Tech
Trading platform users deny crash claim
Some users of CBEX, a digital asset trading platform, have dismissed trending reports that it has crashed.
This comes amid concerns over the operations of the platform, with some users warning that it showed signs of being a Ponzi scheme.
Our correspondent gathered that there are growing concerns about the platform’s stability, with many users fearing that their money is now stuck.
While some warned that CBEX could be a potential Ponzi scheme on the brink of collapse, others continued to defend the platform, insisting it remained a legitimate operation.
An X user, Viktor Benson (@viktorbensonyt), claimed that some users had been logged out of their accounts and might not be able to retrieve their money.
The post read, “You need to go to the platform to download the app and you tell yourself that platform is legit. Now you have put money and the website has crashed, and you can’t withdraw. Although people are saying that it is a temporary issue and I like being optimistic that by Monday one will be able to withdraw. Let us wait till Monday; hopefully, you can withdraw your money.”
Meanwhile, another X user, @BlessedAjoke, countered the crash claims, saying, “CBEX is still working perfectly, just that you can’t withdraw until the 15th of April. You people should stop spreading fake news. Stop giving people heart attacks nah.”
Another user, @0kparam, criticised those celebrating the platform’s possible collapse.
“Y’all are acting like CBEX crashing makes you financial sages. Nah, it just makes you bitter haters… Ponzi, yen yen yen. Just stfu, coward,” he wrote.
Speaking to Sunday Ekwutos, three other users confirmed that the platform was still functioning, although withdrawals were currently not possible due to the platform’s rules and regulations.
One of the users, Sodiq Dayo, said he was still actively trading on the platform and noted that the issue with withdrawals would be resolved by Tuesday.
“The platform is still working. The reason why the withdrawal is not functioning at the moment is because of some rules and regulations of the platform, and this will be resolved by Tuesday,” he said.
Another CBEX user, Alli Lanre, stated that as long as users could access the platform, there was no issue.
He advised users not to worry or develop hypertension over rumours of the platform’s crash.
Gbenga Adeboye, another user, expressed both optimism and pessimism, saying, “Basically, no one can withdraw unless the trading volume is completed. However, they promised the whole issue would be over by the 15th.”
Reacting to the issue, a financial expert, Aliyu Ilias, noted a regulatory gap in monitoring online financial businesses in Nigeria.
He stressed the need for continuous oversight from the National Information Technology Development Agency and the Central Bank of Nigeria to discourage unclear financial investments, whether Ponzi schemes or otherwise.
Ilias said, “Nigerians should be cautious of quick-income platforms that could crash at any point in time. The government has a responsibility to fish out the sponsors of these Ponzi platforms, even if they are operating in the cloud.”
A cryptocurrency expert, Kayode Olagunju, also emphasised that Ponzi schemes like CBEX should not be encouraged in the country.
He added that it was shameful that Nigerians continue to fall victim to scams despite the education and warnings provided by crypto experts.
“It is a slap in the face of intellectuals who have written so many articles and guides to help people with zero knowledge about cryptocurrencies. Crypto is vast; it is in the same class as the stock market,” he said.
Checks by our correspondent on the official website of the trading platform revealed that it remained accessible.
However, messages sent by Sunday Ekwutos to the email address listed on the CBEX website were undeliverable at the time of filing this report.
Tech
YouTube And Meta To Pay $3M Compensation To Girl Who Got Addicted To Their Platforms
A jury in Los Angeles has ruled that tech giants YouTube and Meta are liable for negligence in a closely watched case involving a young woman who said she became addicted to their platforms from childhood.
The panel awarded the plaintiff $3 million in compensatory damages, assigning 70 percent of the liability to Meta. Jurors also determined that both companies could face additional punitive damages, with a decision on that yet to be made.
The lawsuit, filed in 2023, alleged that platforms such as Instagram were deliberately designed to create addictive user experiences, particularly for young audiences. According to court filings, the plaintiff began using YouTube at age six and Instagram at nine.
During the trial, a therapist who treated the woman testified that prolonged social media exposure contributed to significant mental health challenges, including social phobia and body image issues.
