Financial Intelligence Unit, an Indian government agency which scrutinizes financial transactions, said Thursday nine global crypto exchanges -- including Binance, Kraken, Kucoin and Mexc -- are operating "illegally" in the country without complying with the local anti-money laundering act and asked the IT Ministry to block their websites. From a report: FIU said it has issued show cause notices to all nine firms. Global crypto exchanges are required to comply with India's anti-money laundering rules and cannot evade the guidelines just because they don't have physical presence in the country, the government agency said.

An anonymous reader shares a report: The Times is targeting various companies under the OpenAI umbrella, as well as Microsoft, an OpenAI partner that both uses it to power its Copilot service and helped provide the infrastructure for training the GPT Large Language Model. But the suit goes well beyond the use of copyrighted material in training, alleging that OpenAI-powered software will happily circumvent the Times' paywall and ascribe hallucinated misinformation to the Times.

The suit notes that The Times maintains a large staff that allows it to do things like dedicate reporters to a huge range of beats and engage in important investigative journalism, among other things. Because of those investments, the newspaper is often considered an authoritative source on many matters. All of that costs money, and The Times earns that by limiting access to its reporting through a robust paywall. In addition, each print edition has a copyright notification, the Times' terms of service limit the copying and use of any published material, and it can be selective about how it licenses its stories.

In addition to driving revenue, these restrictions also help it to maintain its reputation as an authoritative voice by controlling how its works appear. The suit alleges that OpenAI-developed tools undermine all of that. [...] The suit seeks nothing less than the erasure of both any GPT instances that the parties have trained using material from the Times, as well as the destruction of the datasets that were used for the training. It also asks for a permanent injunction to prevent similar conduct in the future. The Times also wants money, lots and lots of money: "statutory damages, compensatory damages, restitution, disgorgement, and any other relief that may be permitted by law or equity."

Agence France-Press reports: The world of Chinese chess is in uproar over rumors of cheating and a bad behavior scandal that saw the national champion stripped of his title on Monday after a victory celebration ended with him defecating in a hotel bathtub. Xiangqi, or Chinese chess, has been hugely popular for hundreds of years across Asia -- and 48-year-old Yan Chenglong beat dozens of contenders last week to win the title of "Xiangqi King" at a national tournament hosted by the Chinese Xiangqi Association. But his joy was short-lived, with the CXA on Monday announcing that Yan would have his title revoked and prize money confiscated after had been caught "disrupting public order" and displaying "extremely bad character."

The association was also forced to address rumors circulating online that Yan had cheated during the competition by using anal beads equipped with wireless transmitters to send and receive signals. Yan allegedly clenched and unclenched rhythmically to communicate information about the chess board via code to a computer, which then sent back instructions on what moves to make in the form of vibrations, according to reports circulating on the Chinese social site Weibo. "Based on our understanding of the situation, it is currently impossible to prove that Yan engaged in cheating via 'anal beads' as speculated on social media," the CXA said. But he was still stripped of his title and banned from playing for a year after his celebrations went wayward.

"Yan consumed alcohol with others in his room on the night of the 17th, and then he defecated in the bathtub of the room he was staying in on the 18th, in an act that damaged hotel property, violated public order and good morals, had a negative impact on the competition and the event of Xiangqi, and was of extremely bad character," the association said. The association did not disclose the amount of prize money Yan was forfeiting, but Xiangqi tournaments often promise winners tens of thousands of yuan (thousands of dollars).

An anonymous reader quotes a report from The Register: Bruce Perens, one of the founders of the Open Source movement, is ready for what comes next: the Post-Open Source movement. "I've written papers about it, and I've tried to put together a prototype license," Perens explains in an interview with The Register. "Obviously, I need help from a lawyer. And then the next step is to go for grant money." Perens says there are several pressing problems that the open source community needs to address. "First of all, our licenses aren't working anymore," he said. "We've had enough time that businesses have found all of the loopholes and thus we need to do something new. The GPL is not acting the way the GPL should have done when one-third of all paid-for Linux systems are sold with a GPL circumvention. That's RHEL." RHEL stands for Red Hat Enterprise Linux, which in June, under IBM's ownership, stopped making its source code available as required under the GPL. Perens recently returned from a trip to China, where he was the keynote speaker at the Bench 2023 conference. In anticipation of his conversation with El Reg, he wrote up some thoughts on his visit and on the state of the open source software community. One of the matters that came to mind was Red Hat.

