved to Base, and leveraged the learnings from past mistakes to create a sustainable model for longevity and success." **From NFT Boom To Near Collapse What Happened To Zed Run** At its peak during the 2021 NFT boom, Zed Run was a major player, helping onboard newcomers to the NFT space and even collaborating with major brands like Budweiser and Stella Artois. VHS attracted $20 million in funding from investors including TCG Capital Management and Andreessen Horowitz. Throughout 2022, the platform regularly saw millions of dollars in monthly secondary trading volume, according to CryptoSlam, with some horses fetching prices in the hundreds of thousands. However, as broader interest in NFTs fell sharply, so too did Zed Run’s fortunes. By February 2025, trading volume had dwindled to around $28,000, and by March it plunged further to just $627. The closure of the original Zed Run on 28 February marked the end of an era. With Zed Champions, Virtually Human Studios now aims to rebuild its presence with a fresh approach and a model that it hopes can withstand the volatile shifts of the digital asset space. add one empty line gap after each sentence, remove ** symbol from the title. dont bold titles. maintain titlecase. ChatGPT said: Here’s your corrected version, with an empty line after each sentence, no bolding of titles, and no ** symbols: Virtually Human Studios Relaunches Digital Horse Racing Game With New Twist On Base Virtually Human Studios (VHS) is breathing new life into its once-popular digital horse racing concept with the launch of Zed Champions, a refreshed version of its earlier hit Zed Run. Now built on Base, Coinbase’s Ethereum layer-2 network, the public release is set for 8pm ET on Monday evening. What Is New In Zed Champions Compared To Zed Run While users will still race and breed digital horses, Zed Champions introduces a major shift in how races are run. Unlike the original where players manually entered races, the new system will automatically match horses based on skill level, streamlining the experience. Horses now race automatically, ensuring faster and fairer competition among similarly ranked competitors. "Zed Champions is the next evolution of our platform," said Nir Efrat, CEO of Virtually Human Studios. "We’ve built a system where skill and strategy drive the outcome, and both casual fans and seasoned players have reasons to keep coming back." ZED Token Takes Centre Stage In The New Gameplay A deeper integration of the Ethereum-based ZED token sits at the heart of Zed Champions. Players will use ZED to enter races, breed horses, and buy in-game augments or power-ups. Each of the 4,320 digital horses in the game carries an internal ZED balance, influenced by its breeding cost and race results. When horses race, a percentage of their internal ZED tokens are risked. Winning increases a horse's balance, while repeated losses can deplete it. Players can choose to retire their horses and cash out their earnings or continue competing. However, if a horse’s internal ZED balance falls too low, it could be automatically retired, according to the Zed Champions website. A Clean Slate For Players But No Carryover From Zed Run NFTs One significant change is that existing Zed Run NFTs on Polygon will not transfer into the new Zed Champions ecosystem. Although Zed Run horses are still tradable on platforms like OpenSea — with prices starting around $0.20 — they hold no utility in the new game. However, long-time players were not entirely left behind. According to a January blog post, users who earned badges before the original game's shutdown on 28 February were rewarded with race and breeding horses for Zed Champions. "Legacy players were offered an opportunity to win rewards based on engagement and ownership to onboard into the new game," said Efrat. "Returning users should be excited. It's a new era of Zed Run, under new leadership, we moved to Base, and leveraged the learnings from past mistakes to create a sustainable model for longevity and success." From NFT Boom To Near Collapse What Happened To Zed Run At its peak during the 2021 NFT boom, Zed Run was a major player, helping onboard newcomers to the NFT space and even collaborating with major brands like Budweiser and Stella Artois. VHS attracted $20 million in funding from investors including TCG Capital Management and Andreessen Horowitz. Throughout 2022, the platform regularly saw millions of dollars in monthly secondary trading volume, according to CryptoSlam, with some horses fetching prices in the hundreds of thousands. However, as broader interest in NFTs fell sharply, so too did Zed Run’s fortunes. By February 2025, trading volume had dwindled to around $28,000, and by March it plunged further to just $627. The closure of the original Zed Run on 28 February marked the end of an era. With Zed Champions, Virtually Human Studios now aims to rebuild its presence with a fresh approach and a model that it hopes can withstand the volatile shifts of the digital asset space. Would you also like a version with even smoother UK English phrasing, like adjusting "shutdown" to "closure" earlier on and reworking a few more sentences? You said: Summarise key factors into 2 short sentences. Simple words and clear. Focus on what happened. Uk English. ChatGPT said: Virtually Human Studios shut down the original Zed Run and launched a new game called Zed Champions on Base network. The new version brings automatic racing, uses ZED tokens for gameplay, and gives players a fresh start without using old NFTs. You said: Now built on Base, Coinbase’s Ethereum layer-2 network, the public release is set for 8pm ET on Monday evening. i think the time has past? it's tue morning singapore time ChatGPT said: Yes, you're correct—the scheduled launch time for Zed Champions has already passed. The game was officially set to launch at 8:00 PM ET on Monday, which corresponds to 8:00 AM Singapore time on Tuesday, 29 April 2025. As it's now Tuesday morning in Singapore, Zed Champions should be live. You can access the game and explore its features on the official website: zedchampions.com. If you need assistance getting started or have any questions about the new platform, feel free to ask! Sources You said: help to rephrase and change the time to est? Now built on Base, Coinbase’s Ethereum layer-2 network, the public release is set for 8pm ET on Monday evening. ChatGPT said: Now built on Base, Coinbase’s Ethereum layer-2 network, the game officially launched at 8pm EST on Monday. You said: suggest a captivating twitter caption with limited character count about the above context. no hashtag and emojis. 3 continuous sentences, end with a question. ChatGPT said: Zed Champions is live on Base, Coinbase’s Ethereum layer-2 network. A new era for digital horse racing begins with skill-driven gameplay and strategic depth. Are you ready to race? You said: **AI Apps Manipulating Images of Children Raise Alarm in UK** Artificial intelligence tools that manipulate real photos to create explicit images, often referred to as "nudification" apps, have sparked growing concern in the UK, with experts warning about their widespread availability and potential harm to children. These AI apps, capable of making individuals, particularly young girls, appear naked through photo editing, have gained traction online, often circulating via social media and search platforms. **Children Fear Manipulation by AI Technology** Children, especially girls, are increasingly altering their online behaviour to protect themselves from these AI tools. The fear of being targeted by individuals using such technologies is real, with some avoiding social media altogether. Dame Rachel de Souza, the UK's Children’s Commissioner, highlighted that many girls are now following precautionary measures online, similar to how they might stay safe in the offline world, like avoiding walking alone at night. "Children have told me they are frightened by the very idea of this technology even being available, let alone used," Dame Rachel shared. "They fear that anyone — a stranger, a classmate, or even a friend — could use a smartphone to manipulate them by creating a naked image using these bespoke apps." **Nudification AI Apps Widely Accessible Despite Legal Gaps** Though there are laws in place to address issues surrounding child sexual abuse material (CSAM), including the possession or distribution of AI tools designed to create such content, the use of "nudification" apps remains legal. Dame Rachel has called for a total ban on these AI tools, arguing that the government is not doing enough to curb the dangers posed by this technology. AI-generated deepfakes — where photos, videos, or audio are altered to look or sound realistic — have been used to manipulate children’s images in disturbing ways. "There should be no nudifying apps, not just no apps that are classed as child sexual abuse generators," said a spokesperson for the Children’s Commissioner. **Legal Loopholes and Rapid Rise of Deepfake Abuse** The rise of AI-generated child sexual abuse material has been alarming, with the Internet Watch Foundation (IWF) confirming a staggering 380% increase in reports of such material from 2023 to 2024. The IWF recorded 245 cases of AI-generated CSAM in 2024, compared to just 51 the year before. Derek Ray-Hill, interim CEO of IWF, stated that these apps are actively being misused in schools, where the imagery often spirals out of control quickly. "Even before any controversy came out, I could already