Both companies have rejected the verdict. Meta argued that teen mental health is influenced by multiple factors and cannot be attributed to a single platform. YouTube, meanwhile, maintained that its service is not inherently addictive.
Legal experts expect both companies to appeal the decision, setting the stage for a potentially influential battle over the responsibility of tech platforms in safeguarding young users.
Tech
Google acquires energy company Intersect for $4.75 billion
Google is acquiring energy infrastructure company ‘Intersect’ for $4.75 billion (approximately 7 trillion Korean won) to secure the power needed for its AI (artificial intelligence) data centers. The move aims to address the power issue, the biggest hurdle in expanding data centers. Google, which developed the ‘Gemini’ AI, is a so-called ‘AI full-stack’ company equipped with all AI-related technologies and services, including AI chips and cloud (virtual servers). The strategy is to directly manage the energy infrastructure needed to actually operate AI as well.
Reuters reported on the 22nd (local time) that Google is acquiring Intersect for $4.75 billion in cash. Google already holds a minority stake in Intersect, and through this acquisition, it will also secure the gigawatt (GW)-level energy and data center projects that Intersect is developing and constructing. Intersect is expected to be responsible for building Google’s data center power infrastructure in the U.S., based on its technology linking power generation facilities and power grids.
Sundar Pichai, CEO of Google and Alphabet, said, “Intersect will enable us to build power infrastructure more quickly and flexibly in line with the increasing demand for AI data centers,” adding, “It will also be an important partner in strengthening America’s energy innovation and technological leadership.”
Bloomberg reported that Intersect’s energy assets currently in operation or under construction in the U.S. amount to $15 billion (approximately 22.2 trillion Korean won).
◇Google increasing energy investments
Google has recently been increasing its investments in the energy sector. Although the company possesses AI chips (TPUs), Gemini, and search and cloud services, stable energy supply is essential to support these businesses.
To this end, Google is also investing in nuclear power technology. In October of last year, it signed a long-term cooperation agreement with small modular reactor (SMR) startup ‘Kairos Power’ to secure up to 500 MW (megawatts) of power. It is noted as the first case among big tech companies to publicly declare securing SMR-based power. Additionally, in August, Google and Kairos Power announced plans to build the next-generation SMR ‘Hermes 2’ in Oak Ridge, Tennessee. The goal is to commence operation in 2030.
Google is also restarting previously shut-down nuclear power plants to secure energy. In October, it announced that it will collaborate with ‘NextEra Energy’ to restart the Duane Arnold Nuclear Generating Station in Iowa, which was closed in 2020. The target restart period is between 2028 and 2029.
Google is also investing in renewable energy such as geothermal power. Since 2023, it has been supplying power to data centers through geothermal power generation with ‘Fervo Energy’ in Nevada, U.S.
Google is also actively investing in next-generation energy technologies that are not yet commercialized. In 2022, it made a large-scale investment in ‘TAE Technologies,’ which possesses nuclear fusion technology. Nuclear fusion power generation is a technology that applies the principle of energy creation in the sun, combining atomic nuclei to produce energy. It is called the ‘dream energy’ because it has abundant fuel resources, emits no carbon, and, unlike conventional nuclear power plants, does not produce high-level nuclear waste. However, it is assessed that more time is needed for commercialization due to technical challenges. Recently, TAE Technologies has accelerated the commercialization of fusion energy by merging with Trump Media Group (TMTG).
Tech
“I Lost $1.2 Million To Hackers On One Of My Apps. I Caught One Of The Hackers, And Instead Of Handing Him Over To The Police, I Employed Him To Work For Me.”- BLord
Anambra Born tech entrepreneur and businessman Linus Williams, popularly known as BLord, has shared an unusual story about how he handled a major cyberattack on one of his applications.
According to BLord, he lost $1.2 million to hackers who infiltrated one of his digital platforms. In the course of tracking the incident, he successfully identified one of the individuals involved in the breach.
Rather than handing the suspect over to security agencies, BLord said he made a strategic decision: he employed the hacker.
He explained that the hacker’s skills, though misapplied, were exceptional and could be redirected towards strengthening his company’s cybersecurity systems.
BLord noted that the decision was driven by a desire to turn a negative experience into an opportunity for growth and to better secure his business infrastructure.
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