"They aren't really Red Hat any longer, they're IBM," Perens writes in the note he shared with The Register. "And of course they stopped distributing CentOS, and for a long time they've done something that I feel violates the GPL, and my defamation case was about another company doing the exact same thing: They tell you that if you are a RHEL customer, you can't disclose the GPL source for security patches that RHEL makes, because they won't allow you to be a customer any longer. IBM employees assert that they are still feeding patches to the upstream open source project, but of course they aren't required to do so. This has gone on for a long time, and only the fact that Red Hat made a public distribution of CentOS (essentially an unbranded version of RHEL) made it tolerable. Now IBM isn't doing that any longer. So I feel that IBM has gotten everything it wants from the open source developer community now, and we've received something of a middle finger from them. Obviously CentOS was important to companies as well, and they are running for the wings in adopting Rocky Linux. I could wish they went to a Debian derivative, but OK. But we have a number of straws on the Open Source camel's back. Will one break it?"

Another straw burdening the Open Source camel, Perens writes, "is that Open Source has completely failed to serve the common person. For the most part, if they use us at all they do so through a proprietary software company's systems, like Apple iOS or Google Android, both of which use Open Source for infrastructure but the apps are mostly proprietary. The common person doesn't know about Open Source, they don't know about the freedoms we promote which are increasingly in their interest. Indeed, Open Source is used today to surveil and even oppress them." Free Software, Perens explains, is now 50 years old and the first announcement of Open Source occurred 30 years ago. "Isn't it time for us to take a look at what we've been doing, and see if we can do better? Well, yes, but we need to preserve Open Source at the same time. Open Source will continue to exist and provide the same rules and paradigm, and the thing that comes after Open Source should be called something else and should never try to pass itself off as Open Source. So far, I call it Post-Open." Post-Open, as he describes it, is a bit more involved than Open Source. It would define the corporate relationship with developers to ensure companies paid a fair amount for the benefits they receive. It would remain free for individuals and non-profit, and would entail just one license. He imagines a simple yearly compliance process that gets companies all the rights they need to use Post-Open software. And they'd fund developers who would be encouraged to write software that's usable by the common person, as opposed to technical experts.

Pointing to popular applications from Apple, Google, and Microsoft, Perens says: "A lot of the software is oriented toward the customer being the product -- they're certainly surveilled a great deal, and in some cases are actually abused. So it's a good time for open source to actually do stuff for normal people." The reason that doesn't often happen today, says Perens, is that open source developers tend to write code for themselves and those who are similarly adept with technology. The way to avoid that, he argues, is to pay developers, so they have support to take the time to make user-friendly applications. Companies, he suggests, would foot the bill, which could be apportioned to contributing developers using the sort of software that instruments GitHub and shows who contributes what to which products. Merico, he says, is a company that provides such software. Perens acknowledges that a lot of stumbling blocks need to be overcome, like finding an acceptable entity to handle the measurements and distribution of funds. What's more, the financial arrangements have to appeal to enough developers. "And all of this has to be transparent and adjustable enough that it doesn't fork 100 different ways," he muses. "So, you know, that's one of my big questions. Can this really happen?" Perens believes that the General Public License (GPL) is insufficient for today's needs and advocates for enforceable contract terms. He also criticizes non-Open Source licenses, particularly the Commons Clause, for misrepresenting and abusing the open-source brand.

As for AI, Perens views it as inherently plagiaristic and raises ethical concerns about compensating original content creators. He also weighs in on U.S.-China relations, calling for a more civil and cooperative approach to sharing technology.

You can read the full, wide-ranging interview here.

