👨🏿‍🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
Read More👨🏿‍🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
Read More👨🏿‍🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
Read More👨🏿‍🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
Read More👨🏿‍🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
Read More👨🏿‍🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
Read More👨🏿‍🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
Read More👨🏿‍🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
Read More👨🏿‍🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
Read More👨🏿‍🚀TechCabal Daily – Kenya approves spyware
Lire en français Read this email in French. 1 MAY, 2023 IN PARTNERSHIP WITH Happy Labour Day Twitter is working on a feature to allow publishers to ask users to pay per click for articles. This means if you see an article you want to read on TechCabal’s Twitter page, you’ll have to pay to read that specific article. Much is still unknown on how Chief Twit Musk plans to pull off this micro-payments feature, but Musk himself says it will be a win-win for everyone. In today’s edition SA firm to pay $3.4 billion for crypto fraud Kenya approves spyware for phones OpenAI raises $300 million TC Insights: Gaming for good The World Wide Web3 Job openings KENYA APPROVES SPYWARE FOR PHONES Kenya wants to curb the sale and distribution of fake phones and its solution is a spyware software on every mobile device in its territory. Last week, the Supreme Court of Kenya approved the installation and use of the Device Management System (DMS) on all mobile phones to help curb counterfeit devices. A six-year journey: The use of DMS was first proposed in 2017 by the Communications Authority of Kenya (CAK) which, at the time, was already testing the DMS across the country. DMS would reportedly use mobile networks to remotely access devices’ International Mobile Equipment Identity (IMEI) number and ban those that were counterfeit. The proposal was blocked in 2018 but the Court of Appeal, in 2020, overturned the block and allowed the CAK to continue developing DMS. By October 2022, CAK revived the application for roll out to much public outcry. Privacy concerns: Mobile network providers, especially Safaricom, have pushed against the use of the DMS, stating that the software would allow Kenya’s communications regulator to access customer data including calls and messages. In October, the Law Society of Kenya (LSK) also petitioned the Supreme Court to stop the implementation of the DMS for the same privacy concerns. The Supreme Court dismissed all appeals citing that the CAK via its regulatory act had the power to monitor compliance with its laws. This approval will see to the creation of an Equipment Identification Register (EIR), which will detect all devices, isolate the illegal ones, and deny fake devices service. Big picture: The Democratic Republic of Congo (DRC) has a similar yet more robust registry, the Régistre des Appareils Mobiles (RAM), which registers devices including phones, tablets and laptops, by matching the 15-digit IMEIs to buyers. With RAM, users can get stolen phones blocked and the DRC can monitor counterfeit devices registered within its territory. WORK WITH MONIEPOINT At Moniepoint, we’re creating the best workplace for global talent using the 4M framework- Meaning, Membership, Mastery and Money. This isn’t an ad designed to convince you to join us, but it has all the reasons why you should. Watch it here. This is partner content. SA FIRM TO PAY $3.4 BILLION FOR CRYPTO FRAUD Cornelius Steynberg, CEO of MTI Once again, it appears South Africa has found itself at the centre of some of the world’s biggest crypto fraud cases. What’s up? A federal US court in Texas has ordered the CEO of a South African firm to pay $3.4 billion for bitcoin fraud. This is now the biggest fraud case involving bitcoin. In July 2022, Cornelius Johannes Steynberg, head of Mirror Trading International (MTI), was charged by the Commodities Future Trading Commission (CFTC) for running a $1.7 billion bitcoin scam. From 2018 to 2021, Steynberg, via his firm, told customers that his firm would help trade bitcoin. By the end of 2021, however, the firm had misappropriated over 29,421 bitcoin worth $1.7 billion from over 23,000 victims. While Steynberg was charged with the $1.7 billion fraud in 2022, a federal judge last week ordered him to pay $3.4 billion—$1.7 billion in restitution to victims, and another $1.7 billion as a penalty. Victims may get nothing: Last year, MyBroadBand reported that the liquidators of MTI recovered 1,281 bitcoin frozen by its former brokerage in Belize, FXChoice. The liquidators immediately sold the bitcoin and received R1.1 billion (~$65 million) for the assets. Unfortunately, victims of MTI’s fraud may not receive their dues as several government agencies are after the firm for one fee or the other. The South African Revenue Services (SARS) slapped the firm with a $55 million fine for back taxes while liquidators of MTI and Steynberg are also clamouring for legal fees which reportedly cost over $13.3 million. At this point, Steynberg is considered a fugitive from South African authorities while MTI has been declared a pyramid scheme. OPENAI RAISES $300 MILLION OpenAI, parent company of ChatGPT and DALL-E, recently closed a $300 million raise. This funding round, which includes participation from Tiger Global, Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global, brings OpenAI’s valuation to $27 billion—$29 billion. Another investment? TechCrunch reports that this round is separate from a January 2023 undisclosed funding round with Microsoft. At the time, Microsoft announced that it was extending its partnership with OpenAI and investing billions more in the AI company. Sources at TechCrunch, however, noted that Microsoft’s investment was worth $10 billion. At this stage, neither investors nor OpenAI have commented on the latest funding event or what OpenAI will use it for. Already, OpenAI’s products have gained popularity with users across the world with its ChatGPT reaching 100 million users within four months of launch. OpenAI’s success has also spurred other tech companies to incorporate AI into their systems. Examples include Google’s Bard, Canva Magic, and even Dropbox which recently laid off 16% of its staff, in a pivot to AI. TC INSIGHTS: GAMING FOR GOOD Picture this: virtual battles, racing games, and candy-crushing everywhere! According to a 2021 report by Carry1st and Newzoo, between 2015 and 2021, the number of mobile gamers in sub-Saharan Africa more than doubled to 186 million people, with countries like South Africa, Ghana, Nigeria, Kenya, and Ethiopia leading the charge. This number is projected to reach over 310 million by
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