💰 Tether to Pay $41 Million to Settle Allegations

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Tether to Pay $41 Million to Settle Allegations

Tether has agreed to pay the US Commodity Futures Trading Commission $41 million in an allegation settlement payout.

In its official statement, the commission alleged that Tether made misleading claims to both its customers and the crypto market per se. It claimed that it had “sufficient US dollar reserves” to back every token.

However, between June 2016 and February 2019, Tether’s reserves went not sufficiently backed most of the time.

Tether also hid information about its inclusion of unsecured receivables and non-fiat assets as part of its reserves.

It even went one step ahead to claim to have conducted routine audits that showed it maintaining 100 per cent of reserves at all times.

However, its reserves did not undergo an audit. Responding to the claims of making misleading statements, Tether said that although the reserves were not in cash, it was always there in a bank account titled in Tether’s name. Tether also claimed that it never failed to satisfy a redemption request.

Ransomware Payouts in 2021 Might Register a Decade-High

The US Treasury’s Financial Crimes Enforcement Network, or FinCEN, found a massive surge in ransomware payments in the first half of 2021.

As per estimates, Ransomware transactions totaled around $590 million between January 2021 and June 2021.

When it comes to the amount trafficked by hacker groups, it was close to $5.2 billion worth of Bitcoin in three years between 2018 and 2021.

The numbers did not surprise the analysts. There were ample examples of hackers extorting major tech companies, pipelines, hospitals, insurance companies, and more.

FinCEN believes the list could be incomplete as hacking groups might have more funds in wallets that they haven’t used yet.

Spot AI Emerges Out of Stealth With a Software Platform that Can Read Any Video

Spot AI, a video technology startup, has come out with a technology that can read video footage irrespective of the type of camera it was recorded on or the quality of the footage.

Anyone can search these videos, either by words or frame images. The company has already been selling its technology since 2018.

It has had thousands of users belonging to hundreds of client firms. Its client list includes companies like SpaceX, Cheeseman, Mixt, and Northland Cold Storage.

Now, Spot AI has decided to release its product to the larger mass market. It has received total funding of $22 million, led by Redpoint Ventures with Bessemer Venture Partners. Other smaller-equity investors include Village Global and Stanford StartX.

Chip Shortages Hurt Smartphone Sales by 6%

Global smartphone sales are down 6%. The factor driving the decline was the global chip shortage and not the lack of demand.

Although there was not much difference in the market share occupied by the top five players, the chipset manufacturers increased their prices to disincentivize over-ordering.

Samsung kept its percentage share of shipments in Q3 2021 the same as that in Q3 2020, 23%.

Apple increased its share from 12% to 15%, while Xiaomi stayed stable at 14%. Vivo and Oppo both increased their share from 9% to 10%.

AROUND THE WEB

📷 Moscow Launches “Face Pay”: The facial recognition payment system implemented by Moscow in more than 240 of its metro stations is reported to be “the largest use of facial recognition technology in the world.”

🌳 Trusscore Raises US$ 21 million in Series A: Trusscore is an Ontario-based material science startup aimed at reducing the construction industry’s environmental footprint

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