The Vision Pro, Apple's first "spatial computing" device that costs $3,499, is expected to have a "late-January/early-February" release date, according to Apple analyst Ming-Chi Kuo. "The analyst says that the first wave of Vision Pros are being shipped to Apple in about a month, with total shipments numbering around 500,000 for the full year," adds TechCrunch. From the report: The company's precise target for the year remains an open-ended question. About a month after the device was revealed, reports suggested that Apple has scaled back expectations from around one million to "fewer than 400,000." Even the updated 500,000 figure is small for a company of Apple's massive size and influence. Keep in mind that the company should be shipping more than 200 million iPhones this calendar year.

The Vision Pro, however, is widely regarded as the biggest gambit of Tim Cook's 12-year tenure as CEO. Not only is it an entirely new category and form factor for the company, it's also prohibitively priced, even for customers accustomed to shelling out extra for apple products. Add to that VR's decades-long failure to live up to expectations, and you've got a big uphill fight on your hands. Kuo refers to Vision Pro as "Apple's most important product of 2024." Given the years of speculation and all the time and money the company has no doubt poured into the headset, it's a tough statement to argue.

AstroForge, a private company, wants to mine a space rock, but it doesn't want the competition to find out which one. From a report: For generations, Western space missions have largely occurred out in the open. We knew where they were going, why they were going there and what they planned to do. But the world is on the verge of a new era in which private interests override such openness, with big money potentially on the line. Sometime in the coming year, a spacecraft from AstroForge, an American asteroid-mining firm, may be launched on a mission to a rocky object near Earth's orbit. If successful, it will be the first wholly commercial deep-space mission beyond the moon. AstroForge, however, is keeping its target asteroid secret.

The secret space-rock mission is the latest in an emerging trend that astronomers and other experts do not welcome: commercial space missions conducted covertly. Such missions highlight gaps in the regulation of spaceflight as well as concerns about whether exploring the cosmos will continue to benefit all humankind. "I'm very much not in favor of having stuff swirling around the inner solar system without anyone knowing where it is," said Jonathan McDowell, an astronomer at the Harvard-Smithsonian Center for Astrophysics in Massachusetts. "It seems like a bad precedent to set." But for AstroForge, the calculation is simple: If it reveals the destination, a competitor may grab the asteroid's valuable metals for itself. "Announcing which asteroid we are targeting opens up risk that another entity could seize that asteroid," said Matt Gialich, AstroForge's chief executive.

Amazon aims to make online car purchases as seamless as getting everyday essentials. But it's not as easy as selling other items. WSJ: Car sales represent Amazon's next bet in e-commerce dominance and come after the Covid-19 pandemic made online car purchases more popular. Amazon executives want to make buying vehicles through its website as simple as purchasing toilet paper or dog food, and the company is looking to strike broad partnerships with carmakers. The company is set to face several challenges in expanding the program beyond a pilot phase for employees starting early next year: One is dealerships, which remain at the center of most new-car sales and depend on service revenue for profit incentives. A second will be trying to get customers who visit its website mainly for lower-priced items to turn to the platform for one of the biggest purchases of their lives. Amazon also will have to navigate different government regulations.

"Customers tell us it's really hard to buy a car," Fan Jin, Amazon's director of vehicle sales, said in an interview. Vehicle-buying software is fragmented, with dealers using a range of software providers. Varying regulations across states also make it difficult. "It's a process that we've heard time and again could use improvement, and we have an opportunity to go and prove it," she said. When the new service launches later next year, Amazon said shoppers will be able to complete every step of the car-buying process through its website. Only new Hyundai vehicles will be available at the start. Consumers will have different financing options, but the company said it is still working through details. Eventually, Amazon wants to expand to trade-in vehicles and used cars. Many dealers might be loath to accept a high volume of online sales because they make a significant amount of money on service and warranty deals that customers agree to when they finance a car purchase.

theodp writes: Back in May 2021, tech-backed nonprofit Code.org touted the signing of a licensing agreement with WhiteHat Jr., allowing the edtech company with a controversial past (Whitehat Jr. was bought for $300M in 2020 by Byju's, an edtech firm that received a $50M investment from Mark Zuckerberg's venture firm) to integrate Code.org's free-to-educators-and-organizations content and tools into their online tutoring service. Code.org did not reveal what it was charging Byju's to use its "free curriculum and open source technology" for commercial purposes, but Code.org's 2021 IRS 990 filing reported $1M in royalties from an unspecified source after earlier years reported $0. Coincidentally, Whitehat Jr. is represented by Aaron Kornblum, who once worked at Microsoft for now-President Brad Smith, who left Code.org's Board just before the lawsuit was filed.

