Meta May Shut Down Facebook And Instagram in Europe 🇪🇺 Over Data Sharing

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Meta May Shut Down Facebook And Instagram in Europe 🇪🇺 Over Data Sharing

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Meta has said that it may shut down Facebook and Instagram platforms in Europe if the company is not allowed to transfer data of European users back to the United States.

Under the current regulations, Meta is allowed to process the data of its European users in the United States; however, the rules involving data transfers are under review by the European Union, and they could be changed.

In its annual report, the company said, “If a new transatlantic data transfer framework is not adopted and we are unable to continue to rely on SCCs or rely upon other alternative means of data transfers from Europe to the United States, we will likely be unable to offer a number of our most significant products and services, including Facebook and Instagram, in Europe, which would materially and adversely affect our business, financial condition, and results of operations.”

Meta says it is important for them to share data between countries and regions to keep its services and targeted advertising operations. But, if it is not allowed to do so, it would have to close down Facebook and Instagram in Europe.

CoinDesk Fixes 🔧 CMS Exploit That Leaked Drafts Ahead of Publication 📰

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CoinDesk, the leading news site specializing in cryptocurrencies, has reportedly fixed a vulnerability encountered on its CMS.

In a post, CoinDesk said, “The exploit, which was brought to CoinDesk’s attention by a white-hat hacker, may have allowed unidentified actors to profit from nonpublic information by making trades ahead of the publication of at least one article.”

Though CoinDesk says that the security issue just exposed unpublished headlines, a Twitter user who brought the leak to CoinDesk’s notice demonstrates how the issue goes much deeper.

He says, “Now that they finally fixed it. How Coindesk gave people the credentials to read every draft before it’s posted -create fake drafts -edit existing, published articles. All because of a very simple developer mistake.”

The same report further noted saying that a long error message or an error stack will return when the API receives a bad request. And this will allow someone to attack the backend publishing system of CoinDesk.

CoinDesk has issued an apology for the issue and has said that they are committed to being fair in the crypto market.

Polygon Raises $450 Million 💰 in Its Latest Funding Round

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Ethereum scaling and infrastructure development platform, Polygon has raised about $450 million in its latest funding round.

The funding was led by Sequoia Capital India and also saw participation from over 40 venture capital firms including, SoftBank Vision Fund 2, Tiger Global, Galaxy Digital, Galaxy Interactive, Republic Capital, Alameda Research, Transcend Fund, Makers Fund, and angel investors such as Alan Howard, Kevin O’Leary, Mark Pincus, among others.

Founded in 2017, Polygon (Matic Network) is the leading Ethereum scaling and infrastructure development platform offering a wide range of products.

Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions, hybrid solutions, data availability solutions, and so much more.

Polygon will use the fresh proceedings to expand its scaling solutions, which include Polygon Edge, Polygon PoS, Polygon Avail, and support the adoption of Web3 applications.

In addition, the platform will use the funds to invest in zero-knowledge technology after committing over $1 billion to such initiatives in November last year.

About 25% People 🤵👨‍🦳👨‍🦰👩💁‍♀️👧 Will Spend 1 Hour ⌛ Daily in Metaverse by 2026, Says Research

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According to research by technology research and consulting company Gartner, by 2026, about 25% of people will spend at least one hour a day in the metaverse for work, shopping, education, social, and/or entertainment.

The report published by Gartner says that in anticipation of this migration to the Metaverse, several companies are already working on building the required infrastructure to allow their users to replicate their lives digitally.

Marty Resnick, the vice president of Gartner, said that brands will have to collaborate for unifying the metaverse as there is an increased demand for virtual, interactive, and three-dimensional experiences from consumers.

“From attending virtual classrooms to buying digital land and constructing virtual homes, these activities are currently being conducted in separate environments. Eventually, they will take place in a single environment – the metaverse – with multiple destinations across technologies and experiences,” said Resnick.

He added saying, “Enterprises will have the ability to expand and enhance their business models in unprecedented ways by moving from a digital business to a metaverse business. By 2026, 30% of the organizations in the world will have products and services ready for metaverse.”

Around the Web 🌐

3D Content Collaboration Startup Taichi Graphics Raises $50 Million: Taichi Graphics, an open-source graphics infrastructure & digital content creation cloud platform, has raised $50 million in its Series A funding round. The funding was led by Source Code Capital, GGV Capital, and BAI Capital, in addition to existing investors Sequoia Capital China.

Global Cryptocurrency Adoption Could Reach a Hyper-Inflection Point Soon: According to a report published by Wells Fargo Investment Institute (the research division of Wells Fargo Wealth and Investment Management), cryptocurrencies could soon exit the early adoption phase and enter an inflection point of hyper-adoption, similar to other technologies.


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