tell what it was going to be used for, and it was not going to be good things," said one 16-year-old girl surveyed by the Children’s Commissioner. **The Government's Response and Further Action Needed** In response to the growing concerns, the UK government has made strides to address the issue. Under the Online Safety Act, it is now illegal to share or threaten to share explicit deepfake images, and the government has also introduced new criminal offences for creating or distributing AI tools used for generating CSAM. However, Dame Rachel insists that these measures do not go far enough. "To tackle this effectively, we must impose legal obligations on developers to identify and mitigate the risks their products pose to children. This includes creating effective systems to remove CSAM from the internet," she said. The Children's Commissioner also stressed the importance of recognising deepfake sexual abuse as a form of violence against women and girls, further highlighting the gendered nature of the issue. Many AI tools disproportionately target female bodies, contributing to a troubling trend of harassment and manipulation. **Calls for Stronger Action as Technology Outpaces Legislation** The debate over AI’s role in children's safety continues to grow. While recent actions have been taken to address the legal implications of AI in child exploitation, concerns remain that the technology is evolving faster than the laws designed to regulate it. "This is an area that urgently needs to be reviewed as the technology risks outpacing the law and education around it," said Paul Whiteman, General Secretary of the National Association of Head Teachers. In response to these calls for stronger regulation, the government has reiterated its commitment to tackling the misuse of AI. A spokesperson for the Department for Science, Innovation and Technology stated that the creation, possession, or distribution of child sexual abuse material, including AI-generated images, is "abhorrent and illegal," with severe penalties for those involved. As AI technology continues to evolve, experts agree that action must be taken swiftly to ensure that children’s safety is prioritised above the unchecked spread of harmful tools. add one empty line gap after each sentence, remove ** symbol from the title. dont bold titles. maintain titlecase. ChatGPT said: AI Apps Manipulating Images of Children Raise Alarm in UK Artificial intelligence tools that manipulate real photos to create explicit images, often referred to as "nudification" apps, have sparked growing concern in the UK, with experts warning about their widespread availability and potential harm to children. These AI apps, capable of making individuals, particularly young girls, appear naked through photo editing, have gained traction online, often circulating via social media and search platforms. Children Fear Manipulation by AI Technology Children, especially girls, are increasingly altering their online behaviour to protect themselves from these AI tools. The fear of being targeted by individuals using such technologies is real, with some avoiding social media altogether. Dame Rachel de Souza, the UK's Children’s Commissioner, highlighted that many girls are now following precautionary measures online, similar to how they might stay safe in the offline world, like avoiding walking alone at night. "Children have told me they are frightened by the very idea of this technology even being available, let alone used," Dame Rachel shared. "They fear that anyone — a stranger, a classmate, or even a friend — could use a smartphone to manipulate them by creating a naked image using these bespoke apps." Nudification AI Apps Widely Accessible Despite Legal Gaps Though there are laws in place to address issues surrounding child sexual abuse material (CSAM), including the possession or distribution of AI tools designed to create such content, the use of "nudification" apps remains legal. Dame Rachel has called for a total ban on these AI tools, arguing that the government is not doing enough to curb the dangers posed by this technology. AI-generated deepfakes — where photos, videos, or audio are altered to look or sound realistic — have been used to manipulate children’s images in disturbing ways. "There should be no nudifying apps, not just no apps that are classed as child sexual abuse generators," said a spokesperson for the Children’s Commissioner. Legal Loopholes and Rapid Rise of Deepfake Abuse The rise of AI-generated child sexual abuse material has been alarming, with the Internet Watch Foundation (IWF) confirming a staggering 380% increase in reports of such material from 2023 to 2024. The IWF recorded 245 cases of AI-generated CSAM in 2024, compared to just 51 the year before. Derek Ray-Hill, interim CEO of IWF, stated that these apps are actively being misused in schools, where the imagery often spirals out of control quickly. "Even before any controversy came out, I could already tell what it was going to be used for, and it was not going to be good things," said one 16-year-old girl surveyed by the Children’s Commissioner. The Government's Response and Further Action Needed In response to the growing concerns, the UK government has made strides to address the issue. Under the Online Safety Act, it is now illegal to share or threaten to share explicit deepfake images, and the government has also introduced new criminal offences for creating or distributing AI tools used for generating CSAM. However, Dame Rachel insists that these measures do not go far enough. "To tackle this effectively, we must impose legal obligations on developers to identify and mitigate the risks their products pose to children. This includes creating effective systems to remove CSAM from the internet," she said. The Children's Commissioner also stressed the importance of recognising deepfake sexual abuse as a form of violence against women and girls, further highlighting the gendered nature of the issue. Many AI tools disproportionately target female bodies, contributing to a troubling trend of harassment and manipulation. Calls for Stronger Action as Technology Outpaces Legislation The debate over AI’s role in children's safety continues to grow. While recent actions have been taken to address the legal implications of AI in child exploitation, concerns remain that the technology is evolving faster than the laws designed to regulate it. "This is an area that urgently needs to be reviewed as the technology risks outpacing the law and education around it," said Paul Whiteman, General Secretary of the National Association of Head Teachers. In response to these calls for stronger regulation, the government has reiterated its commitment to tackling the misuse of AI. A spokesperson for the Department for Science, Innovation and Technology stated that the creation, possession, or distribution of child sexual abuse material, including AI-generated images, is "abhorrent and illegal," with severe penalties for those involved. As AI technology continues to evolve, experts agree that action must be taken swiftly to ensure that children’s safety is prioritised above the unchecked spread of harmful tools. You said: **Children’s Commissioner Calls for Ban on AI Apps Creating Sexual Images** AI technology that manipulates photos to create sexually explicit images of children is growing increasingly accessible, sparking concern in the UK. These "nudification" apps, which alter real photos to make individuals appear naked, are now widely available on social media and search platforms. The apps have become so prevalent that children, particularly girls, are now adjusting their online habits in fear of becoming targets. **Urgent Action Needed to Protect Children from AI Manipulation** Dame Rachel de Souza, the UK’s Children’s Commissioner, has raised alarm about the risks posed by these technologies. In her recent report, she highlighted how these AI tools are disproportionately targeting young women and girls, with many of the apps designed to specifically alter female bodies. “Children have told me they are frightened by the very idea of this technology even being available, let alone used," de Souza said. “They fear that anyone — a stranger, a classmate, or even a friend — could use a smartphone to manipulate them by creating a naked image.” The widespread availability of these tools on platforms like app stores and search engines has prompted significant concern about the safety and well-being of children. According to de Souza, the technology's rapid evolution is overwhelming, with no clear solution in sight to control the potential harm it causes. "We cannot sit back and allow these bespoke AI apps to have such a dangerous hold over children's lives," she stressed. **Is the UK Government Doing Enough to Combat AI-Generated Sexual Abuse Material?