Fast forward to 2023 and the bloom is off the rose, as Court records show that Code.org earlier this month sued Whitehat Education Technology, LLC (Exhibits A and B) in what is called "a civil action for breach of contract arising from Whitehat's failure to pay Code.org the agreed-upon charges for its use of Code.org's platform and licensed content and its ongoing, unauthorized use of that platform and content." According to the filing, "Whitehat agreed [in April 2022] to pay to Code.org licensing fees totaling $4,000,000 pursuant to a four-year schedule" and "made its first four scheduled payments, totaling $1,000,000," but "about a year after the Agreement was signed, Whitehat informed Code.org that it would be unable to make the remaining scheduled license payments." While the original agreement was amended to backload Whitehat's license fee payment obligations, "Whitehat has not paid anything at all beyond the $1,000,000 that it paid pursuant to the 2022 invoices before the Agreement was amended" and "has continued to access Code.org's platform and content."

That Byju's Whitehat Jr. stiffed Code.org is hardly shocking. In June 2023, Reuters reported that Byju's auditor Deloitte cut ties with the troubled Indian Edtech startup that was once an investor darling and valued at $22 billion, adding that a Byju's Board member representing the Chan-Zuckerberg Initiative had resigned with two other Board members. The BBC reported in July that Byju's was guilty of overexpanding during the pandemic (not unlike Zuck's Facebook). Ironically, the lawsuit Exhibits include screenshots showing Mark Zuckerberg teaching Code.org lessons. Zuckerberg and Facebook were once among the biggest backers of Code.org, although it's unclear whether that relationship soured after court documents were released that revealed Code.org's co-founders talking smack about Zuck and Facebook's business practices to lawyers for Six4Three, which was suing Facebook.

Code.org's curriculum is also used by the Amazon Future Engineer (AFE) initiative, but it is unclear what royalties -- if any -- Amazon pays to Code.org for the use of Code.org curriculum. While the AFE site boldly says, "we provide free computer science curriculum," the AFE fine print further explains that "our partners at Code.org and ProjectSTEM offer a wide array of introductory and advance curriculum options and teacher training." It's unclear what kind of organization Amazon's AFE ("Computer Science Learning Childhood to Career") exactly is -- an IRS Tax Exempt Organization Search failed to find any hits for "Amazon Future Engineer" -- making it hard to guess whether Code.org might consider AFE's use of Code.org software 'commercial use.' Would providing a California school district with free K-12 CS curriculum that Amazon boasts of cultivating into its "vocal champion" count as "commercial use"? How about providing free K-12 CS curriculum to children who live where Amazon is seeking incentives? Or if Amazon CEO Jeff Bezos testifies Amazon "funds computer science coursework" for schools as he attempts to counter a Congressional antitrust inquiry? These seem to be some of the kinds of distinctions Richard Stallman anticipated more than a decade ago as he argued against a restriction against commercial use of otherwise free software.

Nigeria's central bank has lifted a ban on transacting in cryptocurrencies, while saying global trends had shown a need to regulate such activities, the bank said in its latest circular. From a report: The Central Bank of Nigeria (CBN) in Feb. 2021 barred banks and financial institutions from dealing in or facilitating transactions in crypto assets, citing money laundering and terrorism financing risks. Subsequently Nigeria's Securities and Exchange Commission (SEC) in May last year published regulations for digital assets that signalled Africa's most populous country was trying to find a middle ground between an outright ban on crypto assets and their unregulated use.

In a circular dated Dec. 22, the CBN said current trends globally have shown there is a need to regulate the activities of virtual asset service providers (VASPs), which include cryptocurrencies and crypto assets. The latest guidelines spell out how banks and financial institutions (FI) should open accounts, provide designated settlement accounts and settlement services and act as channels for forex inflows and trade for firms transacting in crypto assets. VASPs would need to be licensed by the Nigerian SEC to engage in the crypto business.

