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We stopped 281 Nigerian accounts in 2022 – Binance

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Binance

Binance has disclosed that it restricted 281 accounts belonging to Nigerians in 2022 due to money laundering concerns.

 

In a statement published on Binance’s website, the cryptocurrency exchange platform disclosed that its team visited Nigeria twice in the fourth quarter, conducting comprehensive law enforcement training sessions for officials of the Economic and Financial Crimes Commission.

 

Binance said 30 investigators attended each full-day session which gave the Nigerian anti-graft agency a detailed overview of its operations. They also claimed they trained Nigerian law enforcement on the intricacies of exchanges in the digital asset ecosystem.

Binance also expressed its eagerness to continue positive interactions, aiming to contribute to the prosperity of every Nigerian through ongoing collaboration and support for the nation’s fintech evolution.

 

The statement read;

 

“During these sessions, various case studies were presented, including those involving suspects from Nigeria. The positive feedback received from Nigerian investigators underscored their strong desire to sustain this cooperative format.

“Binance’s financial crime compliance teams processed 626 information requests related to Nigeria or from local law enforcement agencies between June 2020 and February 2024.

“The Nigeria Police Force, the Economic and Financial Crimes Commission, and INTERPOL Nigeria were among the many organisations that benefited from the information we supplied in their efforts to combat crimes ranging from money laundering, kidnapping, extortion, and scams.

“We worked closely with the authorities to safeguard users from illegal activity in a well-publicised action that occurred in January 2022, restricting 281 accounts that belonged to Nigerian residents because of worries about money laundering.

“Operating alongside established global players like Binance is deemed vital for the cohesive growth of this ecosystem, fostering a supportive environment for dynamic local startups.”

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YouTube And Meta To Pay $3M Compensation To Girl Who Got Addicted To Their Platforms

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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.

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Google acquires energy company Intersect for $4.75 billion

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미국 캘리포니아주 마운틴뷰 구글 캠퍼스의 한 건물. /AP 연합뉴스

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).

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“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

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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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