** Despite ongoing legal efforts to tackle the creation and sharing of AI-generated child sexual abuse material (CSAM), critics argue the measures don't go far enough. Under current laws, it is illegal to share or threaten to share explicit deepfake images, and there are criminal offences related to creating or distributing AI tools designed for this purpose. However, Dame Rachel believes that a complete ban on nudification apps is necessary. She has called for legal obligations on developers of generative AI tools to identify and mitigate risks to children and urged stronger systems for removing explicit content from the internet. According to a government spokesperson, the UK has already taken steps to address the issue. They pointed to the Online Safety Act, which requires platforms to remove CSAM or face hefty fines. In addition, new laws were introduced earlier in 2025 to criminalise the possession, creation, and distribution of AI tools that can generate sexually explicit material involving children. **The Growing Impact of AI-Generated Abuse** The rise of AI tools that generate deepfakes has already led to alarming consequences. Data from the Internet Watch Foundation (IWF) revealed a staggering 380% increase in AI-generated child sexual abuse reports, with 245 cases recorded in 2024 compared to just 51 in 2023. "We know these apps are being abused in schools, and that imagery quickly gets out of control," Derek Ray-Hill, interim Chief Executive of IWF, noted. One 16-year-old girl, who participated in a survey by the Children’s Commissioner, shared her fear of AI manipulation, saying, "Even before any controversy came out, I could already tell what it was going to be used for, and it was not going to be good things. I could already tell it was gonna be a technological wonder that's going to be abused." **The Government's Role in Combatting AI Abuse** The government has promised further action, with new laws to criminalise AI-generated CSAM and hold platforms accountable for hosting harmful content. However, Dame Rachel de Souza insists that stronger measures are needed. She called for the government to recognise deepfake sexual abuse as a form of violence against women and girls and to address the risks posed by AI tools more effectively. The UK is not alone in facing this challenge. Other countries are also grappling with the rapid development of AI technologies and the dangers they pose to vulnerable populations. However, the UK’s proactive stance, including the recent introduction of specific offences related to AI-generated abuse, positions it as a leader in addressing the problem. As AI continues to evolve, ensuring the safety of children online remains a growing concern. While some legal progress has been made, the Children’s Commissioner’s call for a total ban on nudification apps underscores the need for more comprehensive solutions to protect the most vulnerable from these harmful technologies. ChatGPT said: Here is your edited article with one empty line after each sentence and without bolding or symbols in the headings, following your formatting preferences: Children’s Commissioner Calls for Ban on AI Apps Creating Sexual Images AI technology that manipulates photos to create sexually explicit images of children is growing increasingly accessible, sparking concern in the UK. These "nudification" apps, which alter real photos to make individuals appear naked, are now widely available on social media and search platforms. The apps have become so prevalent that children, particularly girls, are now adjusting their online habits in fear of becoming targets. Urgent Action Needed to Protect Children from AI Manipulation Dame Rachel de Souza, the UK’s Children’s Commissioner, has raised alarm about the risks posed by these technologies. In her recent report, she highlighted how these AI tools are disproportionately targeting young women and girls, with many of the apps designed to specifically alter female bodies. “Children have told me they are frightened by the very idea of this technology even being available, let alone used," de Souza said. “They fear that anyone — a stranger, a classmate, or even a friend — could use a smartphone to manipulate them by creating a naked image.” The widespread availability of these tools on platforms like app stores and search engines has prompted significant concern about the safety and well-being of children. According to de Souza, the technology's rapid evolution is overwhelming, with no clear solution in sight to control the potential harm it causes. "We cannot sit back and allow these bespoke AI apps to have such a dangerous hold over children's lives," she stressed. Is the UK Government Doing Enough to Combat AI-Generated Sexual Abuse Material? Despite ongoing legal efforts to tackle the creation and sharing of AI-generated child sexual abuse material (CSAM), critics argue the measures don't go far enough. Under current laws, it is illegal to share or threaten to share explicit deepfake images, and there are criminal offences related to creating or distributing AI tools designed for this purpose. However, Dame Rachel believes that a complete ban on nudification apps is necessary. She has called for legal obligations on developers of generative AI tools to identify and mitigate risks to children and urged stronger systems for removing explicit content from the internet. According to a government spokesperson, the UK has already taken steps to address the issue. They pointed to the Online Safety Act, which requires platforms to remove CSAM or face hefty fines. In addition, new laws were introduced earlier in 2025 to criminalise the possession, creation, and distribution of AI tools that can generate sexually explicit material involving children. The Growing Impact of AI-Generated Abuse The rise of AI tools that generate deepfakes has already led to alarming consequences. Data from the Internet Watch Foundation (IWF) revealed a staggering 380% increase in AI-generated child sexual abuse reports, with 245 cases recorded in 2024 compared to just 51 in 2023. "We know these apps are being abused in schools, and that imagery quickly gets out of control," Derek Ray-Hill, interim Chief Executive of IWF, noted. One 16-year-old girl, who participated in a survey by the Children’s Commissioner, shared her fear of AI manipulation, saying, "Even before any controversy came out, I could already tell what it was going to be used for, and it was not going to be good things. I could already tell it was gonna be a technological wonder that's going to be abused." The Government's Role in Combatting AI Abuse The government has promised further action, with new laws to criminalise AI-generated CSAM and hold platforms accountable for hosting harmful content. However, Dame Rachel de Souza insists that stronger measures are needed. She called for the government to recognise deepfake sexual abuse as a form of violence against women and girls and to address the risks posed by AI tools more effectively. The UK is not alone in facing this challenge. Other countries are also grappling with the rapid development of AI technologies and the dangers they pose to vulnerable populations. However, the UK’s proactive stance, including the recent introduction of specific offences related to AI-generated abuse, positions it as a leader in addressing the problem. As AI continues to evolve, ensuring the safety of children online remains a growing concern. While some legal progress has been made, the Children’s Commissioner’s call for a total ban on nudification apps underscores the need for more comprehensive solutions to protect the most vulnerable from these harmful technologies. Would you like a shorter version for social or newsletter use? You said: Data from the Internet Watch Foundation (IWF) revealed a staggering 380% increase in AI-generated child sexual abuse reports, with 245 cases recorded in 2024 compared to just 51 in 2023. link me to thia data image ChatGPT said: The Internet Watch Foundation (IWF) reported a 380% increase in AI-generated child sexual abuse imagery in 2024, with 245 cases recorded compared to 51 in 2023. This data is detailed in their annual report, highlighting the growing concern over the proliferation of such content. For a visual representation of this data, you can refer to the IWF's official annual report or their press releases, which often include charts and graphs illustrating these trends. Please visit the IWF's official website at www.iwf.org.uk and navigate to their 'News & Media' or 'Reports' section for the most recent publications. If you need assistance locating a specific image or chart from the report, feel free to ask. Favicon Sources You said: can send the pdf link? ChatGPT said: Yes, the Internet Watch Foundation (IWF) has published a report detailing the rise in AI-generated child sexual abuse material (CSAM). You can access the PDF version of the report here: 🔗 iwf.org.uk This report provides insights into the increasing prevalence of AI-generated CSAM and the challenges it poses. For more comprehensive data and analysis, you may also refer to the IWF's Annual Report Archive: iwf.org.uk 🔗 iwf.org.uk These resources offer detailed information on the trends and data concerning online child sexual abuse imagery. iwf.org.uk +1 iwf.org.uk +1 Favicon Sources You said: Children’s Commissioner Calls for Ban on AI Apps Creating Sexual Images AI technology that manipulates photos to create sexually explicit images of children is growing increasingly accessible, sparking concern in the UK. These "nudification" apps, which alter real photos to make individuals appear naked, are now widely available on social media and search platforms. The apps have become so prevalent that children, particularly girls, are now adjusting their online habits in fear of becoming targets. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">The UK Children's Commissioner urges a ban on deepfake tools that create sexualized images of kids, warning of "alarming risks." AI apps making illegal images are cheap, widespread, and easy obtained online. A 16-year-old asks: "Why are these even allowed to exist?"