In the summer of 2021, non-fungible tokens, or NFTs, were red hot. Typically featuring illustrations by digital artists or cartoon-like collectibles of cute bears and apes, some NFTs sold for tens of millions of dollars. Although they remain a billion-dollar business, NFTs have fallen in popularity — except among cybercriminals, who the Treasury Department says are “exploiting the publicity 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 of scammers using fake NFTs to lure unsuspecting buyers.
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In the summer of 2021, non-fungible tokens, or NFTs, were red hot. Typically featuring illustrations by digital artists or cartoon-like collectibles of cute bears and apes, some NFTs sold for tens of millions of dollars. Although they remain a billion-dollar business, NFTs have fallen in popularity — except among cybercriminals, who the Treasury Department says are “exploiting the publicity 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 of scammers using fake NFTs to lure unsuspecting buyers.
The Treasury also says the lack of regulatory oversight and slipshod controls by some NFT trading platforms mean the tokens can sometimes be stolen from owners or used for money laundering.
TikTok ready for Prime time
Amazon’s summer Prime Day sales are a major online shopping event. And TikTok hopes to grab some of those dollars. The social media network popular with young adults has announced its first Deals for You Days that it says offers “discounts across thousands of trending products.” Deals for You Days kicks off Tuesday [July 9]. Amazon’s Prime Days, meanwhile, are scheduled for July 16 and 17.
Most teens are gamers
The vast majority of teens play video games, although boys outnumber girls online. In a survey of teens ages 13-17, Pew Research Center found that 97% of boys play video games compared with 73% of girls. The main attraction of gaming: 72% said it was “to spend time with others.” But there were downsides, with 80% saying online bullying was a problem and 41% saying gaming “has hurt their sleep.”
Mets owner eyes $1B A.I. fund
Mets owner Steve Cohen, who believes artificial intelligence will be “transformational” for businesses, is looking to raise money for an A.I.-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 on and against AI hardware and semiconductor companies. Cohen, who also owns the Mets, has said he expects the impact of AI to be “transformational,” with the power to change how companies work and save them millions of dollars. — BLOOMBERG NEWS
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