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Money

OpenAI’s weird crypto project scans your eyeballs

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The Worldcoin crypto project, founded by Sam Altman, the CEO of OpenAI, has caused a stir as people worldwide willingly get their eyeballs scanned in exchange for a digital ID and free cryptocurrency.

That’s despite concerns raised by privacy campaigners and data regulators.

The project aims to create a new “identity and financial network” by providing a digital ID that can prove users’ human authenticity online.

Despite privacy worries, people queued at locations in countries like Britain, Japan, and India to have their irises scanned, receiving 25 free Worldcoin tokens in return. While some users expressed concerns over data collection, many were intrigued by the innovative project, which claims to have issued IDs for over two million people in 120 countries during a two-year trial period.

Privacy concerns

Privacy campaigners, such as the Electronic Privacy Information Center, have labeled Worldcoin’s data collection as a “potential privacy nightmare,” and the company’s privacy policies are under scrutiny. Worldcoin asserts that the project is “completely private,” with biometric data either deleted or stored in encrypted form, though critics argue that biometric data could still be vulnerable to hacking or exploitation.

Notably, the promise of financial gains from the crypto coins enticed users to share their personal data. The Worldcoin tokens were trading around $2.30 on Binance, the world’s largest exchange. Some participants saw the opportunity for financial profit, making them overlook privacy concerns, while others were simply intrigued by the project’s AI and crypto connections.

Despite the enthusiasm, regulators and privacy groups are paying attention. Britain’s data regulator has initiated inquiries into the UK launch of Worldcoin, and privacy campaign group Big Brother Watch has warned about potential data hacking and exploitation risks. Nevertheless, many users remain undeterred, investing in the project despite not reading the privacy policy or expressing significant privacy concerns.

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Money

Bank accidentally deposits $86M into client’s account

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A financial institution mistakenly deposited over $86 million into a client’s account, causing shockwaves in the banking industry.

The error came to light when the client, a small business owner, checked their account balance and discovered the astronomical sum. It is being hailed as one of the most significant banking errors in recent memory.

The client, who wishes to remain anonymous, reportedly contacted the bank immediately upon noticing the massive windfall. Bank officials were left scrambling to rectify the error, which has raised numerous questions about the institution’s internal controls and safeguards.

The client’s account, initially holding just a few thousand dollars, suddenly displayed a balance that could buy luxury yachts, mansions, and more.

The incident has prompted investigations by regulatory authorities to determine how such an egregious error occurred in the first place.

While the bank has issued an apology and assured the client that the funds will be corrected to the proper balance, it remains unclear how this mistake could have happened on such a colossal scale.

The financial institution may also face potential legal consequences for the error, as well as reputational damage that could impact its future business.

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Money

Tech giants drive global mega-cap surge amid inflation relief

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Tech giants have taken the lead in propelling global mega-cap stocks to new heights.

This surge comes as a welcome relief for investors who have been closely monitoring the impact of rising inflation on the financial markets.

The tech sector, including giants like Apple, Amazon, and Microsoft, has been instrumental in driving the rally. These companies have reported robust earnings and strong growth prospects, which has boosted investor confidence. As a result, the market capitalization of these tech behemoths has reached unprecedented levels, contributing significantly to the overall rise in global mega-cap stocks.

The easing of inflationary pressures has played a pivotal role in this resurgence. Central banks’ efforts to tame inflation through monetary policy adjustments have begun to bear fruit, reassuring investors and stabilizing financial markets. As concerns over rapidly increasing prices recede, investors have become more willing to invest in mega-cap stocks, particularly in the tech sector, which has demonstrated resilience in the face of economic challenges.

Will the tech giants maintain their momentum and continue to lead the mega-cap surge, or are there potential risks on the horizon?

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Real reason bosses want employers back in the office

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As the world gradually recovers from the pandemic, employers are increasingly pushing for their staff to return to the office after years of remote work.

 
The driving force behind this push is the sharp decline in commercial property values, which has left many businesses concerned about their real estate investments.

Commercial property values have plunged in the wake of the pandemic, with many companies downsizing or reconsidering their office space needs.

This has put pressure on employers to reevaluate their remote work policies and encourage employees to return to the office. #featured

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