Musk Sued Over Dogecoin Pyramid Scheme; Canada Clamps Down on Companies’ Use of Information & AI

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In at this time’s ExchangeWire information digest: Tesla-boss Elon Musk faces authorized motion over claims he ran a pyramid scheme to govern the worth of Dogecoin; Canada introduces a brand new invoice to guard residents’ privateness; and messaging service Telegram launches a brand new premium tier as its world consumer base soars.

 

Elon Musk sued over claims of manipulating Dogecoin market

Elon Musk is being sued for USD$258bn (£209bn) following accusations he used a pyramid scheme to revenue from Dogecoin. The cryptocurrency, which was launched in 2013 to parody Bitcoin, skyrocketed in worth final yr, hovering from USD$0.004 (£0.00327) to USD$0.73 (£0.58) over 4 months. The cryptocurrency’s worth has since tumbled by 92%.

Throughout this time interval, Musk continuously tweeted about Dogecoin and even described it as a “hustle” whereas hosing Saturday Night time Dwell. The criticism in opposition to Musk, which was filed in New York final week, claims the billionaire “used his pedestal because the world’s richest man to function and manipulate the Dogecoin pyramid scheme for revenue, publicity and amusement,” inflicting monetary loss to different patrons available in the market.

 

Canada introduces new privateness invoice on use of non-public information and AI

Final Thursday (sixteenth June) the Canadian authorities launched its first main replace in privateness laws in over a decade. The proposed Invoice C-27 is meant to offer Canadian residents higher management over how firms use their private information, along with empowering the federal government to subject fines to companies who don’t comply, and introducing new insurance policies round the usage of synthetic intelligence (AI).

Invoice C-27 additionally marks a big step in direction of progressing François-Philippe Champagne’s digital constitution, a algorithm to guard shopper privateness and domesticate Canada’s digital economic system. Chatting with reporters, the minister for innovation, science, and trade described the digital constitution as “one of the crucial stringent frameworks you’d discover amongst G7 nations.”

 

Telegram launches premium tier as consumer base tops 700 million

Messaging service Telegram will roll out a premium tier as the corporate appears to be like to monetise from its burgeoning consumer base. The corporate, whose consumer base has surpassed 700 million globally, is but to reveal how a lot it would cost to be used of its premium tier, entitled Telegram Premium.

Telegram Premium will allow customers to ship information sized as much as 4GB (double the 2GB accessible to non-paying customers), along with supporting quicker downloads and enabling customers to host as much as 200 chats throughout 20 chat folders.

In line with Telegram, the introduction of a premium tier goals to make sure its improvement is “pushed primarily by its customers, not advertisers.”

 

Additionally within the information:

– Index Trade Promotes Sara Vincent as Managing Director for UK & Eire

– Seedtag Acquires KMTX to Increase Contextual Efficiency for Advertisers

– Cartology Advances Retail Media Community with Broadsign

– EX.CO Advances European Development Technique with Appointment of Marc Thomas as Common Supervisor, EMEA

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