NFTs
Treasury warns of NFT fraud risks
In the summer of 2021, nonfungible tokens, or NFTs, were all the rage. Typically featuring illustrations by digital artists or collectibles of cute bears and monkeys, some NFTs have sold for tens of millions of dollars. While they remain a billion-dollar business, NFTs have faded in popularity — except among cybercriminals, who the Treasury Department says are “exploiting the hype and hype” that still surrounds them.
In a new risk assessment, the Treasury warns that NFTs “are highly susceptible to use in fraud and scams.” Specifically, the Treasury warns about scammers using fake NFTs to lure in unsuspecting buyers.
Only 25 cents for 5 months
Unlimited digital access. Cancel anytime.
In the summer of 2021, nonfungible tokens, or NFTs, were all the rage. Typically featuring illustrations by digital artists or collectibles of cute bears and monkeys, some NFTs have sold for tens of millions of dollars. While they remain a billion-dollar business, NFTs have faded in popularity — except among cybercriminals, who the Treasury Department says are “exploiting the hype and hype” that still surrounds them.
In a new risk assessment, the Treasury warns that NFTs “are highly susceptible to use in fraud and scams.” Specifically, the Treasury warns about scammers using fake NFTs to lure in unsuspecting buyers.
The Treasury also says that a lack of regulatory oversight and lax controls on some NFT trading platforms mean that tokens can sometimes be stolen from owners or used for money laundering.
TikTok ready for prime time
Amazon’s Prime Day summer sales are a huge online shopping event. And TikTok is hoping to grab some of those dollars. The social network popular with young adults has announced its first Deals for You Days, which it says will offer “discounts on thousands of trending products.” Deals for You Days kicks off Tuesday. [July 9]. Meanwhile, Amazon’s Prime Days are scheduled for July 16 and 17.
Most teenagers are gamers
The vast majority of teens play video games, though boys outnumber girls online. In a survey of teens ages 13 to 17, the Pew Research Center found that 97 percent of boys play video games, compared with 73 percent of girls. The main draw of gaming: 72 percent said it was “spending time with others.” But there were downsides, with 80 percent saying online bullying was a problem and 41 percent saying gaming “disrupted their sleep.”
Mets owner eyes $1 billion AI fund
Mets owner Steve Cohen, who believes artificial intelligence will be “transformational” for businesses, is looking to raise money for an AI-focused stock-picking hedge fund. Credit: Jim McIsaac
Steve Cohen’s Point72 Asset Management is seeking to raise $1 billion for a new stock-picking hedge fund focused on artificial intelligence. The fund will bet both on and against AI hardware and semiconductor companies. Cohen, who also owns the Mets, said he expects the impact of AI to be “transformational,” with the power to change the way companies work and save millions of dollars. — BLOOMBERG NEWS