…</p>— The Epoch Times UK (@ukepochtimes) <a href="https://twitter.com/ukepochtimes/status/1916892970374103369?ref_src=twsrc%5Etfw">April 28, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> Urgent Action Needed to Protect Children from AI Manipulation Dame Rachel de Souza, the UK’s Children’s Commissioner, has raised alarm about the risks posed by these technologies. In her recent report, she highlighted how these AI tools are disproportionately targeting young women and girls, with many of the apps designed to specifically alter female bodies. Dame Rachel shared, “Children have told me they are frightened by the very idea of this technology even being available, let alone used. They fear that anyone — a stranger, a classmate, or even a friend — could use a smartphone to manipulate them by creating a naked image.” The widespread availability of these tools on platforms like app stores and search engines has prompted significant concern about the safety and well-being of children. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">Teenage girls are as scared of being targeted by deepfake pornography as walking home alone at night, it’s time to deal with nudifying apps and protect children and teenage girls 👇🏻 <a href="https://t.co/RdhIixt0I9">https://t.co/RdhIixt0I9</a></p>— Dame Rachel de Souza (@Rachel_deSouza) <a href="https://twitter.com/Rachel_deSouza/status/1916741875815289226?ref_src=twsrc%5Etfw">April 28, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> According to Dame Rachel, the technology's rapid evolution is overwhelming, with no clear solution in sight to control the potential harm it causes. She stressed, "We cannot sit back and allow these bespoke AI apps to have such a dangerous hold over children's lives." Is the UK Government Doing Enough to Combat AI-Generated Sexual Abuse Material? Despite ongoing legal efforts to tackle the creation and sharing of AI-generated child sexual abuse material (CSAM), critics argue the measures don't go far enough. Under current laws, it is illegal to share or threaten to share explicit deepfake images, and there are criminal offences related to creating or distributing AI tools designed for this purpose. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">The British government has started a crackdown on the creation of "deepfakes" by announcing that people who create sexually explicit "deepfakes" will face prosecution under a new law announced by the government<a href="https://t.co/CP0DjfeKHB">https://t.co/CP0DjfeKHB</a><a href="https://t.co/CP0DjfeKHB">https://t.co/CP0DjfeKHB</a></p>— WION (@WIONews) <a href="https://twitter.com/WIONews/status/1780274956749898116?ref_src=twsrc%5Etfw">April 16, 2024</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> However, Dame Rachel believes that a complete ban on nudification apps is necessary. She has called for legal obligations on developers of generative AI tools to identify and mitigate risks to children and urged stronger systems for removing explicit content from the internet. According to a government spokesperson, the UK has already taken steps to address the issue. They pointed to the Online Safety Act, which requires platforms to remove CSAM or face hefty fines. In addition, new laws were introduced earlier in 2025 to criminalise the possession, creation, and distribution of AI tools that can generate sexually explicit material involving children. The Growing Impact of AI-Generated Abuse The rise of AI tools that generate deepfakes has already led to alarming consequences. Data from the Internet Watch Foundation (IWF) revealed a staggering 380% increase in AI-generated child sexual abuse reports, with 245 cases recorded in 2024 compared to just 51 in 2023. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">Our analysts confirmed 245 reports of AI-generated child sexual abuse in 2024 compared with 51 in 2023, a 380% rise.<br><br>Last week we welcomed Home Secretary's announcement of new legislation designed to curb the rise of life-like child sexual abuse material generated by AI.<br><br>Read… <a href="https://t.co/ECsuFD05gu">pic.twitter.com/ECsuFD05gu</a></p>— Internet Watch Foundation (IWF) (@IWFhotline) <a href="https://twitter.com/IWFhotline/status/1890057104137834780?ref_src=twsrc%5Etfw">February 13, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> Derek Ray-Hill, interim Chief Executive of IWF, noted, "We know these apps are being abused in schools, and that imagery quickly gets out of control." One 16-year-old girl, who participated in a survey by the Children’s Commissioner, shared her fear of AI manipulation, saying, "Even before any controversy came out, I could already tell what it was going to be used for, and it was not going to be good things. I could already tell it was gonna be a technological wonder that's going to be abused." The Government's Role in Combatting AI Abuse The government has promised further action, with new laws to criminalise AI-generated CSAM and hold platforms accountable for hosting harmful content. However, Dame Rachel de Souza insists that stronger measures are needed. She called for the government to recognise deepfake sexual abuse as a form of violence against women and girls and to address the risks posed by AI tools more effectively. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">Last year I warned the Children’s Code wasn’t strong enough to protect children from online harms. I am disappointed it has not been significantly strengthened and seems to prioritise business interests of technology companies over children’s safety. Read my full statement 👇 <a href="https://t.co/e4jRAkYNam">pic.twitter.com/e4jRAkYNam</a></p>— Children's Commissioner for England (@ChildrensComm) <a href="https://twitter.com/ChildrensComm/status/1915386676391678166?ref_src=twsrc%5Etfw">April 24, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> The UK is not alone in facing this challenge. Other countries like South Korea are also grappling with the rapid development of AI technologies and the dangers they pose to vulnerable populations. However, the UK’s proactive stance, including the recent introduction of specific offences related to AI-generated abuse, positions it as a leader in addressing the problem. As AI continues to evolve, ensuring the safety of children online remains a growing concern. Despite some legal headway, the Children’s Commissioner’s push for a complete ban on nudification apps highlights the ongoing need for stronger safeguards for vulnerable individuals against these damaging technologies. Summarise key factors into 2 short sentences. Simple words and clear. Focus on what happened. Uk English. ChatGPT said: AI "nudification" apps, which alter photos to create explicit images of children, have raised serious concerns in the UK, with the Children's Commissioner calling for a ban. The rise in AI-generated child abuse material has led to a 380% increase in reported cases, prompting calls for stronger legal actions. You said: **Crypto Scams Soar in 2024: FBI Reports $16.6 Billion in Losses Worldwide** Crypto scams continue to plague the digital asset space, with the FBI revealing that scammers took a staggering $16.6 billion from victims in 2024. This represents a 33% increase compared to the previous year. The United States bore the brunt, with American victims losing a total of $9.3 billion, making up 56% of the global total. **What’s Behind the Surge in Crypto Scams?** According to the FBI's annual report, there was a dramatic rise in crypto-related fraud complaints, with more than 150,000 cases reported in the US alone—up 66% from 2023. The most alarming aspect of this surge is the financial toll it took on the American public. “Fraud represented the bulk of reported losses in 2024, with crypto investment schemes leading the way,” the FBI stated. A significant portion of these losses stemmed from fraudulent investment platforms and what’s known in the scam community as ‘pig butchering.’ **Who is Most at Risk from Crypto Scams?** The 60+ age group emerged as the most vulnerable, with victims in this category reporting over $2.8 billion in losses. This demographic accounted for a large proportion of complaints, reflecting the growing trend of older individuals being targeted. In response to these rising numbers, the FBI launched Operation Level Up in early 2024. Through this initiative, the Bureau successfully prevented $286 million worth of crypto scams by intervening early and identifying over 4,300 victims. **Investment Scams and the Rise of ‘Pig Butchering’ Tactics** Investment-related scams were by far the most common, with losses reaching a massive $5.8 billion in the US alone. The scam method known as ‘pig butchering’ involves creating fake profiles to lure victims into investing in fraudulent platforms. Once the scammers have built trust with their targets, they often convince them to part with large sums, promising high returns. This tactic has been highly effective, and the FBI's report highlights that it is becoming an increasingly popular method of attack. **The Role of AI in New Crypto Scams** While traditional scams remain prevalent, a concerning new trend involves the use of artificial intelligence to create convincing personas. These AI-generated individuals help scammers bypass detection and appear more legitimate. The rise of AI-generated fraud is a growing concern, as bad actors exploit this technology to make scams more scalable and harder to detect. **What Has the FBI Done to Combat Crypto Fraud?