Occupations with the highest share of workers older than 65 have changed little, data from the past seven decades show. Bloomberg Businessweek: Americans may dream about being able to go off the clock when they reach retirement age, but a good number simply can't or won't. We compiled data on the occupations with the highest share of workers older than 65, going back seven decades. The job types held remarkably steady over the decades (farmers, tailors and clergy). A few faded out of the data with time -- blacksmiths, furriers and household washers, for instance. The data can't fully tell us why people in some professions keep at it longer than others. But we know they're largely low-paying jobs, which means workers have likely struggled to put aside money for retirement.

The Biden administration has spent much of the last two years bracing key U.S. networks and infrastructure against crippling cyberattacks from Russia, Iran and China. But it is following a different playbook as it ramps up its efforts to thwart digital threats from North Korea: Follow the crypto -- and stop it. From a report: Convinced North Korea primarily sees hacking as a way to funnel money back to the cash-strapped Kim Jong Un regime, the White House has focused on blocking the country's ability to launder the cryptocurrency it steals through its cyberattacks. In the last year, the administration has unveiled a flurry of sanctions against North Korean hacking groups, front companies and IT workers, and blacklisted multiple cryptocurrency services they use to launder stolen funds. Earlier this month, national security adviser Jake Sullivan announced a new partnership with Japan and South Korea aimed at cracking down on Pyongyang's crypto bonanza -- thereby choking off money to its nuclear and conventional weapons programs.

"In countering North Korean cyber operations, our first priority has been focusing on their crypto heists," Anne Neuberger, the National Security Council's top cybersecurity official, said in an interview. The stepped-up effort to blunt North Korea's cyber operations is fueled by growing alarm about where the fruits of those attacks are going, Neuberger said. Hacking, she argued, has enabled North Korea to "either evade sanctions or evade the steps the international community has taken to target their weapons proliferation ... their missile regime, and the growth in the number of launches we've seen."

An anonymous reader shared this report from Fast Company: Providers of critical infrastructure in the United States are doing a sloppy job of defending against cyber intrusions, the National Security Council tells Fast Company, pointing to recent Iran-linked attacks on U.S. water utilities that exploited basic security lapses [earlier this month]. The security council tells Fast Company it's also aware of recent intrusions by hackers linked to China's military at American infrastructure entities that include water and energy utilities in multiple states.

Neither the Iran-linked or China-linked attacks affected critical systems or caused disruptions, according to reports.

"We're seeing companies and critical services facing increased cyber threats from malicious criminals and countries," Anne Neuberger, the deputy national security advisor for cyber and emerging tech, tells Fast Company. The White House had been urging infrastructure providers to upgrade their cyber defenses before these recent hacks, but "clearly, by the most recent success of the criminal cyberattacks, more work needs to be done," she says... The attacks hit at least 11 different entities using Unitronics devices across the United States, which included six local water facilities, a pharmacy, an aquatics center, and a brewery...

Some of the compromised devices had been connected to the open internet with a default password of "1111," federal authorities say, making it easy for hackers to find them and gain access. Fixing that "doesn't cost any money," Neuberger says, "and those are the kinds of basic things that we really want companies urgently to do." But cybersecurity experts say these attacks point to a larger issue: the general vulnerability of the technology that powers physical infrastructure. Much of the hardware was developed before the internet and, though they were retrofitted with digital capabilities, still "have insufficient security controls," says Gary Perkins, chief information security officer at cybersecurity firm CISO Global. Additionally, many infrastructure facilities prioritize "operational ease of use rather than security," since many vendors often need to access the same equipment, says Andy Thompson, an offensive cybersecurity expert at CyberArk. But that can make the systems equally easy for attackers to exploit: freely available web tools allow anyone to generate lists of hardware connected to the public internet, like the Unitronics devices used by water companies.

"Not making critical infrastructure easily accessible via the internet should be standard practice," Thompson says.

