TECH TIMES CRYPTO WATCH: This week, here are the top headlines - from the United States Department of Justice's seizure of $34 million worth of crypto to Meta's potential Zuck Bucks. As the markets increase in volatility with no definite trends in play, the adaptation, legal precautions, and development of investing machines are rising.
US Justice Department Seizes $34 Million from Dark Web Seller
The United States Justice Department bagged its largest crypto counterfeit ever recorded. The DOJ announced that they were able to seize $34 million worth of crypto from illegally sold items on the dark web.
As per the DOJ, the crypto "chain hopping" technique was classified as money laundering. The culprit, a resident of South Florida, was allegedly linked to selling the illegal items online. No charges have been filed against the suspect for the alleged deceitful activities.
The allegations state that the illicit items sold amassed over 100,000 fraudulent transactions from 2015 to 2017 alone. Authorities said they lacked the evidence to file a criminal case against the suspect officially.
DeepMind Former Employees Develop Crypto Investment Machine
DeepMind is a British AI subsidiary of Google's parent company Alphabet. Three of its former employees are now training their machines to invest in stocks and crypto before arising. The three developers also worked in IBM and were behind creating the AI that beat professional poker players.
The report details how the machine invests through algorithmic trading, and the developers are currently training the AI to buy and sell shares or crypto for profit. The goal of the project is to either utilize the artificial intelligence they created through a new fund or sell the machine to an institutional bank or investor.
One of the developers, Martin Schmid, noted that he is not concerned about regulators going after their technology. The former DeepMind employee stated that this is because other companies are already doing the same.
Their project, EquiLibre Technologies, aims to use AI in the financial field to trade cryptocurrencies and stocks automatically. The team was able to gain investments from several venture capitalists, but no exact number was revealed.
Meta Potentially Working on 'Zuck Bucks' Despite Regulator Blocks
Meta previously launched the Diem coin, which regulators blocked, and despite this, the company is working on a potential new crypto project. However, a Meta spokesperson neither confirmed nor denied the rumored "Zuck Bucks."
Meta is exploring virtual assets, including both "reputation tokens" and "social tokens," which aim to provide monetary rewards for Facebook users. Reports note that the potential Zuck Bucks could be similar to gaming currencies like the "Roblox" Robux or "Fortnite" V-Bucks.
On top of the news regarding Meta's potential token, the company is also working on a service that provides loans to small businesses as the company attempts to venture into financial services.
Related Article: Nigerian Lenders Allegedly Allow Illegal Crypto Transactions Leading To Central Bank Penalties
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Written by Urian B.