** The FBI has ramped up its efforts to tackle the growing wave of crypto scams. In addition to Operation Level Up, which prevented nearly $286 million in losses, the Bureau's Recovery Asset Team successfully froze $561 million worth of crypto assets. Using the Financial Fraud Kill Chain process, the team managed to halt a significant number of illicit transactions, achieving a 66% success rate in freezing funds. **Global Crypto Scam Landscape: A Grim Outlook for 2025** Globally, the illicit crypto landscape continues to evolve, with an estimated $41 billion in illegal crypto transactions in 2024. Around 25% of these funds were linked to hacking, extortion, trafficking, or scams. High-profile incidents, such as the $1.4 billion stolen from the Bybit exchange and North Korean hackers making off with over $1.3 billion, highlight the scale of the issue. With the continued rise of generative AI, experts like blockchain analytics firm Chainalysis warn that 2025 could see even more scams, making the threat more widespread and difficult to combat. **How Can Victims Protect Themselves from Crypto Scams?** As crypto scams continue to evolve, experts advise potential investors to exercise extreme caution. Scammers are becoming more sophisticated, using everything from phishing tactics to fake crypto ATMs and impersonation schemes. The FBI’s warning is clear: stay vigilant, verify any investment platform before committing, and be cautious when dealing with unsolicited crypto offers. With the stakes higher than ever, securing digital assets has never been more crucial. add one empty line gap after each sentence, remove ** symbol from the title. dont bold titles. maintain titlecase. ChatGPT said: Crypto Scams Soar in 2024: FBI Reports $16.6 Billion in Losses Worldwide Crypto scams continue to plague the digital asset space, with the FBI revealing that scammers took a staggering $16.6 billion from victims in 2024. This represents a 33% increase compared to the previous year. The United States bore the brunt, with American victims losing a total of $9.3 billion, making up 56% of the global total. What’s Behind the Surge in Crypto Scams? According to the FBI's annual report, there was a dramatic rise in crypto-related fraud complaints, with more than 150,000 cases reported in the US alone—up 66% from 2023. The most alarming aspect of this surge is the financial toll it took on the American public. “Fraud represented the bulk of reported losses in 2024, with crypto investment schemes leading the way,” the FBI stated. A significant portion of these losses stemmed from fraudulent investment platforms and what’s known in the scam community as ‘pig butchering.’ Who is Most at Risk from Crypto Scams? The 60+ age group emerged as the most vulnerable, with victims in this category reporting over $2.8 billion in losses. This demographic accounted for a large proportion of complaints, reflecting the growing trend of older individuals being targeted. In response to these rising numbers, the FBI launched Operation Level Up in early 2024. Through this initiative, the Bureau successfully prevented $286 million worth of crypto scams by intervening early and identifying over 4,300 victims. Investment Scams and the Rise of ‘Pig Butchering’ Tactics Investment-related scams were by far the most common, with losses reaching a massive $5.8 billion in the US alone. The scam method known as ‘pig butchering’ involves creating fake profiles to lure victims into investing in fraudulent platforms. Once the scammers have built trust with their targets, they often convince them to part with large sums, promising high returns. This tactic has been highly effective, and the FBI's report highlights that it is becoming an increasingly popular method of attack. The Role of AI in New Crypto Scams While traditional scams remain prevalent, a concerning new trend involves the use of artificial intelligence to create convincing personas. These AI-generated individuals help scammers bypass detection and appear more legitimate. The rise of AI-generated fraud is a growing concern, as bad actors exploit this technology to make scams more scalable and harder to detect. What Has the FBI Done to Combat Crypto Fraud? The FBI has ramped up its efforts to tackle the growing wave of crypto scams. In addition to Operation Level Up, which prevented nearly $286 million in losses, the Bureau's Recovery Asset Team successfully froze $561 million worth of crypto assets. Using the Financial Fraud Kill Chain process, the team managed to halt a significant number of illicit transactions, achieving a 66% success rate in freezing funds. Global Crypto Scam Landscape: A Grim Outlook for 2025 Globally, the illicit crypto landscape continues to evolve, with an estimated $41 billion in illegal crypto transactions in 2024. Around 25% of these funds were linked to hacking, extortion, trafficking, or scams. High-profile incidents, such as the $1.4 billion stolen from the Bybit exchange and North Korean hackers making off with over $1.3 billion, highlight the scale of the issue. With the continued rise of generative AI, experts like blockchain analytics firm Chainalysis warn that 2025 could see even more scams, making the threat more widespread and difficult to combat. How Can Victims Protect Themselves from Crypto Scams? As crypto scams continue to evolve, experts advise potential investors to exercise extreme caution. Scammers are becoming more sophisticated, using everything from phishing tactics to fake crypto ATMs and impersonation schemes. The FBI’s warning is clear: stay vigilant, verify any investment platform before committing, and be cautious when dealing with unsolicited crypto offers. With the stakes higher than ever, securing digital assets has never been more crucial. You said: Summarise key factors into 2 short sentences. Simple words and clear. Focus on what happened. Uk English. ChatGPT said: Crypto scams worldwide reached $16.6 billion in losses in 2024, with the US accounting for over half of the total. The rise in fraud, including investment scams and AI-generated personas, has led to increased efforts by the FBI to combat the growing threat. You said: Crypto Scams Soar in 2024: FBI Reports $16.6 Billion in Losses Worldwide Crypto scams continue to plague the digital asset space, with the FBI revealing that scammers took a staggering $16.6 billion from victims in 2024. This represents a 33% increase compared to the previous year. The United States bore the brunt, with American victims losing a total of $9.3 billion, making up 56% of the global total. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">FBI: Americans aged 60 and older reported losing almost $3 billion to crypto fraud last year. In total, Americans reported being scammed out of around $9.3 billion via crypto, out of a total $16.6 billion in total reported losses that year. <a href="https://t.co/xupom9DeUn">pic.twitter.com/xupom9DeUn</a></p>— Molly White (@molly0xFFF) <a href="https://twitter.com/molly0xFFF/status/1915148232574804193?ref_src=twsrc%5Etfw">April 23, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> What’s Behind the Surge in Crypto Scams? According to the FBI's annual report, there was a dramatic rise in crypto-related fraud complaints, with more than 150,000 cases reported in the US alone—up 66% from 2023. The most alarming aspect of this surge is the financial toll it took on the American public. The FBI stated, “Fraud represented the bulk of reported losses in 2024, with crypto investment schemes leading the way,” A significant portion of these losses stemmed from fraudulent investment platforms and what’s known in the scam community as ‘pig butchering.’ Who is Most at Risk from Crypto Scams? The 60+ age group emerged as the most vulnerable, with victims in this category reporting over $2.8 billion in losses. This demographic accounted for a large proportion of complaints, reflecting the growing trend of older individuals being targeted. Source: FBI In response to these rising numbers, the FBI launched Operation Level Up in early 2024. Through this initiative, the Bureau successfully prevented $286 million worth of crypto scams by intervening early and identifying over 4,300 victims. Investment Scams and the Rise of ‘Pig Butchering’ Tactics Investment-related scams were by far the most common, with losses reaching a massive $5.8 billion in the US alone. Source: FBI The scam method known as ‘pig butchering’ involves creating fake profiles to lure victims into investing in fraudulent platforms. Once the scammers have built trust with their targets, they often convince them to part with large sums, promising high returns. This tactic has been highly effective, and the FBI's report highlights that it is becoming an increasingly popular method of attack. What Has the FBI Done to Combat Crypto Fraud? The FBI has ramped up its efforts to tackle the growing wave of crypto scams. In addition to Operation Level Up, which prevented nearly $286 million in losses, the Bureau's Recovery Asset Team successfully froze $561 million worth of crypto assets. Using the Financial Fraud Kill Chain process, the team managed to halt a significant number of illicit transactions, achieving a 66% success rate in freezing funds. Source: FBI Global Impact: $41 Billion in Crypto Crimes The international scale of crypto scams is equally alarming. Blockchain analytics firm Chainalysis estimated that illicit crypto activity globally amounted to around $41 billion in 2024, with 