"Reddit CEO Steve Huffman says that he stands by the company's decision to charge for API access," writes the blog 9to5Mac, "despite the fact that it was massively unpopular, and led to the demise of the leading Reddit app, Apollo." In an interview with FastCo, Huffman is unrepentant about the API decision, but says it could have been better communicated... "[H]e defended the company's decision to limit free access to its API as a necessary measure to foil AI-training freeloaders. 'Reddit is an open platform, and we love that,' he told me. 'At the same time, we have been taken advantage of by some of the largest companies in the world.'"
The incident ended up reappearing in Reddit's own "recap" pages showing highlights from its popular subreddits. For its Technology subreddit, the official recap shows that two most popular posts were "Apollo for Reddit is shutting down" and "Reddit sparks outrage after a popular app developer said it wants him to pay $20 million a year for data access."

And Reddit's official recap also shows that discussion leading to the second-most popular comment of the entire year for the subreddit. "Users supply all the content, and reddit turns around with this huge fuck you to its users, without whom it's just another crappy link aggregator. No, reddit, fuck you and your money grab."

The first most-popular comment appeared in a related discussion, headlined "Reddit Threatens to Remove Moderators From Subreddits Continuing Apollo-Related Blackouts." The comment?

Reddit: You're fired!
Moderator: I don't even work here.

The topic also dominated the official recap for the Programming subreddit, where it was the subject of all three of the top comments — and all three of the year's top posts:

Ironically, FastCo headlined its interview "As the AI era begins, Reddit is leaning into its humanity." ("Rebellious moderators. Large language models' peril and promise. Maybe a long-awaited IPO. Amid it all, Reddit CEO Steve Huffman says the web megacommunity is on a roll.") Other work has addressed concerns that bubbled to the surface during the moderator dust-up, such as accessibility issues: "I told the team, 'Just show up and ship,'" Huffman says. The official Reddit apps are finally compatible with screen readers used by users with vision impairments, with full compliance with the World Wide Web Consortium's accessibility guidelines planned by the end of 2024.

As for AI's potential to transform the Reddit experience, Huffman is less prone to exuberant overpromising than the average tech company CEO. But the same attributes that led third-party assemblers of large language models to crave access to the company's corpus of information could help it leverage the technology to its own benefit... Rather than involving the most obvious AI functionality, like a Reddit chatbot, the examples he provides relate to moderation of problem content. For instance, the latitude that individual moderators have to govern their communities means that they can set rules that Huffman describes as "sometimes strict and sometimes esoteric." Newbies may run afoul of them by accident and have their posts yanked just as they're trying to join the conversation. In response, Reddit is currently prototyping an AI-powered feature called "post guidance." It'll flag rule-violating material before it's ever published: "The new user gets feedback, and the mod doesn't have to deal with it," says Huffman. He adds that Reddit will also use AI to crack down on willful bad behavior, such as bullying and hate speech, and that he expects progress on that front in 2024...

Members already engage in acts of commerce such as tipping Photoshop wizards to remove ex-boyfriends from images; he says the company plans to facilitate these transactions with a payment system "that will basically involve users sending money to users, whether it's rewarding them for content or paying for digital services or digital goods or [physical] services." "People are trying to start businesses on Reddit, but it wasn't really built for that," he adds. "So just trying to flesh out that ecosystem, I think that'll be very powerful."

According to Bloomberg (paywalled), OpenAI is in early talks to raise a fresh round of funding at a valuation at or above $100 billion. Reuters reports: The terms, valuation and timing of the funding round have not yet been finalized and could still change, the report added. OpenAI has also held discussions to raise funding for a new chip venture with Abu Dhabi-based G42, according to the report. If the valuation holds, the report notes that it would make OpenAI the second-most valuable U.S. startup behind Elon Musk's SpaceX.