25% of that linked to scams, extortion, trafficking, and hacking. Source: Chainalysis High-profile cases, such as the $1.4 billion theft from the Bybit exchange and the $1.3 billion looted by North Korean hackers, have underscored the scale and complexity of these crimes. Generative AI Could Amplify Scams in 2025 Experts warn that scams may reach even greater heights in 2025, with new technologies, particularly generative AI, enabling fraudsters to scale their operations more efficiently. Chainalysis has predicted that the use of AI will make it easier and cheaper for bad actors to execute scams, potentially making 2025 the year with the highest number of crypto fraud cases yet. As the crypto space continues to grow, so too does the need for vigilance. Both law enforcement and individuals will have to remain increasingly aware of the evolving tactics employed by scammers to protect their digital assets. Summarise key factors into 2 short sentences. Simple words and clear. Focus on what happened. Uk English. ChatGPT said: Crypto scams caused $16.6 billion in losses worldwide in 2024, with most victims in the US and many over the age of 60. The FBI linked the rise to fake investment platforms and warned that AI could make scams worse in 2025. You said: This year marks the 25th anniversary of the FBI’s Internet Crime Complaint Center, or IC3. Originally intended to serve the law enforcement community, IC3 has evolved to become the primary destination for the public to report cyber-enabled crime and fraud as well as a key source for information on scams and cyber threats. Since its founding, IC3 has received over 9 million complaints of malicious activity. During its infancy, IC3 received roughly 2,000 complaints every month. For the past five years, IC3 has averaged more than 2,000 complaints every day. As nearly all aspects of our lives have become digitally connected, the attack surface for cyber actors has grown exponentially. Scammers are increasingly using the Internet to steal Americans’ hardearned savings. And with today’s technology, it can take mere taps on a keyboard to hijack networks, cripple water systems, or even rob virtual exchanges. Cryptocurrency has become an enticing means to cheat investors, launder proceeds, and engage in other illicit schemes. Last year saw a new record for losses reported to IC3, totaling a staggering $16.6 billion. Fraud represented the bulk of reported losses in 2024, and ransomware was again the most pervasive threat to critical infrastructure, with complaints rising 9% from 2023. As a group, those over the age of 60 suffered the most losses and submitted the most complaints. These rising losses are even more concerning because last year, the FBI took significant actions to make it harder, and more costly, for malicious actors to succeed. We dealt a serious blow to LockBit, one of the world’s most active ransomware groups. Since 2022, we have offered up thousands of decryption keys to victims of ransomware, avoiding over $800 million in payments. Also in 2024, we worked proactively to prevent losses and minimize victim harm through private sector collaboration and initiatives like Operation Level Up. We disbanded fraud and what is this $16.6 billion ChatGPT said: The $16.6 billion refers to the total amount of money lost to cyber-enabled crimes reported to the FBI’s Internet Crime Complaint Center (IC3) in 2024. This figure includes losses from fraud, ransomware, and other online scams—with crypto investment fraud making up a large part of that total. It's the highest annual loss ever reported to IC3 since its creation 25 years ago. You said: is it worldwide? ChatGPT said: No, the $16.6 billion figure reported by the FBI's Internet Crime Complaint Center (IC3) in 2024 is not a global total — it specifically reflects losses reported by victims in the United States. IC3 is a US-based reporting centre, and while it may receive some international reports, the data it publishes, including the $16.6 billion, primarily represents crimes affecting U.S. individuals and entities. You said: so this is wrong? Crypto scams continue to plague the digital asset space, with the FBI revealing that scammers took a staggering $16.6 billion from victims in 2024. This represents a 33% increase compared to the previous year. The United States bore the brunt, with American victims losing a total of $9.3 billion, making up 56% of the global total. ChatGPT said: The $16.6 billion figure reported by the FBI for 2024 represents total losses from all types of internet-enabled crimes, not solely crypto scams. This amount reflects a 33% increase from the previous year, as documented by the FBI's Internet Crime Complaint Center (IC3) . Reuters Of this total, cryptocurrency-related fraud accounted for at least $9.3 billion in losses, marking a 66% increase over 2023 . The majority of these complaints originated from the United States, indicating that while the $16.6 billion encompasses global reports, a significant portion pertains to U.S. victims . Reuters Reuters Therefore, the statement claiming that "scammers took a staggering $16.6 billion from victims in 2024" specifically in the context of crypto scams is inaccurate. The correct figure for crypto-related fraud losses in 2024 is at least $9.3 billion. Favicon Sources You said: help to correct that paragraph ChatGPT said: Here’s the corrected version of the paragraph: Crypto Scams Soar in 2024: FBI Reports $16.6 Billion in Losses Worldwide Crypto scams continue to plague the digital asset space, with the FBI revealing that scammers took a staggering $16.6 billion from victims in 2024. This represents a 33% increase compared to the previous year. This total includes various types of internet-enabled crimes, with cryptocurrency-related fraud accounting for at least $9.3 billion in losses, marking a 66% increase over 2023. The United States bore the brunt, with American victims losing a total of $9.3 billion, making up 56% of the global total. This revision separates the total losses from cryptocurrency fraud and highlights the significant amount linked to crypto scams specifically. You said: Crypto Scams Soar in 2024: FBI Reports $16.6 Billion in Losses Crypto scams continue to plague the digital asset space, with the FBI reporting that Americans lost at least $9.3 billion to crypto-related fraud in 2024. This accounted for more than half of the total $16.6 billion in internet crime losses reported last year. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">FBI: Americans aged 60 and older reported losing almost $3 billion to crypto fraud last year. In total, Americans reported being scammed out of around $9.3 billion via crypto, out of a total $16.6 billion in total reported losses that year. <a href="https://t.co/xupom9DeUn">pic.twitter.com/xupom9DeUn</a></p>— Molly White (@molly0xFFF) <a href="https://twitter.com/molly0xFFF/status/1915148232574804193?ref_src=twsrc%5Etfw">April 23, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> What’s Behind the Surge in Crypto Scams? According to the FBI's annual report, there was a dramatic rise in crypto-related fraud complaints, with more than 150,000 cases reported in the US alone—up 66% from 2023. The most alarming aspect of this surge is the financial toll it took on the American public. The FBI stated, “Fraud represented the bulk of reported losses in 2024, with crypto investment schemes leading the way,” A significant portion of these losses stemmed from fraudulent investment platforms and what’s known in the scam community as ‘pig butchering.’ Who is Most at Risk from Crypto Scams? The 60+ age group emerged as the most vulnerable, with victims in this category reporting over $2.8 billion in losses. This demographic accounted for a large proportion of complaints, reflecting the growing trend of older individuals being targeted. Source: FBI In response to these rising numbers, the FBI launched Operation Level Up in early 2024. Through this initiative, the Bureau successfully prevented $286 million worth of crypto scams by intervening early and identifying over 4,300 victims. Investment Scams and the Rise of ‘Pig Butchering’ Tactics Investment-related scams were by far the most common, with losses reaching a massive $5.8 billion in the US alone. Source: FBI The scam method known as ‘pig butchering’ involves creating fake profiles to lure victims into investing in fraudulent platforms. Once the scammers have built trust with their targets, they often convince them to part with large sums, promising high returns. This tactic has been highly effective, and the FBI's report highlights that it is becoming an increasingly popular method of attack. What Has the FBI Done to Combat Crypto Fraud? The FBI has ramped up its efforts to tackle the growing wave of crypto scams. In addition to Operation Level Up, which prevented nearly $286 million in losses, the Bureau's Recovery Asset Team successfully froze $561 million worth of crypto assets. Using the Financial Fraud Kill Chain process, the team managed to halt a significant number of illicit transactions, achieving a 66% success rate in freezing funds. Source: FBI Global Impact: $41 Billion in Crypto Crimes The international scale of crypto scams is equally alarming. Blockchain analytics firm Chainalysis estimated that illicit crypto activity globally amounted to around $41 billion in 2024, with 25% of that linked to scams, extortion, trafficking, and hacking. Source: Chainalysis High-profile cases, such as the $1.4 billion theft from the Bybit exchange and the $1.3 billion looted by North Korean hackers, have underscored the scale and complexity of these crimes. Generative AI Could Amplify Scams in 2025 Experts warn that scams may reach even greater heights in 2025, with new technologies, particularly generative AI, enabling fraudsters to scale their operations more efficiently. Chainalysis has predicted that the use of AI will make it easier and cheaper for bad actors to execute scams, potentially making 2025 the year with the highest number of crypto fraud cases yet. As the crypto space continues to grow, so too does the need for vigilance. Both law enforcement and individuals will have to remain increasingly aware of the evolving tactics employed by scammers to protect their digital assets. Summarise key factors into 2 short sentences. Simple words and clear. Focus on what happened. Uk English. ChatGPT said: In 2024, Americans lost at least $9.3 billion to crypto scams, making up more than half of the $16.6 billion total reported losses from internet crimes. The FBI ramped up efforts to tackle fraud, preventing $286 million in losses through initiatives like Operation Level Up. You said: **What If You Could Get Real-Time Assistance During Job Interviews?