Banks lend your deposits to carbon-heavy industries, fueling climate change; savings of $1,000 create emissions equal to a New York-Seattle flight, reveals a new analysis. Wired: By switching to a climate-conscious bank, you could reduce those emissions by about 75 percent, the study found. In fact, if you moved $8,000 dollars -- the median balance for US customers -- the reduction in your indirect emissions would be twice that of the direct emissions you'd avoid if you switched to a vegetarian diet. [...] The new report finds that on average, 11 of the largest US banks lend 19.4 percent of their portfolios to carbon-intensive industries. To be very clear: Oil, gas, and coal companies wouldn't be able to keep producing these fuels -- when humanity needs to be reducing carbon emissions dramatically and rapidly -- without these loans. New fossil fuel projects aren't simply fleeting endeavors, but will operate for years, locking in a certain amount of emissions going forward.

Marina Temkin, writing at PitchBook: Boston-based OpenView stunned the VC world with news in early December that it laid off most of its employees and would stop all new investments months after raising its $570 million seventh fund. The 17-year-old firm, which managed $2.4 billion, was too prominent to keep its closure under wraps. But OpenView was far from the only investor that stopped backing startups this year.

The number of active investors in US VC, which we defined as making two or more deals, plummeted by 38% in the first three quarters of 2023 compared to the same period last year, according to PitchBook data. That translates to 2,725 fewer firms making deals. The decline in active investors is far higher than the 28% decrease in deal count during the period, the Q3 2023 PitchBook-NVCA Venture Monitor shows. The data indicates that investors are not merely writing fewer checks. Some dealmakers may have run out of funds and could be deemed zombie funds. Others, such as crossover investors, may have stopped allocating to the VC asset class.

An anonymous reader quotes a report from Ars Technica: It's no secret that TV makers are seriously invested in pushing ads. Using TVs for advertising goes back to 1941 when the first TV commercial aired. But as we trudge our way through the 21st century, TV vendors are becoming more involved in ensuring that their hardware is used to sell stuff and add to their own recurring revenue. This has taken various forms, but in some cases, we're seeing increasingly invasive strategies for turning TVs into a primary place for shopping. The latest approach catching attention comes from the startup Displace. Its upcoming TVs will use integrated webcams and NFC payment readers to make it easy for people to buy stuff they see on TV. [...]

The two new TVs Displace is adding to its 2024 release plans, the Displace Flex and Displace Mini, are all about making TV shopping better. According to Displace's announcement, the Displace Flex (a 55-inch 4K OLED TV) and Displace Mini (a 27-inch 4K OLED TV) will use proprietary gesture technology and each TV's integrated 4K camera to tell when a user is raising their hand. It's unclear how accurate that will be (could the shopping experience accidentally be activated if I raised my hand to tie my hair up, for example?), but at that point, the TV is supposed to pause the content being played. Then, it uses computer vision to "analyze the screen to find products available for sale. Once they see something they want to purchase, viewers drag and drop the product into the global Displace Shopping Cart," the announcement says. Displace Shopping will work at any moment the TV is on, and users can buy stuff they see in commercials by using the TVs.

Displace's December 14 announcement said: "As soon as the viewer is ready to checkout, Displace Payments makes paying as easy as bringing a user's smartphone or watch near the TV's built-in NFC payment reader, a fully secure process that requires no credit card info. Viewers can also pay from within the Displace app." If the TV can't find a specific product for sale, it will "search for similar items" without user intervention, according to Displace. The TV will show products from any available online retailers, allowing users to select where they want to make their purchase. Displace hasn't provided full details about how it will make money off these transactions, but when reached for comment, founder and CEO Balaji Krishnan told Ars Technica that Displace has "different business models, and one of them is to take a transaction fee," and that Displace will share more details "later." Displace also sees people using Displace Payments to pay for telehealth applications and equipped the Flex and Mini with thermal cameras. To ease privacy concerns, Krishnan says the integrated cameras can be folded into the TVs if a user needs privacy.

Eventually, Displace sees itself working with content publishers to lay its shopping UI over actively playing content. "Users would see a workable buy button right on top of the playing video," adds Ars.

Binance will pay $2.7 billion to the Commodity Futures Trading Commission (CFTC) for evading federal law and operating an illegal derivatives exchange. Meanwhile, the cryptocurrency exchange's founder, Changpeng "CZ" Zhao, will pay $150 million.