** Imagine being in the middle of a job interview or even a high-stakes exam, and suddenly, you receive instant suggestions—answers or strategies—tailored to help you succeed. What if this technology was invisible to everyone else, leaving no trace of any external help? This is the premise behind Cluely, an AI startup that has stirred significant controversy while securing $5.3 million in seed funding. **Cluely’s $5.3 Million Investment Despite Backlash** Cluely, developed by Chungin “Roy” Lee and Neel Shanmuggan, promises to do just that. The app provides real-time, concealed assistance during tasks such as job interviews, coding challenges, sales calls, and even exams. Despite raising eyebrows and triggering backlash for enabling cheating, Cluely has raised substantial backing from investors, with Abstract Ventures and Susa Ventures leading the funding. The duo behind Cluely both have backgrounds that tie back to Columbia University. Lee, who previously created Interview Coder—a tool designed to help candidates during technical coding interviews—used it to secure job offers from major tech companies like Amazon and Meta. He and Shanmuggan expanded this concept, launching Cluely as a tool designed for even broader use, marketing it as a “cheating tool for literally everything.” **AI or Deception? Cluely’s Marketing Strategy Sparks Controversy** Cluely’s concept raises ethical concerns. While it operates with the goal of improving communication and helping users solve problems more efficiently, critics argue that it promotes dishonesty, particularly in professional and academic settings. The app operates by analyzing both the audio of conversations and the on-screen activity, providing responses that are hidden from view—making it difficult for interviewers or examiners to detect. Despite the criticism, Lee maintains that the tool isn’t about cheating in the traditional sense. In an attempt to reframe its purpose, he likens Cluely to tools like spellcheck or calculators—technologies that were once controversial but have since been widely accepted. Lee’s argument revolves around the idea that AI, in this instance, should be embraced as an aid for collaboration, not as a shortcut for dishonesty. **Cluely’s Struggles With Reliability in Real-World Use** Although Cluely is marketed as a seamless tool for enhancing interview performance or acing exams, early reports from users highlight some key issues. According to Business Insider, there were delays of up to ten seconds and even instances of “hallucinations,” where the AI generated fabricated responses. One of the most concerning critiques was its reliance on generic answers that may fail to impress in high-pressure professional environments. Despite these setbacks, Lee has assured users on LinkedIn that Cluely is undergoing rapid improvements, with updates being pushed "every other hour" to improve its performance. **From LeetCode to $3 Million in Annual Revenue** Cluely's origins trace back to Lee’s earlier creation, Interview Coder, which was specifically designed to assist candidates in coding interviews, notably on platforms like LeetCode. Lee claimed he used the tool to land internships at top tech firms including Amazon, Meta, and TikTok. Interestingly, he’s transparent about his intentions with Interview Coder—he wasn’t just looking to land an internship but also to expose flaws in the technical interview process used by major companies. This ethos has carried over to Cluely, where Lee and Shanmuggan want to shift the conversation around AI and its use in professional settings. Despite the negative press surrounding its marketing as a “cheating tool,” Cluely has generated $3 million in annual revenue, a testament to the demand for such tools. The startup’s appeal lies in its promise of enhancing performance in real-time, often at a level that would be nearly impossible to replicate with human assistance alone. **Can We Really Trust AI Tools Like Cluely?** As AI technology becomes increasingly embedded in our lives, it’s hard to ignore the ethical questions raised by Cluely’s success. While the app undoubtedly provides advantages to its users, it also normalizes a form of deception in professional and academic spheres. With critics accusing Cluely of encouraging dishonesty, the conversation around its use continues to evolve. Lee’s recent suspension from Columbia University for sharing content from a disciplinary hearing in March only adds fuel to the fire, further complicating the startup’s reputation. Cluely may have found its niche in an increasingly AI-driven world, but the broader implications of its use are far from clear. add one empty line gap after each sentence, remove ** symbol from the title. dont bold titles. maintain titlecase. ChatGPT said: What If You Could Get Real-Time Assistance During Job Interviews? Imagine being in the middle of a job interview or even a high-stakes exam, and suddenly, you receive instant suggestions—answers or strategies—tailored to help you succeed. What if this technology was invisible to everyone else, leaving no trace of any external help? This is the premise behind Cluely, an AI startup that has stirred significant controversy while securing $5.3 million in seed funding. Cluely’s $5.3 Million Investment Despite Backlash Cluely, developed by Chungin “Roy” Lee and Neel Shanmuggan, promises to do just that. The app provides real-time, concealed assistance during tasks such as job interviews, coding challenges, sales calls, and even exams. Despite raising eyebrows and triggering backlash for enabling cheating, Cluely has raised substantial backing from investors, with Abstract Ventures and Susa Ventures leading the funding. The duo behind Cluely both have backgrounds that tie back to Columbia University. Lee, who previously created Interview Coder—a tool designed to help candidates during technical coding interviews—used it to secure job offers from major tech companies like Amazon and Meta. He and Shanmuggan expanded this concept, launching Cluely as a tool designed for even broader use, marketing it as a “cheating tool for literally everything.” AI or Deception? Cluely’s Marketing Strategy Sparks Controversy Cluely’s concept raises ethical concerns. While it operates with the goal of improving communication and helping users solve problems more efficiently, critics argue that it promotes dishonesty, particularly in professional and academic settings. The app operates by analyzing both the audio of conversations and the on-screen activity, providing responses that are hidden from view—making it difficult for interviewers or examiners to detect. Despite the criticism, Lee maintains that the tool isn’t about cheating in the traditional sense. In an attempt to reframe its purpose, he likens Cluely to tools like spellcheck or calculators—technologies that were once controversial but have since been widely accepted. Lee’s argument revolves around the idea that AI, in this instance, should be embraced as an aid for collaboration, not as a shortcut for dishonesty. Cluely’s Struggles With Reliability in Real-World Use Although Cluely is marketed as a seamless tool for enhancing interview performance or acing exams, early reports from users highlight some key issues. According to Business Insider, there were delays of up to ten seconds and even instances of “hallucinations,” where the AI generated fabricated responses. One of the most concerning critiques was its reliance on generic answers that may fail to impress in high-pressure professional environments. Despite these setbacks, Lee has assured users on LinkedIn that Cluely is undergoing rapid improvements, with updates being pushed "every other hour" to improve its performance. From LeetCode to $3 Million in Annual Revenue Cluely's origins trace back to Lee’s earlier creation, Interview Coder, which was specifically designed to assist candidates in coding interviews, notably on platforms like LeetCode. Lee claimed he used the tool to land internships at top tech firms including Amazon, Meta, and TikTok. Interestingly, he’s transparent about his intentions with Interview Coder—he wasn’t just looking to land an internship but also to expose flaws in the technical interview process used by major companies. This ethos has carried over to Cluely, where Lee and Shanmuggan want to shift the conversation around AI and its use in professional settings. Despite the negative press surrounding its marketing as a “cheating tool,” Cluely has generated $3 million in annual revenue, a testament to the demand for such tools. The startup’s appeal lies in its promise of enhancing performance in real-time, often at a level that would be nearly impossible to replicate with human assistance alone. Can We Really Trust AI Tools Like Cluely? As AI technology becomes increasingly embedded in our lives, it’s hard to ignore the ethical questions raised by Cluely’s success. While the app undoubtedly provides advantages to its users, it also normalises a form of deception in professional and academic spheres. With critics accusing Cluely of encouraging dishonesty, the conversation around its use continues to evolve. Lee’s recent suspension from Columbia University for sharing content from a disciplinary hearing in March only adds fuel to the fire, further complicating the startup’s reputation. Cluely may have found its niche in an increasingly AI-driven world, but the broader implications of its use are far from clear. You said: What If You Could Get Real-Time Assistance During Job Interviews? Imagine being in the middle of a job interview or even a high-stakes exam, and suddenly, you receive instant suggestions—answers or strategies—tailored to help you succeed. What if this technology was invisible to everyone else, leaving no trace of any external help? This is the premise behind Cluely, an AI startup that has stirred significant controversy while securing $5.3 million in seed funding. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">A new AI startup, Cluely, is making headlines for all the right-and wrong-reasons. Founded by 21-year-old Chungin "Roy" Lee, who was suspended from Columbia University for creating an earlier version of the tool, Cluely has just secured $5.3 million in funding from Abstract… <a href="https://t.co/vgGf4d5KWF">pic.twitter.com/vgGf4d5KWF</a></p>— Tech News (@TechnicalNewsHQ) <a href="https://twitter.com/TechnicalNewsHQ/status/1916253139881357776?ref_src=twsrc%5Etfw">April 26, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> Cluely’s $5.3 Million Investment Despite Backlash Cluely, developed by Chungin “Roy” Lee and Neel Shanmuggan, promises to do just that. The app provides real-time, concealed assistance during tasks such as job interviews, coding challenges, sales calls, and even exams. Despite raising eyebrows and triggering backlash for enabling cheating, Cluely has raised substantial backing from investors, with Abstract Ventures and Susa Ventures leading the funding. The duo behind Cluely both have backgrounds that tie back to Columbia University. IMAGE Chungin “Roy” Lee and Neel Shanmuggan Lee had previously created Interview Coder, a tool designed to help candidates during technical coding interviews. He and Shanmuggan expanded this concept, launching Cluely as a tool designed for even broader use, marketing it as a “cheating tool for literally everything.” <blockquote class="twitter-tweet"><p lang="en" dir="ltr">Cluely is out. cheat on everything. <a href="https://t.co/EsRXQaCfUI">pic.twitter.com/EsRXQaCfUI</a></p>— Roy (@im_roy_lee) <a href="https://twitter.com/im_roy_lee/status/1914061483149001132?ref_src=twsrc%5Etfw">April 20, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> AI or Deception? Cluely’s Marketing Strategy Sparks Controversy Cluely’s concept raises ethical concerns. While it operates with the goal of improving communication and helping users solve problems more efficiently, critics argue that it promotes dishonesty, particularly in professional and academic settings. The app operates by analysing both the audio of conversations and the on-screen activity, providing responses that are hidden from view—making it difficult for interviewers or examiners to detect. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">After amassing 11M+ views on its launch video, CEO Roy Lee (<a href="https://twitter.com/im_roy_lee?ref_src=twsrc%5Etfw">@im_roy_lee</a>) lays out the endgame for Cluely:<br><br>“The end state of the product is a chip inside your brain that lets you use AGI to think.” <a href="https://t.co/Zm8Tk9idXE">https://t.co/Zm8Tk9idXE</a> <a href="https://t.co/su8yMSn2CI">pic.twitter.com/su8yMSn2CI</a></p>— vitrupo (@vitrupo) <a href="https://twitter.com/vitrupo/status/1915030436105052494?ref_src=twsrc%5Etfw">April 23, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> Despite the criticism, Lee maintains that the tool isn’t about cheating in the traditional sense. In an attempt to reframe its purpose, he likens Cluely to tools like spellcheck or calculators—technologies that were once controversial but have since been widely accepted. Lee’s argument revolves around the idea that AI, in this instance, should be embraced as an aid for collaboration, not as a shortcut for dishonesty. Cluely’s Struggles With Reliability in Real-World Use Although Cluely is marketed as a seamless tool for enhancing interview performance or acing exams, early reports from users highlight some key issues. According to Business Insider, there were delays of up to ten seconds and even instances of “hallucinations,” where the AI generated fabricated responses. One of the most concerning critiques was its reliance on generic answers that may fail to impress in high-pressure professional environments. Despite these setbacks, Lee has assured users on LinkedIn that Cluely is undergoing rapid improvements, with updates being pushed "every other hour" to improve its performance. <iframe src="https://www.linkedin.com/embed/feed/update/urn:li:share:7321287386183749632" height="833" width="504" frameborder="0" allowfullscreen="" title="Embedded post"></iframe> From LeetCode to $3 Million in Annual Revenue Cluely's origins trace back to Lee’s earlier creation, Interview Coder, which was specifically designed to assist candidates in coding interviews, notably on platforms like LeetCode. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">kind of insane there's AI cheating software for leetcode job interviews <a href="https://t.co/YtPbiZZNit">pic.twitter.com/YtPbiZZNit</a></p>— Aiden Bai (@aidenybai) <a href="https://twitter.com/aidenybai/status/1894805880396521862?ref_src=twsrc%5Etfw">February 26, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> Lee claimed he used the tool to land internships at top tech firms including Amazon, Meta, and TikTok. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">[1] Here's how Interview Coder actually works + our suite of undetectability features <a href="https://t.co/qdMvlFpVqj">pic.twitter.com/qdMvlFpVqj</a></p>— Roy (@im_roy_lee) <a href="https://twitter.com/im_roy_lee/status/1897566906040672462?ref_src=twsrc%5Etfw">March 6, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> Interestingly, he’s transparent about his intentions with Interview Coder—he wasn’t just looking to land an internship but also to expose flaws in the technical interview process used by major companies. This ethos has carried over to Cluely, where Lee and Shanmuggan want to shift the conversation around AI and its use in professional settings. Despite the negative press surrounding its marketing as a “cheating tool,” Cluely has generated $3 million in annual revenue, a testament to the demand for such tools. The startup’s appeal lies in its promise of enhancing performance in real-time, often at a level that would be nearly impossible to replicate with human assistance alone. Can We Really Trust AI Tools Like Cluely? As AI technology becomes increasingly embedded in our lives, it’s hard to ignore the ethical questions raised by Cluely’s success. While the app undoubtedly provides advantages to its users, it also normalises a form of deception in professional and academic spheres. With critics accusing Cluely of encouraging dishonesty, the conversation around its use continues to evolve. Lee’s recent suspension from Columbia University for sharing content from a disciplinary hearing in March only adds fuel to the fire, further complicating the startup’s reputation. <blockquote class="twitter-tweet"><p lang="en" dir="ltr">I just got kicked out of Columbia for taking a stand against Leetcode interviews.<br><br>Here's the whole story (long thread): <a href="https://t.co/Q7LPWjwyA7">pic.twitter.com/Q7LPWjwyA7</a></p>— Roy (@im_roy_lee) <a href="https://twitter.com/im_roy_lee/status/1905063484783472859?ref_src=twsrc%5Etfw">March 27, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> Cluely may have found its niche in an increasingly AI-driven world, but the broader implications of its use are far from clear. Summarise key factors into 2 short sentences. Simple words and clear. Focus on what happened. Uk English. ChatGPT said: Cluely, an AI startup created by Chungin “Roy” Lee and Neel Shanmuggan, has raised $5.3 million in funding despite controversy over its potential to enable cheating in job interviews and exams. The app offers real-time, hidden assistance during tasks, but has faced criticism for promoting dishonesty and raising ethical concerns. You said: shorten and more brief ChatGPT said: Cluely, an AI startup, raised $5.3 million despite controversy over enabling cheating in interviews and exams. The app provides hidden, real-time assistance but has faced criticism for promoting dishonesty.
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Anais