"The court finds Zhao and Binance violated the Commodity Exchange Act (CEA) and CFTC regulations, imposes a $150 million civil monetary penalty personally against Zhao, and requires Binance to disgorge $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC," wrote the CFTC in a statement. CoinTelegraph reports: The approved settlement marks the conclusion of a long-running case against CZ and Binance by the CFTC. On Nov. 21, CZ agreed to step down from his role at the helm of Binance as part of a wider settlement with the U.S. Department of Justice, the Treasury Department and the CFTC. On the same day, Zhao pleaded guilty to several civil charges and one criminal charge relating to Anti-Money Laundering laws. On Dec. 7, CZ was ordered to remain in the U.S. until his Feb. 23, 2024 sentencing date. He faces up to 18 months in prison on money laundering charges and has agreed not to appeal any potential sentence up to that length.

As part of the settlement, both CZ and Binance have agreed to take further steps to ensure Know Your Customer measures are maintained on the exchange as well as requiring Binance to implement a formalized corporate governance structure, including a board of directors with independent members, a compliance committee and an audit committee. The court also made a separate order for Binance's former chief compliance officer, Samuel Lim, to pay a $1.5 million civil monetary penalty for "aiding and abetting Binance's violations and engaging in activities outside of the U. S. to willfully evade or attempt to evade U.S. law."

An anonymous reader quotes a report from TechCrunch: Trevor Milton, the disgraced founder and former CEO of electric truck startup Nikola, was sentenced Monday to four years in prison for securities fraud. The sentence, by Judge Edgardo Ramos in the U.S. District Court in Manhattan, caps a multi-year saga that at one point sent Nikola stock soaring 83% only to come crashing down months later over accusations of fraud and canceled contracts. The sentencing hearing comes after four separate delays, during which Milton has remained free under a $100 million bond.

In his ruling, Ramos said he would impose a sentence of 48 months on each count, served concurrently, and a fine of $1 million. Milton is expected to appeal the sentence, which Ramos acknowledged. Milton sobbed as he pled with Judge Ramos for leniency in a long and often confusing statement ahead of the sentencing. At one point, Milton said he stepped down from the CEO post at Nikola not because of fraud allegations, but to support his wife. "I stepped down because my wife was suffering live threatening sickness," he said in his statement, which reporter Matthew Russell Lee of Inner City Press shared on social media post X. She suffered medical malpractice, someone else's plasma. So I stepped down for that -- not because I was a fraud. The truth matters. I chose my wife over money or power."

During the sentencing hearing, defense attorneys said that Milton wasn't trying to defraud investors or intending to harm anyone. Instead, they argued he simply wanted to be loved and praised like Elon Musk. Prosecutors pushed back and said he lied repeatedly and targeted retail investors. Federal prosecutors recommended an 11-year sentence, but Milton faced a maximum term of 60 years in prison. The government also sought a $5 million fine, forfeiture of a ranch in Utah and an undetermined amount of restitution to investors. Restitution will be determined after Monday's sentencing hearing. Timeline of events:

June, 2016: Nikola Motor Receives Over 7,000 Preorders Worth Over $2.3 Billion For Its Electric Truck
December, 2016: Nikola Motor Company Reveals Hydrogen Fuel Cell Truck With Range of 1,200 Miles
February, 2020: Nikola Motors Unveils Hybrid Fuel-Cell Concept Truck With 600-Mile Range
June, 2020: Nikola Founder Exaggerated the Capability of His Debut Truck
September, 2020: Nikola Motors Accused of Massive Fraud, Ocean of Lies
September, 2020: Nikola Admits Prototype Was Rolling Downhill In Promo Video
September, 2020: Nikola Founder Trevor Milton Steps Down as Chairman in Battle With Short Seller
October, 2020: Nikola Stock Falls 14 Percent After CEO Downplays Badger Truck Plans
November, 2020: Nikola Stock Plunges As Company Cancels Badger Pickup Truck
July, 2021: Nikola Founder Trevor Milton Indicted on Three Counts of Fraud
December, 2021: EV Startup Nikola Agrees To $125 Million Settlement
September, 2022: Nikola Founder Lied To Investors About Tech, Prosecutor Says in Fraud Trial